Vietnam Insider - Page 1485 of 1516

Vietnam launches new child protection hotline amidst violence scandals

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Vietnam launched a new national hotline for child protection at 111, which citizens are encouraged to reach for reports of child abuse, harassment and other forms of violence against children.

The three digits were chosen for their memorable pattern compared to the old hotline number of 1800 1567.

Vietnamese Deputy Prime Minister Vu Duc Dam was among the government leaders to attend the hotline’s launch ceremony in Hanoi, organized by the Ministry of Labor, War Invalids and Social Affairs (MOLISA) in cooperation with the Government Office.

Deputy Prime Minister Dam on Wednesday was also appointed chairman of the newly established National Committee for Children, Vietnam’s latest effort in promoting children’s rights.

MOLISA Minister Dao Ngoc Dung was appointed vice chair of the committee, which oversees the running of the child protection hotline.

Speaking at the ceremony, Minister Dung said the brief and memorable hotline would ensure that it is known to as many people as possible and becomes a go-to number for people who wish to make reports of child abuse, harassment and violence.

Reports of all kinds are welcomed, whether they are made by individuals, organizations or educational institutions, Dung underlined.

Three call centers in Hanoi, Da Nang and An Giang Province are in charge of handling calls from the northern, central and southern regions of Vietnam, respectively.

The hotline is toll-free and available 24/7, including holidays, to guarantee uninterrupted support of children in an emergency.

The old hotline of 1800 1567 will be kept temporarily active until the public becomes familiar with the new number and no more calls are made to the old one, according to a counseling official from MOLISA.

Since the establishment of the national child protection hotline in 2004, over 2.5 million calls have been received by operators, at an average rate of 240,000 calls per year, according to the official.

The new hotline is on stream amidst repeated reports of violence against children in Vietnam in recent weeks, including the brutal beatings of kids at a household-run daycare center in Ho Chi Minh City and the alleged torture of a seven-year-old with heated iron by her own father.

Just last month, a 65-year-old woman in northern Vietnam became the prime suspect in the death of her weeks-old grandson, whom she allegedly killed over superstition.

Earlier, a court in the southern beach city of Vung Tau sentenced a 77-year-old man to three years in prison for molesting two preteen girls aged six and 11.

Source: Tuoi Tre News

Hanoi set to develop $4bn ‘smart city’

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Hanoi is scheduled to break ground on the construction of a multibillion-dollar ‘smart city’ in an outlying district next year.

A consortium between Japan’s Sumitomo and Vietnam’s BRG will develop the ‘smart city’ on a 272 hectare plot in Dong Anh District in five separate phases, according to a plan released after a working session between the consortium and Hanoi chairman Nguyen Duc Chung on Thursday.

The new US$4 billion project will feature a modern traffic system along the Nhat Tan-Noi Bai route using Japanese technology and will connect with the No.2 urban railway route in Hanoi.

Dong Anh District lies about 16km north of Hanoi’s central area.

Hanoi and the Sumitomo – BRG consortium signed a memorandum of understanding on the smart city development in June, during Vietnam’s Prime Minister Nguyen Xuan Phuc’s official visit to Japan.

The consortium is scheduled to complete planning for all five stages of the project by the end of the month and submit its proposal to the Hanoi administration for approval, BRG chairwoman Nguyen Thi Nga asserted at the meeting.

The project is scheduled to break ground within the first quarter of next year.

Source: Tuoi Tre News

More foreigners touching down in Vietnam, but belts have been tightened

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And whether they come back is another big question.

The number of foreign tourists arriving in Vietnam has been rising steadily, but new data has revealed that they are spending less.

The average foreign visitor in Vietnam spent $1,283 in 2004, well below the amount they spent in Thailand ($1,865) and Singapore ($2,670).

Shopping made up the largest slice of the pie in Vietnam, accounting for 16.6 percent of total spending, compared to 19.6 percent in Thailand and 22.3 percent in Singapore, according to the General Statistics Office.

A survey conducted by the Vietnam National Administration of Tourism (VNAT) in 2014 found that foreigners spent on average $1,114 in Vietnam, falling from a decade before.

VNAT also found in August this year that up to 80 percent of tourists said they would not return to Vietnam after their first trip to the country.

Ken Atkinson, chairman of Grant Thornton and vice chairman of the Vietnam Tourism Advisory Board, said he “personally believes the actual return rate for tourists is actually lower than the quoted 20 percent, as some reports record return tourists at less than 10 percent.”

The main reason for the low return rate is that Vietnam has yet to really establish itself as a destination for family holidays, as Thailand and Indonesia have managed to do. It is believed that the return rate for tourists in Thailand is closer to 50 percent, he told VnExpress International.

In order to establish itself as a family destination, he suggested that Vietnam should have a more friendly visa regime, more activities for family recreations and better infrastructure, as well as higher quality services and safer roads.

“Nevertheless, our tourism numbers continue to boom but we need to start to look at the quality of those tourists and their average spend in country,” he said.

Vietnam is on track to receive as many as 12.8 million foreign tourists this year, a rise of 28 percent against 2016.

Official data from the General Statistics Office show more than 11.6 million foreign tourists arrived in Vietnam between January and November this year, up 28 percent against the same period last year.

Last year, foreign visitors surged 26 percent from the previous year, reaching an unexpected all-time high of 10 million.

In 2015, Vietnam received 7.9 million tourists and forecast just 8.5 million for 2016.

Source: Staff Reporters

Saigon scores high on global property growth index

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Vietnam’s economic powerhouse will be marching into the next decade with its property market on the rise.

Ho Chi Minh City has been ranked third in a survey of 50 cities worldwide for property rental growth.

The survey, conducted by real estate firm Savills, also ranked Vietnam’s southern metropolis fifth in terms of investment prospects, and second for development prospects.

In its new publication, “Impacts: the future of global real estate”, Savills said cities that are resource rich, young and fast-growing, economic powerhouses, or at low risk from natural disasters, are the ones to watch for over the next decade.

Troy Griffiths, deputy managing director of Savills Vietnam, said: “This is an annual, long-running survey across a multitude of sophisticated property investors that demonstrates the strong sentiment towards Ho Chi Minh City and Vietnam as a highly favorable investment destination.”

“This is underwritten by the first position across all surveyed cities as buy options for office, retail, industrial and residential assets,” he added.

According to another report, “Emerging Trends in Real Estate Asia Pacific 2016”, jointly published by the Urban Land Institute and consulting firm PwC, foreign investors, mainly from Japan, South Korea and Singapore, are interested in the city’s property market on expectations of an annual return of between 20 and 25 percent.

The city is an attractive destination to investors mainly due to the government’s efforts to stabilize the local currency, control inflation, ease property lending regulations and improve market access for foreigners.

Global investors prefer entering Vietnam’s real estate market through mergers and acquisitions. Many are eying beach resorts, serviced apartments, residential buildings and hotels, mostly in Hanoi, Ho Chi Minh City and Da Nang.

Source: Ngan Anh

Bitcoin surges above $16,000 as concerns mount

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‘Bitcoin now seems like a charging train with no brakes.’

Bitcoin flirted with $17,000 on Thursday, triggering a warning the cryptocurrency was like a “train with no brakes” and prompting fresh concern about its looming launch on mainstream markets.

Still under $14,000 in Asian trading hours, it smashed through $15,000 in European trading and got as high as $16,777 before pulling back, according to Bloomberg data. Near 2145 GMT, bitcoin stood at $16,070.

The rally came just a day after the virtual currency, which has been used to buy everything from an ice cream to a pint of beer, hit the $12,000 mark for the first time. The eye-popping rise has seen the currency’s value soar more than 50 percent in just one week, and from just $752 in mid-January.

Bitcoin — which came into being in 2009 as a bit of encrypted software — has no central bank backing it and no legal exchange rate.

It has surged dramatically in the past month, driven by growing acceptance among traditional investors of an innovation once considered the preserve of computer nerds and financial experts, and sometimes more shady users.

But some, including the U.S. Federal Reserve, have warned against dabbling in bitcoin as it could threaten financial stability, and fears of a bubble have increased as the price has soared.

“Bitcoin now seems like a charging train with no brakes,” said Shane Chanel, from Sydney-based ASR Wealth Advisers. “There is an unfathomable amount of new participants piling into the cryptocurrency market.”

But he warned: “Once the hype slows down, we will most certainly see some sort of correction.”

Financial industry concerns

There also are mounting concerns about its introduction into the mainstream financial system after a U.S. regulator last week cleared the way for bitcoin futures to trade on major exchanges, a decision which analysts say has helped spur the recent rally.

The Commodity Futures Trading Commission decision allows bitcoin derivatives to be offered on the Cboe Futures Exchange starting this weekend and on the world’s biggest futures venue, the Chicago Mercantile Exchange (CME), from December 18.

But the Futures Industry Association, which groups some of the world’s biggest derivatives brokerages, criticized the CFTC’s move in a letter to the regulator, saying contracts are being rushed through without properly weighing the risks.

“A more thorough and considered process would have allowed for a robust public discussion among clearing member firms, exchanges and clearing houses,” the association said.

Bitcoin transactions happen when heavily encrypted codes are passed across a computer network.

Goldman Sachs, an FIA member, plans to clear bitcoin futures contracts for some clients, meaning it will serve as intermediary to enable transactions, a spokeswoman said.

“Given that this is a new product, as expected we are evaluating the specifications and risk attributes for the bitcoin futures contracts as part of our standard due diligence process,” she said.

The NiceHash marketplace was meanwhile on Thursday investigating a security breach resulting in the theft of bitcoin.

“Clearly, this is a matter of deep concern and we are working hard to rectify the matter in the coming days,” NiceHash said in a statement.

“In addition to undertaking our own investigation, the incident has been reported to the relevant authorities and law enforcement and we are co-operating with them as a matter of urgency.”

Bitcoin and other virtual currencies use blockchain, which records transactions that are updated in real time on an online ledger and maintained by a network of computers.

In 2014 major Tokyo-based bitcoin exchange MtGox collapsed after admitting that 850,000 coins — worth around $480 million at the time — had disappeared from its vaults.

Bitcoin’s use on the underground Silk Road website, where users could use it to buy drugs and guns, also raised suspicions about the virtual money.

Source: AFP

HCMC plans to stop tax dodgers by enforcing card payments in restaurants

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The city’s tax office is likely to miss its revenue target this year, and is looking at more effective monetary management.

Ho Chi Minh City’s Tax Department has suggested that customers should pay for restaurants and other high-end services using bank cards rather than cash to make it easier to collect tax revenue.

Tran Ngoc Tam, the department director, said the proposal could help manage tax payments for high-end services.

His unit is working with other agencies before submitting the plan to the city’s government for approval.

Tam said that cash payments are no longer popular. Vietnam does not allow cash paymentss worth VND20 million ($880) or more, and that threshold is likely to go down to VND5 million soon “when we have the infrastructure to boost electronic payments,” he said.

The role of cash in all payments across Vietnam fell from 14 percent in 2010 to 11.5 percent in August 2017, according to figures from the central bank.

HCMC’s tax office raised the card payment proposal amid reports that the department is likely to miss its target this year.

The department was set to bring in nearly VND239 trillion ($10.5 billion) in taxes, but has so far only reached 87 percent of the target, Tuoi Tre (Youth) newspaper reported.

Legislators in the city, the biggest contributor to the state budget, earlier this week also suggested that celebrities who advertise products on Facebook should be taxed.

Facebook is the most popular social network in Vietnam with more than 52 million active accounts to advertisers, and is also used as a e-commerce platform that tax authorities have struggled to keep track of.

Source: Staff Reporters

Conference boosts VN-China investment, trade ties

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Businesses in Beijing and Tianjin and Hebei provinces in China want to promote investment and trade with Vietnamese partners, according to the Tianjin Foreign Economic and Trade Promotion Association.

Speaking at the trade and investment promotion conference between Việt Nam and China’s Beijing, Tianjin and Hebei provinces in HCM City yesterday, Geng Wei, the association chairman, said Việt Nam is a promising market.

Nguyễn Thị Huyền Ngọc of the Investment Promotion Centre for southern Việt Nam, said China currently ranks eighth out of 120 countries and territories investing in Việt Nam with $12 billion in 1,784 projects.

Chinese firms invest mainly in manufacturing, production and distribution of power, gas and water, real estate, hospitality, construction, and mining, she said.

Võ Tân Thành, director of the Việt Nam Chamber of Commerce and Industry’s HCM City office, said Việt Nam and China have good relations, especially in commerce.

China is Việt Nam’s largest trade partner and Việt Nam is that country’s largest trading partner in Asean and ninth largest in the world, he said.

Last year their trade was worth US$72 billion, with Việt Nam’s imports being worth $52 billion, he said.

But according to Chinese customs’ statistics, trade was actually worth $98 billion last year if cross-border trade is considered, he said.

“This year trade is expected to top $100 billion, a target the two sides had set only for 2020.”

Việt Nam’s main exports are telephones, crude oil, coal, rubber, rice, fruits and vegetables and seafood and imports include feedstock for manufacturing garment and textiles and steel and agricultural produce.

“In recent years China has increased investment in Việt Nam, and this is expected to continue in the future,” Thành said.

Ngọc said the processing and manufacturing sectors are expected to attract more Chinese investment.

With its stable political situation, rapid economic growth, clear and transparent investment policies, large workforce, improved infrastructure, and regional and global economic integration, Việt Nam is an attractive investment destination, including for Chinese investors, she said.

She also spoke about investment procedures in Việt Nam, tax breaks offered to priority sectors and projects that are soliciting investment.

Việt Nam has 324 industrial parks, of which 34 have foreign investors.

It currently focuses on calling for investments in high value-added projects, hi-tech and environment-friendly projects, large-scale projects, IT and bio-technology serving modern agriculture, infrastructure development in the form of PPP, and modern services as well as encouraging a gradual switch from sub-contracting to production, she said.

Thành said Chinese businesses could find a lot of opportunities in Việt Nam including HCM City.

The conference is a good opportunity for businesses from the two countries to understand each other’s markets and enhance investment and trade ties, he added.

Organised by Vinexad and the VCCI in collaboration with other organisations, the conference was part of the 2017 Vietnam Expo that is being held at the Saigon Exhibition and Convention Centre in HCM City from December 6 to 9.

More than 150 exhibitors from China’s three provinces are participating in the trade fair to study Vietnamese market and seek business opportunities here, Geng said.

At the conference, Geng also called on Vietnamese businesses to come to Tianjin to explore investment opportunities there.

Source: VNS, http://vietnamnews.vn/economy/418956/conference-boosts-vn-china-investment-trade-ties.html#WrGITKLy8ihIq4Zg.99

The Best Things to See in Vietnam

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For a destination that’s equally rich in history, culture, and natural beauty, there’s no better place than Vietnam. From its ancient Hindu temples and modern city streets buzzing with motorbikes, to the trendy food scenes and remarkable natural landscapes, there are so many reasons people are choosing this Southeast Asian country over popular destinations like Thailand and Cambodia.

Here are just a few of the things that are going to make you want to plan a trip to Vietnam.Ha Long Bay

Ha Long Bay

The view that launched a million Instagram photos. Ha Long Bay is probably the most iconic destination in the country – as well as the most crowded with international tourists. The bay in north Vietnam is an other-worldly sight, with emerald green waters and thousands of jungle-topped limestone islands growing out of the seafloor. It’s one of the world’s natural wonders and a top destination for scuba divers, rock climbers, and cavers.
Don’t let the crowds deter you. A visit to Ha Long Bay should certainly be on the top of your list of places to see in Vietnam. Just give yourself plenty of time to enjoy the scenery and take in the experience. Rather than booking a rushed day cruise, you might want to buy a three-day ticket that provides overnight accommodations – and enjoy a few leisurely days on the water.

Hanoi
Vietnam’s busy capital city offers a vibrant glimpse into local life. Motorbikes speed down the narrow streets, cars honk, merchandise spills out of shops onto the city sidewalks. Throughout the city, you’ll see a mix of French Colonial and Southeast Asian architecture styles reveal how cultures have blended over time to result in the rich combination that now exists.
While you’re there, wander the narrow streets in the Old Quarter to negotiate prices with silk vendors. Buy a delicious bowl of steaming noodle soup from a street vendor. Or, get cultural at the Vietnam Museum of Ethnology and Vietnam Fine Art Museum.

Hue

Hue is the home of the Nyugen family dynasty, 19th-century emperors who made this central Vietnam city the national capital between 1802 and 1945. If you’re anything of a history buff, this city should be at the top of your list of things to see in Vietnam.
Its most famous site is the Citadel, an imposing stone fortress with a beautiful pagoda roof that’s surrounded by ornately decorated gates. It was located in the heart of the Imperial City in Hue, and sits next to the royal palace. The city is a UNESCO World Heritage Site and is undergoing major preservation and restoration processes to return the city to its pre-Vietnam War era glory.

Mekong Delta
Known as the the ‘rice bowl’ of the country, the Mekong Delta is a floating city where a one-third of Vietnam’s food is produced. The green, lush, and wet environment what supports the surrounding orchards, rice paddies, and swamplands.
Visit, and you’ll be amazed to see the houseboats, the floating markets where customers fiercely negotiate prices, the small sampan boats gliding down the region’s intricate network of canals, streams, and rivers. It’s an easy trip from nearby Ho Chi Minh city and well worth the trip to taste the local produce fresh and spend a day in the jungle.

Ho Chi Minh City
Ho Chi Minh City is no longer the capital of Vietnam, but you’d be forgiven for making that mistake given its bustling nightlife, art scene, thriving culture, and tourism.

It was once the famous city of Saigon, and to this day, you can still visit the tunnels the Viet Cong dug during the war to secretly navigate below Ho Chi Minh City. It’s the largest city in Vietnam by population, and is packed with bars, restaurants, street vendors, and nightlife. it’s also making a name for itself in the tech world, with several new urban areas popping up with modern architecture and daring city planning.

My Son
Whether you’re a history buff or not, you will appreciate a trip to My Son. Here, you’ll find ancient Hindu temples dating back to the 4th century that are perhaps the most sacred in all of Vietnam. While Angkor Wat in Cambodia gets most of the tourist attention, My Son is just as spectacular and special, with uniform red brick architecture on the hitoric structures.
It’s located an hour outside of the coastal city of Da Nang in the center of the country, so you can plan a perfect day trip here and stay in the city by night.

Hoi An
To get away form Vietnam’s sprawling, loud cities, head to Hoi An. Once a large port town, it’s now time capsule of the past, and has excellently preserved its architecture and old world heritage. It’s a charming city where you can walk through old town, peruse what the ware of local merchants, and learn about the silk trade that has been a cornerstone of this town for centuries.
If you venture a little outside Hoi An, you’ll find incredible walking and biking paths, and boat tours. Like My Son, it’s located near Da Nang, making it easily accessible on a trip through central Vietnam.

Phong Nha-Ke Bang
It’s easy to see why Phong Nha-Ke Bang National Park was designated a World UNESCO Heritage site. The park is home to underground rivers, intricate cave systems that run for miles. And the oldest karst mountains in Asia are an outdoor enthusiast’s dream. It was once extremely remote with few amenities surrounding the park, but as tourism has increased, it’s been modernized to make for a comfortable trip.

Vietnam has a lot to offer. There are breathtaking hiking, ancient ruins, pristine bays, and world history. It may not have the famed beaches of Thailand, or the world-renowned temples in Cambodia, but it has a lively and rich culture worth experiencing. The people there are genuine, and once you get off the beaten tourist path and see life through their eyes, you will fall in love with Vietnam.

By Andy A,

Source: http://simpletrip.co/the-best-things-to-see-in-vietnam/

Viettel, Vinamilk, VNPT most valuable brands in Vietnam

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Military-run mobile network operator Viettel has been ranked the most valuable brand in Vietnam this year, followed by dairy firm Vinamilk and telecommunications company VNPT, according to a local trade promotion agency.

The Vietnam Trade Promotion Agency, under the Ministry of Industry and Trade, and Brand Finance, an independent branded business valuation consultancy, announced the latter’s own rankings at a forum on Monday morning.

Viettel led the list of Vietnam’s Top 50 Brands for 2017, with its brand valued at US$2.5 billion.

Vinamilk, last year’s front-runner, placed second, valued at $1.4 billion.

Vietnam Posts and Telecommunications Group (VNPT) came third with $726 million worth of brand value, followed by Vinhomes, the real estate subsidiary of conglomerate Vingroup, at $604 million, and the Saigon Beer-Alcohol-Beverage Corporation (Sabeco) at $598 million.

According to Samir Dixit, managing director of Brand Finance Asia Pacific, the total value of the top 50 brands this year rose 32 percent compared to 2016.

Among the 50, the top 10 accounted for 68 percent of total brand value.

Some 11 new brands made it to the top 50 this year, Dixit added.

Brand valuation plays an important role when a business is listed on the stock market or carries out mergers and acquisitions (M&A), the managing director stated.

There are still limitations to this process in Vietnam, causing M&A transactions here to be less frequent than in other nations in the region, he added.

Agreeing with the opinion, Dang Xuan Minh, co-founder of the Vietnam M&A Forum, said that brand valuation in the Southeast Asian country is often done subjectively.

He believes that the state should promulgate a specific legal basis for the process.

Source: Tuoi Tre News

Vietnam to audit public investment, BOT projects

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Vietnamese authorities are expected to audit a series of major public investment projects, along with multiple BOT (build-operate-transfer) projects next year.

Ho Duc Phoc, auditor general from the State Audit Office of Vietnam, has issued a statement on next year’s financial inspection plan, which will focus on major public investment projects in the transport sector.

Projects to be inspected include the renovation of National Highway 1, the Ho Chi Minh City metro line No.1 connecting District 1 and District 9, both the Cat Linh- Ha Dong and Nhon- Hanoi railway routes, and an airport in the northern province of Quang Ninh, among others.

Several BOT projects will also come under scrutiny in 2018, namely the Trung Luong- My Thuan Expressway in the Mekong Delta, Viet Tri- Ba Vi Bridge in northern Phu Tho Province, and the upgrade of National Highway 18 in the northern province of Uong Bi.

BOT is a financing framework in which the developer receives a concession from the private or public sector to finance, design, construct and operate a facility for a certain period, during which time it must raise finances for, and is entitled to retain all revenues generated by the project.

At the end of the agreed concession period, the facility is transferred back into public administration.

In 2016, the State Audit Office of Vietnam audited 27 BOT projects, suggesting a reduction in construction costs worth a total of VND1.15 trillion (US$50.6 million).

The concession periods of these projects were also shortened by a combined total of over 107 years.

Financial inspections were conducted on 13 BOT projects live in 2017.

The state audit office revealed several violations on BOT projects including developers and contractors selected without being subject to a proper bidding process.

Other offences related to inaccurate calculation of total investment capital.

The State Audit Office’s announcement came shortly after a toll station on a BOT project in Cai Lay Town, located in the Mekong Delta province of Tien Giang, grabbed local headlines due to repeated opposition from commuters.

A project upgrading the section of National Highway 1 and building a detour across Cai Lay Town is currently operating the facility.

The toll station is placed on the existing highway instead of the new route, which means that a fee is collected regardless of the route chosen by drivers, rather than only being collected from drivers wanting to use the new detour.

Commuters believed that paying their regular road maintenance fees would give them the right to travel on the upgraded national highway without paying tolls.

Vietnamese Prime Minister Nguyen Xuan Phuc on Monday ordered the operator of a tollgate to stop collecting fees from motorists for one month to review the situation.

Source: Tuoi Tre News

Is life better today than 50 years ago? Most Vietnamese say YES

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Economic confidence helps Vietnam lead a divided survey on whether life has progressed over the past five decades.

Half a century ago, Vietnam was suffering some of its darkest days as war engulfed the country.

Unsurprisingly, when the Pew Research Center asked people to compare life today with 50 years ago, 88 percent of Vietnamese people said it is better, the most positive assessment in the world.

The end of armed conflict apparently played a key role in giving Vietnamese people an upbeat attitude about the peaceful present, but views of the current economy are also a significant factor, Pew said.

People with positive views of the current economy are 30 percentage points more likely than those with negative views to say life has improved for them, it said.

In Vietnam, 91 percent of the respondents said the economic conditions are good.

Vietnam reported 6.2 percent economic growth last year and is among the fastest-growing economies in the region.

Vietnamese consumers are “extremely optimistic” about the economy and the second most optimistic in Asia Pacific, after Cambodia, Mastercard said in another survey in October.

But the global outlook is not so cheerful.

The Pew survey of nearly 43,000 people from 38 countries shows the world is deeply divided about how life has progressed over the past five decades.

Only 20 countries are in favor of the present, while the other 18 feel their glory days are over, regardless of the Cold War, lack of personal computers and mobile phones, and poor healthcare in most parts of the world.

People in the Asia-Pacific region are among the most positive about the world’s progress, the study found, recording 69 percent of “better” votes in India, 68 percent in South Korea and 65 percent in Japan.

Europeans also view the past half-century as a period of progress, with upbeat assessments in Germany, the Netherlands, Poland, Spain and Sweden.

In the U.S., 41 percent said life is worse, while 37 percent said it is better. Republicans are more likely to say life is better today compared with Democrats, the survey found, describing it as an attitudinal shift in the wake of Donald Trump presidency.

Latin Americans are the most negative about the world’s progress, with 72 percent of Venezuelans and 68 percent of Mexicans saying life is worse today.

Across the Middle East, North Africa and sub-Saharan Africa, the comparison varies by country, although the outlook is generally negative.

Source: Vi Vu

Simply Saigon: Ten snacks to satisfy your street-food cravings

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What to do when mid-afternoon hunger strikes? Step out onto the street with this list.

3 p.m. is the perfect time to find middle-aged vendors pulling their chè carts on the streets of Saigon, loaded with tapioca, mung beans, black peas, sesame, lotus seeds, longan, mango, jackfruit, and sometimes, even durian.

Don’t like the tapioca-based chè? You can pretty much try anything with this iced flan, from jackfruit to lotus seeds, and longan to jelly.

It’s not a sin to get a mid-afternoon sugar hit, and if chè is not your cup of tea, try a small jaw exercise with grilled corn braised with oily scallions.

Can pizza be an afternoon snack? Yes, if you replace the pizza crust with thin rice paper, cheese, ham, eggs, butter, sausage, scallions and pulled smoked beef. Grilled Vietnamese super-slim pizza is the star for mid-afternoon hunger, if you don’t mind a little grease and oil.

Want something heavier? Xôi can fill you up until midnight, but might leave you craving for more. Xôi is glutinous rice and everything savory that goes with it: fried scallions, pulled chicken, smoked sausage, groundnuts, pork floss and pate. It’s on-the-go, cheap and hard to resist.

The reason for mango salad addiction is simple: you have one bite, and you have to have another. The recipe is even more simple: sliced mango sprinkled with lime juice and a whole lot of dried, crushed chili.

Stop in front of a highschool in Saigon at 3 p.m. and you’ll see vendors selling small bags of a spicy salad with tiny wooden sticks. That’s rice paper salad, mixed with quail eggs, pull smoked beef, Vietnamese coriander, and yet again, a lot of finely crushed chili.

Pennywort juice is the perfect sidekick for greasy food, but it’s reviving alone too. Don’t expect much out of the taste, drink it for the vitamins and minerals you need mid-afternoon. It’s a decade-old home remedy, your Vietnamese grandmother would say.

If you are no fan of anything green, opt for sugarcane juice. It’s everywhere on the street and very soon, you’ll be back on your feet.

Duck fetuses are certainly not for first-time wanderers, but if you’re feeling adventurous on your 100th afternoon food quest, dive in.

Photo by Phong Vinh, Ma Lum

Red tape remains biggest obstacle to doing business in Vietnam: survey

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‘Abuse of laws and arbitrary behavior at public offices are still very common.’

Experts and businesses have all too often lamented that superfluous formalities and corrupt government agencies remain one of the biggest problems plaguing companies in Vietnam. It is now serious enough for a senior government official to use strong words when he disparaged the deep-seated problem.

Mai Tien Dung, Minister and Chairman of the Government Office, said at a conference in Ho Chi Minh City on Monday that despite many directives on administrative reforms, officials in Vietnam have been “slow” to change.

“Abuse of laws and arbitrary behavior in public offices are still very common,” Dung said, as cited by Tuoi Tre (Youth) newspaper.

According to a survey released at the conference, around 73 percent of businesses polled confirmed that red tape is the biggest obstacle they faced in Vietnam.

Of the 100 businesses surveyed, 64 said “authorative” agencies were frustrating, while 46 percent said they were troubled with overlapping demands, according to the survey commissioned by the Advisory Council for Administrative Procedures Reform, which consists of government officials and business association representatives.

Dung said many government agencies do not communicate with one another, so overlapping procedures force businesses to pay multiple times for one single paper.

One company had to spend VND15 trillion ($660 million) a year on customs checks, Dung said, without naming names, to prove his point that superfluous formalities in Vietnam render its businesses uncompetitive. Most businesses in Vietnam are small and medium sized, with registered capital of up to VND100 billion.

Ha Cong Tuan, vice minister of agriculture, backed Dung’s argument, saying businesses find it much harder to access government support now.

A business investing in high-tech farming will have to go through 16 doors and 40 procedures to finally win the privilege it legally deserves, Tuan said.

In Vietnam, the practice of passing money under the table is so common many don’t consider it bribery, but an inevitable part of getting things done. For years studies have confirmed what everyone in the country knows: Bribery is bad and getting worse.

Source: Staff Reporters

Disabled athlete Le Van Cong breaks world record at World Para Powerlifting Championships

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The thirty-three-year-old weightlifter born with deformed legs set a new world record.

Vietnam has bagged its first medal at the 2017 Mexico World Para Powerlifting in style after weightlifter Le Van Cong broke the world record in the men’s 49kg class by lifting 183.5 kg on Monday.

Cong set a world record of 183.5kg (4,045 lbs) in his fourth attempt, breaking the mark of 183kg he set at Rio Paralympic 2016.

It was the third World Championships for Le, who claimed silver at both Kuala Lumpur 2010 and Dubai 2014.

Source: Lam Thoa

Top 10 challenges of doing business in Vietnam

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Expanding gross domestic product (GDP), modern infrastructure and a dramatic increase in foreign direct investment (FDI) are signs that Vietnam has transformed into an attractive investment destination, but there are still barriers to doing business which are best navigated with local help on board.

Since 1988, there have been 13,544 foreign investment projects with a total registered capital of US$213 billion in Vietnam, building a large overseas investment sector which occupies about 17% of GDP and 43.4% of industrial product value. Overseas firms are attracted by Vietnam’s 87 million-strong population which supports a large and young workforce and that has also seen an increase in disposable income in recent years.

Strong economic growth rates have been a common feature of the Vietnamese economy since the 1990s, and even though the high levels slumped slightly during the global financial crisis, the country has rapidly returned to pre-crisis growth trends and is expected to continue on this path. Infrastructure, tourism development, and related real estate and retail sector development in urban areas are all attracting large amounts of FDI, and overseas firms are increasingly attracted by the country’s move from a centralised to a market-orientated economy.

However, The World Bank and International Finance Corporation (IFC) rank Vietnam in 99th place in the world for ease of doing business, which means it is essential to seek local help when expanding in the country.

Starting a Business

There are 10 procedures to undertake when starting a business in Vietnam, making it among the most complex start-up environments in the world. What’s more, many tasks facing new corporate entities may be unfamiliar to overseas companies, making the task far more rigorous. Registration of the seal-sample at the Police Department, for example, or publically announcing the formation in a local newspaper are procedures most companies generally don’t have to complete.

Dealing with Construction Permits

It takes 110 days and 11 procedures to get permits for construction in Vietnam, once again requiring interaction with several official departments. Inspections must be carried out by the Department of Construction and the municipality, and certificates should be obtained from the Firefighters Prevention Department, the Department of Construction and the Department of Natural Resources and Environment.

Getting Electricity

Getting electrical connection is among the most rigorous tasks facing startups in Vietnam, taking 115 days to complete and costing a significant percentage of income per capita. Inspections by the local power corporation are required before completing processes with the Traffic and Transport Department and the Firefighters Prevention Department.

Registering Property

Registering property takes 57 days to complete, which is far higher than the OECD norm but around average for East Asia and Pacific. Contracts between the transferor and the transferee are signed before taxation is paid and registration for the right to use land is complete.

Getting Credit

Vietnam is home to quite a stable credit environment, and obtaining capital is a relatively smooth process for businesses. However, the lack of a private credit bureau can make the process a little trickier for overseas firms.

Protecting Investors

Investor protection is an area in which Vietnam fails miserably. It is ranked in 169th place by the World Bank and IFC, with a weak director liability index and shareholder suits index.

Paying Taxes

There are a massive 32 corporate tax payments to be made each year which takes an average of 872 company hours to complete. Compared to the OECD norm of 176 and the East Asia and Pacific average of 209, taxation is one of the most burdensome processes of doing business in Vietnam.

Trading Across Borders

Given its strong manufacturing base and reliance on interconnectivity, trading across borders is a cheap endeavour. However, that isn’t to say the process is not complicated, and the stream of documentation required for both importing and exporting highlights that cross-border trade can be difficult at the best of times.

Enforcing Contracts and Resolving Insolvency

Enforcing contracts takes 400 days to complete and 34 procedures. Resolving insolvency is a far more laborious process, taking five years on average to complete and with a low recovery rate.

Culture

The Vietnamese believe in the teachings of the early Chinese philosopher Confucius which emphasise the importance of relationships, responsibility and obligation. Vietnam is also a collectivist country and community concerns will almost always come before business or individual needs.We have the local knowledge to help you navigate these minefields.

Whether you want to set up in Vietnam or just want to streamline your Vietnamese operations, talk to us.

Source: TMF/ News Insights/ Business culture/ Vietnam

To get help

Contact: GBS | a Business & Legal Services Company in Vietnam

Email: info@gbs.com.vn
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