Four Vietnamese entrepreneurs to attend APEC CEO Summit

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Four leaders of Vietnam’s large corporations have been invited to participate in the APEC CEO Summit 2017, being held from November 8 to 10 in the central city of Đà Nẵng.

The APEC CEO Summit is Asia-Pacific’s premier business event and is held within the framework of the APEC Economic Leaders’ Week, taking place on November 6-11 in Đà Nẵng.

According to business news website cafef.vn, the Vietnamese invitees include Nguyễn Đức Thuận, founder of TBS Group, joining the discussion session on the topic “Future Of Works.”

The second person is Nguyễn Thị Phương Thảo, CEO of Vietjet Air, participating in the discussion session on “Connecting For Growth.”

Dương Thị Mai Hoa, general director of Vingroup, will be a guest speaker during the discussion session on “New Job Creation.”

The last invitee is Thái Hương, chairwoman of TH True Milk Group, who will share her views during the discussion session on “Resource Efficient Use and Sustainable Growth.”

Nguyễn Thị Phương Thảo (left above), Nguyễn Đức Thuận (left below ), Dương Thị Mai Hoa (right above) and Thái Hương (right below) are the four Vietnamese entrepreneurs participating in the APEC CEO Summit held in Đà Nẵng on November 8-10. — Photo cafef.vn

The summit is expected to draw 2,000 delegates from APEC member economies and is the most anticipated event for businesspeople.

It will provide unparalleled opportunities for global business executives to engage in dialogues with APEC leaders, high-level government officials and influential thought leaders.

The event will gather leaders of the world’s most dynamic economies, speakers from the most influential global organisations and more than 800 senior executives of corporations and groups from the Asia Pacific region.

APEC CEO Summit 2017 will comprise 10 sessions of discussion focusing on globalisation, trade liberalisation, sustainable development, connectivity for growth and the development of technology and the digital era.

Guest speakers are leaders from several global organisations, such as the World Trade Organisation, World Bank and World Economic Forum, in addition to many representatives from large corporations and groups, such as COO Facebook Sheryl Sandberg; Robert S. Franklin, President at ExxonMobil Gas & Power Marketing Company, a subsidiary of Exxon Mobil Corp and Mark Konyn, chief investment officer at AIA Group; besides representatives of many emerging startups like Rappler, OFO, Malong and Air BnB.

Source: VNS

The Gioi Di Dong, FPT Shop are top agents for Apple products

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Two years ago, Apple’s authorized resellers included iCenter, Future World, KTC and Phong Vu shops. Now, most of the agents belong to The Gioi Di Dong and FPT Shops.

The network of Apple’s older authorized resellers have remained unchanged, but The Gioi Di Dong and FPT Shop chains have expanded greatly.

A search of AAR (Apple authorized resellers) and APR (Apple premium reseller) shops in HCMC shows that Apple system gives 99 results. Of these, 51 belong to The Gioi Di Dong and 24 to FPT Shop.

The two largest retail smartphone distribution chains in Vietnam hold 75 percent of Apple authorized resellers.

The current situation is different from two years ago, when Apple mostly distributed iPhone through FPT Trading and mobile phone operators, and distributed Macbook and iPad through authorized agents such as Future World and iCenter. In general, retailers distributed the products they got from FPT Trading and rarely sold Macbook and iPads.

At that time and now, Future World and iCenter can sell only computers and tablets, but they cannot sell iPhone officially, unless they re-distribute products from mobile network operators or FPT Trading.

Since Apple changed its distribution policy in March 2015, The Gioi Di Dong and FPT Shop, the two retail chains, can import iPhones directly from Apple, not through FPT Trading.

At first, the two retailers could only import iPhones. Later, they could import Macbook and iPad from Apple as well. With the new rights, the two retail chains have significant strength compared with other Apple partners.

Apple applies two authorized reseller models in Vietnam – AAR and APR. At first, the shops only sold Apple’s products and did not sell products of other manufacturers. This policy is still used at iCenter, Future World and other agents. However, The Gioi Di Dong, FPT Shop and some other chains which have AAR such as Mai Nguyen and Vien Thong A now sell a wide range of products with different brands.

Mai Trieu Nguyen, the owner of Mai Nguyen chain, said the Apple-only shops won’t be competitive with the shops with diverse products. At Mai Nguyen, Apple products just account for a part of its showrooms.

Also according to Nguyen, with the current policy, Apple product distribution is carried out through different channels. Different Apple products are distributed by different distributors. This means that one shop cannot have all of Apple products to sell.

Nguyen Viet Anh, deputy CEO of FPT Shop, said that the old authorized resellers, or ‘traditional AAR’, are meeting difficulties. Only chains which can operate in accordance with the standards and obtain sufficient revenue can exist and develop in Vietnam.

Source: Buu Dien

Draft law requires Facebook, Google to set up data centers in Vietnam

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A draft law on cyber security requires foreign companies providing internet and telecommunication services in Vietnam to have operation licenses, a representative agency and an open data center in the country .

Under the draft law, service providers like Google, Facebook, Viber, Skype, Gmail and Uber would have to set up representative agencies and data centers in Vietnam to be able to continue providing services.

In a document sent to the NA’s National Defence and Security Committee, the Vietnam Chamber of Commerce & Industry (VCCI) warned that Vietnam would violate international commitments by doing this.

“The requirement on setting up representative agencies in Vietnam will be contrary with Vietnam’s WTO and EVFTA (EU-Vietnam FTA) commitments,” the document reads.

VCCI’s deputy chair Hoang Quang Phong said that the regulation, if applied, will also be contrary to the spirit of TPP. Though TPP has not been ratified by Vietnam NA, and the US has withdrawn from the agreement, the negotiations still continue.

Adam Sitkoff from AmCham warned that the draft law, if coming true, will hinder the development of Vietnam digital economy.

Le Hai Binh, deputy chair of the Vietnam E-commerce Association, said the regulation is unfeasible.

“What will happen if the global service providers refuse to set up servers in Vietnam? It is impossible to request ISPs to block the services from the giants, because they have servers located in many different places,” Binh said.

He said that Vietnam doesn’t have sufficient workforce, devices, infrastructure and experience to manage user data. There are about 64 million Facebook users in Vietnam.

Huynh Thanh Phi, a marketing expert, said on Tuoi Tre that the law, if applied, will be a barrier preventing Vietnamese from approaching the world’s technological advances.

He said developed countries do not care where data is located, because it is now the ‘cloud era’. They only care about how data will be used.

The newspaper also quoted Bui Viet Hien Nhi from FPT Telecom as saying that the requirement won’t be applauded by foreign firms.

“It is a necessity to tighten control to ensure cyber security, but we need to set reasonable regulations based on specific characteristics of the business field,” she commented.

However, Nhi believes that it is reasonable to require global service providers to set up representative agencies in Vietnam, because this will help control and minimize risks on trade and information security.

“All businesses that do business in Vietnam must obey the laws of the host countries,” she said.

Meanwhile, state management agencies still insist on the necessity to set such strict requirements to ensure national cyber security.

“What will happen if Vietnamese personal information is collected through the services for bad purposes?” an official of the Ministry of Information & Communication said.

Source: Thanh Mai

Smart tourism: A future trend of tourism

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By applying technology to tourism, it is hoped that in the future, Vietnam will have systems in place to enable tourists to book hotels and tickets to enter attractions without support from travel agencies.

On a cool autumn day in the “international crossroad” of Ta Hien street in the heart of Hanoi’s Old Quarter, Danny and Rebecca, two tourists from England visiting Vietnam for the first time, were enjoying draught beer and fermented pork rolls. Having just arrived in Hanoi that morning, they were armed with a list of interesting activities they wished to experience in Vietnam.

Pointing to her smartphone, Rebecca said, “We want to try something so “Hanoi” and the smartphone has brought us to this place.”

Similarly many foreign tourists to Vietnam are using smart devices to book taxis, hotels and other services. They use online travel agencies (OTAs) and other applications on smart devices to set plans for their trip. The number of tourism using such devices is on an upward trend, and tourists are now likely to depend on technology during their trips.

According to the statistics of the market research company Nielsen, revenue from online tourism activities around the world was US$565 billion in 2016, an increase of 13.8% compared to last year. In Vietnam, 88% of tourists seek information via the internet and 35% of tourists regularly plan their trip based on information found on the internet, as reported by the market research company Q&Me. According to a representative of Google, the scale of online tourism in Southeast Asia is expected to increase from US$23 billion in 2015 to US$90 billion in 2025.

The Fourth Industrial Revolution with its outstanding progress of information technology has stimulated traditional tourism to transform into “smart tourism.”

Authorities in Vietnam now see MICE tourism as a future key driver of growth, with the potential to generate additional income, employment and foreign investment, while assisting market diversification, but until now there has been no exact definition of “smart tourism” to support the trend.

According to Nguyen Van Tuan, general director of the Vietnam National Administration of Tourism (VNAT), “smart tourism” can be simply understood as a kind of tourism that applies information technology to regular tourism activities.

“Previously, travel consumptions were mainly paid through travel agencies. With the support of technology, tourists can proactively search for information and arrange their trips, therefore freeing up more time for sightseeing and shopping. In addition, any problems can be solved quicker online,” Tuan said.

Applying technology to develop tourism has become popular in many countries. The birth of some ‘smart cities’ has strongly influenced the growth of many favour tourist attractions. For example, Bordeaux in France has supported Parking Easy – a start up on parking, to find locations for tourists’ packing by connecting roads with tourist attractions. France’s capital, Paris, offers tourists a convenient bus system, or in Santander, Spain, the application SmartSantanderRA enables tourists to enjoy views of the cities from past decades while watching the cameras showing current life on the beaches at the same time.

In Vietnam, VNAT is promoting e-marketing for the national tourism industry. Information about the history as well as images of tourist attractions will be displayed on the internet through websites or VNAT’s official fan pages on social networks.

Talking about the necessity of technology to tourism promotion, deputy minister of Science and Technology Pham Dai Duong said that the Vietnamese tourism industry has the potential to develop. However, to utilise these advantages, tourism enterprises should make appropriate changes in order to develop, and the competition of changing to develop can be considered a race for survival. Without evolving to keep up with new trends, enterprises are shutting the door leading to development.

Thus, many tourism enterprises in Vietnam have applied technology to their services. Since 2007, Phuc Group has implemented a wide range of e-marketing strategies including creating a website to advertise their services on the internet. At present, more than 60% interact with the enterprise’s staff via this website.

PYS Travel is deploying a customer management system, which saves all the information about marketing, sales and customer care. Every employee can access this system to understanding the interests and habits of PYS Travel’s customers. The system also helps enterprise leaders to update a tours’ status as well as customers’ interest in each attraction every month, thereby, having a detailed business plan.

However, as the technology foundation is being developed, the application of technology to tourism is only available for attractions in big cities in Vietnam. Attractive destinations in mountainous and remote areas are still quite new to major tourism, and the investment required to develop smart applications will be huge, meaning small tourism enterprises may not be able to afford them.

Nguyen Van My, general director of Lua Viet Tours Co. Ltd, said, “Tourists planning their trips themselves based on information found on the internet may become a new trend, but currently, many people still look for support from travel agencies. Cash is still the preferred payment method in Vietnam, so promoting the application of technology to tourism is limited and without comprehensive change, things will only be half-hearted.”

Source: VietNamNet

APEC 2017: Cultural events to offer delegates’ visits

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A series of cultural activities will be held through November in the central city and Hoi An for delegates to the APEC Economic Leaders’ Week and the APEC Voices of the Future Forum.

Artist Toba Mika introduces her paintings to visitors at a special exhibition in Da Nang in celebration of the APEC Year 2017. (Photo courtesy of organiser)

Vice director of the museum Nguyen Thi Trinh said that the exhibition debuted on October 25 after the workshop finished. Tourists can attend during the APEC Economic Leaders’ Week in Da Nang from November 6-11.

She said the exhibition features the beauty of the land, people and culture of locals in the central and Central Highlands regions.

Vietnamese-French artist Vu Trong Thuan, who joined the painting workshop two weeks ago, has launched his own studio – the Mystery – at the La Tour Eiffel gallery on the Han River bank in Da Nang. It is free for visitors.

The gallery holds his own paintings created during his time living in Da Nang as well as his friends’ art creations.
Meanwhile, the Da Nang Museum of Cham Sculpture opened the Toba Mika’s Katazome Paintings exhibition, a solo exhibition of Japanese artist Toba Mika, to public visits through the APEC Economic.

The museum, one of the top destinations for foreign tourists in Da Nang, in cooperation with An Giang Museum, introduced an exhibition of 150 original antiquities and photos of the Oc Eo Culture. The display will last until February 1.

Oc Eo is the name of an archaeological site in Thoai Son district in An Giang province in the Mekong River Delta. Based on the artifacts unearthed, archaeologists said that the area used to be a busy port of the kingdom of Phu Nam between the first and seventh centuries. They used the term “Oc Eo Culture” to refer to the ancient material culture of the Mekong Delta region.

The historic city of Hoi An will host a two-day Japan-Vietnam cultural event for APEC delegates at the Hoai River Square on November 10-11.

The city also debuts the Vietnam-Japan Cultural Space from the Japanese Bridge to the Square around 7pm on November 11.

The space will re-enact a 17th century wedding parade held for Princess Ngoc Hoa and Japanese businessman Araki Sotaro in the old quarter and celebrate trading ties between Japan and Hoi An from previous centuries.

Traditional costumes of Vietnamese and Japanese will be shown at the cultural space as well as cuisine, folk games and music performances, traditional Yukata try-ons and origami (paper folding).

Representatives of Nagasaki city, Japan, will present Hoi An city with a sample of the boat that carried the wedding couple to Japan 400 years ago.

Hoi An has hosted the annual Vietnam-Japan cultural festival in the old quarter since 2003.
Local residents still preserve the tombs of Japanese traders who died in Hoi An in the 17th century. The oldest was Tani Yajirobei’s, who is believed to have died in 1647. His records offer a clear picture of his life, including a love affair with a local woman.

The UNESCO-recognised world heritage city, in collaboration with the International Mask Arts & Culture Organisation (IMACO) and Andong City, the Republic of Korea, plans to host the Andong city Cultural Day in Hoi An on November 14-16 at 106 Bach Dang Street.

Korean singers Park Hye-min and Cho Choyong-min from rookie boy group RionFive will take the stage in Hoi An on November 14.

Tourism promotion and the introduction of cuisine from Andong and Hoi An will open at the city’s An Hoi Sculpture Park on the Hoai River from November 14-16.

Source: VNA

Winners of Canon Photomarathon Hanoi 2017 announced

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Quach Dinh Hieu won the grand prize of Canon PhotoMarathon 2017. The award ceremony was held at Hanoi Children’s Palace on November 4.

Hieu received a Canon EOS 6D Mark II camera and a PIXMA PRO-100 printer.

Quach Dinh Hieu together with winners of Canon PhotoMarathon competitions in Da Nang and HCM City, Le Anh Vu and Pham Ngo Dinh Luan will represent Vietnam to compete at the Canon PhotoMarathon Asia Championship 2018 in Japan.

First prizes of three categories, including “Smile of Hanoi”, “Minimalism” and “Life on Pavement”, went to respectively Pham Duc Tuyen, Cung Manh Quoc Tuan and Nguyen Duc Viet. Every first-prize winner received a EOS 77D camera, EF-S18-55mm IS STM zoom lens and a PIXMA TS8070 printer. Nearly 4,000 people took part in the Canon PhotoMarathon 2017 which opens at Hanoi Children’s Palace on November 4.

The first Canon PhotoMarathon was held in Singapore in 2003. The competition was extended to other parts of Asia, such as countries and territories Hong Kong, Taiwan, the Philippines, Singapore, Malaysia, Indonesia, Vietnam, India, Brunei, Cambodia, China and Sri Lanka. The competition features photographic talents from participating countries tasked to complete the assignments within a limited time.

The award-wining photo by Quach Dinh Hieu

The award-wining photo by Pham Duc Tuyen

The award-wining photo by Cung Manh Quoc Tuan

The award-wining photo by Nguyen Duc Viet

Source: SGGP

 

Israeli band to debut at Monsoon music fest

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Israeli artists will participate for the first time at the Monsoon Music Festival held November 11-12 in Hanoi.

Top notch Israeli electronic music band Garden City Movement (GCM) will take part in the event held at the spacious grounds of the Thang Long Imperial Citadel.

Formed in 2014, GCM is an indie pop band based in Tel Aviv, Israel. The band members are: Roi Avital (Vocal, Keyboards, Guitar), Joe Joe Saar (Guitar, Sampler, Keyboards) and Johnny Sharoni (Vocals, Sampler, Percussion). With a versatile range of performing genres, GCM seamlessly brings together contemporary and traditional music influences.

Over the last three years, the multiple-day Monsoon Music Festival has become a leading cultural event in the capitaly city. This year, the festival will continue to bring various genres and extensive hours of live stage performances from both nationally and internationally well-established artists as well as up-and-coming ones.

Since the establishment of diplomatic relations between Viet Nam and Israel in 1993, the two countries have witnessed a blooming partnership in all spheres including education and culture.

Seeing culture as an ideal bridge to connect people, the Israeli embassy has focused on promoting art exchanges and activities in Viet Nam, including film festivals, exhibitions, contemporary dances, gastronomy events and music performances.

Source: VNS

Historic flood hits Hue, killing 9

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Continuous heavy rains have worsened the inundation due to heavy floods that occurred on Sunday morning in central Thua Thien-Hue Province.

Water covered almost all roads connecting the districts with National Highway No. 1A, which opened to traffic late Monday afternoon when water receded following the nearly two-day inundation.

According to the local Committee for Natural Disaster Prevention and Rescue, the death toll due to the flood in the province was nine, including two children swept away by the sudden, strong current while their parents were rushing to save household items and were not keeping an eye on their kids.

Residents in the province blamed power plants located at the upper parts of two local main rivers of Huong and Bo for the unannounced release of water into the rivers. However, the responsibility for this fell on district and commune authorities, as last Friday, local newspaper had carried related announcements.

Residents in Quang Dien Commute on a self-made banana boat to shop for necessities during the flood. — Photo Phuoc Buu

At around 7am in Sunday morning, swift flooding occurred in entire residential areas in the basins of the rivers within 30 minutes, including municipal Hue City. Residents were unable to save their goods due to the high water level, which some said was as high as the historic flood in 1999 in the locality.

Hoang Ngoc De, a resident of Huong Tra District’s Tu Ha Township, said the flood was so swift that the water later reached the mark of the 1999 flood peak on his home wall. “It took about 10 minutes to rise to half of the motorbike height and prevented tens of customers at my eatery from leaving after their breakfast,” he said.

Nguyen Thi Phuong, a resident of Phong Dien’s Phong An Commune, said she was surprised at the rising speed at which the water level rose, inundating and damaging her refrigerator and washing machine.

The Committee for Natural Disaster Prevention and Rescue reported that 17,588 houses were inundated around the province, with water level inside the houses at 0.2-0.8m. Strong currents also resulted in intrusion of seawater at the mouth of the Thuan An sea, resulting in erosion along the 10km coastline.

A commuter on a flooded road in Quang Dien District. — Photo Phuoc Buu

Meanwhile, blackouts occurred in the province from Sunday morning to Monday afternoon, which continue today in lowland areas in Quang Dien, Huong Tra, Phu Vang and Phu Loc districts. All schools and public offices remained closed on Monday.

No estimated loss report has been made yet, but those who suffered most are fish breeders on Bo River. Hundreds of tonnes of fish died as they could not survive in the yellowish dark floodwater.
River water remains at alarming levels of two and three and is expected to rise further due to heavy rainfall, forecast to continue by Wednesday.

Authorities of local power reservoirs warned of more release of water following visits by local Party Secretary Le Truong Luu to local irrigation and power reservoirs, where he asked for more release of water to save reservoirs from breaking.

Source: VNS

HCM City, housing developers at loggerheads

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While housing developers in HCM City are looking for occupants for over 15,000 apartments they have built, city authorities are saying more such apartments are needed to resettle people moved out of their houses for various reasons.

Do Phi Hung, director of the Department of Construction, said 15,000 more apartments are needed for people moved out of areas along the city’s canals.

Around 57,000 households have been evicted.

According to district authorities, some 42,000 of them have been paid compensation while the remaining 15,000 need assistance from the relocation land fund.

The city also requires apartments for relocating residents living in 474 degraded tenements that need to be renovated, but Hung said the city faces a shortage of funds and land for the purpose.

Le Hoang Chau, chairman of the HCM City Real Estate Association, said a lot of land is needed for these projects and for the city’s urban renovation and development programme.

Developers fear over supply

Many real estate developers say there are too many unoccupied relocation apartments already.

The new residential area in Binh Chanh District was built to relocate over 2,000 families affected by the renovation and upgrade to the Tan Hoa – Lo Gom Canal in Binh Tan and Tan Phu districts. The new area has attracted few tenants.

A manager of the New Thu Thiem Urban Area project in District 2 said the city plans to build 10,529 apartments and 2,290 house foundations, both for relocation, but people have registered for only 3,200 apartments and some 1,000 houses.

But the relocation projects have already begun to deteriorate. At the New Thu Thiem Urban Area for instance, infrastructure is worsening while its parks have been overrun by weeds.

Hung revealed that city authorities plan to sell most of the relocation apartments and foundations in District 2 to real estate firms.

The spokesman for a HCM City-based real estate company that had built relocation apartments in District 2 under the build-transfer (BT) form, said HCM City does not lack lands or relocation apartments, only policies to make life “peaceful” for relocating residents.

According to HoREA’s Chau, relocation apartments must be built in areas with good infrastructure, while authorities must also consider the livelihoods available for people moving in there.

The relocations areas must be near schools, health centres and people’s workplaces, he said.

“Authorities should not force residents to relocate to places Government agencies want, only to areas they want to.”

Source: VNS

VN consumer wariness could impede e-commerce

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Alibaba group Chairman Jack Ma said on Monday that deep-seated hesitation among Vietnamese consumers could hamper mobile payment development in the country.

Addressing the Vietnam Electronic Payment Forum 2017 (VEPF) in the capital city, the Chinese tycoon said the rate of cash transactions in Viet Nam was too high, despite the huge potential to develop e-commerce in the country, given its young and active population.

He said people keeping cash in their wallets increases chances of cheating, corruption and pick-pocketing. If people don’t use wallets, the cutpurse will be jobless.

Instead of using cash, consumers can use mobile phones equipped with anthropometric technology, Ma said, adding that such transactions would be safe and any fraud easy to detect.

Deputy Prime Minister Vuong Dinh Hue said at the forum that in the context of globalisation and integration, mobile payment was “an obvious trend”, and that “no one wants to be left behind”.

It is a trend that can bring many benefits to the people, enterprises and the State, he said.

Hue said that implementing digital technology solutions has helped many countries in the world achieve breakthroughs in promoting financial inclusion, enabling people from all walks of life to access financial and banking services.

“Digital technology helps remove spatial, time and geographic barriers, allowing credit institutions to offer products and services at a lower cost, and facilitating consumers’ access,” he said.

Hue said he agreed with the Alibaba Chairman that mobile payment would also improve transparency in economic activities.

Viet Nam will soon see an explosion in mobile payment, he predicted, saying the Government supported and was strongly committed to creating favourable conditions for mobile payment development in Viet Nam. This would help, in part, to reach the target of reducing cash transactions to below 10 per cent by 2020, he said.

Solid foundation

According to the State Bank of Viet Nam (SBV)’s Payment Department, Viet Nam has good foundations to popularise the mobile payment method, thanks to easy availability of telecommunications services and the high rate of mobile phone use.

So far, there are 130 million mobile phone subscriptions in Viet Nam, and 41.8 million of them use 3G to access the Internet. More than half the Vietnamese population uses smart phones, and their number is expected to increase to 80 million by 2020.

The department also notes that there are 41 commercial banks nationwide offering mobile payment services and their transaction value has been increasing strongly. In the first nine months of this year, there were 90 million mobile payment transactions worth VND423 trillion (US$18.8 billion), an increase of 93 per cent and 139 per cent, respectively, over 2016 figures.

Hue said that to address challenges in developing mobile payment, the Government will regularly hold dialogues with the business community as well as domestic and foreign financial institutions to figure out barriers and seek timely solutions.

The Government will also complete a legal framework and build action programmes to promote e-commerce application in general and mobile payment services in particular, he said.

The Deputy PM asked ministries and other agencies to study the possibility of e-payment application in informal economic sectors. These sectors need to be better managed to avoid tax losses, he said.

SBV Deputy Governor Nguyen Kim Anh said that the central bank has been encouraging commercial banks to apply advanced technologies in banking operations in general and payment activities in particular.

This will expand consumers’ ability to access modern banking products and services, which will help improve the business efficiency and governance capacity of credit institutions, he said.

Fintech development

Anh also said that the SBV has established a steering board of financial technology (Fintech) development to give the Government advice on legal frameworks and facilitate the operation of Fintech businesses.

Can Van Luc, director of training with the Bank for Investment and Development of Viet Nam, said that the Government needs to build a customer authentication infrastructure based on anthropometric data to support payment service providers in verifying customers’ information.

The VEPF, titled “Mobile Payment – a factor to promote non-cash economy” was organised by e-newspaper VnExpress and the National Payment Corporation of Vietnam (NAPAS) under the leadership of the State Bank of Viet Nam.

Source: VNS

Vietnam to become trustworthy trade partner: PM

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Themed “Viet Nam: We Mean Business,” the first-ever Viet Nam Business Summit, a highlight of the 29th APEC Leaders’ Week, opened at the Ariyana Conference Centre on Tuesday with the participation of more than 2,000 delegates, representing local and foreign business leaders.

Prime Minister Nguyen Xuan Phuc delivered the opening speech in which he highlighted the determination of the Vietnamese Government to develop the country into a trustworthy and potential trade partner of the world business community.

“I would like to extend the warmest welcome to the Viet Nam Business Summit, one of the many activities and events associated with this year’s APEC Summit, being held in central Đà Nẵng City and ancient Hội An Town, built in the 17th century by merchant fleets from Japan, China, India and other European countries, thus laying the foundation for open trade for hundreds of years,” PM Phuc said in his opening remarks.

The Prime Minister provided delegates with the latest information and outlook of the Vietnamese economy according to analyses and surveys of various world economic organisations.

“Reports from the World Bank Group pointed out that Viet Nam’s economic transition over the past 30 years has been of significant importance in the process of implementing worldwide transformative economic policies, as evident through high GDP growth rates and increased personal income,” the PM said.

Besides this, the World Economic Forum ranked Việt Nam 55 out of 137 countries in 2017, having climbed 20 positions in the past 30 years, with market scale reaching 31 out of 137.

“In 10 years since Việt Nam joined the WTO, the country’s export and import turnover has increased four times, reaching over US$400 billion, almost 175 per cent of GDP,” the PM said.

He also highlighted Viet Nam as a destination for international investors, with great efforts to improve the investment environment, attracting more than 4,200 foreign direct investment projects from 120 countries and territories, with capital equal to $310 billion and 155 per cent of national GDP, currently being undertaken in the country.

Agreeing with the Prime Minister, Dr Philipp Rosler, head of Regional and Government Engagement and member of the managing board of the World Economic Forum, highly appreciated the recent improvement of Viet Nam’s business competitiveness.

“Viet Nam made a huge stride last year of five ranks and in the last five years of 20 ranks. So we will see a great business environment and a great economic future for Viet Nam,” Dr Philipp Rosle said.

The delegates also had an opportunity to discuss issues of concern with four speakers — PM Phúc, Chairman of the Việt Nam Chamber of Commerce and Industry (VCCI) Vu Tien Loc, Vice President for the East Asia and Pacific Region of the World Bank Victoria Kwakwa and Dr Philipp Rosler.

The conference will feature six discussion sessions with the following topics — smart agriculture; financial services for development; healthcare and education; and infrastructure connectivity; as well as SMEs, start-up and innovation; and special economic zones and tourism potential.

The one-day event, organised by VCCI, aims to provide information to the business community about investment potential in various fields in Viet Nam.

Source: VNS

Petrolimex prepared for intensified competition

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Competition in the local retail petroleum market has stiffened with the involvement of foreign investors. Bui Ngoc Bao, chairman of Vietnam National Petroleum Group, discussed the firm’s plans to expand its future operations and undergo state stake divestments with VIR’s Bich Thuy.

In 2016, Japan’s JX Nippon Oil and Energy acquired an 8 per cent stake in Vietnam National Petroleum Group (Petrolimex). What are the firm’s main changes since having the foreign strategic partner?

JX Nippon Oil and Energy is a leading group in Japan with 100 years of experience. We have improved our business governance by increasing transparency and operational efficiency and minimising risks. Our operational standards have been internationalised.

Specifically, the business plan for three years has been built alongside the traditional five-year plan, which enables us to achieve our targets of cutting operational costs by 5-10 per cent a year and increase the sales volume by 3.5 per cent annually.

For example, in the first nine months of this year, the sales volume rose 7 per cent on-year, thus fulfilling 76 per cent of the group’s sales target.

Our business results have also improved a lot. As of December 31, 2016, Petrolimex’s total assets reached VND54.2 trillion ($2.46 billion). Its consolidated net revenue in 2016 was VND123 trillion ($5.59 billion), and pre-tax profits reached VND6.3 trillion ($286.36 million), up 68 per cent on-year.

In the first nine months of this year, PLX posted total consolidated net revenues of nearly VND112.43 trillion ($5.11 billion), up 27.7 per cent on-year, while total consolidated pre-tax profit reached VND3.55 trillion ($161.36 million), meeting 75.7 per cent of the whole-year target. With the result, our profit and revenue this year will surpass the targets.

Under Decision No.1232/QD-TTg, Petrolimex will divest 24.9 per cent of its state-held stake in 2018 to reduce state holdings to 53.7 per cent. Do you have plans to attract more foreign strategic partners? How can Petrolimex realise this plan?

We welcome influential and capable foreign investors. We already have JX Nippon Oil and Energy as a foreign strategic partner that is interested in strengthening its position in our company.

We are planning to issue more shares to reduce the state’s holding, buy stake in existing oil refineries in Vietnam or abroad, or invest in new projects. We are considering the efficiency of such actions before making any final decision.

We have two mammoth projects. The first is the over $7 billion South Van Phong oil refinery project. We and JX Nippon Oil and Energy have finished the feasibility study and are seeking governmental approval for investment incentives. We want the project to be treated similarly to others of comparable size and scope in the country.

We are also preparing to develop a liquefied natural gas (LNG) project to serve power projects. We are studying a location in the Mekong Delta province of Tien Giang, which has a huge demand for LNG – in the millions of tonnes. JX Nippon Oil and Energy is also interested in this project.

State-run Electricity of Vietnam is also proposing the government to shift to this fuel for new power projects. We will build more LNG plants when market demands increase. In addition, using clean fuels has become more popular in Vietnam and is set to become even more trendy in the future. Thus, we are focusing on developing clean fuel.

As planned, important investment decisions will be made for the two projects in 2018. With these two projects, we are able to achieve the state divestment target.

The participation of a Japanese giant in opening the first foreign-owned petrol station in Hanoi has opened the door to mounting competition. What is Petrolimex focusing on in terms of future business operations to retain its position as Vietnam’s biggest petroleum retailer?

We now hold nearly 50 per cent market share. Petrolimex now has 2,400 petrol stations and opens 70-100 new ones every year, which enables us to compete with any domestic or foreign rival at any level.

We are co-operating with powerful domestic groups, including Vietnam Railways, to expand our petroleum station network.

For overseas activities, we have been operating well in Singapore, Laos, and Cambodia. Sales in Singapore account for 15 per cent of the group’s total sales volume. In Laos, we focus on retail sales, while in Cambodia, we lean more towards wholesale transactions.

We are also considering overseas expansion into Myanmar. We are negotiating with a partner in Myanmar to capitalise on this growing market.

Source: VIR

Bitcoin regulation headaches reemerge in Vietnam

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The question Bitcoin regulation is back on the table in Vietnam after a private university announced plans to accept tuition payments in the cryptocurrency despite the central bank reiterating its position that the digital currency is outlawed in the country.

While Vietnam originally made Bitcoin transactions illegal, the government issued a directive in August tasking relevant agencies with preparations to complete a legal framework to manage the cryptocurrency.

The agencies were required to identify the appropriate regulatory measures to oversee Bitcoin and other ‘virtual assets’ by August 2018 and complete the legal framework to enact those measures by June 2019, according to the directive.

However, the State Bank of Vietnam announced late last month that Bitcoin is banned in the country and those who do business using the currency will be subject to fines or even criminal charges.

In a media statement on October 28, the central bank asserted that Bitcoin and other types of cryptocurrency are not considered as legal modes of payment in Vietnam, and the issuance, supply, and use of Bitcoin and other virtual currencies are prohibited in the Southeast Asian country.

Those breaching this regulation will be subject to a fine of between VND150 million (US$6,575) and VND200 million ($10,959), in accordance with a decree on penalties in the monetary and banking sector.

The announcement came after Le Truong Tung, president of privately-owned FPT University, announced that the institution “accepts tuition payment in Bitcoin,” calling the payment in the cryptocurrency a “feasible solution” for many international students.

Following the latest announcement of the central bank’s position, Tung defended that FPT University “only planned to” accept tuition in Bitcoin and has yet to enact the payment method in practice.

With the central bank reiterating its position that Bitcoin is outlawed, FPT University will “form a research group on Bitcoin” as it believes that “cryptocurrency is an issue that shouldn’t be ignored during these times of the Fourth Industrial Revolution.”

To ban or not to ban

While the State Bank of Vietnam is unlikely to recognize Bitcoin as a legal mode of payment, the ‘underground world’ of Bitcoin investors and ‘miners’ in Vietnam is quite active.

The central bank only bans the use of Bitcoin as a means of payment, which means investors in the currency are still able to store and exchange the cryptocurrency as an asset, not a currency unit, without violating the law.

Regulating Bitcoin is a headache suffered not only by Vietnam, according to Associate Professor Nguyen Khac Quoc Bao, dean of the finance department of the University of Economics Ho Chi Minh City.

“The world is still unable to find, or to be more precise, come to a mutual decision on how to treat this special form of currency,” Bao said.

“People around the world are arguing over the nature of Bitcoin as a currency, and whether it should be accepted in official transactions.”

Economic expert Ngo Tri Long said the first problem that needs solving is whether Bitcoin should be treated as goods or a currency.

In the meantime, Vietnam may look to other countries to form its official policy.

In early September, Russian finance minister Anton Siluanov said his ministry expects to finish working on a law that would define a procedure for buying cryptocurrencies, including the registration of entities willing to buy the virtual money, by the end of this year.

Siluanov said Russia’s government understands that cryptocurrencies are real and there is no sense in banning them, but instead, there is a need to regulate them, according to Reuters.

“The buying of crypto-currencies should be similar to buying securities, such as treasury bonds for households launched by the finance ministry this year,” Siluanov was quoted by Reuters.

China has banned Bitcoin and other cryptocurrencies since September 30, but there are signs that the ban will soon be lifted.

Analysts believe that Bitcoin has the potential to replace China’s currency in everyday transactions and as a store of value in the long term, according to Forbes.

Source: Tuoi Tre News

 

​Vietnam releases water from brimming reservoirs as APEC summit nears

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Vietnam released water from seven dangerously full reservoirs on Tuesday to avoid further flooding.

Vietnam released water from seven dangerously full reservoirs on Tuesday to avoid further flooding, after a weekend typhoon killed nearly 90 people.

Authorities said particular effort was being made to avoid flooding around the city of Danang, which will host U.S. President Donald Trump, China’s Xi Jinping and Russia’s Vladimir Putin among Asia-Pacific leaders at a summit this week.

Water was being released from seven reservoirs, in line with a flood relief plan, the Steering Committee for Disaster Prevention said, and observers had been posted at major reservoirs to monitor water levels constantly.

Typhoon Damrey, which struck on Saturday, was the 12th major storm of the year. Eighty-nine people were known to have died because of the storm, 18 people were missing and 174 people were injured, the search and rescue committee said.

As much as 1,700 mm (67 inches) of rain was recorded at one weather station in the week to Monday. Rains are expected to continue until Wednesday before reducing on Thursday.

Asia Pacific Economic Cooperation (APEC) meetings began in Danang on Monday, and Trump, Xi and Putin are due to join other regional leaders at the main summit on Friday and Saturday.

The schedule of meetings has not been disrupted by the rain, but the leaders’ spouses may not be able to make a planned excursion to the UNESCO heritage town of Hoi An on Saturday.

Waters in the streets rose to head height at the weekend, although they had subsided somewhat by Tuesday.

Because of its long coastline, Vietnam is prone to destructive storms and flooding. Floods killed more than 80 people in northern Vietnam last month, while a typhoon wreaked havoc in central provinces in September.

The storm hit a key coffee-growing region of the world’s biggest producer of robusta coffee beans near the start of the harvest. But farmers in Daklak, the heart of the region, said the damage was limited.

Source: Reuters

 

New expressway to cut travel time from Hanoi to Ha Long Bay by half

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Road trips from Vietnam’s capital to the famous bay will be slashed to one and a half hours.

A new expressway scheduled for completion in March next year will reduce travel times from Hanoi to the world famous Ha Long Bay to just an hour and a half.

The obvious transit point for people wishing to visit the bay is Hanoi, which is 180 kilometers (112 miles) to the west and home to an international airport.

The journey currently takes at least three hours.

Van Don International Airport around 50 kilometers from the bay is also scheduled to open next spring.

The $330 million airport is designed to receive two million arrivals a year by 2020, and there are plans to expand the capacity to five million by 2030.

Officials said the new infrastructure is being put in place so that Ha Long and Quang Ninh Province can host a national tourism year for the first time in 2018 and the ASEAN Tourism Forum in January 2019.

The national tourism year will include a paragliding tournament in April, an international car race in June and a food festival in the fall.

Ha Long Bay was named a UNESCO world heritage site in 1994, and is one of the most popular tourist destinations in Vietnam.

Visitors to Ha Long during the first half of 2017 rose 12 percent on-year to more than 4.3 million, including 1.7 million foreign travelers, according to Quang Ninh’s news portal.

The bay was used to film the recent Hollywood blockbuster “Kong: Skull Island”, and has been raved about by many travel bloggers.

Source: Vy An

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