U.S. President Donald Trump landed in Hanoi on Saturday afternoon to commence his state visit to Vietnam, after attending an annual Asia-Pacific Economic Cooperation (APEC) summit in the country’s central city of Da Nang earlier the same day.
The president’s Air Force One landed at Noi Bai International Airport in the capital at 5:25 pm, where he was greeted by Vietnamese Ambassador to the U.S. Pham Quang Vinh, Deputy Minister of Foreign Affairs Ha Kim Ngoc, and Minister and Chairman of the State President’s Office Dao Viet Trung.
After landing, President Trump boarded a black Cadillac One and headed straight to the Metropole Hotel in downtown Hoan Kiem District.
The U.S. leader had a short rest at the hotel before attending a state dinner hosted by Vietnamese State President Tran Dai Quang the same evening at the National Convention Center.
President Trump is joined by U.S. Ambassador to Vietnam Daniel Kritenbrink, White House Chief of Staff John Kelly, U.S. Trade Representative Robert Lighthizer, National Security Advisor H. R. McMaster, Senior Advisor Stephen Miller, White House Staff Secretary Rob Porter, and Deputy National Security Advisor for Strategy Dina Powell on his trip.
U.S. Secretary of State Rex Tillerson had arrived in Hanoi at noon the same day on another plane to participate in some additional activities, including a visit to an Air Force victory memorial to the shooting down of a plane captained by U.S. Senator John McCain during the war in Vietnam.
After meeting with Vietnamese leaders and joining other activities in Hanoi as part of his state visit on Sunday, President Trump will leave Vietnam for the Philippines, where he is expected to attend the U.S.-ASEAN Summit and East Asia Summit hosted by Manila.
President Trump is the fourth consecutive U.S. President to conduct a state visit to Vietnam following the normalization of diplomatic relations in 1995.
His predecessors Bill Clinton, George W. Bush and Barack Obama had visited Vietnam in 2002, 2006 and 2016, respectively.
Before arriving in Hanoi, the president had been in Da Nang since Friday to attend the annual leaders’ summit of the APEC, a regional economic forum comprised of 21 Pacific Rim member economies that work to promote free trade in the region.
Vietnam is Trump’s fourth destination in his 12-day Asia visit, including stops in Japan, South Korea, China, Vietnam and the Philippines.
It is estimated to be the longest Asia trip ever made by a U.S. President.
Approaches agreed to by consensus are in turn adopted as the vision for technical coordination among the diverse economies of APEC, which, in all, account for half of global trade and 60 percent of the world’s GDP
On Saturday, the leaders of the world’s largest and most dynamic trading corridor, hosted by Vietnam President Tran Dai Quang and joined by newcomers including United States President Donald Trump, convene in the central Vietnamese port city of Da Nang for their annual Asia-Pacific Economic Cooperation leaders’ meeting.
Together, these 21 leaders will attempt to align their ideas for making trade between APEC economies work better in the common pursuit of growth and job creation back home, with enormous implications for their three billion constituents and the rebounding global economy.
For all the stakes, APEC has over the years lived up to its name as a cooperative forum for tough economic issues, enabled by its enduring focus on voluntary, non-legally binding policy prescriptions for easing trade bottlenecks like tariffs, administrative red tape at borders and mismatching standards that raise costs for businesses and consumers.
Approaches agreed to by consensus are in turn adopted as the vision for technical coordination among the diverse economies of APEC, which, in all, account for half of global trade and 60 percent of the world’s GDP.
Beyond these sometimes unwieldy deliberations, high drama at the APEC table, as in Bali, Beijing, Manila and Lima most recently and in Hanoi in 2006, includes what traditional attire the leaders will adorn in their “family photo” at the invitation of the host economy. The custom is a lighthearted display of cultural understanding and partnership. Only these are hardly routine days for trade in the Asia-Pacific or elsewhere.
So where do things stand? On the bright side, after three decades of proactive efforts by APEC member economies to improve their connectivity and trade-driven growth, we have seen upwards of a billion people lifted out of poverty in places like China, Mexico, Peru, the Philippines and Vietnam, and into the ranks of the middle class – the biggest achievement for economics in the history of the world.
This breakthrough is translating into vast new market opportunities driven by surging demand for goods like cars, high-end cosmetics and meat, and, increasingly, services such as cleaner and more efficient energy, higher education, financial services, preventive healthcare, mobile apps, travel and tourism that reflect decidedly middle class lifestyles and tastes.
The potential to take advantage of these emerging growth drivers extends to workers, businesses and a new generation of digitally empowered entrepreneurs in advanced economies too – whether they are very large like Japan and the United States, relatively small like New Zealand and Singapore, or somewhere in between like Australia, Canada and Korea.
All told, these trends are today powering exports and a return to growth in the region, as reflected in the latest forecasts in APEC, and the global economy along with it. There is a flip side to all of this, however. For all the progress unfolding in the Asia-Pacific, challenges in the global and regional trading environment and to the institutions that support it put this momentum at risk.
The swell of populist misgivings towards globalization in some areas, most profoundly manifested in the Brexit and subsequent events in developed economies over the last year, has brought genuine questions about the fairness of trade and who benefits from it into greater focus.
The potential composition, impact and desirability of new, bigger and more sweeping trade agreements such as the Trans-Pacific Partnership and Regional Comprehensive Economic Partnership are the subject of correspondingly heavy scrutiny by proponents and detractors.
The rules of trade as governed by the World Trade Organization, intended to kept markets open and trade buoyant, are showing signs of fraying over dispute resolutions and modernization requirements.
The rapid pace of technological change has moreover raised concerns about automation replacing workers like those on assembly lines, at banks and airport check-in desks, and behind the wheel. And e-commerce and big data has fundamentally revised skills demand and the meaning of security in one fell swoop.
In an inextricably interconnected world, these challenges are not limited to any one economy or group of economies, developed or developing, big or small, market or non-market. They are challenges that all of us now face. But they are clearly proving hard for the trading landscape and the institutions around the world that underpin it to handle.
APEC’s leaders in Da Nang, traditional clothing and all, are in a position to lead the way forward in dealing with these issues, helped by the flexibility and room for innovation, say, in digitally driven trade, startup promotion and even adjustment schemes and safety nets, made possible by the loose cooperation between them and their economies. Inroads in such areas would make a real difference.
Trade ministers in Asia-Pacific have given the green light to most terms of a free trade pact meant to smooth the flow of goods and commerce in the region after extensive negotiations in Vietnam this week.
A joint statement on the trade pact, now with a new name, was issued on Saturday and had been leaked to Tuoi Tre News by the Chilean delegation.
“We ministers are happy to announce that we have agreed on the core elements of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership [CPTPP],” Tran Tuan Anh, Vietnamese Minister of Industry and Trade, said in a press conference on Saturday morning.
“Some terms of the deal prepared by Japan will be suspended because there are some areas that need to be perfected for the final document signing.”
Toshimitsu Motegi, Japanese Minister in charge of Economic Revitalization, addedat at the press conference that 20 provisions of the original deal had been put on hold, pending further discussions before any final approval by lawmakers in each country.
The consensus on the deal will help spur commerce and economic integration in the region, the Vietnamese minister said.
He added that the new accord maintains the high standards as well as quality terms and conditions of the erstwhile Trans-Pacific Partnership deal, while ensuring interests for each party.
The CPTPP is a new version of the Trans-Pacific Partnership accord that once included the U.S., alongside Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
In January, the U.S. pulled out of the trade pact, forcing the remaining 11 members to renegotiate parts of the deal with a new name, TPP-11.
Motegi said that the 11 CPTPP members were determined to reach a consensus on the trade pact so as to get the U.S. back to the deal.
Japan is understood to be the leader of the pact after Washington’s withdrawal.
All sides are translating the pact into French and Spanish, while checking other legal issues, Motegi said at the conference he chaired with Minister Anh.
Vietnamese Minister of Industry and Trade Tran Tuan Anh (L) shakes hands with Toshimitsu Motegi, Japanese Minister in charge of Economic Revitalization, after a press conference to announce Asia-Pacific trade ministers’ consensus on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership in Da Nang, Vietnam, November 11, 2017. Photo: Tuoi Tre
Trade ministers from the countries had discussed the free trade accord from November 8 to 10 on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Da Nang in the hope that the deal would smooth the flow of goods and commerce in the member economies that accounted for 40 percent of global GDP when Washington was onboard.
Negotiations on the TPP-11 were put on hold on Friday after Canada was believed to have pulled out of the free trade pact unexpectedly.
But all ministers then agreed to return to the table, leading to their consensus on the free trade pact.
Established in 1989, the Asia-Pacific Economic Cooperation (APEC) is a regional economic forum comprised of 21 Pacific Rim member economies that work to promote free trade in the region.
Every year, its leaders meet in one of the member economies to discuss visions for the year ahead.
Vietnam’s central city of Da Nang takes over the baton this year to host the summit, which is the culmination of the country’s year-long hosting of APEC meetings.
The CPTPP joint statement was achieved and signed by participating ministers after a tense meeting that continued well into Friday night in Da Nang, where the APEC Economic Leaders’ Week takes place from November 6 to 11, a Chilean source disclosed.
Vietnamese Minister of Industry and Trade Tran Tuan Anh (L) chairs a press conference with Toshimitsu Motegi, Japanese Minister in charge of Economic Revitalization, to announce Asia-Pacific trade ministers’ consensus on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership in Da Nang, Vietnam, November 11, 2017. Photo: Tuoi Tre
Below is the full text of the joint statement:
1. When we last met in Ha Noi, Viet Nam on 21 May 2017, the Ministers of Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Viet Nam, reaffirmed the balanced outcome and the strategic and economic significance of the TPP Agreement signed in Auckland on 4 February 2016 (hereinafter referred to as “the TPP”) highlighting its principles and high standards as a way to promote regional economic integration and contribute to the economic growth prospects of its member countries, and create new opportunities for workers, families, farmers, businesses and consumers.
2. In May, Ministers tasked officials to engage in a process of assessing options to bring the comprehensive, high quality Agreement into force expeditiously. Over the past several months, officials have worked to reach a balanced outcome that maintains the significant benefits of the TPP.
3. Ministers are pleased to announce that they have agreed on the core elements of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Ministers agreed to Annex I and II (attached) which incorporates provisions of the TPP, with the exception of a limited set of provisions which will be suspended. This text also incorporates a list of four specific items for which substantial progress was made but consensus must be achieved prior to signing.
4. Ministers agree that the CPTPP maintains the high standards, overall balance, and integrity of the TPP while ensuring the commercial and other interests of all participants and preserving our inherent right to regulate, including the flexibility of the Parties to set legislative and regulatory priorities. Ministers also affirm the right of each Party to preserve, develop, and implement its cultural policies. Ministers consider that the CPTPP reflect the desire of the Parties to implement the TPP outcomes among themselves.
5. Ministers confirm that the legal instrument proposed for the CPTPP allows the participants to act decisively in a timely manner to advance their shared objectives. Ministers reaffirm that the CPTPP demonstrates their firm commitment to open markets, to combat protectionism, and to advance regional economic integration.
6. Noting Article 6 of the CPTPP, Ministers shared the view that the scope of a review may extend to proposals to amend the CPTPP, to reflect the circumstances concerning the status of the TPP.
7. Furthermore, Ministers decided that all the TPP side letters signed among the 11 countries will be maintained in principle, unless the relevant Parties decide otherwise.
8.Ministers tasked officials to continue their technical work, including continuing their efforts toward finalising those items for which consensus has not yet been achieved, and legal verification of the English text and translation, to prepare finalised text for signature.
9. Ministers recognize that each country will need to pursue its own domestic processes, including for public consultation, in advance of signature.
A Vietnamese entrepreneur has inspired Sheryl Sandberg, chief operating officer of Facebook, by her vision to empower women with a startup company that offers city tours led by female bikers.
Nguyen Thi Huong Lien’s name was brought up by Sandberg as the executive addressed a crowd of thousands of world business leaders and diplomats at the APEC CEO Summit in Da Nang on Friday.
Lien was the founder of the ‘I Love Hue’ tour, which operates motorbike tours that introduce visitors to the Vietnamese lifestyle in and around Hue City in the central region.
“Guests ride on the back of motorbikes, expertly (and safely) driven by the Hue Lady Riders,” an introduction on the company’s official site reads, highlighting its focus on women.
Sandberg had met with Lien the day before, where the Facebook executive listened to the young entrepreneur’s business ideas as well as her expectations for improvements to gender equality in Vietnam and worldwide.
At Friday’s summit, Sandberg told the audience about Lien’s startup story to demonstrate her point that when women decide to run a business, they are able to achieve big things.
In 2014, Lien founded her travel startup in Hue City at the age of 20 with only US$100 in her pocket.
“I like to meet people to learn and share experiences. I dream to be a young leader and to take ownership of my life,” she writes in her self-introduction posted on the company’s site.
The dream had led Lien to hire mostly women, and until how she has employed as many as 75 female bikers who have become the soul of the company.
In June, Lien’s travel startup was honored with the WISE Women’s Leadership Awards, which offered mentoring through Vietnam’s Women’s Initiative for Startups and Entrepreneurship (WISE) to help launch the company on a larger scale.
According to the young business leader, a team from Facebook had got in touch with her in Hue a few months back to film a document about her startup.
The clip was later viewed by Sandberg, who said she was immediately inspired by Lien and wanted to meet her in person for further discussions.
On Thursday, Lien was invited to Da Nang for a private meeting with the Facebook COO together with four other Vietnamese entrepreneurs.
“Sheryl Sandberg thought my startup was a good business model,” Lien said. “She told me that if the goal of my tour was to help people, especially women, travel safely then it would deserve to be duplicated in other parts of Vietnam as well as in other countries.”
The female founder said she had even received a personal email from Sandberg, in which the Facebook executive gave words of encouragement to Lien to keep her passion burning.
Sandberg also presented Lien with a signed copy of her book Lean In.
Ho Chi Minh City, Hanoi and Ha Long all made it into the world’s top 100 for international arrivals.
Ho Chi Minh City has been ranked 36th on a list of the 100 leading cities in the world in terms of international tourist arrivals.
The list, compiled by global business intelligence firm Euromonitor International, also placed Hanoi in 52nd and the northern city of Ha Long in 56th.
Ho Chi Minh City is expected to receive 5.5 million foreign visitors this year, up 5.8 percent from last year. Hanoi will welcome an estimated 4.3 million visitors, while Ha Long is expected to receive 4 million arrivals, respective increases of 7.5 percent and 14.3 percent.
The Telegraph recently recommended Hanoi as an amazing food destination, while Ho Chi Minh City has cracked various lists of top destinations for solo and retiree travelers, including being named by priceoftravel.com as one of the cheapest cities for backpackers. Both cities were named among the world’s fastest growing destinations by MasterCard last year.
According to the report, Hong Kong was the most visited city in the world with 26.6 million arrivals in 2016, benefiting from its strategic location and relationship with China, followed by Bangkok, which overtook London in 2015.
Asian cities dominated the global destination rankings thanks to the inexorable rise of Chinese outbound tourism, said Euromonitor International.
In 2010, 34 cities from Asia Pacific made it onto the list. That figure has jumped to 41 cities on the latest ranking and is expected to grow to 47 cities in 2025. Asia Pacific is the standout region that has driven change in the travel landscape and is expected to continue doing so in the coming decade, with Singapore overtaking London as the third most visited city in the world by 2025 to make the podium fully Asian, said Euromonitor International.
Malcolm Turnbull took a stroll with celebrity chef Luke Nguyen and grabbed a bite to eat from a street vendor.
Australian Prime Minister Malcolm Turnbull started his Friday in Vietnam’s central city of Da Nang with a walk and a breakfast of Vietnam’s signature banh mi, a baguette stuffed with anything from grilled pork, cold cuts and cucumber slices, to cilantro, pickled carrots, liver pâté and a swipe of mayonnaise. Photo by VnExpress/Dac Thanh
The PM was joined by Vietnamese-Australian celebrity chef Luke Nguyen, the Australian Embassy in Vietnam said in a statement. Photo courtesy of the Australian Embassy
The PM got stuck into his banh mi at a small sidewalk restaurant. Turnbull will join 20 other Pacific Rim leaders at the APEC Leaders’ Meeting on Saturday. Photo courtesy of the Australian Embassy
The PM takes a selfie with locals in Da Nang, saying it was fantastic to see Australian agricultural exports featured in such iconic Vietnamese dishes. In 2016, Vietnam imported $342 million of wheat, $73 million of barley and $28.7 million of beef and veal from Australia.
The buyer paid 24 percent more than the asking price to seal the deal.
Vietnamese dairy giant Vinamilk sold a 3.33 percent to an unnamed foreign investor for VND8.99 trillion ($396 million) on Friday.
The investor bought the 48.3 million shares on offer for VND186,000 ($8.20) apiece, 24 percent higher than the asking price.
The share sale, which attracted 19 investors including six foreign firms, reduced the state ownership in Vinamilk, Vietnam’s biggest listed firm, to 36 percent, still enough to retain veto rights.
Vietnam’s State Capital Investment Corporation had forecast the sale would fetch VND6.5 trillion to VND7 trillion ($286.3 million to $308.4 million).
In December, the state investor put on offer a 9 percent stake in Vinamilk, but was only able to offload 5.4 percent to two investors – both units of existing shareholder Fraser and Neave Ltd.
Investors looking to gain a degree of control over Vinamilk were deterred by the size of the stake on offer. The government had initially planned to sell its entire 44.7 percent stake.
The government is trying to divest from hundreds of state-owned enterprises, including brewers Hanoi Beer Alcohol and Beverage JSC (Habeco) and Saigon Beer Alcohol Beverage Corp (Sabeco) in which it owns a combined $7.8 billion worth of shares by market value.
Business or pleasure on this occasion for the social network mastermind?
Founder and CEO of Facebook Mark Zuckerberg is expected to arrive in Vietnam on Saturday.
Zuckerberg is scheduled to visit world heritage site Ha Long Bay in northern Vietnam and take a seaplane tour around the bay on Saturday morning.
This will be his second visit to Vietnam after his first trip in 2011, when he toured the country with his then-girlfriend-now-wife Priscilla Chan for a Christmas vacation.
On this visit, the world’s fifth richest person according to Forbes magazine, will be accompanied by colleagues.
In March, Vu Tien Loc, chairman of the Vietnam Chamber of Commerce and Industry (VCCI), said Vietnam had invited Facebook leaders, including Zuckerberg, to attend the Asia Pacific Economic Cooperation (APEC) Summit that concludes Saturday in the central city of Da Nang.
“We want Facebook leaders to join hands with Vietnam to support startups, and we hope Zuckerberg will accept the invitation,” he said.
Facebook COO Sheryl Sandberg has been in Da Nang since Wednesday and delivered a speech at the APEC CEO Summit on Friday morning.
She is scheduled to appear on a talk show to discuss equality in the workplace on Sunday in Hanoi.
Vietnam is in the top 10 countries for Facebook users, and Google’s YouTube is also a popular platform.
Last week, a draft law on internet security that would require foreign companies such as Google and Facebook to have offices and servers in Vietnam was met with strong opposition from experts and industry insiders.
The VCCI said it went against commitments that Vietnam signed up to when it joined the World Trade Organization (WTO) and the EU-Vietnam Free Trade Agreement (EVFTA), as well as the Trans-Pacific Partnership Agreement (TPP).
Insiders said if the bill is passed, Google, Facebook, Skype and Viber would have to invest in giant servers in Vietnam to legally operate in the country.
In that case, local internet providers said there is a high possibility that they would drop out of the Vietnamese market.
Television pictures showed Putin and Trump talking as they walked to the position where the traditional group photograph.
U.S. President Donald Trump and Russian President Vladimir Putin chatted on Saturday as they walked together for the “family photograph” at the APEC summit of Asia-Pacific leaders in Vietnam.
Although the White House had said no official meeting was planned, the two also shook hands at a dinner on Friday evening and again at the start of the main meeting of Asia-Pacific Economic Cooperation (APEC) leaders on Saturday.
Television pictures showed Putin and Trump talking as they walked to the position where the traditional group photograph was being taken in the resort city of Da Nang.
The White House said on Friday that no formal meeting was planned because of scheduling conflicts on both sides, though it was possible they would bump into each other. Trump is on the fourth leg of a 12-day tour of Asia.
It is no doubt that “iron girl” Nguyen Thi Anh Vien is the best swimmer in Viet Nam.
She won 16 titles at the national championship, eight gold at the recent Southeast Asian Games and two others from the Asian Indoor and Martial Arts Games.
However, people witnessed firsthand the rise of a new star at the national tournament, which closed in HCM City on October 9.
Vu Thi Phuong Anh, 16, was the only athlete to beat Vien in both individual and team events at the tournament.
Anh competed against Vien in the women’s 50m breaststroke and finished first with a time of 32.26sec, shocking everyone at the tournament. Vien came second, at 33.19sec.
Anh’s victory is considered as “magic” because the 16-year-old was not considered a worthy rival to Vien. She has trained as a professional swimmer for just over two years.
“I just try to beat my own result. After finishing the race, I looked at the electric board and was surprised to see my name on top, above Vien’s,” said Anh, after claiming her first national championship title.
“It is an unexpected win. My hard work helped me achieve the sweet result, but beating Vien once is not a big thing.
However, it will help push me further in terms of training and competing,” she said.
Anh also threatened Vien’s No 1 position in the 100m breaststroke, the day after.
She made strong flaps in the last metres and nearly caught up with Vien at the finish line. However, Vien won with a flash gap and Anh came second.
But Anh did a better job the next day, when she beat Vien for the second time in the women’s 4×200 freestyle team event after her HCM City squad finished in first place. Vien’s Military team came second.
Anh also pocketed three other golds in the 4x100m medley, 4x100m and 4×200 in the freestyle mixed team events and set a national record.
Speaking about her rival, Vien said, “Anh proves to be a potential and talented athlete. She will get faster in the future. Losing to her does not make me sad. I understand that it shows the potential of young Vietnamese athletes and it is a good sign for national swimming.”
However, Do Thi Hung, Anh’s mother, said swimming was not always on the cards for Anh. “Anh used to be a girl with a poor physique. She would not eat right, and would get sick all the time. I thought swimming would be good to help her get better, and she started the sport at the age of 14. She fell in love with it and coach Chung Tan Phong discovered her talent. He came to us and persuaded us to let Anh train professionally. But we said no,” she said.
“No, because no one in our family is a sportsperson and we know that the career span of a sportsperson is short. We wanted her to get a job, which could help her stablise her life. We also did not believe such a sick girl could become a professional athlete.”
Her family’s concerns did not stop Anh from swimming. She kept talking to her parents for four months, and finally received their go-ahead.
One year later, Anh took part in an Asian tournament to get experience. She qualified for the finals of the 200m breaststroke and 400m IM and ranked eighth.
It took her another year to win the first international medal. Anh, who is also a bookworm, claimed a bronze from the 2016 Asian Youth Swimming Championships in the girls’ 50m and 100m breaststroke events, and two other bronzes at the Asian Age Groups Swimming Championship in the 50m and 200m butterfly.
At the 29th Southeast Asian (SEA) Games in Malaysia in August, she competed against senior athletes and finished fourth in the 400m individual medley.
“She is only 16 but has an ideal form for swimming with a long arm span and a height of 1.69m. She is progressing perfectly. But it took her only two years to achieve such a good result. It is remarkable. I hope to see another Vien in the future,” said Phong, who is HCM City’s head of the aquatic sport department.
“Anh is good at all four kinds of swimming techniques, but she does best at the breaststroke events. She still needs to perfect her technique which will help improve her result in the upcoming events,” he said.
Anh knows her journey ahead will have challenges but she is still hopeful.
“I want to become a professional athlete and make a milestone in my career. I will give it my best shot. My priority now is to win my first SEA Games title in either the breaststroke or freestyle events at the 30th tournament in the Philippines in 2019,” said Anh.
Several dozen blockbuster Vietnamese feature films will be screened free from today until November 14 in Ha Noi and HCM City to celebrate the 20th Vietnamese Film Festival.
The celebration will allow audiences to enjoy 29 films ranging from comedy and horror to romance. All the films will be screened in Vietnamese with English subtitles at the National Cinema Centre, at 87 Lang Ha, Ha Noi, and Cinestar Cinema, 135 Hai Ba Trung Street, HCM City.
Free tickets can be collected at these venues from today.
Sai Gon, Anh Yeu Em (Sai Gon, I Love You) will be the first film to be screened. Directed by Ly Minh Thang, the film won the Golden Kite award for the best feature film early this year. The award was presented by the Viet Nam Cinematography Association.
The 90-minute comedy features five couples from different places and backgrounds who choose Sai Gon (HCM City) as their home and tells the stories of their loves and lives, highlighting the culture and lifestyle of the Saigonese.
The production stars famous cai luong (reform opera) actress Ngoc Giau, young actress Maya, and young comic actor Huynh Lap, who also received the award for best supporting actor. The film also won prizes for best screenplay and best cinematography.
Other blockbusters of Vietnamese cinema to be screened include 12 Chom Sao: Ve Duong Cho Yeu Chay (12 Zodiac: Five Steps of Love), Dao Cua Dan Ngu Cu (The Way Station), Co Hau Gai (The House Maid), Ve Si Sai Gon (Sai Gon Bodyguard) and Co Ba Sai Gon (Miss Sai Gon).
The 20th Vietnamese Film Festival will be held in Da Nang on November 24-28.
Too many regulations, too much paper work, too many rules and a lack of capital are among difficulties startups in the Asia-Pacific region are facing, said a US delegate to the Vietnam Business Forum (VBS).
Talking to a Vietnam News Agency reporter on the sidelines of the event, which took place in the central city of Da Nang on November 7, Virginia B. Foote, President and CEO of Bay Global Strategies, emphasised the importance of startups to any economy, adding that it is necessary to set up a regulatory regime to facilitate their activities.
“Part of what we are working on is to help get smaller sums of capital available to startups or groups of startups working together and help each other to get access to loans and capital,” she shared.
According to her, it’s hard for the government to help startups because they know better what they want than the government does.
“To mostly not regulate them, the government needs to sometimes get out of the way,” said Virginia.
She also suggested set up an environment where startups are free to experiment.
Virginia, who used to be the chair of the American Chamber of Commerce in Vietnam, appreciated the VBS’ theme “Vietnam: We Mean Business.”
“With this theme, Vietnam sends a message that Vietnam opens for businesses, welcomes businesses, is working to grow the economy and bring in international standards and open the door to the world,” she said.
Regarding Vietnam’s investment potential, she said most foreign investors in Vietnam, which has attracted foreign investment for 20 years, have done very well.
“Vietnam reputation is quite good,” she said, adding that the country has joined trade agreements and continually raised standards for doing business.
It not only attracts foreign investment but also helps domestic investors, according to her.
Initiated by Vietnam, the VBS was part of the ongoing APEC 2017 Economic Leaders’ Week in Da Nang city from November 6-11.
Established in 1989, APEC comprises Australia, Brunei, Canada, Chile, China, Hong Kong (China), Indonesia, Japan, the Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand, the US, and Vietnam.
It represents 39 percent of the world population, 57 percent of the world GDP and 47 percent of the total trade.
Profits of many commercial banks this year will hit the highest levels since 2012 thanks to rising capital demand, experts have forecast.
Financial reports from banks showed that although two months still remain until the end of the year, many banks have already met profit targets set for the whole of 2017.
According to the Orient Commercial Bank (OCB), it completed its whole year profit plan within the first nine months, with pre-tax profit of VND789 billion (US$34.75 million) and completion rate of 101 per cent.
As of September 30, 2017, OCB had total assets of VND70.87 trillion, accomplishing 83 per cent of the year’s plan. Total mobilisation was nearly VND56.34 trillion, achieving 85 per cent of the plan; outstanding loans were VND46.84 trillion, fulfilling 99 per cent of the plan; and non-performing loan (NPL) ratio was controlled at less than 2 per cent.
Tien Phong Commercial Joint Stock Bank (TPBank) also announced its financial statement for the first three quarters of 2017, with nine-month accumulated pre-tax profit of VND807 billion, exceeding the whole year’s plan of VND780 billion.
As of September 30, 2017, TPBank’s total assets were VND114.5 trillion, up 28 per cent year-on-year; outstanding loans were over VND67 trillion, equal to 97.8 per cent of the year’s plan and growing nearly 20 per cent; capital mobilisation improved nearly 21 per cent from the beginning of the year, hitting nearly 95 per cent of the year plan; and NPL ratio was less than 0.8 per cent.
An Binh Bank (ABBank) also posted its business results and became the next bank to earn profit matching the whole year’s target in just nine months.
Specifically, in January-September 2017, ABBank attained pre-tax profit of VND429 billion, up 122 per cent year-on-year, and completed 132 per cent of the nine-month plan, equal to 95 per cent of 2017’s target.
Prior to the above mentioned banks, the market also saw an unexpected profit increase for HCM City Development Bank (HDBank), which exceeded the whole year’s plan in just nine months.
LienVietPostBank came close to achieving its profit target for the whole year.
The announced business results made it clear that the year 2017 is unique as for the first time since the Government applied an economic stimulus package in 2009-12, Vietnamese commercial banks have witnessed such rapid progress in profit generation.
Experts attributed banks’ high profits to rising capital demand. According to statistics from the State Bank of Viet Nam, credit growth in the first nine months of this year rose 11.02 per cent against December last year. The increase was much higher than the rates of 10.78 per cent and 10.46 per cent in the same period in 2015 and 2016.
GBS – Creation of a company in Vietnam is slightly different to what an entrepreneur from another country might be used to. While the opportunities for companies based in Vietnam are compelling, the company registration process is more complex and bureaucratic than the USA, Australia and Singapore, for example.
Fortunately, the days of needing 2-3 months to register a company have passed, as has the insistence on local partners. Steady improvements are being made to processing times too. Nonetheless, there is some work to prepare for the formation of a foreign-owned startup in Vietnam. This article provides an overview.
The Company Registration Process in Vietnam
A registered company is key for your startup to enter into contracts, employ staff and collect revenues in Vietnam. A foreign-owned Limited Liability Company (LLC) is the most common company structure for foreign-owned startups in Vietnam.
For this type of company, you’ll go through a two stage process. You’ll need approval from the Department of Planning and Investment (typically in the form of an Investment Registration Certificate, IRC) for your project in Vietnam, and then an Enterprise Registration Certificate (ERC) for the creation of your company. The official timelines are about 45 days for the completion of these stages but preparation is key.
Preparation for Company Registration
Delays are often encountered where the required preparation has not been completed. There are four key considerations:
1) Clarify your Business Lines and Scope
Vietnam’s accession to the WTO required that the nation opened its economy to foreign investment in a wide range of business lines. The majority of tech startups will target ‘software development’ or ‘consulting’ business lines. Applications for these business lines are relatively straight-forward.
However, some business lines remain restricted to foreigners in Vietnam (for example, real estate and finance). Some of these other fields remain subject to case-by-case review or conditional approvals (eg. trading), caps on foreign ownership (eg. tourism) or require licenses and sub-licenses (eg. F&B).
2) Check your Capital and Proposed Scale
Vietnam requires you to prove you’re serious about your business. While there isn’t a strict law on what represents the minimum capital, approval from the Department of Planning and Investment will only be issued with proof of sufficient capital for your nominated business line. This capital must be deposited soon after creating the company.
3) Get a Company Address
Physical proof of your company’s planned location in Vietnam is key to your application. This can present a chicken-and-egg argument, as you will need to be incorporated before you can sign a lease, and you can’t incorporate until you have a signed lease. An MOU with your intended address may suffice, but there are other practical solutions to this issue.
4) Confirm your Ownership & Management Structure
You will need to nominate the owners of the business and verify their credentials. Note that the supporting documents required for a foreign owner that is a company are different to those documents required if the foreign owner is an individual. You might be tempted to form a Vietnamese-owned company to avoid some of these hassles, but remember that this incurs some risks and will complicate the payment of any dividends to foreigners.
The management structure underneath this may vary depending on how many owners your company will have. You may also need to think about a Controller and Chairman at this stage.
Get Expert Guidance
Of course, there are many other options when it comes to company formation, including other company structures (such as a Joint Stock Company) and activity codes (including E-Commerce). Contact GBS for further information on the establishment of a company in Vietnam.
The first APEC Digital Prosperity Award was given to Airlala, a Viet Nam-based e-commerce platform, on Tuesday as APEC senior officials began their policy deliberations.
Airlala’s mission is to support local artisans selling products globally, according to a press release issued by the APEC Secretariat.
The APEC Digital Prosperity Award is a special prize to acknowledge the creation of a digital product that uses innovation to increase prosperity and inclusive growth across economies in the Asia Pacific region.
“We are honoured to receive the first APEC Digital Prosperity Award,” said Hai Nguyen, Founder and Chief Executive Officer (CEO) of Airlala. “The award offers great support towards our mission of supporting local artisans and small businesses in the APEC region.”
“Airlala is more than a marketplace, it is empowered by machine-learning that will match international buyers with local artisans and small firms, based on the information buyers and sellers put through the platform,” he added.
The e-commerce platform was selected for the APEC Digital Prosperity Award from a pool of eleven teams that participated in the first-ever APEC App Challenge in May, where Asia-Pacific’s most talented developers competed to build an app for small businesses on the sidelines of the APEC Ministers Responsible for Trade Meeting in Ha Noi.
“Small businesses are key to boosting innovation in the Asia-Pacific region and form the backbone of the region’s business sector,” highlighted APEC Secretariat’s Executive Director Dr. Alan Bollard.
“Given its importance and potential, they must continue to be afforded an environment that enables them to thrive.
“The APEC Digital Prosperity Award aims to motivate the region’s creative entrepreneurial spirit to solve the challenges small business players are facing through innovation and technology,” he added.
The APEC Digital Prosperity Award Selection Committee is comprised of the Asia Foundation, the APEC Secretariat, the Viet Nam Ministry of Industry and Trade, and Google.
“Airlala provides the platform for SME players to expand their businesses outside their home market,” said John Karr, Senior Director of The Asia Foundation’s Technology Programs. “It uses the familiar and proven marketplace model which has high scalability and replicability. This is the reason why we decided to grant the APEC Digital Prosperity Award to Airlala.”
“Small businesses hold great potential. All they need is to have the tool to sell online, sell their crafts, skills and their goods to the world,” added Andrew Ure, Google’s head of Trade and Economic Affairs in Asia Pacific.
“If we’re able to double the number of small businesses in Asia-Pacific that are exporting, it would add 35 million new jobs, and US$1.5 trillion in export sales in the region.”
The winner of APEC Digital Prosperity Award was announced during the Concluding Senior Officials’ Meeting in conjunction with the 2017 APEC Economic Leaders’ Week in Da Nang, Viet Nam.
