Earlier this January, the global cryptocurrency market exceeded $700 bln, reaching an all-time high in the valuation of all cryptocurrencies combined. Market capitalization amplifies an asset’s value by that asset’s overall amount in circulation. The spike occurred as a result of the increase in the value of more than 1,400 cryptocurrencies in use.
Considering the growth opportunity, traders and investors are starting to get more involved in the crypto world. Now, more than ever, people are looking at cryptocurrencies from an investment perspective. However, crypto investing doesn’t compare to picking stocks on e-Trade because e-Trade is a third party between the Stock Exchange and an investor. Intermediaries or third parties don’t exist when trading on decentralized exchanges.
A “safe haven” against the South Korean crypto exchange ban
A young, driven company CoinSpark with a business model focused on its investors and traders aims to become a new type of decentralized digital asset exchange. It enters the scene in the attempt to reward the crypto community in the form dividends issued proportionally to all SPARK coin holders. The goal is to develop a decentralized digital asset exchange where customers receive 25 percent of the company’s net profits.
Another core benefit of the CoinSpark business model is linked to its physical location. Considering speculations are surrounding the fate of crypto exchanges in South Korea, CoinSpark may become a safe haven for foreign investors. Located in the Cayman Islands, the company is fully licensed and could potentially become a “refuge” for investors and traders affected by a potential South Korean crypto exchange ban.
Partnership with AlphaPoint
To ensure a smooth development of the trading platform, CoinSpark partnered with AlphaPoint, a fintech company that turns illiquid assets into liquid assets, enabling its customers to launch products and services by offering other companies and institutions Blockchain-based solutions to launch markets, digitize assets and reduces operational costs at an enterprise level. With customers across five continents and office in San Francisco, New York and Philadelphia, AlphaPoint has a proven record of contributing to the development of some of largest cryptocurrency exchanges currently in use.
Throughout the ICO a total of 25 mln Spark tokens will be made available, with the coins being valued at 0.0025 ETH. The coin offering begins on Valentine’s Day, Feb. 14 and will end on March 14. Because the company believes in providing equal pricing to all of its users, there will be no pre-sale. Considering the increased interest in cryptocurrencies, many of today’s exchanges can’t keep the pace up and often struggle to handle customer service and acquisition. Following the launch in mid-April, CoinSpark is fully prepared to providing top-notch customer service 24/7 in order to make sure all concerns and questions are solved quickly and efficiently.
CoinSpark launches its ICO with 10 core cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, Ripple, Bitcoin Gold, Dash, Litecoin, Iota, Neo and Spark. Upon the successful completion and evolution of the ICO, the company’s end goal is to allow numerous other crypto coins to be featured on the exchange, as well as interact with 200+ fiat currencies. SPARK coins will be distributed immediately during the ICO, and coin holders may start trading them on the CoinSpark exchange in April.
Prudential Plc on Tuesday announced that it had reached an agreement to sell 100 per cent of its Prudential Vietnam Finance Company (PVFC) to Shinhan Card Co Ltd, a subsidiary of the Shinhan Financial Group (Shinhan), at a cost of US$151 million.
The United Kingdom-based financial services group’s PVFC was launched in 2006 as the first foreign non-bank financial institution licensed for consumer finance lending in Viet Nam. Today, it is the fourth-largest consumer finance company by outstanding loan balance.
“Prudential and Shinhan will work closely to ensure a smooth transition of the business. PVFC remains committed to all of its customer obligations and operations will continue as normal until the transaction has been completed,” Prudential said in a statement.
It remains fully committed to the Vietnamese market through its life insurance business, Prudential Vietnam Assurance Private Limited, and asset management business, Eastspring Investments Fund Management Company (Viet Nam).
“PVFC is a high-quality business, but it is not core to our strategy in Viet Nam. We are delighted that Shinhan will be able to lead this consumer finance business through to the next stage of its development. Viet Nam remains an attractive and important market to Prudential where we have high-quality and fast-growing life insurance and asset management operations,” Nic Nicandrou, Chief Executive of Prudential Corporation Asia, said.
“As part of this transaction, we are further expanding our regional platform through the new long-term bancassurance partnership with Shinhan in both Viet Nam and Indonesia to continue serving the growing savings and protection needs of the Asian population,” he said.
Shinhan is a financial institution in South Korea with a diversified business portfolio across banking, credit cards, securities brokerage, life insurance, asset management and leasing. It is one of the largest financial institutions by market capitalisation in Korea, and Shinhan Card is the largest credit card company in the country. Shinhan has had a presence in Viet Nam since 1993.
Last year, Shinhan Bank Vietnam, a wholly owned unit of Shinhan Bank, also acquired the retail division of ANZ, a major Australian bank, in Viet Nam.
Currently, Prudential Finance Vietnam, FE Credit, HomeCredit and HDSaigon are four companies ruling the Vietnamese consumer finance market. According to StoxPlus, the total outstanding loan of consumer finance companies was more than VND56 trillion ($2.47 billion) at the end of 2016.
2018 is slated to be a positive year for the Vietnamese dong, thanks to Vietnam’s stable macroeconomics and strong capital inflows. However, analysts differ on how strong Vietnam’s currency will be at the end of the year.
Experts have started to offer their predictions for the Vietnamese dong (VND) in 2018, and most agree that Vietnam’s currency has a good year ahead. This is a stark contrast to previous years, when the VND was usually expected to weaken against the US dollar. That said, analysts seem to have differing opinions on the strength of Vietnam’s currency.
The most positive prediction comes from Standard Chartered, which forecasts that the VND will appreciate by 1 per cent against the USD, ending 2018 at VND22,600 per dollar. FX strategist Eddie Cheung told VIR that this rally is partly attributable to a weakening USD – a statement many might find surprising, given the US economy is doing better this year. The world’s largest economy is forecast to grow by 2.5 per cent in 2018 thanks to robust domestic consumption and tax reforms that can boost firms’ earnings.
“We believe the US Federal Reserve will hike interest rates twice this year, and usually the yield gap between short-term and long-term rates will narrow. From our observation, this compression usually leads to a weaker USD,” said Cheung. Another factor is that the US fiscal deficit may get worse due to lowered corporate taxes, causing pressure on the dollar.
When asked whether a strong VND would hurt Vietnam’s export competitiveness, the Standard Chartered analyst pointed out that the euro, which represents one of Vietnam’s biggest trade partners, is expected to strengthen by 5 per cent against the USD this year. This is higher than the bank’s forecast for the VND rally, which means Vietnam’s products will remain affordable for European importers in 2018.
“The Chinese yuan is forecast to strengthen by 1 per cent as well. If the dong can match this level, Vietnam’s exports won’t lose much of their competitiveness,” Cheung said.
The VND is also backed by strong foreign interest in Vietnam’s state divestment programmes. According to Nguyen Thanh Lam, deputy head of retail research at Maybank Kim Eng Securities, Vietnam’s forex rates in 2017 have been supported by record-high capital inflows, especially during the share sales of dairy giant Vinamilk and top brewery Sabeco.
Vietnam’s foreign reserves now stand at $54.5 billion, the highest level ever recorded. Disbursed foreign direct investment stood at $17.5 billion in 2017 and trade surplus reached $2.7 billion.
“Vietnam’s economy will continue its strong growth in 2018, inflation will remain low, and ongoing foreign capital inflows will help with the trade surplus and foreign exchange rates,” said Lam.
In 2018, Vietnam is putting many of its prized state firms on sale, including PV Oil, the second-largest oil retailer and sole exporter of crude oil; Binh Son Refinery, the operator of the Dung Quat oil refinery; PV Power, the second-largest electricity retailer; and Vinachem, the national chemical group. These sales are expected to lure in foreign capital, help grow Vietnam’s increasing foreign reserves, and boost the VND, Maybank Kim Eng predicts.
Other analysts share the optimism for the VND, but seem to take a more cautious approach. ANZ economist Eugenia Victorino believes that the VND will weaken at a slow pace to settle at VND22,900 per USD by the end of 2018.
“Vietnam’s foreign reserves are at a record high. However, the State Bank of Vietnam (SBV) still needs to collect more foreign notes as the reserves only equal three months of Vietnam’s imports, which means they are very low according to World Bank standards,” said Victorino.
Brokerage house Vietcombank Securities also predicted a 2 per cent depreciation of the VND in 2018. In their latest report, the securities firm pointed out that the SBV has gained great experience from the daily fixings scheme, which drives down speculation and prevents major swings in foreign exchange rates.
“Any external influences will be reflected gradually, not all at once like they have been before, as the daily fixings mechanism allows the SBV to be more flexible in its management,” said the report.
Traffic around the Independence Palace will be diverted during the morning.
Ho Chi Minh City has announced it will be closing two downtown streets for several hours this Friday for one of the biggest ceremonies of the year.
The section of Le Duan Street between Nam Ky Khoi Nghia and Pasteur in front of the Independence Palace will be closed to traffic from 4 a.m. to 10 a.m., the city’s transport department said.
Traffic will also be blocked from Nguyen Du Street between Nguyen Trung Truc and Thu Khoa Huan beside the palace from 7 a.m. to 10 a.m. for commemorations of the Tet Offensive, the department said.
Activities will include the opening of a Lunar New Year exhibition, a ceremony to mark the 88th anniversary of Vietnam’s Communist Party, and another ceremony to remember the 50th anniversary of the Tet Offensive.
The Tet Offensive was one of the largest military campaigns of the Vietnam War, launched during the Lunar New Year in 1968 by North Vietnamese forces against the U.S.-backed Saigon regime. Tens of thousands of casualties were reported on both sides.
This year, the country’s largest holiday will start on February 16, and the government has approved a one-week break between February 14-20.
Road construction will be suspended during the festival and the week before, the transport department said.
My Tam has been making a name for herself on the international stage.
The new album released by Vietnamese singer My Tam has climbed to No. 10 on the Billboard World Albums Chart this week, making her the first Vietnamese singer to break into the top 10.
The Da Nang-born artist shares the spotlight with South Korean boyband BTS, who are at No. 1 with “Love Yourself: Her”.
Based on sales data compiled by Nielsen Music, the chart ranks albums from all over the world, excluding the U.S. It is usually dominated by K-pop singers and bands who amass enormous fandoms across continents.
With 13 pop-soul tracks, My Tam’s ninth album broke records with about 5,000 copies sold in the first hour after its release on December 3 last year. Signing events featuring peformances also caused chaos on the streets of Ho Chi Minh City and Hanoi while she was promoting the album last year.
My Tam first came onto the scene in 1999 and has become one of the most successful singers in Vietnam. Hailed as the ‘Queen of V-Pop’, she has received many awards in and outside of the country, including Best Selling Artist of Asia by Big Apple Music Awards, MTV Europe Music Award for Best Southeast Asian Act, and World Music Award for World’s Best Selling Vietnam Artist.
Vietnam’s main stock exchange will reopen on Thursday after a two-day closure due to technical issues, the first such incident in almost a decade, the bourse said on Wednesday.
The trading system of the Ho Chi Minh Stock Exchange, Vietnam’s benchmark stock market that surged nearly 50 percent last year, developed a technical issue on Monday which prevented it from retrieving a closing price for the index.
The bourse said that the exchange will return to normal trading from Jan. 25 in a statement on its website.
Thursday’s reference prices for each stock will be either the last transaction recorded on Monday or the closing price of that stock from the Jan. 19 session if the stock was not traded on Monday, the exchange said.
Vietnam closed its stock market for three days in May 2008 due to a technical problem.
As the bourse entered its second day of suspension, its operator has rejected allegations that it was sabotaged or hacked.
The Ho Chi Minh Stock Exchange (HoSE) suspended all trading activities for the second consecutive day on Wednesday, citing a software glitch that prevented the exchange from completing its closing procedure on Monday afternoon.
All trading activities were suspended at the HoSE through Tuesday with the exchange operator announcing that the suspension would remain effective on Wednesday, without explaining when it would reopen.
At around 2:30 pm on Monday, the exchange’s electronic order matching system, which matches buy and sell trades, began to lose signal.
HoSE announced later the same day that a software glitch had occurred and that the stock exchange was unable to match closing prices for Monday’s session.
The exchange operator immediately notified all of its member companies, assuring them that the technical problem would have no impact on already matched transactions.
Investors later confirmed that the incident had caused no financial damage, but expressed their regret that it had happened while a number of stocks were soaring.
Le Hai Tra, a senior executive in charge of the HoSE, said experts had identified several possible causes of the glitch and were continuing to work on a solution.
Tra repeated that it was a technical problem only and ruled out any possibility of the system being overloaded or attacked from outside.
He did however, admit that it was unclear when the exchange, otherwise known as the bourse, could resume trading, expressing his hope that the error would be fixed in time for Thursday’s session.
Ho Chi Minh City authorities will begin shutting down CBD sidewalk parking lots before extending the effort into other neighborhoods.
The municipal People’s Committee has issued a document calling on administrations of the city’s 24 districts to prohibit informal parking lots from operating on local sidewalks within the first quarter of this year.
However, sidewalk parking lots will still be allowed in areas where they are deemed necessary.
In such cases, the city’s youth volunteer force will be tasked with operating the parking venues and charging vehicles in accordance with current regulations – VND500 (US$0.02) to VND4,000 ($0.18) for bicycles, and VND2,000 (0.09) to VND6,000 ($0.26) for motorcycles.
If any business is willing to operate a free sidewalk parking lot, local administrations will review its need and functionality before issuing a permit.
During an interview with Tuoi Tre (Youth) newspaper, Le Minh Khoa, head of the Ho Chi Minh City Youth Volunteer Force, said that his agency had coordinated with authorities in District 1 to review the operations of local sidewalk parking lots.
A parking lot operated by the youth volunteer force in Ho Chi Minh City. Photo: Tuoi Tre
Chairman of the District 1 administration Tran The Thuan will give a decision on locations where these parking venues should be kept before handing over their management to the youth volunteer force.
The change is required to meet the demand for parking space by local residents, and preserve enough space for pedestrians, Khoa said.
“We will establish a mechanism to cooperate with the district authorities by the end of this month,” he continued.
The mechanism will focus on reducing the number of parking lots on promenades, managing lots that will be allowed to remain operational, as well as ensuring social order and security, Khoa elaborated.
The campaign will be expanded to other districts if it proves effective in District 1.
A parking venue on Thi Sach Street in District 1. Photo: Tuoi Tre
Proper parking facilities
From late 2016 to early 2017, the city’s youth volunteer force established several parking lots and multi-story parkades near the Children’s Hospital 1 and Youth Culture House.
Similar lots will be established at Tu Du Hospital in District 1 and the Quang Trung Software City in District 12, Khoa stated.
“We are trying to minimize the number of sidewalk parking lots and invest in indoor parking facilities,” he continued.
Parking space along promenades will mainly serve local residents for brief periods during special occasions and public holidays only, he added.
A parking basement inside the Vincom Center shopping mall in District 1, Ho Chi Minh City. Photo: Tuoi Tre
Indoor parking lots operated by the youth volunteer force will be properly supported, with vehicles charged in accordance with regulations and employees offered salaries and incentives, according to Khoa.
However, competition for these locations is strong, with wealthy private firms able to make ‘bids’ to the local authorities to operate the indoor parking lots.
“Some parking lots that had been operated by the youth volunteer force for decades have recently been transferred to local businesses who made higher bids,” Khoa explained.
The company has signed up more than half of all U.S. broadband households and is building its customer base in 190 countries.
Netflix Inc snagged two million more subscribers than Wall Street expected in the final three months of 2017, tripling profits at the online video service that is burning money on new programming to dominate internet television around the world.
The results drove Netflix to a market capitalization of more than $100 billion for the first time. Shares jumped 9 percent to over $248 in after-hours trading on Monday after rallying throughout the month and rising 53 percent last year.
The company has signed up more than half of all U.S. broadband households and is building its customer base in 190 countries by spending billions on programming.
Netflix picked up 6.36 million subscribers in international markets from October through December, when it released new seasons of critically acclaimed shows “Stranger Things” and “The Crown” as well as Will Smith action movie “Bright.” That topped Wall Street expectations of 5.1 million, according to FactSet.
Along with 1.98 million customer additions in the United States, the company ended the year with 117.58 million streaming subscribers around the globe, despite a price hike in October.
“Netflix is pouring more and more money into making content, and it is directly translating into more subscribers,” BTIG analyst Richard Greenfield said. “They see a huge opportunity and they are moving as fast as they can to attack it.”
The company also said it took a $39 million non-cash charge for “unreleased content we’ve decided not to move forward with.” A source familiar with the matter said the charge was related to content starring Kevin Spacey, with whom Netflix cut ties after he was accused of sexual misconduct.
Netflix temporarily halted production of “House of Cards” to write out Spacey’s character and decided not to release the film “Gore,” which starred Spacey as Gore Vidal.
Spacey has apologized to one of his accusers, and according to his representatives is seeking unspecified treatment. Reuters was unable to independently confirm the accusations.
The charge is one of the first signs of costs faced by companies in the wake of a widespread campaign against sexual harassment.
Netflix turned a DVD-by-mail business into an online competitor of movie channel HBO. As it grew it began licensing its own original shows to ensure a stream of new offerings if studio suppliers ended deals.
In fact, Walt Disney Co is making a major push into online streaming and will pull its first-run shows and movies from Netflix in 2019 as Hollywood fights for audiences.
Netflix plans to spend up to $8 billion this year on TV shows and movies to fend off Disney, Amazon.com Inc, studios-owned Hulu and local competitors that are jumping into online video, and it is turning more and more to high-budget projects, such as the roughly $90 million “Bright.”
In 2017, Netflix recorded its first full-year profit in international markets. The company has said it is aiming for steady improvements in profitability overseas this year.
“We believe our big investments in content are paying off,” Netflix said in a quarterly letter to shareholders.
Netflix is raising its marketing budget faster than revenue is growing and will spend about $2 billion this year. The company expects negative cash flow in 2018 of $3 billion to $4 billion, up from $2 billion in 2017.
Last October, Netflix raised prices for two of its three main subscription plans to help fund the substantial content investment. The earnings report showed customers took it in stride.
“Consumers are tolerant as long as something’s improving,” Netflix CEO Reed Hastings, on a post-earnings webcast, said of the price increase.
For the December quarter, Netflix reported diluted earnings-per-share of 41 cents, even with the expectations of analysts polled by Thomson Reuters I/B/E/S.
Revenue for the three months totaled $3.286 billion, in line with forecasts.
Looking ahead, Netflix forecast streaming customer additions of 6.35 million for the first quarter, above analysts’ expectation of 5.01 million, according to FactSet.
Investors appear confident in Netflix’s ability to grow. Netflix recently traded at 91 times expected earnings for the next 12 months, versus Amazon at 152 times earnings and Disney at 17 times earnings, according to Thomson Reuters data.
Netflix also said Monday that Rodolphe Belmer, CEO of global satellite company Eutelsat, had joined the company’s board.
WisePass has built a platform allowing brands to understand consumer behavior, monitor their market share and make smart investments.
A mobile app developed by startup firm Wisepass and launched early last year has been making it more convenient and economical for casual drinkers and frequent diners to enjoy food and wine around Ho Chi Minh City.
The app developed by Wisepass, a company that was founded in 2014 in HCMC, allows users to get stuck into either 30 bottles of liquor or 30 meals per month at more than 100 different locations such as restaurants, bars and 5-star hotels in the city for VND6 million ($260) per month. And WisePass recently secured a partnership with Starbucks which allows members to redeem any cup, any size per day.
The statistics show that initially WisePass membership covered only drinking, but later it added new options for members such as food and events. Since the recent partnership with Starbucks, consumers have been very interested in dining there and luxury chains besides enjoying wine.The app currently has 400 members and has been used nearly 11,680 times.
But the benefit that the app offers is not limited to its members. Beyond that, it offers a platform for brands to get closer to their consumers’ needs and analyze the ways in which their produce is consumed.
This feedback allows brands using Wisepass to communicate better with its customers without being aggressive.
Lam Tran, co-founder and CEO of Wisepass, told Dau Tu newspaper in April last year that the startup has secured a growth rate of 50 percent per month.
“People usually think that starting a company in Vietnam is difficult, especially on the administrative side of things. It looks difficult if you don’t know the procedures. But it’s like this anywhere in the world, the administrative procedures are always long and complicated!,” said Lam, adding that the real challenge lies in building a new type of business and executing it.
“One needs to take time – weeks and months, to build the idea, talk about it, to then be able to sell the project. Of course, having the finances for it helps a lot too. But there’s no shortcut. You have to work hard and be persistent to succeed,” he said.
Lam shared that the internet is a challenging aspect he has faced, especially while working in the digital field where everything is handled online.
In terms of what was easy for startups in the country, “I’d say that the whole ‘tech’ part is easier in Vietnam. The cost for developers is significantly lower here than in Singapore or San Francisco as the salary range is from $400$ to $4,000,” he said.
Facebook’s plan to rank news organizations based on user ‘trust’ surveys has drawn a mixed response.
Facebook acknowledged Monday that the explosion of social media poses a potential threat to democracy, pledging to tackle the problem head-on and turn its powerful platform into a force for “good.”
The comments from the world’s biggest social network were its latest response to intense criticism for failing to stop the spread of misinformation among its two billion users – most strikingly leading up to the 2016 U.S. election.
In a blog post, Facebook civic engagement chief Samidh Chakrabarti said he was “not blind to the damage that the internet can do to even a well-functioning democracy.”
“In 2016, we at Facebook were far too slow to recognize how bad actors were abusing our platform,” he said. “We’re working diligently to neutralize these risks now.”
The post – one in a series dubbed “hard questions” – was part of a high-profile push by Facebook to reboot its image, including with the announcement last week that it would let users “rank” the trustworthiness of news sources to help stem the flow of false news.
“We’re as determined as ever to fight the negative influences and ensure that our platform is unquestionably a source for democratic good,” said Katie Harbath, Facebook’s head of global politics and government outreach, in an accompanying statement.
Facebook, along with Google and Twitter, faces global scrutiny for facilitating the spread of bogus news — some of it directed by Russia – ahead of the U.S. election, the Brexit vote and other electoral battles.
The social network has concluded that Russian actors created 80,000 posts that reached around 126 million people in the United States over a two-year period.
“It’s abhorrent to us that a nation-state used our platform to wage a cyberwar intended to divide society,” Chakrabarti said.
“This was a new kind of threat that we couldn’t easily predict, but we should have done better. Now we’re making up for lost time,” he said.
Chakrabarti pointed at Facebook’s pledge last year to identify the backers of political advertisements – while also stressing the need to tread carefully, citing the example of rights activists who could be endangered if they are publicly identified on social media.
He also elaborated on the decision to let Facebook’s users rank the “trustworthiness” of news sources, saying: “We don’t want to be the arbiters of truth, nor do we imagine this is a role the world would want for us.”
While acknowledging concerns over the rise of “echo chambers,” he argued that “the best deterrent will ultimately be a discerning public.”
‘What could possibly go wrong?’
Facebook’s plan to rank news organizations based on user “trust” surveys has drawn a mixed response.
Renee DiResta of the nonprofit group Data for Democracy was optimistic.
“This is great news and a long time coming. Google has been ranking for quality for a long time, it’s a bit baffling how long it took for social networks to get there,” she wrote on Twitter.
But technology columnist Shelly Palmer warned that Facebook appeared to be equating trust and truth with what the public believes – what some call “wikiality.”
“Wikiality is Facebook’s answer to fake news, alternative facts, and truthiness,” Palmer wrote. “Facebook, the social media giant, is going to let you rank the news you think is most valuable. What could possibly go wrong?”
For media writer Matthew Ingram, the changes “not only won’t fix the problem of ‘fake news,’ but could actually make it worse instead of better.”
“Why? Because misinformation is almost always more interesting than the truth,” he wrote in the Columbia Journalism Review.
News Corp. founder and executive chairman Rupert Murdoch also expressed skepticism, suggesting Facebook should instead pay “carriage feeds” to trusted news organizations, following the example of cable TV operators.
“I have no doubt that Mark Zuckerberg is a sincere person, but there is still a serious lack of transparency that should concern publishers and those wary of political bias at these powerful platforms,” Murdoch said in a statement issued by his group, which publishes the Wall Street Journal and newspapers in Britain and Australia.
Prudential Plc has agreed to sell its consumer finance business in Vietnam to a unit of South Korea’s Shinhan Financial Group for $151 million, as the UK’s largest insurer seeks to focus on its core insurance arm in the Southeast Asian nation.
Prudential Vietnam Finance Co Ltd is the country’s fourth-largest consumer finance company by outstanding loan balance, and was the first foreign, non-bank financial institution licensed for consumer lending, a company statement said on Tuesday.
Reuters had reported in October that Prudential sought the sale of its Vietnam consumer finance unit, which could fetch up to $150 million. The sale attracted many buyers, including private equity firms and financial services companies.
The sale of Prudential Vietnam Finance, which offers personal and mortgage loans, marks the British insurer’s first major asset divestment since it named its former group CFO, Nic Nicandrou, as the head of its Asia business in July last year.
The move comes as some global insurers are selling smaller and non-core units in Asia to sharpen focus on their main insurance businesses in a region, which is attractive due to low insurance penetration but is also hyper competitive.
“PVFC is a high-quality business, but not core to our strategy in Vietnam,” Nicandrou said in the company statement, referring to the consumer finance unit in the Southeast Asian country.
“Vietnam remains an attractive and important market to Prudential where we have high-quality and fast-growing life insurance and asset management operations.”
Under the terms of the transaction, Prudential and Shinhan, a diversified financial group with interest in banking and insurance, have also agreed to a new long-term bancassurance partnership in Vietnam and Indonesia, the British insurer said. (Reporting by Noor Zainab Hussain in Bengaluru and Sumeet Chatterjee in Hong Kong,; Editing by Biju Dwarakanath and Sherry Jacob-Phillips).
The streets are exploding as football fans celebrate Vietnam’s historic win in the AFC U23 Championship semifinals.
In Saigon, thousands of fans have poured into the city center to celebrate the national team’s historic win in the AFC U23 Championship’s semifinal. All the main streets, from Nguyen Hue, Ham Nghi, Ton Duc Thang to Nguyen Thai Hoc, are full of supporters in red t-shirts waving national flags. “I’m so happy! Our class saw the match together and we burst into screams and tears when Van Thanh scored. Thanks to the players, thanks to the coach! Now we’ll head to celebrate,” Minh Nguyen, a student at Cao Thang college says as hundreds of students come to the Ho Chi Minh statue and sing the national anthem. Photo by Vnexpress/Duy Tran
Expect traffic jams on the main streets of Saigon. Photo by VnExpress
Saigon fans cheer as footballer Van Thanh makes the historic score, bringing the final victory to the U23 team. Photo by VnExpress/Nguyen Thanh
In Dong Nai Province in the Mekong Delta, hundreds have also come to Bien Hoa city center to celebrate the team’s victory. Traffic police have been on guard to guarantee safety. Photo by VnExpress/Phuoc Tuan
Da Nang fans cheer on. Photo by Vnexpress/Nguyen Dong
In Ca Mau, the main streets are also crowded. Photo by Vnexpress/Phuc Hung
Nha Trang football fans storm the main square to celebrate the victory. “I can’t describe this feeling”, says Ngoc, a father of two who has taken his children to the streets. Photo by VnExpress/Xuan Ngoc
In Hanoi, fans cheer on at Hang Day stadium as U23 Vietnam win 4-3 on the penalties against Qatar. Photo by VnExpress/Ngoc Thanh
The national flag is everywhere on the streets of Vietnamese cities. Photo by VnExpress/Ngoc Thanh
Hanoi fans bring pans and pots to the streets to celebrate during the night. Photo by VnExpress/Giang Huy
The Old Quarter in Hanoi is filled with the wild Vietnamese fans. Vietnam’s Prime Minister Nguyen Xuan Phuc personally called the U23 team to congratulate them on their semifinal victory. Photo by VnExpress/Giang Huy.
Meanwhile, deputy prime minister Vu Duc Dam joins the crowds by Hoan Kiem Lake in Hanoi. Photo by VnExpress/N.T.
U23 Vietnam’s 4-3 win over Qatar in AFC U23 Championship semifinal marks a new episode in Vietnam’s football history.
Vietnamese footballing history has been rewritten by the country’s U-23 team, which secured a place in the final of the Asian Football Confederation Under-23 (AFC U23) Championship on Tuesday thanks to a dramatic victory over Qatar.
With a 4-3 penalty shootout win after added time locked at 2-2, the team once again surprised Asian football fans, becoming the first Southeast Asian country to enter the final of the championship.
The Qatari team, which had won all its previous matches in the tournament, opened the scoreboard with a successful penalty in the first half. Vietnam however equalized halfway through the second half with a goal from Nguyen Quang Hai, the hero of the team’s victory over Australia in the group stage. The last few minutes of the second half saw Qatar take the lead, before Hai once again scored the equalizer for Vietnam to bring the match to extra time, which ended goalless.
In the penalty shootout, the Vietnamese team emerged victorious after successfully converting four out of its five penalty kicks, while keeper Bui Tien Dung managed to save two penalties from the Qatari side.
“There’s nothing to doubt, they are our warriors,” Vietnam’s coach Park Hang-seo said after the victory in Changzhou, China. “Before the match, we promised ourselves we won’t let the Vietnamese fans down. And we made it.”
“Vietnam deserves the final,” said Qatari team’s coach Felix Sanchez. “Vietnam has proven that they are a highly capable team. They did they best to win and I send them my congratulations.”
Nguyen Quang Hai (19) celebrates after scoring Vietnam’s second goal to level the match at 2-2. Photo by VnExpress/Thuong Nhat
Vietnam’s Prime Minister Nguyen Xuan Phuc personally called the team to congratulate them, saying this historic win is very meaningful for the country.
Vietnam will face Uzbekistan on January 27 after the latter defeated South Korea 4-1 at extra time on Tuesday.
Before the match, Vietnam’s coach Park Hang-seo was hopeful but cautious, with Qatar widely seen as the stronger team. “Though we are aware that it’s going to be a hard game, we still have a great belief that we can win. Belief is what has brought us here,” said the coach.
“We fight for Vietnamese supporters, for Vietnam. I think the fighting spirit is one of the most best weapon of Vietnam [team],” said Vientnamese U23 team captain Luong Xuan Truong ahead of the semifinal. “I think the tactics from the head coaching staff are good preparations of VFF [Vietnam Football Federation. And the solidarity of the team [is also the team’s greatest strength].”
The country’s national U23 team qualified for the semifinals on Saturday thanks to a dramatic victory over Iraq.
Earlier, Vietnam also became the first Southeast Asian team to achieve a group stage victory by defeating Australia, and one of the first teams from the region to reach the quarterfinals together with Malaysia.
Vietnamese cuisine doesn’t win any points for complexity. Many of the most popular dishes can be made just as well on the side of the road as in a top-end restaurant.
But it’s precisely this simplicity, the subtle variations by region and the fresh ingredients, that keep us pulling up a plastic stool for more.
What list of Vietnamese cuisine would be complete without pho?
It’s almost impossible to walk a block in Vietnam’s major destination without bumping into a crowd of hungry patrons slurping noodles at a makeshift pho stand. This simple staple consisting of a salty broth, fresh rice noodles, a sprinkling of herbs and chicken or beef, features predominately in the local diet — and understandably so. It’s cheap, tasty, and widely available at all hours.
Just look out for a mass of people on plastic stools — or try a tried and tested favorite: Pho Thin, 13 Lo Duc, Hai Ba Trung District, Hanoi
2. Cha ca
A food so good they named a street after it.
Courtesy Alpha/Creative Commons/Flickr
Hanoians consider cha ca to be so exceptional that there is a street in the capital dedicated to these fried morsels of fish. This namesake alley is home to Cha Ca La Vong, which serves sizzling chunks of fish seasoned with garlic, ginger, turmeric and dill on a hot pan tableside.
Cha Ca La Vong may be the busiest but the service is a bit gruff and the food overpriced. Instead make your way to Duong Than in Hanoi’s Hoan Kiem district, where you’ll find plenty of more affordable but just as tasty options.
3. Banh xeo
A crepe you won’t forget.
Courtesy Alpha/Creative Commons/Flickr
A good banh xeo is a crispy crepe bulging with pork, shrimp, and bean sprouts, plus the garnish of fresh herbs that are characteristic of most authentic Vietnamese dishes. To enjoy one like a local, cut it into manageable slices, roll it up in rice paper or lettuce leaves and dunk it in whatever special sauce the chef has mixed up for you.
Banh Xeo 46A has mixed reviews but judging by the crowds that swarm there each night they must be doing something right. Banh Xeo, 46A Dinh Cong Trang, District 1, Ho Chi Minh City (HCMC)
4. Cao lau
Soft, crunchy, sweet, spicy — a bowl of contrasts.
Karryn Miller/CNNGo
This pork noodle dish from Hoi An is a bit like the various cultures that visited the trading port at its prime. The thicker noodles are similar to Japanese udon, the crispy won-ton crackers and pork are a Chinese touch, while the broth and herbs are clearly Vietnamese. Authentic cau lao is made only with water drawn from the local Ba Le well.
Try Morning Glory, 106 Nguyen Thai Hoc, Hoi An
5. Rau muong
Some might call it river weed — with good reason — but that doesn’t stop the masses from scarfing down platefuls of morning glory, usually stir-fried and seasoned with slithers of potent garlic. Rau muong is common at Vietnamese restaurants and beer gardens.
Chung Den Bia Hoi, 18B Hang Cot, Hoan Kiem district, Hanoi
6. Nem ran/cha gio
Vietnam’s bite-sized crunchy spring rolls might not enjoy the same popularity as their healthier fresh equivalent, but they deserve a special mention. The crispy shell with a soft veggie and meat filling dunked in a tangy sauce gets the gastronomic juices flowing before a main course. In the north these parcels go by the name nem ran while southerners call them cha gio.
Bun Cha, 1 Hang Manh, Hoan Kiem district, Hanoi
7. Goi cuon
A healthier choice for spring roll fans.
Courtesy Ducson Nguyen
These light and healthy fresh spring rolls are a wholesome choice when you’ve been indulging in too much of the fried food in Vietnam. The translucent parcels are first packed with salad greens, a slither of meat or seafood and a layer of coriander, before being neatly rolled and dunked in Vietnam’s favorite condiment — fish sauce.
Quan An Ngon, 18 Phan Boi Chau, Hoan Kiem district, Hanoi
8. Bun bo Hue
Central Vietnam’s take on noodles caters to carnivores with its meaty broth and piles of beef and pork. The thick slippery rice noodles also make for a heartier meal than noodles found in the north and south.
You don’t have to go to Hue to enjoy this dish; if in Ho Chi Minh City try Tib Express, 162 NguyenDinh Chieu, District 3, HCMC.
9. Banh khot
Bite-size, delightful Vietnamese pancakes.
Courtesy kennejima/creative commons/flickr
This dainty variation of a Vietnamese pancake has all the same tasty ingredients but is a fraction of the size. Each banh knot can be scoffed in one ambitious but satisfying mouthful. The crunchy outside is made using coconut milk and the filling usually consists of shrimp, mung beans, and spring onions with a dusting of dried shrimp flakes on top.
Co Ba Vung Tau, 59B Cao Thang, District 3, HCMC
10. Ga tan
Got the sniffles? Opt for ga tan, a broth that’s Vietnam’s answer to the proverbial cup of chicken noodle soup. Sure it’s not quite how your mother used to make it, with its greenish tinge from the herbs and hunks of chicken parts, but it’s worth a try if you’re needing a Vietnamese tonic.
Try this at one of the street stalls on Hanoi’s Tong Duy Tan aka Pho Am Thuc, or “Food Street,” Hoan Kiem district, Hanoi
11. Nom hoa chuoi
Vietnam’s banana flower salad packs a much bigger punch than a typical plate of mixed greens. Banana flowers (thick purple lumps that will later turn into bunches of bananas) are peeled and thinly sliced then mixed with green papaya, carrots, and cilantro along with chicken and a heavy-handed pour of a salty fish sauce dressing and crunchy peanuts.
Highway 4 restaurant, 3 Hang Tre, Hoan Kiem district, Hanoi
12. Bun bo nam bo
One of Vietnam’s most-loved noodle dishes.
Courtesy Guilhem Vellut/Creative commons/Flickr
This bowl of noodles comes sans broth, keeping the ingredients from becoming sodden and the various textures intact. The tender slices of beef mingle with crunchy peanuts and bean sprouts, and are flavored with fresh herbs, crisp dried shallots, and a splash of fish sauce and fiery chili pepper.
67 Hang Dieu, Hoan Kiem district, Hanoi
13. Hoa qua dam
This chunky blend of fresh tropical fruit in a cup is the perfect local treat when the heat of Vietnamese summer starts to wear you down. It could be considered a healthy alternative to ice cream — if you stick to the shaved ice variation — but for the full experience it’s best had with diabetes-inducing condensed milk mixed in.
14. Pho cuon
Pho cuon packages the flavors of pho and goi cuon in one neat little parcel. This Hanoi take on fresh spring rolls uses sheets of uncut pho noodles to encase fried beef, herbs and lettuce or cucumber.
The best place to find them is on Ngu Xa island on the capital’s Truc Bach Lake — specifically at 26 Nguyen Khac Hieu, Ba Dinh district, Hanoi
15. Ga nuong
This beats KFC any day.
Courtesy Ducson Nguyen/Creative Commons/Flickr
KFC may be everywhere in Vietnam these days, but skip the fast food for the local version. Honey marinated then grilled over large flaming barbecues, the chicken legs, wings and feet served are unusually tender, while the skin stays crispy but not dry.
Viet Ha on Ly Van Phuc, Dong Da district, Hanoi
16. Pho xao
Pho xao may just be a slightly healthier take on my xao — but the beauty is in the details. The flat, smoother pho noodle doesn’t crisp up like its pre-boiled instant cousin. When done well the outer edges acquire a browned crunchiness, whilst the center stays soft and glutinous. This dish tastes best with a fried egg and seasoned with chili or soy sauce.
26 Nguyen Khac Sieu, Hoan Kiem district, Hanoi
17. Ca phe trung
Vietnamese “egg coffee” is technically a drink but we prefer to put it in the dessert category. The creamy soft, meringue-like egg white foam perched on the dense Vietnamese coffee will have even those who don’t normally crave a cup of joe licking their spoons with delight.
In Hanoi, follow the tiny alley between the kitschy souvenir shops at 11 Hang Gai into the clearing, and up several flights of increasingly dicey stairs to pair your ca phe trung with an unbeatable view of Hoan Kiem Lake.
18. Bo la lot
Vietnamese are masters of wrapping their food. Bo la lot is neither raw nor deep-fried, but flamed on an open grill to soften the exterior and infuse the betel leaf’s peppery aroma into the ground beef inside.
3T Quan Nuong, 29-31 Ton That Thiep, District 1, HCMC
19. Xoi
This savory sticky rice is a meal all on its own.
Shen Lu/CNN
Savory sticky rice is less of an accompaniment to meals in Vietnam, more a meal itself. The glutinous staple comes with any number of mix-ins (from slithers of chicken, or pork to fried or preserved eggs), but almost always with a scattering of dried shallots on top.
Xoi Yen, Nguyen Huu Huan, Hoan Kiem district, Hanoi
20. Banh cuon
Delicious savory pancakes.
Courtesy Reuben Strayer/Creative Commons/Flickr
These rolled up rice flour pancakes are best when served piping hot, still soft and delicate. Although seemingly slender and empty they have a savory filling of minced pork and mushrooms. Zest is also added by dunking the slippery parcels in a fishy dipping sauce.
21. Ca tim kho to
Eggplant alone tends not to get us excited. Although when it’s diced and sauteed in a clay pot along with tomatoes, soy sauce, sugar, and (depending on the recipe) minced meat, the once bland vegetable redeems itself.
Pineapple Restaurant, 35 Hang Buom, Hoan Kiem district, Hanoi
22. Bot chien
Bot Chien is Vietnamese street food at its best.
PJjaruwan/iStockphoto/Getty Images
Saigon’s favorite streetside snack, bot chien, is popular with both the afterschool and the after-midnight crowd. Chunks of rice flour dough are fried in a large wok until crispy and then an egg is broken into the mix. Once cooked it’s served with slices of papaya, shallots and green onions, before more flavor is added with pickled chili sauce and rice vinegar.
Night-time food vendors sell this at the corners of Pham Ngu Lao and Cong Quynh, District 1, HCMC
23. Bun dau mam tom
This plain-looking tofu and noodle dish is served with mam tom sauce — the Vegemite of Vietnam. The pungent purple dipping sauce is used to flavor the slabs of deep-fried tofu that are at the core of the meal.
24. Banh goi
These pockets of deep-fried goodness are often described as the equivalent of a Cornish pasty or as a Vietnamese samosa, depending on the nationality of the person explaining. Inside the crispy exterior you’ll find that it’s similar to neither description, with its filling of finely minced pork, mushrooms and vermicelli noodles.
25. Com suon nuong
This simple meal is the Saigonese equivalent of bun cha — with rice in place of noodles. A tender pork cutlet is barbecued over hot coals to give it a rich, smoky flavor, and laid over the fluffy white “com” or broken rice.
Com Tam Cali has a number of branches across HCMC. Try Tam Cali 1 at 32 Nguyen Trai, District 1, HCMC
26. Chao
With its thick and creamy texture Vietnam’s rice porridge is the best pick when your queasy stomach can’t handle much else. If you want to jazz it up you can always add slices of chicken, fish, beef, duck or pork ribs, along with a sprinkling of herbs and shallots.
Chao Ca specializes in fish chao, 213 Hang Bong, Hoan Kiem district, Hanoi
27. Bo luc lac
Cubes of beef are tossed around a steaming wok with garlic, pepper, and some vegetables to make shaking beef. There’s nothing special about the beef that makes it shaking. The name is just a literal translation that refers to the process of mixing the beef around while cooking.
Nha Hang Ngon, 160 Pasteur, District 1, HCMC
28. Hat de nong
The smell of chestnuts roasting on an open fire can bring back fond memories of Christmas carols — until a moped transporting a giant blow-up Santa whizzes by. Pick the street vendor with the most enticing smell.
29. Banh uot thit nuong
It’s all about the marinade when it comes to the grilled pork in fresh rice paper rolls that are popular in Central Vietnam. The typical mixture coats the meat in a blend of sugar, salt, chili, lemongrass and fish sauce. Cilantro, basil and mint are added when it’s served up to add some green to the appetizer.
Morning Glory, 106 Nguyen Thai Hoc, Hoi An
30. Bun cha
The perfect lunchtime treat.
Courtesy Greg Willis/Creative Commons/flickr
Pho might be Vietnam’s most famous dish but bun cha is the top choice when it comes to lunchtime in the capital. Just look for the clouds of meaty smoke after 11 a.m. when street-side restaurants start grilling up small patties of seasoned pork and slices of marinated pork belly over a charcoal fire. Once they’re charred and crispy the morsels are served with a large bowl of a fish sauce-heavy broth, a basket of herbs and a helping of rice noodles.
Hanoi’s most famous bun cha outlet is 1 Hang Manh, Hoan Kiem district, Hanoi
31. Banh mi
The world-famous banh mi sandwich.
SAUL LOEB/AFP/AFP/Getty Images
The French may have brought with them the baguette, but Vietnam takes it to a different level. How exactly depends on what end of the country you’re in.
In the north, chefs stick to the basic elements of carbohydrate, fat and protein — bread, margarine and pata — but head south and your banh mi may contain a more colorful combination of cheese, cold cuts, pickled vegetables, sausage, fried egg, fresh cilantro and chili sauce.
One of the better baguette vendors in Saigon sets up shop beside the Cherry mini-mart on DoQuang Dao, District 1, HCMC
32. Lau
Eating this hodgepodge hotpot dish is a communal affair with everyone digging in to the oversized boiling pot. We’ve found that just about anything can (and will) go into this soup from tofu to frogs. It’s best to stick to one main protein rather than opting for the mix of meat, poultry and seafood together.
On the northern edge of Hanoi’s Truc Bach lake you’ll find a number of restaurant staff crossing the street to deliver lau to lake-side diners.
33. Banh bao
The Vietnamese take on steamed pork burns.
Courtesy Edsel Little/Creative commons/Flickr
Steamed pork buns aren’t traditionally Vietnamese, but that doesn’t stop the spongy rolls from being sold by street vendors and in traditional Vietnamese restaurants. The best buns have a hard-boiled quail egg buried within the minced meat, while the cheaper ones come without any filling at all. Remember the lower the price the less stuffing, so you might not be getting the good deal you thought you were.
Often sold by wandering vendors patrolling Hanoi’s Old Quarter at all hours. In the south try Banh Bao Tho Phat, 78 Nguyen Tri Phuong, District 5, HCMC
34. Com rang
Fried rice may not be the most adventurous option, but sometimes you just want some familiar grub done right. Baby-sized chunks of meat and colorful vegetables are mixed with soy and fish sauce in a wok streetside to create a rice dish that is still moist but slightly smoky. Make it Vietnamese by supplementing with Bia Hanoi.
Try one of the vendors on Tong Duy Tan aka “Food Street,” Hoan Kiem district, Hanoi
35. Bo bit tet
Vietnam’s equivalent to steak and eggs fills the void when you’re hankering for some greasy pub tucker. The thin flank steak is usually served with eggs, thick potato wedges, and Vietnamese meatballs on a sizzling cast iron plate.
36. Com chay
Com chay refers to two things in Vietnam: vegetarian food, or Vietnam’s homemade rice crispies that are popular with children. Unlike the sweet treats in the United States, Vietnam’s version of a crispy comes with meat instead of marshmallows. Vietnam’s vegetarian restaurants use mock meats to create all the traditional dishes and usually do a pretty good job. Although some places include artificial creations we would rather not try. Fake rubbery snails anyone?
Try Hoa Dang vegetarian restaurant, 38 Huynh Khuong Ninh, District 1, HCMC
37. Che
This dessert can be served in either a bowl or a glass. The latter is the more enticing option with the visible layers of bean jelly, coconut milk, fruit, and ice. Best had when you’re craving something sweet on a scorching day in Saigon.
Nha Hang Ngon, 160 Pasteur, District 1, HCMC
38. My xao bo
Mix noodles with a dollop of oil, then add beef, onions, garlic, morning glory and some tomato for color and you have a platter of my xao bo. The whole dish takes about as long to make as instant noodles — but oh so much more flavor.
Any bia hoi establishment serves this dish, but the eateries on Tang Bat Ho, Hoan Kiem District, Hanoi, have perfected it
39. Dau phu sot ca chua
The English translation of “tofu in tomato sauce” doesn’t really do this dish justice. The slabs of deep-fried soy are doused in a rich fresh tomato and spring onion coating, and seasoned with a speckle of fresh herbs.
Chim Sao at 65 Ngo Hue, Hai Ba Trung district, Hanoi
40. Canh bun
Another hearty soup that’s high on the lunchtime agenda, this is a crab and morning glory noodle soup. Canh bun is similar to the more well-known bun rieu crab soup, but has a small handful of variations — including the type of noodle used.
Look for street food vendors with Canh Bun on handwritten signs surrounded by lunchtime crowds, or visit Bun Saigon at 73 Ly Tu Trong, District 1, HCMC
Editor’s note: This article was previously published in 2011. It was reformatted and republished in 2017.
