Central business district in HCMC full of convenience stores

Advertisements

More than 10 convenience store brands in the central business district in HCMC are in a competition to secure retail premises in advantageous positions.

The locations near residential quarters, traditional markets, schools and office buildings are being hunted by retailers who are rushing to expand their convenience store networks.

Since the opening of its first store in mid-2017, 7-Eleven has opened 11 stores located in districts 1, 2, 7 and Binh Thanh, near office buildings and high-end residential quarters.

The retail chain is continuing to seek retail premises in all districts. An ad says 7-Eleven will pay VND40 million a month in rent for small premises and VND90-120 million for large premises. The premises must be at least 8 meters wide and 30 meters long.

“The retail premises in CBDs and localities with high population density are getting very scarce and the rent has been escalating,” said Nguyen Thi Hong Trang, CEO of GS25 Vietnam, which made its debut in HCMC on January 19.

Yun Ju Young from GS25 Vietnam also commented that retail premises rent is the costliest expense for investors who want to join the Vietnamese convenience store market. He said GS25 anticipated that it won’t make a profit or even take a loss in the first three years of operation in Vietnam.

An analyst commented that GS25 has great advantages joining the Vietnamese market because it is backed by a big real estate firm – Son Kim Land, which holds 70 percent of capital of SG25 Vietnam. The remaining 30 percent is held by South Korean GS25.

Son Kim Land created favorable conditions for GS25 stores to open. A Son Kim fashion shop on Truong Dinh street in district 3, HCMC, has been replaced by a convenience store.

Vinmart+, with powerful financial capability, also is competing fiercely for retail premises in many cities and provinces.
In December 2017 alone, it opened more than 100 stores in 11 cities/provinces. It is estimated that 3 Vinmart+ stores open a day. The brand now has 1,000 stores and is seen everywhere in HCMC.

More convenience stores have opened in Vietnam as retailers have been expanding their networks.

On a short section of road, several hundreds of meters long, several convenience stores can be seen. Bui Thi Xuan street, for example, has three convenience store brands – Circle K, Family Mart and B’s Mart.

Even the newcomers whose names are still unfamiliar to Vietnamese, such as GS25 and Toromart, also have ambitious plans to open thousands of stores. The former plans to have 50 stores this year, while the latter wants 200.

Source: VietNamNet

Facebook shares swing as changes trim time spent by users

Advertisements

Recent changes cut time spent on the site by some 50 million hours per day.

Facebook on Wednesday reported earnings that beat expectations, but shares swung as it stressed the goal of prioritizing personal interactions among users over the time they spend on the world’s biggest social network.

Facebook co-founder Mark Zuckerberg said changes cut time spent on the site by some 50 million hours per day, but its chief operating officer argued that having users engage more with friends’ posts could lead to further financial opportunities for the company.

“Helping people connect is more important than maximizing the time they spend on Facebook,” Zuckerberg said during an earnings call.

“We can make sure the service is good for people’s well-being and for society overall.”

He said that in the last couple of years, content from viral videos or posts by businesses have grown to a point where it is “crowding out the connections people value most.”

Facebook is giving posts from friends and family priority over content that is not as likely to engender genuine personal interactions, according to Zuckerberg.

“We made changes to show fewer viral videos to make sure people’s time is well spent,” Zuckerberg said.

“In total, we made changes that reduced time spent on Facebook by roughly 50 million hours every day.”

Chief operating officer Sheryl Sandberg contended that getting people to engage with more posts by friends actually ramped up opportunities for the social network to make money.

Facebook shares dove more than four percent after the figures were released, but regained the lost ground and even rose a bit to $189.30 in after-market trades that followed an earnings call with executives.

Facebook said that profit in the final three months of last year climbed 20 percent to $4.26 billion as ad revenue and ranks of members grew.

Revenue in the quarter leapt 47 percent to nearly $13 billion, but expenses also rose as its ranks of employees grew to finish the year at 25,105 workers.

Facebook said the number of monthly active users hit 2.13 billion in the past quarter, up 14 percent from a year ago.

Focusing on ‘community’

Facebook said it set aside an additional $2.27 billion for taxes on profits to be repatriated from overseas, taking advantage of a lower rate in a recently approved U.S. fiscal overhaul.

Analysts have been cautious about Facebook as it revamps its News Feed as part of an effort to curb misinformation and focus on updates from friends and family, which are highlighted over advertisements, celebrity and media posts in a recently-introduced update.

The company cast the latter changes as part of a refocus on “community” – prioritizing social interactions and relationships.

“2017 was a strong year for Facebook, but it was also a hard one,” Zuckerberg said.

“In 2018, we’re focused on making sure Facebook isn’t just fun to use, but also good for people’s well-being and for society.”

He cited research indicating that interacting meaningfully with friends or family improves happiness and health, which is not the case with passively viewing videos or news stories.

Facebook this week announced it will deliver more local news to U.S. users, and announced earlier this month that it will ask its two billion users to rank their trust in news sources as part of an effort to combat the spread of misinformation.

The changes come as the online giant seeks to address charges that it has failed – along with Google and Twitter – to prevent the spread of false news, especially ahead of the 2016 U.S. presidential election.

Recent changes at Facebook include a new “trusted sources” ranking intended to “make sure the news you see is high quality” and to foster “a sense of common ground” rather than sow division, Zuckerberg previously said.

Known for annual personal goals ranging from killing his own food to learning Chinese, Zuckerberg’s stated mission for this year is to “fix” the social network.

“I think his heart is in the right place; that he is trying to do the right thing,” analyst Rob Enderle of Enderle Group said of Zuckerberg.

“But, he is between a rock and a hard place.”

Facebook has also been moving to expand from its core social network to grow the image-sharing service Instagram, while ramping up the capabilities of its Messenger and WhatsApp services. It is also stepping up its efforts in virtual reality with its Oculus hardware unit.

Source:  AFP/Glenn Chapman

Mid-end condominium segment has explosive growth potential in Vietnam

Advertisements

Do Ngoc Olivier Dung affirms that mid-end condo segment has the most potential and will become the largest segment in the Vietnam property market.

EZ Land is a real estate developer operating under the Affordable Housing Fund, SLP (previously called Key SICAV SIF), an international investment fund from Luxembourg. With a strong capital base from Europe, the developer is targeting the mid-income segment in Ho Chi Minh City. Its first project, HausNeo, is located in District 9 with a total investment of over $25 million. Do Ngoc Olivier Dung, CEO of EZ Land, shares his opinion on the mid-income segment and homebuyers in Vietnam.

Together with local real estate companies, many international investors are also targeting the mid-income market, creating fierce competition. Knowing that to be the situation, why did you decide to target this segment?

I started investing in Vietnam in the luxury hospitality sector; however, after 10 years of living here, in addition to our expertise regarding similar markets in other countries, I believe that we have the local knowledge now to understand consumers in the mid- income segment which has explosive growth potential and will become the largest segment in Vietnam.

Nowadays, young Vietnamese people are more active and independent. They want to live their lives in their own way and have their own homes. A good opportunity to enter the mid-income market is to provide properties that meet these demands yet remain affordable.

What strategies do foreign invested companies like EZ Land adopt to compete with experienced local rivals?

This segment has mostly been a playground for well established local developers, so this is the most challenging segment to thrive in. However, we have our own advantages. First and foremost, as a European Fund, we havea very strong capital base and financial capability..

Our second advantage lies in our unique architectural style and interior design. We go beyond familiar and common architecture and choose a European inspired style – Bauhaus. Our philosophy is to build houses that provide comfort to their owners. We do this by optimizing living spaces and reducing redundant details, which results in a more spacious feeling than other comparable projects. On top of that, we also assure buyers of the overall quality of the building and of the apartment interior.

How can EZ Land’s strong capital flow support homebuyers?

Strong capital flow allows us to offer flexible payment schemes to homebuyers. For instance, with HausNeo – a mid-market project in District 9 – buyers are only required to pay up to 47 percent upon handover.

More specifically, for a 2-bedroom apartment at HausNeo, the buyers initially deposit VND 450 million. During the construction period of 15 months, a repayment of 1 percent is then made, approximately VND15 millionper month. As such, buyers pay only a total of 47 percent by handover time. As we typically attract young urban white collar workers, and 25 – 30 years old, usually married, the average household income typically ranges from VND 30-40 million/month so, this payment scheme works well for them but also for many other buyers categories that do not fall within those typical criterias. Two years later when HausNeo hands over the apartments, buyers can easily borrow from local banks the remaining amount if needed but also by that time they would generally have seen their incomes increase and managed to put aside more savings. .

How does a HausNeo 2-bedroom apartment (priced at VND 1.4 Billion) stand out from comparable products?

‘Affordable price – comfortable life’ – this is the investment opportunity that HausNeo offers to our customers. The project is affordable due to cost optimization, without compromising on quality. For example, we chose District 9 instead of locations closer to the CBD, where it would be a lot more expensive. Land prices in District 9 are still reasonable, and there is rapidly developing infrastructure. In addition, District 9 is now attracting many young white-collar people who want to settle down in up and coming new urban areas.

On top of that, at HausNeo we offer fully furnished kitchens with upper and lower cabinets and fully furnished bathrooms. The living rooms are spacious enough for the sofa to be placed at a reasonable distance from the television, and our doors are sound-proofed for more security and privacy.

We use leading Vietnamese and regional (Thailand) suppliers, along with imported products. We also work with COFICO, one of the top 3 contractors in Ho Chi Minh City, whose reputation has been built mostly in luxury projects. The contractor is known for its quality, professionalism and to only cooperates with international and top local real estate developers, making this the first mid-market project that COFICO has ever built in the city.

For property investors, they know that District 9 is developing rapidly, with land prices potentially rising, so a quality apartment in the center of District 9 like HausNeo is profitable for their portfolios and also is very likely to yield superior rental returns to other market segments along with future capital gains.

What are EZ Land’s long-term plans after HausNeo?

After HausNeo, we will continue with the second and the third project with the same brand philosophy. The key is to source land plots that are suitable for 500 to 600-unit projects minimum to optimize construction costs and maintain a certain project scale, while being able to offer mutually beneficial contracts for suppliers and best value for homebuyers.

In the long run, our mission is to become one of the leading developers in the mid-market segment. The company will launch 1,500 – 2,500 apartments in 2018 and targets 4,000 apartments in 2019 and therefore aspires to become a platform to attract even more foreign investors to the residential market in Vietnam.

Source: Thu Ngan

Son Doong, all nearby grottos should be kept untouched: expert

Advertisements

While it should be accepted without doubt that Son Doong Cave, the world’s largest cave, in the north-central Vietnamese province of Quang Binh, should remain untouched, a local expert recommends that nearby caverns also be afforded the same protections.

According to Assoc. Prof. Ta Hoa Phuong, a cable car system should never be planned, let alone actually constructed, inside either Son Doong or any other nearby grottos, within the UNESCO-recognized Phong Nha-Ke Bang National Park.

Son Doong was found by a group of explorers from the British Cave Research Association in 2009, according to National Geographic News.

In July 2017, Phuong, chairman of the Vietnam Paleontology and Stratigraphy Association, petitioned Prime Minister Nguyen Xuan Phuc to scrap plans for a cable car system in En Cave (Swallow Cave) or anywhere else within the park’s caverns.

En Cave was named for the thousands of swallows in Phong Nha-Ke Bang that take shelter in the cavern.

Though the specific project Phuong is campaigning against is meant for En Cave, he says it could potentially leave the same impact as one built inside Son Doong Cave.

In late January, Phuong reiterated his view after local company FLC Group reportedly began a field survey inside En Cave.

En Cave hurt means Son Doong hurt

FLC’s plan for the cable car system was originally stymied by rumors that the project was meant for Son Doong Cave; however, the company was quick to rebuff the allegations, asserting that the project would be carried out in En Cave.

Le Thanh Tinh, director of the Phong Nha-Ke Bang management board, also confirmed that no such project was planned for Son Doong, which he said is “not suitable for mass tourism.”

Tinh asserted FLC began conducting field tests for a cable car system inside En Cave in late 2016 and submitted its construction plan to Quang Binh authorities early the following year.

The proposal included a 5.1km car system from Ho Chi Minh Highway to the cave’s entrance.

In August 2017, PM Phuc gave in-principle approval to the project following a meeting with Quang Binh authorities.

The premier, however, underlined that the project must not affect the national park’s heritage and the developer would be required to seek consultation from UNESCO.

Camping inside En Cave. Photo: Luk Ban La

Commenting on this plan, Phuong said it should be rejected, given the fact that En Cave is located only 3.5km from the entrance of Son Doong.

While cable cars are both a popular and profitable means of tourism, the professor stressed that few countries would even consider it for such huge and marvelous caves like En or Son Doong.

“Construction of the cable car system poses an imminent risk to the critically vulnerable ecosystem that helped create those spectacular caves,” he said.

He said the current trekking and exploring package permitted for Son Doong and En Cave is already the best solution as it has an economic upside while still minimizing human impact on the local cave system.

Inside Son Doong Cave. Photo: Tuoi Tre

In July last year, the UNESCO, the World Heritage Committee and the International Union for Conservation of Nature (IUCN) held a convention for the protection of the world’s cultural and natural heritage sites in Krakow, Poland.

At the convention, the IUCN suggested that UNESCO recommend the Vietnamese government to void all plans to develop cable car systems inside Son Doong in order to prevent any potential impact that such projects may cause to the site.

However, the recommendation was not included in the final decision adopted at the meeting.

Nguyen Viet Cuong, head of the relic management bureau under Vietnam’s Cultural Heritage Agency, said that because Vietnam has no plans to build a cable car system inside Son Doong “it was eventually agreed that the [IUCN and UNESCO] suggestion be omitted from the convention’s decision.”

 

Source: Son Luong

Sabeco reports massive revenue and profit in fourth quarter of 2017

Advertisements

Saigon Beer, Alcohol and Beverage Corporation (Sabeco) reported a net revenue of VND10.4 trillion ($442.1 million) and after-tax profit of VND1.37 trillion ($60.3 million) in the fourth quarter of 2017, signifying increases of 17 and 29 per cent, respectively, according to statistics published by Sabeco.

According to the Sabeco board of directors, the increase in beer consumption as well as the adjustment of the beer selling price increased the corporation’s revenue and profit.

With the positive fourth quarter business results, Sabeco reported the accumulated net revenue of VND34.5 trillion ($1.52 billion) and after-tax profit of VND4.64 trillion ($204.3 million) throughout the year, signifying respective increases of 12 and 9 per cent.

In the fourth quarter of 2017, Sabeco spent an average VND3.1 billion ($136.5 million) per day for advertisement and promotion programmes.

As of December 31, 2017, Sabeco suffered VND5.15 trillion ($226.8 million) in debts, up VND1.87 trillion ($82.3 million), with VND5.047 trillion ($222.2 million) in short-term debts.

According to the statistics of the Vietnam Beer Alcohol Beverage Association (VBA), in 2017 Vietnam consumed 4 billion litres of beer, up 6 per cent on-year. Sabeco alone sold 1.73 billion litres of beer, up 8 per cent on-year.

ThaiBev, the owner of a 53.56 per cent stake in Sabeco, announced plans to sell between 1.85 and 2 billion liters of beer and increase Sabeco’s market share to 50 per cent this year.

Koh Poh Tiong, chairman of F&N—a member company of Thai Beverage Public Company Limited (ThaiBev)—said at the meeting organized to summarise the business results of 2017 and the development plan for 2018 that being the largest shareholder of Sabeco, F&N will support the corporation to become the leading brewer in Vietnam.

F&N will take Sabeco’s products into F&N’s distribution system in Vietnam and other countries, and simultaneously increase Sabeco’s beer sales in Singapore, Thailand, and Vietnam.

 

Source: Ha Vy

In Vietnam, plastic surgery goes hand-in-hand with love and fortune

Advertisements

A nip here and a tuck there could lead to a better life, if you believe in local folklore.

In the western world, pronounced cheekbones are widely regarded as an attractive feature, but for Vietnamese women the same attribute could mean an untimely demise for their future husbands.

Vietnamese folklore and face reading have long advised men not to marry women with high cheekbones, unless they want to die early.

Ngoc, a 26-year-old Hanoian woman, has had her cheekbones reduced for fear of becoming another woman ‘left on the shelf’.

“Everybody told me it was true, so I haven’t dared to fall in love with anyone,” Ngoc said.

For a full transformation, Ngoc paid a total $8,800, which included double eyelid surgery, a nose job, and chin and cheekbone reductions.

26-year-old Hanoian Ngoc before (L) and after (R) cheekbone reduction surgery. Photo courtesy of Ngoc.

Vietnamese women like Ngoc are increasingly undergoing plastic surgery not just for beauty reasons, but in the hope of a happy love life, a bigger fortune and a brighter destiny. Vietnamese folklore has a big part to play in this, as it deems monolids as fishy, unreliable ‘eel’s eyes’, a physically big-mouthed woman as a gossip and undignified, and beauty marks under the eyes as a bad omen similar to high cheekbones.

Features such as bushy eyebrows, a wide chin, bumpy nose or crooked teeth are considered bad luck, often ‘too manly’ for a woman and simply not attractive, according to Vietnamese standards.

According to one common folklore: “Big-mouthed men are classy, but big-mouthed women ruin the family.”

Though hundreds of these centuries-old sayings are no longer popular, many are still lodged in Vietnamese people’s minds. Double eyelids, a slimmer nose bridge, cherry lips, a V-shaped chin and lower cheekbones are particularly favored, as they portray a harmonious and auspicious look.

And if getting rid of the bad luck was not enough, women can now create their own dimples not only to look cute, but also to attract wealth.

A rosy industry

Plastic surgeons across Vietnam have extensively made use of these traditional beliefs as marketing tool, extolling its virtues with advertisements saying “straight nose for fortune”, or “change your destiny with double eyelids”.

Demand for surgery soars as Lunar New Year nears. In December, beauty clinics across Vietnam reported double or even triple revenue, with many women looking for a new nose or fuller lips just in time for the New Year, which falls in mid-February.

“Nose jobs, chin reductions, breast augmentation and fat removal are popular,” says Hang Bui, a consultant at a beauty clinic that’s been open for two years in Hoan Kiem District, Hanoi.

This close-knit relationship between face-reading and plastic surgery is shared widely across Asian countries such as South Korea, home to the world’s biggest plastic surgery industry, and China, its fastest-growing market. And though Vietnam is not a plastic surgery haven yet, it was crowned the cheapest country in the world for plastic surgery by the Beauty Price Index last year – with a nose job costing just under $1,000 and breast augmentation for only $2,000.

But discount prices always come with risks. In October 2013, a woman in Hanoi died during a liposuction and breast enhancement procedure. Her surgeon was sentenced to 19 years in jail in December 2014 after dumping her body into a river.

Last December, Nguyen Thi Loan, a spa worker in Ho Chi Minh City was half-blinded and paralyzed after having a non-surgical nose job with injectable fillers.

This January, Huynh Suong, a 22-year-old from the southern province of Dong Nai, also suffered a similar fate after undergoing double eyelid surgery at a spa.

Vietnam has over 100 licensed plastic surgeons in Hanoi and Ho Chi Minh City, but thousands of unlicensed practitioners are operating across the country, according to local health departments.

But these accounts of plastic surgery disasters haven’t stopped Vietnamese women from going under the knife. To achieve the right look to find a partner and a happy life, many are willing to go the extra mile.

Huynh Tien, a restaurant manager in Saigon, had her first surgery when she was 22. In last August, the 30-year-old had already undergone 13 procedures and spent a total of nearly $9,000.

“I thought I was ugly, and that was why guys left me,” Tien said about past relationships. “Then I became obsessed with plastic surgery, thinking my love life would change.”

Nguyen My Linh, another 30-year-old who has had five nose jobs, was frustrated with the failed procedures – but admitted her life has changed for the better.

“We should know when to stop and spend time on learning and life skills, because women are the most beautiful when they have both a beautiful soul and appearance,” Linh said.

Like many other women, Ngoc, the 26-year-old Hanoian who had her cheekbones reduced, will continue riding her luck.

“Since the surgery, my job and love life have progressed,” Ngoc said. “Next, I’m going to get breast implants.”

 

Source: Vnexpress

 

 

All aboard: Express river buses set sail from Saigon

Advertisements

Cruise the Saigon River and head for the beach or countryside in style.

Good news for travelers who want to explore the waterways around Saigon and people who are already tired of sitting on buses. New boat routes linking the city with its outlying district of Can Gio, its neighbor Vung Tau City and the nearby province of Ben Tre are now in service.

Private company Greenlines DP launched boat trips between the resort town of Vung Tau and Ben Tre Province in the Mekong Delta two days ago, and will start a Ho Chi Minh City-Can Gio-Vung Tau route on February 10.

Can Gio is famous for its fresh seafood while Vung Tau is known for its beaches. Ben Tre is ideal for countryside lovers thanks to its fruit orchards and inland waterways.

Tickets can be found on the company’s website and cost VND290,000 ($12.7) for the Vung Tau-Ben Tre service and VND250,000 for the other route.

Passengers can be picked up and dropped off at Bach Dang Wharf in HCMC’s District 1, Tac Xuat Wharf in Can Gio, Ho May Wharf in Vung Tau and Rach Mieu Wharf in Ben Tre.

All the docks are located near major roads, making it easy for passengers to catch a bus or taxi.

The boats can seat from 50 to 132 passengers, and are equipped with air conditioners, toilets, wifi, televisions, electrical sockets and bars.

HCMC is looking to make use of its inland waterways to ease traffic congestion and develop tourism.

The first route has been open for two months, cruising 10.8 kilometers (6.7 miles) from Bach Dang Wharf to Linh Dong Station in Thu Duc District, passing through District 2 and Binh Thanh District. The second is taking shape and will sail from Bach Dang to District 8.

In April last year, the city’s municipal administration approved two more river bus routes connecting the downtown with new urban areas in District 7.

The new routes will link Bach Dang with Phu Thuan Ward and Phu My Hung in District 7.

Source: Kim Ngan

10,000 employees leaving Vinasun amidst difficulties

Advertisements

Nearly 10,000 employees quit or shifted to the franchise model, enabling Vinasun to save over VND1 trillion ($44 million).

Vinasun Corporation has just announced that the number of the company’s employees was 7,117, down 10,000 compared to early 2017.

In the first quarter of 2017, the company reported that 4,239 employees quit due to “unfair competition” from Uber and Grab. By the end of the third quarter, this number declined by 2,000. This number of employees leaving or transferring to be franchise staff (who are not counted as direct employees of Vinasun) is considered a new Vietnamese record.

The business results of Vinasun have changed significantly. The financial report for the fourth quarter recorded a net revenue of VND486 billion ($21.4 million), down 55 per cent (equivalent to $26 million) on-year as corporate management costs doubled from VND33 billion ($1.45 million) to VND65 billion ($2.86 million). Thanks to the revenue from the liquidation of fixed assets and advertisements of VND96 billion ($4.23 million), Vinasun avoided a million-dollar loss.

The gross revenue from sales and services, which hit VND2.937 trillion ($129.4 million), down 35 per cent on-year, is the lowest recorded in the last four years. Transport by taxi still contributed the lion’s share with over VND2 trillion ($91 million), capturing 70 per cent of the total revenue (from 98 per cent before), and franchising made VND566 billion ($25 million).

Thanks to cutting down the number of employees, Vinasun saved over VND1 trillion, but pre-tax profit was still only VND245 billion ($10.8 million), signifying a 38 per cent reduction on-year. Against the backdrop of weak purchasing power and heavy competition in Ho Chi Minh City, as well as the increasing price of gasoline and oil, surpassing the VND205-billion profit target counts as success in the company’s book.

At the end of 2017, the total debts of Vinasun declined by VND450 billion ($19.8 million) to VND1.176 trillion ($51.8 million) as long-term financial loans were paid off. The value of the debts due in 2018 is around VND365 billion ($16.1 million).

Company leaders have just announced that the Ho Chi Minh City’s People’s Court will open the first instance hearing of a claim for damages between Vinasun and GrabTaxi Vietnam Co., Ltd. on February 6.

Currently, Vinasun has collected all the evidence, including documents, images, and videos to prove that Grab violated commercial competition law by devaluation, particularly by staging promotions for more than 90 days per year.

 

Source: Nguyen Huong

Dan Hauer apologizes to General Giap’s family for his vulgar joke

Advertisements

On January 30, the Authority of Broadcasting and Electronic Information arranged a meeting with Dan Hauer – a U.S national who is in hot water due to his offensive and vulgar comments relating to General Giap – the architect behind Vietnam’s victory over the French at Dien Bien Phu in 1954.

Le Quang Tu Do, Deputy Head of the Authority of Broadcasting and Electronic Information (ABEI), said on January 30, that Dan Hauer – a foreign English teacher did not appear at the appointment as scheduled because his family had to move to another place after receiving a ton of strict criticisms and threats.

However, Dan Hauer and his wife fully complied with authorities’ request at the meeting on Tuesday afternoon. According to Tu Do, Dan Hauer showed his deeply sincere apology.

“Despite living in Vietnam for almost 5 years and getting married to a Vietnamese woman, Dan made mistake when applying American culture in Vietnam and unintentionally offending General Giap,” Do added

After bombarded with thousands of criticisms by netizens, Dan Hauer immediately removed his comment and posted an apology video, but he continuously left a negative comment in another Facebook private group. Obviously, the comment quickly resulted in a public backlash with people calling for Hauer to stop teaching or event to be deported from Vietnam.

“Dan was aware of his seriously damaged actions and committed to tackling the consequences by removing all his erroneous comments, committing to not repeat the offense and providing free online English lessons. Furthermore, to make amends, Hauer asked to be allowed to visit General Giap’s house to light incense for the late and well-respected general and directly apologize to General Giap’s family,” Do said.

ABEI would evaluate Dan’s subsequent actions before deciding on a punishment.

Do stressed that while Hauers’ action was wrong, people should not express their disagreements with actions that are even more wrong, such as threatening his family.

 

Source: Thanhnien

Translated by Daisy Nguyen

19,000 freelance tour guides won’t lose right to practice

Advertisements

The HCMC Tourism Department has reassured the 19,000 freelance tour guides that they will not have to become members of tourism associations or tour guide associations.

Under the new Tourism Law, tour guides can practice if they can satisfy three requirements. They must have tour guide cards and labor contracts signed with travel firms, or tour guide service firms, or membership in professional associations in tourism. They also must have contracts on providing tour guide services, or documents on duty assignments.

The Vietnam National Administration of Tourism (VNAT) has asked agencies to strengthen control over tour guides and establish the Vietnam Tour Guides Association.

Vietnam has about 20,000 tour guides, including 19,000 freelancers, while 90 percent of them are not controlled by any organization. VNAT hopes the new law will help manage freelance tour guides.

Tran Van Hoa from Asia DMC said tour guides have expressed satisfaction about the new law, complaining that they had been railroaded to join associations, pay tax and fees and contribute to funds

Members of associations are required to register to become a Viettel subscriber and have one smartphone.

Deputy general director of VNAT Nguyen Thi Thanh Huong said the biggest advancement of the new law is that all provisions are designed to serve travelers.

Regarding regulation about the membership of professional associations, Huong said the Vietnam Tour Guide. Association is not the only professional association.

“This means that tour guides do not have to join the association to be able to practice as a tour guide,” she said.

The deputy director of the HCMC Tourism Department La Quoc Khanh said if tour guides have guide cards and labor contracts with travel firms as requested by law, they won’t have to worry about membership in the Vietnam Tour Guides Association.

Ha Tat Thang, a Spanish and English speaking tour guide, said it is not necessary to require both the labor contract and tour guide contract.

Vietnam is seriously lacking tour guides. According to Nguyen Van My, president of Lua Viet, in 2017, Vietnam received 13 million foreign travelers, but there were only 12,000 international tour guides.

The shortage of tour guides for domestic tours is even more serious. Vietnam had 70 million domestic travelers in 2017, but there were only 7,927 tour guides. The country needs 50,000 tour guides.

Vietnam welcomed more than 13 million foreign visitors and served 73.2 million domestic tourists to earn US$23 billion.

 

Source: Vietnamnet

Facebook is banning all ads promoting cryptocurrencies — including bitcoin and ICOs

Advertisements

Facebook is banning all ads that promote cryptocurrencies, including bitcoin, in an effort to prevent people from advertising what the company is calling “financial products and services frequently associated with misleading or deceptive promotional practices.”

That means no advertiser — even those that operate legal, legitimate businesses — will be able to promote things like bitcoin and other cryptocurrencies, initial coin offerings — ICOs for short — or binary options, according to a Facebook blog post.

That also means that “crypto-genius” James Altucher, whose ads have appeared all over the internet and have become a meme of sorts for the entire crypto industry, won’t be able to advertise on Facebook.

Ads that violate the company’s new policy will be banned on Facebook’s core app, but also in other places where Facebook sells ads, including Instagram and its ad network, Audience Network, which places ads on third-party apps.

“This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices,” wrote Rob Leathern, one of Facebook’s ad tech directors. “We will revisit this policy and how we enforce it as our signals improve.”

Source: CNBC

Vietnamese consumers losing interest in domestic products

Advertisements

Foreign brands are stepping in as confidence in local goods wanes.

Brands made in Vietnam are losing their position in the local market due to fears of trade fraud that are pushing shoppers toward foreign products, according to a new survey.

Only 51 percent of the 17,300 consumers surveyed said they favored Vietnamese products, down 27 percentage points from last year.

The rate of people who actually shop for local products regularly fell 32 percentage points to 60 percent, according to the survey released by the High Quality Vietnamese Goods Business Association this week.

These large drops are “concerning”, said the association, which works to promote consumption of products made in Vietnam.

Lack of transparency in many businesses has shaken consumers’ trust, it said.

Fraud allegations such as those filed against the renowned high-end brand Khaisilk last October have hit consumer confidence hard, it said.

The case broke out after a business in Hanoi complained on Facebook that scarves it had bought from the brand were actually made in China, as one of them carried two tags: “Khaisilk Made in Vietnam” and “Made in China.”

Following an investigation in December, the trade ministry revealed that the company’s products did not contain any silk at all, and police are considering criminal charges.

“This is not a matter of individual businesses; it’s the management authorities as well,” said the report. Khaisilk was established around 30 years ago and promotes its products as high quality silk from Vietnamese craft villages.

With suspicion surrounding Vietnamese products, competitors from Japan, South Korea and Thailand have stepped in.

Regular consumers of these products have jumped from 3 percent last year to 8-10 percent, and 17 percent when it comes to confectionery and beverages.

“Foreign businesses have been making efforts to penetrate deeper into Vietnam’s retail market,” said Nguyen Van Phuong, the survey’s coordinator.

And once they get here, it’s easy for them to put their own products on the shelves, he said.

Thailand’s B’smart, Japan’s Family Mart and 7-Eleven, and South Korea’s Lotte and Emart have become popular retail outlets, and there are now hundreds of them across the country.

Vietnam’s retail market is in full swing. Retail sales in 2017 rose 10.9 percent from the previous year to more than $173 billion, according to the General Statistics Office.

Source: Vien Thong

Top Vietnamese taxi firm to take Grab to court over ‘unhealthy competition’

Advertisements

Vinasun claims it has proof that Grab has dumped its service on the local market to drive out local competitors.

Vietnam’s top taxi firm Vinasun is taking the Vietnamese branch of the Malaysia-based ride-haling firm Grab to court over “unhealthy competition”.

Vinasun is suing GrabTaxi Vietnam under the country’s competition law, a representative told VnExpress.

The company said it has documents, photos and videos to prove that Grab has violated the law by dumping its service on the local market.

One of the most convincing charges is that GrabTaxi Vietnam ran promotions for more than 90 days in a year, which is against the law.

In a letter sent to the Prime Minister last year, Vinasun said ride hailing firms, including Uber from the U.S. and Grab, repeatedly ran promotions without gaining permission from authorities.

Other countries like Thailand, Indonesia and Japan have either banned or tightened their management of Uber and Grab after concluding that the two companies have been operating as “disguised taxi firms”, read the letter.

Vinasun has asked for an end to the unhealthy competition, and said ride hailing firms should be under the same umbrella as traditional taxi firms in Vietnam. This would mean Uber and Grab would have to limit the number of cars they operate and adhere to price controls.

In July last year, Vinasun said nearly 8,000 of its drivers had quit in the first half of 2017 due to harsh competition from ride-hailing firms.

Three months later, it reported losing 2,000 more drivers for the same reason, leaving the company with 7,000 employees.

The company earned VND4.25 trillion ($187 million) in revenue and VND205 billion in net profit in 2017, down 10 and 34 percent respectively compared to 2016.

The same story applies to Mai Linh, another major local taxi firm.

Mai Linh lost 6,000 drivers in the first half of 2017, equivalent to 20 percent of its employees, according to a company report.

Its business results did not read much better during the period, with revenue falling more than 5 percent on-year to VND1.72 trillion ($75.8 million).

Both Mai Linh and Vinasun have repeatedly blamed Uber and Grab for their losses, but the finger-pointing has received little support from the public, with many passengers saying they were already unhappy with the poor and unreliable services provided by the firms.

In its latest attempt to win back customers, Vinasun set up a Facebook booking service last year. The chatbot allows passengers to check the fare, preventing drivers from overcharging them, and is expected to reduce the 205,000 calls the company receives every month.

Earlier in January, the Ministry of Transport said Grab and Uber are to be officially authorized in Vietnam after completing trial runs, but the government has pledged to impose the stricter controls it currently imposes on local transport firms.

Ride-hailing services will have to register their businesses with investment authorities and the transport ministry and the tax authorities.

“Tax agencies will keep track of fares so management can be more transparent,” said Tran Bao Ngoc, director of the ministry’s Transport Department.

Hanoi has also recently put up traffic signs banning Uber and Grab cars from operating along roads off-limits to traditional taxis.

Source: Phuong Dong

VN shares drop on energy and banking stocks

Advertisements

Vietnamese shares declined on Tuesday morning due to investors’ profit-taking attempts that hit the large-cap stocks in the energy and banking sectors.

The benchmark VN Index on the HCM Stock Exchange edged down 1.15 per cent to close at 1.097,18 points. It had edged down 0.69 per cent to close at 1,109.80 points on Monday.

The minor HNX Index on the Ha Noi Stock Exchange dropped 0.71 per cent to end at 126.44 points.

The northern market index gained 0.42 per cent to end at 127.35 points on Monday.

Nearly 246.3 million shares, worth more than VND6 trillion (US$263.6 million), were traded on the two local exchanges.

Declining stocks outnumbered the gaining ones by 296 to 144, while 296 other stocks ended flat.

Among the worst decliners of the banking sector were Bank for Foreign Trade of Vietnam, down 1.76 per cent; Bank for Investment and Development of Viet Nam, losing 2.31 per cent and Military Commercial Joint Stock Bank, moving down 2.11 per cent.

Meanwhile, the energy sector was driven down by PetroVietnam Gas Joint Stock Corporation, PetroVietnam Technical Services Corporation and Drilling Mud Joint Stock Corporation, down 9.05, 3.75 and 3.23 per cent, respectively.

The afternoon trading session starts at 1pm.

 

Source: VNA

US fines Deutsche Bank, UBS and HSBC over market manipulation

Advertisements

US authorities on Monday (Jan 29) announced fines and charges against three major European banks and eight individuals accused of manipulating futures markets for precious metals.

Deutsche Bank, UBS and HSBC will together pay a total of US$46.6 million to settle allegations that traders at the banks worked to manipulate futures markets in precious metals through a process known as “spoofing,” the Justice Department and Commodity Futures Trading Commission said.

Seven former traders, including ex-UBS trader Andre Flotron, who was indicted last year, as well as a technology consultant, also face charges of “spoofing” – in which traders place and then abort trades to manipulate prices – on markets for various precious metals including gold and silver between early 2008 and about 2014.

The suspects were based in New York, Switzerland, Britain, Australia, the United Arab Emirates. Prior to this case, only three other people had been charged with the crime of spoofing, according to the Justice Department.

In actions brought by the CFTC, which regulates derivatives markets, Deutsche Bank suffered the largest penalty at US$30 million while UBS agreed to pay US$15 million and HSBC was fined US$1.6 million.

The suspects allegedly placed hundreds and sometimes thousands of fraudulent “spoof orders” to create the appearance of demand and cause other market players to trade at inflated prices or make moves when the would otherwise have held their positions.

“Conduct like this poses significant risk of eroding confidence in US markets and creates an uneven playing field for legitimate traders and investors,” John Cronan, the acting head of the Justice Department’s criminal division, said in a statement.

James McDonald, director of enforcement at the CFTC, which regulates derivatives markets, said electronic and algorithmic trading had created opportunities both for legitimate trading, which CFTC supported, and for fraud.

“We are equally committed to identifying and punishing these bad actors,” he said in a statement.

David Liew, a Deutsche Bank trader, pleaded guilty in June and has reportedly agreed to cooperate with prosecutors.

 

Source: AFP

Exit mobile version