Grab has explained why the company decided to increase the percentage it took from the fares of GrabBike and GrabExpress services since the beginning of this year.
The company started collecting a share of 23.6 per cent of GrabBike and GrabExpress fares from January 1, an increase of 3.6 percentage points, which was opposed by drivers.
Nguyen Trung Thanh, manager of GrabBike and GrabExpress, said the increase was not a revenue-sharing policy of Grab to raise the fee the company collected from its partner drivers. Instead, the increased share was the tax amount the company declared and contributed to the State budget on behalf of the drivers following a guidance from the tax authority.
Accordingly, Grab Viet Nam helped collect three per cent of value-added tax and 1.5 per cent of individual income tax on its partner drivers’ share of 80 per cent of the total fare, which was equivalent to 3.6 per cent of the total revenue.
The tax collection was only applicable to drivers who earned a revenue of VND100 million (US$4,380) a year, Thanh said.
In 2016-17, Grab Viet Nam used its budget to pay taxes for drivers to support its partner motorbike drivers.
Grab entered Viet Nam in February 2014 with a legal capital of VND20 billion, but posted an aggregated loss of more than VND938 billion.
Its total revenue in 2014-16 was VND1.755 trillion, and the company paid more than VND142 billion in taxes to the State budget during the period.
In August last year, Grab increased the percentage it took from fares from 15 per cent to 20 per cent.
With the increase in the share Grab collected, together with reductions in support policies of the company and harsh competition as the number of drivers grew, the income of Grab drivers has significantly decreased.
Tran Ngoc Tuan, a 28-year-old driver, said the increase was unreasonable, adding drivers wanted to pay tax themselves.
Earlier today, Facebook announced the end of the Facebook News Feed as we know it.
In a Facebook post, Mark Zuckerberg today wrote: “recently we’ve gotten feedback from our community that public content — posts from businesses, brands and media — is crowding out the personal moments [from friends and family] that lead us to connect more with each other.”
Explaining however, that recently “video and other public content have exploded on Facebook … [and] since there’s more public content than posts from your friends and family, the balance of what’s in News Feed has shifted away from the most important thing Facebook can do — help us connect with each other.”
Zuckerberg even acknowledged mental health issues associated with the news feed stating: “We feel a responsibility to make sure our services aren’t just fun to use, but also good for people’s well-being…the research shows that when we use social media to connect with people we care about, it can be good for our well-being. We can feel more connected and less lonely, and that correlates with long term measures of happiness and health. On the other hand, passively reading articles or watching videos — even if they’re entertaining or informative — may not be as good.”
He then describes upcoming changes to the Facebook news feed designed to “[change] the news feed algorithm to surface relevant content that facilitates meaningful social interactions among your friends and family.”
This will likely involve removing all publisher page posts out of the news feed into a separate “Explore” tab as reported late last year.
As for the future of the Facebook news feed, Zuckerberg states users will see “less public content like posts from businesses, brands, and media” and that he expects “the time people spend on Facebook … will go down. But I also expect the time you do spend on Facebook will be more valuable.”
What do you think about the changes to the news feed pretty much everyone uses every day?
People in northern and central Vietnam tend to take the practice of ‘saving face’ much more seriously than their southern counterparts, leading to food waste.
Editor’s note:Nguyen Van Cong explains how a fear of ‘losing face’ by people in northern and central Vietnam leads them to buy more food than needed, only to throw away leftovers – a stark contrast to their southern peers.
As in several Asian countries, the importance of ‘saving face’ – behaving in a way that projects a certain reputation – is paramount in Vietnam.
Cong, who lives and works in the south, introduces himself as being born to a northern Vietnamese mother and a central Vietnamese father, an upbringing which allowed him to closely observe and experience the culture of ‘saving face’ in all three regions.
He says that people in northern and central Vietnam “pay too much attention to etiquette and sometimes make things overcomplicated” when inviting guests to a meal at their houses, especially when compared to those in the southern region.
1. People in the south: simple eating, no showing-off
The menu for a party in the south, particularly in Saigon or the Mekong Delta, usually consists of fewer dishes compared to that for a bash in the north and central regions. The party hosts will make it simple and quick, large ceremonial parties excluded.
Whenever guests drop by for a meal, southerners prepare quick, simple dishes while still focusing on creating a cozy, respectful welcoming atmosphere. For instance, a hotpot, which can be cooked with little preparation, is considered an appropriate meal for visiting guests.
The food may be simple but what matters is the taste – there is no need for complicated and costly preparation.
A table full of different Vietnamese dishes is seen in this photo illustration. Photo: Tuoi Tre
However, this is not what I observe in the northern and central regions, where people tend to get over-serious about preparing for visitors.
In these regions, you’re expected to alert your host at least a day in advance if you plan to drop by so that they have enough time to meticulously prepare a feast.
Even when only one or two guests are expected, hosts make it their mission to prepare a menu of at least five to six different courses.
To avoid losing face, people in northern and central Vietnam will try to ensure that they treat their guests to ‘sufficient food.’ From the host’s perspective, a meal with too few dishes or an insufficient amount of food indicates a lack of hospitality.
The problem is that such a large meal is rarely finished. To complicate the matter, the host looks at the wasted food with pleasure, considering it a sign that their guest was treated with great hospitality.
The flip side? Leftovers, if inappropriately preserved, go bad and wind up in the trash bin.
Why should people be so wasteful just because they fear losing face?
2. Southern hosts and guests often say no to ceremonious behaviors
One cultural value of the southerners is that they respect relations but seldom treat one another with ceremonious behavior or unnecessary formality. People act toward each other with kindness and openness and rarely displease one another.
This is also true when someone wants to invite guests to their house for a meal. Even wedding invitations are sometimes made via phone call.
Guests also show great respect for their hosts. If they know that the family inviting them for a meal is cash-strapped, they happily exclaim that simple dishes are more than enough.
In other cases, visitors bring their own food and drinks to avoid putting the host in an embarrassing situation. At bigger parties, every participant contributes their share of food. A party needs not to be held at a table and people often sit on the floor.
People in southern Vietnam throw a party by sitting on the floor. Photo: Khang Cao/Tuoi Tre News
At meals, southern visitors don’t pretend to be full. Instead, they eat as much as their stomach can fit.
By contrast, those in the northern and central regions maintain formal behavior. Even a host without much money will prepare a feast.
The meal must take place on the dining table and some families even ‘assign’ members to receive the guests and act as an ‘emcee.’
And few guests will eat to the point that they feel really full, even though they’re truly hungry.
3. Southerners love partying, but never waste anything
When it comes to eating and partying, the southerners are careful to prepare the menu so all food will be consumed with no leftovers.
For instance, in northern or central Vietnam, at a party with five people, if a cake is split into six pieces, no one will take the extra share. This won’t happen in the south, where people will eat that extra piece, or put it back to the fridge.
In the northern and central regions, leftover food after parties or wedding ceremonies used to be thrown away as few wanted to share and take home the redundant food.
Overcoming various obstacles and difficulties in 2017, Eximbank went out of their way to achieve certain proudly positive results. In particular, the pre-tax profit reached over VND 1000 billion, more than 2.5 times that of 2016 and increased 69% comparing to initial plan. The bad debt ratio dropped sharply to 2,23% (comparing to 2,95% at the beginning of the year)
According to Le Van Quyet, Eximbank’s General Director, with the optimistic financial results in 2017, Eximbank also completed the adjustment of capital structure and credit structure to ensure following strictly the capital adequacy –related regulations of The State Bank of Vietnam. In addition, the cumulative loss and the warning of The Stock Exchange imposing on the EIB stock for two years will be removed soon.
In 2018, following the overwhelming success of solid operating results in 2017, Eximbank will emphasis on addressing the unsolved problems in the restructuring process to attain the stable and sustainable growth. In specific, Eximbank will concentrate on 3 key objectives:
– Firstly, put priorities on dealing with bad debts and non-performing assets.
– Secondly, expand operation network in high potential areas and gradually narrow the gap between Eximbank and competitors.
– Thirdly, implement the New Eximbank project to enhance the quality of management, operation, efficiency and productivity in the whole system.
Good news releases: SMBC shows strong commitment to supporting Eximbank
Yutaka Moriwaki, Member of the Board of Direactor at Vietnam’s Eximbank
Yutaka Moriwaki, member of Board of Directors of Eximbank cum Head of The Restructuring Project On the behalf of SMBC, shared some key activities deployed in 2017:
– Wholesales customers: Established the Wholesale Customer Department and FDI, strengthened the capacity of commercial financing solutions.
– Retail customers: Established the Retail Business Development Department and Treasury Department, launched Daimler auto loan center.
– Internal management: Completed the well-developed KPI and the performance evaluation process (PEP), hired consultants to advance the compensation policy, reorganized and reduced the number of deputy general manager, hired the consulting firm to reform the credit process.
It is worthwhile to note that SMBC intends to increase the shareholding percentage to reflect clearly their commitment to Eximbank in particular and the Vietnamese economy in general.
Shinhan Bank Vietnam (Shinhan Bank) – one of the leading banks of South Korea, has officially took over the retail banking segment of the Australia and New Zealand Banking Group in Vietnam (ANZ Vietnam) to expand its payment services by utilising ANZ’s resources. Shin Dong Min, CEO of Shinhan Bank, addressed the acquisition of ANZ, the possible impacts of the transfer on ANZ’s existing customers, and personal opinion on the Vietnamese banking industry in 2017 and the time to come.
In April 2017, Shinhan Bank announced the acquisition of ANZ’s retail banking arm in Vietnam. Could you share further details on the acquisition process?
During the eight-month process, we placed our greatest efforts in the preparation of personnel, network and operation procedures, while awaiting the approval of the State Bank of Vietnam. On December 18, Shinhan Bank officially took over the human resources of ANZ’s retail banking services, eight branches and transaction offices, as well as over 125,000 individual customers, many of whom are high-income individuals with premium shopping habits.
What potential impacts might the acquisition have on existing ANZ customers?
Certainly, customers might be worried, however, with our strong capital funds, advanced banking technology, and Korean-standard services, we made a commitment to both individual customers from ANZ and current Shinhan customers to maximize their financial benefits.
In order to strengthen the safety and security of the transition, Shinhan Bank and ANZ Vietnam made the transfer process as convenient as possible. Basically, customers from ANZ can retain their personal information at ANZ, such as account number as well as credit and debit cards and Internet Banking-related information. What we required our customers to do was to simply sign the consent form, agreeing to transfer their information to Shinhan Bank, all of which would be updated automatically into our system. They can use all the information and cards as usual, without doing any paperwork at Shinhan branches or transaction offices.
However, customers transferred from ANZ gain access to a wider range of products and services offered at favourable charges, rapid transaction processing, and a Korean-standard security system.
After the acquisition of ANZ, what is your development strategy in the retail banking segment?
Over the last half decade, one of our bank’s major development strategies was to widen the retail banking segment and focus on improving service quality to offer better services to individual customers. We hope the acquisition will support us in balancing the product profiles of personal and corporate customers, putting the bank on a higher rank in the credit card market in Vietnam.
Specifically, we planned to leverage the strengths of ANZ’s existing customers and products, offer exclusive and multiple-benefit products as well as digitalise the majority of our products. Additionally, we partnered up with online payment platform providers to enhance the customer experience with electronic wallets (e-wallets), online transaction platforms, and payment applications on smart-phones.
What do you think of the Vietnamese retail banking industry in 2017? How does Ho Chi Minh City measure against the rest of the country in this area?
In 2017, the banking industry saw outstanding growth alongside the steady recovery of the economy, following a remarkable influx of investment streaming into the field of banking technology. The very reason behind our choosing Vietnam as an investment destination was the fresh and dynamic features of the overall market, which offered us plenty of opportunities to satisfy customer demand.
For instance, in 2017, we launched three high-tech application services, including Digital Branch Service, card payment services via mobile phone applications, and the biometric verification service for mobile banking, all of which are pioneering services in the banking industry of Vietnam.
From the standpoint of a foreign entrepreneur in the Vietnamese banking industry, Ho Chi Minh City cannot be ignored with its young and eager-to-learn population with a critical preference for cutting-edge technological applications. Thanks to the rising popularity of Internet and mobile devices, the advancement of several banking divisions, such as digital banking, mobile banking, online payment, and retail banking, saw little to no hindrances. Nonetheless, the payment demand in Ho Chi Minh City was not as high as in neighbouring cities. For example, the insignificant number of banking service subscribers could potentially benefit the personal finance market of the city in the long run.
What changes will come to the Vietnamese retail banking segment in the next five years?
Having a young population with a preference for technology applications, Vietnam has great potential for digital retail banking services. In my view, in the short run, online distribution channels are bound to grow immensely due to their flexibility and convenience. Besides, thanks to the government’s promotion of non-cash payments, Vietnam-based banks put forth digital banking services as one of the main services specifically catering to young clients.
Various agencies are tasked with protecting children in Vietnam but, as the saying goes, too many cooks only spoil the broth.How many more heart-breaking cases of child abuse make headlines in Vietnam before sufficient and efficient measures are in place to tackle the country’s chronic domestic problems?
With no plausible solutions in sight, the growing number of media stories detailing shocking cases of children being physically, sexually, and psychologically abused by parents, caretakers, teachers and people of acquaintance continues to pull at Vietnam’s heartstrings.
In early December 2017, Tran Hoai Nam, a Hanoi resident, was arrested by police for spending a year physically abusing his ten-year-old son, resulting in scaring and injuries across the young boy’s body.
An initial police investigation found that Nam regularly kicked his son in the ribs and beat the child with clothes hangers and spoons.
The father also admitted to beating his child though he chose to put the blame on the boy’s “mischievous” behavior.
As if the story was not already a disgusting tale of underreported domestic violence in the country, it only got worse when police discovered that the other adult responsible for the child, the boy’s stepmother, also took part in the beatings. She was not home at the time of Nam’s arrest.
Photos released showing the child’s body peppered with wounds, scars, and fractured ribs sent a wave of anger through the public.
The boy lost 20kg after a year of continuous beatings at the hands of his father. Photo: Supplied
Yet this is not an isolated case.
Only one day after Nam’s arrest, police in Dong Anh, a district on the outskirts of Hanoi, told local media they were investigating a case involving another father abusing his nine-year-old son.
The father later told police that he only beat his son once, claiming the other wounds were just boils and abscesses.
Wounds spread across the nine-year-old’s body. Photo: Supplied
The two cases wrapped up 2017, a year full of tear-jerking headlines exposing heinous acts carried out by those whom children are meant to depend upon, trust, and love.
Considering those two cases came hot on the heels of four equally shameful situations in November, it does not look as if the problem is set to subside.
The ‘history’ of child abuse in Vietnam, particularly at daycares and kindergartens, in recent years is equally shocking.
A UNICEF report in 2014 showed that nearly 75 percent of children aged 2-14 in Vietnam have been violently abused by parents, caretakers, or other family members at least once.
According to the Vietnamese Ministry of Labor, War Invalids, and Social Affairs, more than 2,000 children in Vietnam are abused every year.
Data gathered by Tuoi Tre (Youth) newspaper shows that over 1,000 children are raped and 100 are murdered annually.
Local lawmaker Dang Thi Phuong Thao believes that these statistics are only the tip of the ice berg, citing an uncountable number of cases that go unreported or unprosecuted due to a lack of evidence.
Children are at risk of being sexually, physically, and psychologically abused at home by family members, parents, and caretakers.
It is not uncommon to hear reports of drunken fathers violently beating their sons and daughters, or parents scolding their children with rude and offensive words, hampering their psychological development.
At school, children can fall victim to bullying by friends, or physical and sexual abuse by teachers or school guards.
In April 2016, a teacher at an elementary school in Sa Pa in northern Vietnam was taken into police custody for allegedly conducting lewd acts with a fifth grader at his school.
In December last year, police in the southern province of An Giang also launched legal proceedings against a P.E. teacher, who was denounced by parents as having sexually abused at least ten fourth and fifth graders at his school.
Earlier in October 2017, Lang Thanh Duan, a school guard in the Central Highlands province of Dak Lak was prosecuted for raping five 11-year-old schoolgirls and one nine-year-old student between 2015 and 2017.
Dang Hoa Nam, head of the Children Department under the Ministry of Labor, War Invalids and Social Affairs, says that the severity of child abuse cases in Vietnam is getting more and more complicated and worrying every year.
“Children of all ages are being physically and sexually abused at home and school by different actors, most of whom, sadly, are family members, teachers, and friends,” he said at an event in December.
In June 2014, after statistics that 75 percent of Vietnamese children are victims of child abuse were published, Hanoi-based Dan Viet (Vietnamese People) newspaper polled local parents and found out that most of them supported a ‘spare the rod and spoil the child’ method of parenting.
The respondents believed that beating unruly children does not necessarily equate to violence.
The most common excuse given by many Vietnamese parents is, “I have the right to beat my own child.”
Nguyen Huy Tung, a Hanoi resident, told Dan Viet that he beats his son to “educate him to behave better.”
“This is for his own sake and should never be called violence,” he asserted.
Parents who make these excuses should be aware of the fact that abused children may suffer from mental health problems or prolonged psychological issues, according to doctor Nguyen Van Dung, deputy head of the mental health department at Bach Mai Hospital in Hanoi.
“Victims of child abuse tend to become less confident, uncommunicative, and constantly anxious,” the doctor said.
“In the longer term, these symptoms may lead to negative consequences such as short-tempered, rude and violent characteristics.”
Children who fall victim to or witness acts of physical abuse tend to grow up without a sense of mental well-being which may affect their behavior later in life.
“There are studies showing that many criminals had a tough and lonely childhood during which they were physically abused or mistreated,” Nguyen Cong Hieu, deputy director of a children service consulting center under the Children Department, said.
According to the Law on Children which took effect in June 2017, Vietnam now has as many as 17 entities tasked with protecting, caring for, and supporting children, from the People’s Court and People’s Procuracy at central and local levels to the lawmaking National Assembly, ministries, and various centers and organizations.
In December, the Committee for Children Protection was established, with Deputy Prime Minister Vu Duc Dam serving as chairman and top leaders within the ministerial ranks among its officials.
111 is the hotline for children protection in Vietnam. Photo: Tuoi Tre
However, whenever a case of child abuse is brought to light by the public or the media, most of these entities respond solely by expressing anger rather than implementing practical solutions.
Nguyen Van Anh, director of the Center for Studies and Applied Sciences in Gender, Family, Women and Adolescents, has called on responsible agencies to stop talking and start doing.
“It’s high time we stopped talking and started protecting children for real,” she said.
Sharing her view, lawmaker Dang Thi Phuong Thao also called for real, practical action to be taken to end child abuse in Vietnam.
“Abusing innocent children, who have no power to protect themselves, deserves to be condemned a thousand times more than other victims as it makes a lifelong impact on them,” she said.
Several solutions have been proposed in the wake of a series of child maltreatment cases in late 2017, but whether or not they work remains to be seen.
Tran Ngoc Long, headmaster of a high school in the southern province of Dong Nai, proposed at a meeting held by the education ministry on December 12 that Vietnam should make all kindergartens tuition-free to curb the problem.
Long said many recently reported cases of child abuse occurred at privately-run daycares or schools, so free-of-charge public schools could potentially keep children safer.
On December 17, the administration of Binh Hung Hoa Ward in Binh Tan District, Ho Chi Minh City held a dialogue on child maltreatment, attracting more than 400 teachers, daycare owners and workers, and staff from three public schools, 11 private institutions, and 53 daycares in the locale.
The event sought to raise awareness of child abuse and solicit solutions to stop the phenomenon from insiders.
The Ho Chi Minh City education department has advised the municipal administration to encourage local kindergartens to install CCTV cameras to give parents better oversight of their children.
Hyundai Motor Co said on Thursday (Jan 11) it had invested in Singapore-based ride-hailing firm Grab, in the South Korean automaker’s first foray into the rapidly growing sector as it tries to diversify following a sales slump in China.
Grab has expanded to eight Southeast Asian countries and has said it is the biggest operator in the region’s third-party taxi hailing and private-vehicle hailing sector.
The companies will jointly develop services in Southeast Asia, including one utilising Hyundai’s eco-friendly models such as the IONIQ Electric, the two firms said in a statement.
They did not disclose the value of Hyundai’s investment and a spokeswoman for the automaker declined to comment further.
Grab’s latest fundraising round, which Hyundai has joined, already includes investors such as China’s Didi Chuxing, Japan’s SoftBank and Toyota Tsusho, the firms added.
Hyundai said on Wednesday it is considering building a car plant in Southeast Asia, possibly in Indonesia or Vietnam.
The company’s interest in the region has grown since a diplomatic row between Beijing and Seoul last year hurt South Korean firms that are highly reliant on the Chinese market.
The automaker also announced for the first time a self-driving technology partnership with Silicon Valley start-up Aurora earlier this month, a shift from its usual preference for developing technology itself.
Traditional taxi firms have for long been complaining about Uber, Grab cars being allowed on roads off-limits to their drivers.
Hanoi on Wednesday started putting up traffic signs banning contract cars under 9 seats from operating along roads off-limits to traditional taxis.
The new signs on Giang Vo, Cat Linh, Phu Doan and Truong Chinh streets are installed next to or under existing “no taxis” signs as the transport ministry moves to regalize ride-hailing apps Uber and Grab.
A sign banning contract cars under 9 seats on Phu Doan Street. Photo by VnExpress/Anh Tu.
Many Uber and Grab drivers frequenting these streets were surprised and worried by the new signs. Minh Duc, who has been working as an Uber driver for two years, said the ban might lower drivers’ incomes.
“Uber, Grab both have predetermined fares calculated using the journey’s shortest route. If this route includes roads that we’re banned from, I’ll have to take longer routes and lose more money,” Duc said.
“If a customer chooses the pick-up point on one of these roads, we would be unable to go there so we’ll have to cancel the trip. We would lose customers and have our stars, bonus points deducted.”
Meanwhile, many drivers expressed confusion at how the authorities are going to differentiate between contract cars and private cars. “If I drive my passengers to a restricted road and claim they’re my relatives then will I be fined?” a driver questioned.
An official from the Hanoi Department of Transport confirmed the city is putting up signs banning contract cars under 9 seats on roads already off-limits to traditional taxis.
“We have not finished putting up the signs so the authorities are not issuing fines yet,” the official said.
Additionally, the city would implement a labeling system for app-based taxis so traffic police could identify them and issue fines if they enter restricted roads. However, details about this labeling system would be announced at a later date.
A sign banning contract cars under 9 seats beneath a sign banning taxis on a street in Hanoi. Photo by VnExpress/Anh Tu.
Hanoi bans traditional taxis from entering a number of main roads such as Giang Vo, Le Van Luong, Lang Ha and Truong Chinh during peak hours to curb traffic congestion. Meanwhile, sections of Phu Doan, Cau Giay-Xuan Thuy and Giang Vo streets are always off-limits to taxis.
As this restriction currently does not apply to Uber and Grab cars, taxi associations in Hanoi and Ho Chi Minh City have been asking for it to be extended to app-based taxis as well to ensure fair competition. This prompted Hanoi’s transport department to propose putting up new signs banning contract cars under 9 seats last September.
Hanoi currently has more than 15,000 app-based taxis running on a pilot scheme, including 11,400 Grab cars and 2,400 Uber cars.
Grab and Uber arrived in 2014 and operate both car and motorbike taxi services. The two services have been running on a trial basis since early 2016, but have been caught up in a war with traditional taxi drivers.
Many taxi firms have accused Grab and Uber of “unfair competition” that has hindered their businesses and caused thousands of drivers to quit.
Vietnamese people consume unhealthy and unhygienic food on a daily basis, grown and supplied by their fellow countrymen.There is a perfect meal to describe Vietnam’s food safety: a cup of fake coffee, engine oil-doused vegetables with pork from sedative-injected pigs, and a side of chemically ripened durian.
This scary three-course meal, once a popular joke among Vietnamese social media users, is becoming increasingly less tongue-in-cheek given the almost daily food safety scares reported by the local media.
The situation is so alarming that Tran Ngoc Vinh, a former delegate of the lawmaking National Assembly, once said that “the path from the stomach to the graveyard has never been as short and easy as it is today.”
‘Vietnamese killing Vietnamese’
China’s reputation for flooding Vietnam with low-quality goods has made them the historical scapegoat for fake and unsafe products on the Vietnamese market.
However, the facts show that Vietnam can blame no one but itself for many of the food-related issues plaguing the country.
The local media is rife with reports of Vietnamese growing vegetables with chemicals, injecting pigs with sedatives before slaughter, dousing bananas and other fruits with artificial ripening substances, making alcohol with industrial alcohol and plain water, and collecting rotten animal organs to sell to restaurants and eateries.
To say ‘the Vietnamese are killing the Vietnamese’ is no exaggeration.
Many would not dare to eat the food in Vietnam if they knew what went on “behind the scenes.”
Hardly does a week pass without an exposé on the prevalence of dirty food in the Southeast Asian country.
Even more terrifying is the fact that this same food has made it a popular attraction for unsuspecting tourists.
Those in the dirty food industry have proven their willingness to do whatever it takes to turn a profit, regardless of the dangers they bring upon those unlucky enough to purchase their products.
It is difficult to fathom the thought process behind selling rotten and decomposing animal organs to restaurants who plan to transform the inedible filthy items into ‘delicious’ dishes to serve their countrymen. Unfortunately, this ‘business’ is not uncommon in Vietnam.
On June 10, for example, a truck en route from the central city of Hue to the northern province of Lang Son was caught carrying 4.5 metric tons of rotten offal.
Less than two weeks earlier, on May 29, traffic police in the north-central province of Ha Tinh found nearly three metric tons of inedible organs of dubious origin after stopping a tractor trailer for a routine check.
One of the biggest discoveries of rotten food ever detected in Vietnam occurred in November 2015, when more than six metric tons of foul-smelling animal organs were found on a truck bound for Hanoi from Ho Chi Minh City.
It’s an evil
Nguyen Phuoc Trung, director of the Ho Chi Minh City agriculture department, said the act of injecting pigs with sedatives before slaughter must be considered illegal.
“We should have zero tolerance for anyone who abets this crime,” Trung said at a meeting on October 3.
Trung was referring to a scandal involving Xuyen A, the biggest pig slaughterhouse in Ho Chi Minh City and a supplier of pork to nearby provinces, injecting its livestock with sedatives to achieve a better taste and color.
Sharing Trung’s view, Pham Trong Nhan, a representative to the lawmaking National Assembly from Binh Duong Province, agreed that the production and sale of dirty food must be considered a crime.
Speaking at a meeting with other lawmakers in June, Nhan called for swift and tough action against those who sell dirty food, declaring that “seeing a crime but neither stopping nor denouncing it is equal to abetting the evil.”
Nhan also called on those involved in the ‘dirty food industry’ to follow their conscience and ethics and stop poisoning their compatriots.
“Please live up to your responsibility to this country and stop your dishonest and fraudulent businesses,” he said.
At the same National Assembly meeting, Nhan shared that every year over 70,000 people die from cancer, a significant proportion of which is due to unsafe food.
“Is it an overstatement to say that we are poisoning ourselves [with dirty food]?” he questioned.
Nhan said “patience has run out” for those who make and distribute dirty food in Vietnam, and it is time they “received the strictest penalty from the law.”
In fact, crackdowns on dirty food in Vietnam have not been as effective as expected.
Special economic zones (SEZs) seem to be ready to launch after 20 years of waiting for the completion of the draft Law on Special Economic Zones. Meanwhile, consideration and appraisal have been carried out quickly to approve SEZ projects.
Choosing a governance model for SEZs
The National Assembly (NA)’s Law Committee held a discussion on January 4, 2018 on the governance model for SEZs. There were several models proposed, but NA Vice Chairman Uong Chu Luu said, “The model could be different from current regulations, but must comply with the Constitution.”
The governance model of SEZs should be simplified, effective, and decentralised in order to quickly establish and develop SEZs. They will be the new growth momentum of the economy and become ‘institutional laboratories’.
Nguyen Si Dung, former deputy head of the NA Office said it is time to select a governance model as this law is expected to be submitted for approval in May 2018 at the fifth session of the 14th NA.
“In my opinion, the first option which suggests establishing a department of SEZ, but places governance outside the mandate of any people’s council or people’s committee is better. We need a process to select good men to organise, implement, and develop SEZs,” Dung said.
This is also the government’s priority and is widely propagated by experts and stakeholders. However, they are still concerned about the legitimacy of this model and the supervision of the office.
“It is time to end discussions and hammer out the mechanisms and policies in practice. I also agree with the first option, which is absolutely compliant with the Constitution. We cannot develop SEZs without an organisational apparatus commensurate with the outstanding SEZ policies,” noted Hoang The Lien, former Deputy Minister of Justice.
Nguyen Van Phuc, former deputy head of the NA’s Economic Committee, also agreed with the first option, which would assign a wide range of duties and powers to the SEZ departments. The model lists 20 duties and powers for the government and prime minister, 35 for ministries and agencies, 12 for authorities of municipal and provincial people’s councils, 52 duties and powers for municipal and provincial people’s committees and their chairmen, and 15 for departments.
A timeframe for land allocation
The time period for land allocation for investors is also one of the most important issues. The draft proposes a 99-year land lease for investors, which will create a breakthrough in FDI attraction, according to Minister of Planning and Investment Nguyen Chi Dung. This maximum time period is expected to be applied in some priority sectors.
Agreeing with this proposal, Prof. Dang Hung Vo, former Deputy Minister of Natural Resources and Environment, said that this provision is essential to incentivise and stabilise investment projects on the long run.
“The timeframe for land allocation is very important for investors to deploy long-term investment. Other countries’ legislation allows to expand the timeframe by 75 or 100 years when investing in a SEZ. Thereby, the draft should add some more outstanding provisions in terms of land,” Vo said.
Vietnam has been considering real estate mortgage policies for foreign credit organisations but has yet to approve it, despite it being important to allow investors to access low-interest credit. Vo proposed including a mechanism for mortgaging real estate in the draft.
Appraisal underway
According to Tran Duy Dong, director general of the Department of Economic Zones Management of the Ministry of Planning and Investment, the Council of Appraisal has built up 12 criteria to appraise the three SEZs in Van Don, North Van Phong, and Phu Quoc.
These criteria are related to the essentials facets of the projects, their foundation, structure, the establishment of SEZs, the SEZ sector’s development orientation, and infrastructural development. Additionally, specialised policies and mechanisms, human resources development, solutions for officers, and the deployment of the projects are also criteria to review an SEZ.
According to plan, the council will appraise the project documents after checking actual situation, then submit its findings to the government in February.
This is the second part of a two-piece series recommending good places to eat in the central hub.
Take a look at part one of the series for getting an overall view of some other cheap and good eats in this city sitting on the central coast of Vietnam.
1. Continue southward on Tran Phu and you’ll come to Le Hong Phong to the right side, an interesting side street with several good food options. First up is Mì Quảng Ếch at 24-26 Le Hong Phong, which serves mì Quảng pork, chicken, and frog versions for VND 30-50k.
2. Thai Market at number 17 serves Thai food in table-top shabu-shabu style for around VND200k for two people as well as memorable shrimp, clam, and fish cake soup for VND50k. Thai Market has another location at number 4 Tran Quoc Toan, just up from Bach Dang, which serves traditional Thai curries, tom yam, and pad Thai. Just decide which style you prefer and head for the appropriate location!
3. Just along Yen Bai Street from Le Hong Phong is the charming Hội An restaurant with nice wall murals and local decorations. Hội An features unique specialties from the city of the same name for VND30-50k.
4. Also on Yen Bai at number 120 is the well-frequented Ba Lang, which serves rice dishes including five variations of pork – two of them are freshly barbecued right outside the shop for VND50k. Don’t forget the stuffed bitter melon soup for VND8k.
5. Heading back east on Le Hong Phong you’ll find Ba Phien at number 63 which serves wonderful fish soups with nice chunks of fresh tuna and mackerel along with fish and crab cakes ranging from VND30 to 60k.
6. One block south from Le Hong Phong is Thai Phien, with number 58 being the home of Ẩm Thực Hà Nội, headquarters for a yummy bún riêu cua (crab noodle soup) at VND 40k. Don’t pass over the nem cua bể (deep fried crab rolls), because they truly are the best around.
7. Go further east to the end of Thai Phien and you’ll find Cơm Gà A-Hai at number 94, which serves a famous version of barbecued chicken with orange rice.
8. Head toward the river along Thai Phien until you come to Tran Phu and you’ll be looking at Tien Thanh on the right corner. If you want a truly unique Vietnamese happy hour experience, Tien Thanh is definitely the spot to hit. It’s packed from around 5:00 pm until 7:00 pm with local men enjoying beers and eating the delicious cold cut plates on offer for VND50k.
9. Along the riverside promenade Bach Dang there are several upscale restaurants including the Riverfront at number 150. The food and service are impeccable as well as the scenery of people passing by, but so are the prices, so you’ll easily hit VND200k per person.
10. If you’re in the mood for a long walk through local neighbourhoods, get on Hoang Dieu heading south, cross Nguyen Van Linh (the street that originates at Cau Rong/Dragon Bridge) and keep going south about 500 meters beyond Nguyen Van Linh until you hit number 534. The restaurant is called “Pizza Sushi,” and just has a couple of tables by the street because it’s mostly for take-out customers. They do wonderful pizzas, pastas and sushi at local prices ranging from VND50-70k.
11. A cute little street which houses several bún mắm restaurants might also be appropriate for you when you feel like walking around a bit. Walk west away from the river on Huong Vuong Street from the Han Market until you hit Ngo Gia Tu Street, hang a left onto Ngo Gia Tu and a right at the end of the first block which is called Tran Ke Xuong Street. Bún mắm is often referred to as a gumbo since the ingredients vary from pork to shrimp with fresh greens and vermicelli noodles. The key to the dish is the mắm (fish sauce) itself, which is too stinky and pungent for many Western palates, but the soup itself spiked with a bit of mắm is out of this world. Just pick one of the many places along Tran Ke Xuong.
12. One last evening stroll type of area is beyond the north end of Bach Dang, the Han River promenade on the west side of the river. Continue going north beyond where the dinner boats are moored on the riverside, then Bach Dang veers to the left followed by a traffic circle after which the street becomes 3 Thang 2. There are several restaurants together on the left side of 3 Thang 2 just after the traffic circle. Each restaurant offers different food types, so check the menus before taking a seat. Large groups of locals frequent the places so the atmosphere is lively and fun and the prices are reasonable.
13. Last but certainly not least is a tiny hole in the wall, Cay Da (Banyan Tree, and sure enough there is a banyan tree right in front of it), a nondescript little sidewalk café with very low plastic tables and chairs. It’s located on Bach Dang just south of the Han Market before Nguyen Thai Hoc Street with Aroi Deserts just across the street. The address of Cay Da is 124 Bach Dang, but it’s nearly impossible to see it. Just look for the Banyan Tree right in the middle of the sidewalk. I’ve saved best for last because this little café serves cold drinks, nước mía (sugarcane juice – perfect for those hot summer days), cold beers, sandwiches, and all sorts of odds and ends. Most other places along the riverside are pricier, plus Cay Da has the perfect location – equidistant between the Han River and Dragon Bridges.
There you go foodies! Knock yourselves out in central Da Nang!
Vietnam’s banking sector should seek measures to regulate cryptocurrency and other digital assets, and mitigate the ‘dark side’ of technological advances, Prime Minister Nguyen Xuan Phuc requested on Tuesday.
During these times of fast technological development, local banks should put those tasks on top of their agenda, in addition to continuously cutting lending interest, controlling inflation and resolving bad debts, the premier said during a meeting to kick-start the banking sector’s 2018 action plan in Hanoi.
“The Fourth Industrial Revolution has brought about new issues such as cryptocurrency, which in turn creates new challenges for monetary policymakers, so the banking sector should proactively address these problems,” PM Phuc underlined.
He recommended that the banking sector should soon develop a set of measures to regulate bitcoin, a digital currency that uses cryptography for security, and other electronic currencies and assets.
“Banks should also boost the development of modern applications to catch up with the Fourth Industrial Revolution and ensure security, limit risks that come along with technology,” the PM added.
In October 2017, the State Bank of Vietnam outlawed cryptocurrency as a means of payment, while the amended Vietnamese Penal Code, taking effect on January 1, also criminalizes the issuance, supply and usage of cryptocurrency.
A woman accesses her account on a bitcoin ATM in Ho Chi Minh City. Photo: Tuoi Tre
Resolving bad debts
At Tuesday’s meeting, the prime minister also hailed the banking sector for their joint effort in several impressive economic performances Vietnam made last year, including a 3.53 percent inflation rate, which came out much lower than targeted, a record of US$53 in billion foreign reserves and a decade-high 6.8 percent GDP growth rate.
“The macroeconomic stability and economic growth that exceeds targets indicate a significant contribution of the banking sector and illustrate that [our] monetary policies were a success,” the PM underlined.
The annual lending interest rate in Vietnam was cut by 0.5 to 1 percent last year, reducing the cost pressures for businesses that had to borrow loans for production, but “banks should also consider cutting the rate by 0.5 percent this year for the public and national interests,” PM Phuc said.
A man counts U.S. dollar banknotes at a bank in Ho Chi Minh City. Photo: Tuoi Tre
The prime minister also pointed out several shortcomings of the banking system, including risks in lending to such fields as real estate, stocks and build-transfer-operate infrastructure projects, which may lead to nonperforming loans, or bad debts.
PM Phuc thus requested that the banking sector should go on with keeping the foreign exchange rate stable, controlling the consumer price index at four percent and maintaining credit growth at 18 to 20 percent in 2018.
“Banks should continue to keep a watchful eye on credits given to risky sectors and resolve bad debts,” he said.
“We have learned costly lessons from previous wrongdoings, and I believe without adequate supervision, we will repeat the mistakes in 2018.”
Ten years ago, if you mentioned you lived in District 4, chances are you would get more than a few raised eyebrows. The small district between District 7 and District 1 was known first and foremost for its gangs and mafia personnel.
For the past two years, this land has become a golden real estate opportunity.
A Strong Two Years
In late October, Singaporean development company Capitaland closed a US$38.9 million deal to acquire a 14,474m2 site in District 4, where it plans to build an apartment community for mid-end to luxury users, with an average apartment size of 79m2. Capitaland expects the property value to increase to US$177 million.
Image source: businesstimes.com.sg
Other recent luxury developments include Phu Long’s Rivergate complex, which went online this year, along with Thao Dien JSC’s Masteri Millennium, Novaland’s Icon 56 and Trung Thuy Group’s Lancaster Lincoln on Nguyen Tat Thanh, and Lancaster Residences on Ton That Thuyet.
Pham Ngoc Thien Thanh, Manager of Research & Consulting Services, said, “Our ex-Managing Director, Mark Townsend, talked about District 4’s potential 10 years ago, because of its proximity to District 1, and because of its low land cost.”
Both Thanh and Trang Bui, Head of Markets at Jones Lang Lasalle, have reported good sales for new residential buildings with hefty rental yields. In early December, Tuoi Tre suggested that most buyers were looking to rent the apartments out for a profit, and that tenants were harder to find with the influx of competitive luxury and mid-end options in Districts 1 and 2.
Thanh explained that land costs in District 4 are only 1/4th or 1/5th of comparable land in District 1, an area easily accessible by four vehicular bridges and one pedestrian bridge. It might not technically be the central business district (CBD), but it’s certainly CBD Lite.
Image source: adarasblogazine.com
While most of the recent projects here are residential, Trang said that a few key commercial ventures are also appearing. She pointed to the office building e.Town, which will officially open this year, with leasing prices around US$20 to US$24 per square metre, compared to District 1’s US$35 to US$40 for a similar space.
Persistent Challenges
Flooding is still a concern, however. District 4 was named one of the three most flood-prone districts in the city, along with Tan Binh District and Thu Duc District.
Last year, plans were set to spend US$41.8 million to build three large-scale reservoirs in the districts, the District 4 one to cover 4.8 hectares and cost US$2.2 million. #iAMHCMC couldn’t find information about its progress.
Image source: znews-photo-td.zadn.vn
Along with water, current residents have also proved difficult to developers. Buildings must be torn down and residents must be compensated, a slow process in many cases.
As land prices rise, District 4’s old reputation hasn’t completely gone away.
As Trang said, “The concern is still there, to be honest. Especially for large multinational companies—they worry about the safety of their staff because of its reputation. However, I don’t see that much concern from the local buyers with the new developments. They see the vibrant road along the riverside [Ben Van Don], and they see things have changed.”
US aluminum products makers sought new trade protections against Chinese imports on Tuesday (Jan 9), accusing China Zhongwang Holdings Ltd and its affiliates of evading US anti-dumping and anti-subsidy duties by shipping aluminum products through Vietnam.
In a filing with the US Commerce Department, the Aluminum Extruders Council said that aluminum extrusions from Zhongwang were being shipped to affiliate Global Vietnam Aluminum Co Ltd for conversion work before being exported to the United States.
Duties on Chinese extrusions are currently a combined 106 per cent, according to the Commerce Department.
In response, Zhongwang told Reuters that the “allegations made are without grounds”.
The anti-circumvention petition follows a number of US actions to raise barriers to Chinese aluminum, including Commerce Department preliminary duties on Chinese aluminum foil and a rare US government-initiated investigation into imports of Chinese aluminum alloy sheet products.
It also comes as the administration of US President Donald Trump is considering much broader global restrictions on aluminum imports on national security grounds.
The Commerce Department is due to issue recommendations to Trump from its Section 232 investigation into aluminum imports on Jan 22. Recommendations from a similar probe into steel imports are due on Jan 16, but it is not clear whether either report will immediately be made public.
China’s excess production capacity of both metals has emerged as a major trade irritant for the United States and Europe, prompting them to consider new steps to protect domestic industries and jobs from a flood of Chinese imports.
In the Vietnam petition, the Aluminum Extruders Council said it provided evidence that Zhongwang’s affiliate in Vietnam was changing the shape and form of Chinese extrusions in minor ways but claiming their origin as Vietnamese.
“These blatant attempts to evade duties and flood the market with unfairly traded Chinese aluminum extrusions must be halted,” the trade group’s president, Jeff Henderson, said in a statement.
In June, the Commerce Department ordered that fabricated aluminum pallets imported from China should be subject to the US duties after determining that they were part of a duty evasion scheme. The Aluminum Extruders Council argued that these products are being shipped through Vietnam with minor changes.
The Commerce Department has shown receptiveness to similar anti-circumvention cases in the steel sector. In December, the agency slapped steep duties on steel products from Vietnam that originated as Chinese made hot-rolled steel.
Numerous ministries and associations protested against the Ministry of Finance (MoF)’s proposal to apply a special consumption tax (SCT) of 10-20 per cent on soft drinks.
According to newswire Vnexpress, in a document sent to MoF to contribute an opinion related the adjustment and addition of the SCT, the Ministry of Industry and Trade (MoIT) stated that citing soft drinks’ impact on health is not convincing enough to apply the SCT.
Besides, mentioning tea and coffee products that contain no added sugar in the soft-drink group makes MoF’s definition inconsistent. Thus, MoIT asked MoF to clarify the reasons for the application of SCT on soft drinks as well as the reason for issuing a quota on these products.
The Ministry of Agriculture and Rural Development (MARD) also disagreed with MoF’s proposal. The ministry stated that there has yet to be an official study showing that sugar drinks, including instant tea and coffee, causs obesity and diabetes in Vietnam, especially among children.
As Vietnam is stimulating the development of the agricultural product processing industry, MARD also asked MoF to clarify the definition of soft drinks, and simultaneously proposed to remove instant tea and coffee from the subjects to the SCT.
The Ministry of Planning and Investment proposed MoF to study the impact of this policy on the beverage sector, the state budget, and other factors, including jobs and production facilities.
According to the Association of Tea of Vietnam, mentioning instant tea on the list will impact the operation of tea manufacturing firms as well as tea growing households.
Associate Prof. and PhD Ngo Tri Long proposed that the calculation of the SCT needs to be based on the percentage of sugar content in each soft drink product.
Responding to the above opinions, MoF quoted a report from WHO, which shows that consuming too many drinks containing added sugar will have a negative impact on health.
WHO also stated that 40 countries currently apply SCT on soft drinks. Besides, three countries in the ASEAN, namely Myanmar, the Philippines, and Indonesia, are also considering applying SCT on soft drinks.
According to the calculations of MoF, applying the SCT of 10 per cent on soft drinks from 2019 will contribute over VND5 trillion ($220.2 million) to the state budget per year.
This is not the first time that MoF’s proposal has received objections. In February 2014, government agencies and beverage companies, and most notably, foreign beverage producers in Vietnam showed pronounced opposition to MoF’s proposal from the moment it made headlines.
Finally, in August 2014, MoF decided to withdraw its proposal.
