Sale of Commonwealth Bank Australia’s Ho Chi Minh Branch to Vietnam International Bank

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Australian-based bank, , Commonwealth Bank Group (CBA), has announced the sale of its Ho Chi Minh City branch to Vietnam International Bank (VIB), one of Vietnam’s leading bank for commercial joint stock. CBA commenced its banking activities in Vietnam back in 2008. Two years later, the bank established a strategic partnership with VIB where CBA acquired a proportion of 20% in VIB’s stake. General Manager of CBA Vietnam, Steve Ellis mentioned that this decision signifies CBA’s commitment to the Vietnamese market by strengthening the partnership with VIB and that it also demonstrates CBA’s confidence in VIB’s ability to continue providing high-quality customer service.

The approval of this sale was given by the State Bank of Vietnam and while the value of the transaction was not disclosed, the banks expect the sale process to be completed in the third quarter of this year. CBA will be contacting its customers to ensure a smooth transition of their banking relationship to VIB. Additionally, CBA’s representative office in Hanoi would be retained to serve as a liaison with the corporations, financial institutions, and government agencies in Vietnam.

“With the purchase of CBA’s Ho Chi Minh City branch which catered to the needs of about 20,000 customers, VIB will be able to tap on the increased customer base to grow its core retail banking business.”

According to RFi Group data, VIB currently has a market penetration of 5% in Vietnam’s Retail Banking Sector (Vietnam Retail Banking Council, H1 2017) and with the purchase of CBA’s Ho Chi Minh City branch which catered to the needs of about 20,000 customers, VIB will be able to tap on the increased customer base to grow its core retail banking business.

- By VIVIEN LIM, RFi 

India to sign 12 agreements with Vietnam, extends $500m for defense cooperation

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India on Saturday extended $500 million Line of Credit to Vietnam for facilitating deeper defence cooperation with the south east Asian nation, as the two countries elevated their ties to a Comprehensive Strategic Partnership to respond to emerging regional challenges.

“Our decision to upgrade our Strategic Partnership to a Comprehensive Strategic Partnership captures the intent and path of our future cooperation. It will provide a new direction, momentum and substance to our bilateral cooperation,” Prime Minister Narendra Modi said after talks with his Vietnamese counterpart Nguyen Xuan Phuc here. Fistpost.com reported

He said the two sides recognised the need to cooperate in responding to emerging regional challenges.

Vietnam had earlier Strategic Partnership only with Russia and China.

Modi, who arrived here on Friday on his maiden visit to the country, described his talks with Vietnamese counterpart as “extensive and very productive” and said they covered the full range of bilateral and multilateral cooperation.

“I am also happy to announce a new Defence Line of Credit for Vietnam of USD 500 million for facilitating deeper defence cooperation,” he said.

“Our common efforts will also contribute to stability, security and prosperity in this region,” he said.

The two countries signed 12 agreements in a wide range of areas covering IT, space, double taxation and sharing white shipping information.

An agreement on construction of offshore patrol boats was also signed by the two sides, signalling a step to give concrete shape to defence engagement between the two nations.

“The range of agreements signed just a while ago point to the diversity and depth of our cooperation,” Modi said, adding the agreement on construction of offshore patrol boats is one of the steps to give concrete shape to bilateral defence ties.

He said as the two important countries in this region, India and Vietnam feel it necessary to further their ties on regional and international issues of common concern.

Modi also announced a grant of $5 million for the establishment of a Software Park in the Telecommunications University in Nha Trang.

“We agreed to tap into the growing economic opportunities in the region,” said Modi, the first Indian premier to visit the country in 15 years.

Noting that enhancing bilateral commercial engagement is the strategic objective of the two nations, he said, “For this, new trade and business opportunities will be tapped to achieve the trade target of $15 billion by 2020.”

Besides seeking facilitation of ongoing Indian projects and investments in Vietnam, Prime Minister Modi said he has invited Vietnamese companies to take advantage of the various schemes and flagship programmes of the Indian government.

“As Vietnam seeks to empower and enrich its people, Modernise its agriculture; Encourage entrepreneurship and innovation; Strengthen its Science and Technology base; Create new institutional capacities for faster economic development; and Take steps to build a modern nation, India and its 1.25 billion people stand ready to be Vietnam’s partner and a friend in this journey,” Modi told his Vietnamese counterpart.

Speaking about the framework agreement on Space Cooperation, he said it would allow Vietnam to join hands with Indian Space Research Organisation to meet its national development objectives.

Hoping for an early establishment and opening of the Indian Cultural Centre in Hanoi, he said, “The Archaeological Survey of India could soon start the conservation and estoration work of the Cham monuments at My Son in Vietnam.”

He also thanked Vietnam’s leadership in facilitating inscription of Nalanda Mahavihara as a Unesco World Heritage site earlier this year.

Noting that Asean is important to India in terms of historical links, geographical proximity, cultural ties and the strategic space that the two sides share, he said, “It is central to our ‘Act East’ policy. Under Vietnam’s leadership as Asean Coordinator for India, we will work towards a strengthened India-Asean partnership across all areas.”

Modi also expressed the need to “stay focussed to keep up the momentum” in bilateral ties and invited the Vietnamese leadership to India.

Updated Date: Jan 06, 2017 18:43 PM

International Ladies in Vietnam

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Parla Salomaa is a Finnish expat living in Saigon for the past two and a half years, and is currently the Vice President of Administration for International Ladies in Vietnam, or ILV.

“We are a social organisation”, Salomaa says. “We help women that come to Ho Chi Minh City and provide them with information, support and friendship. Basically when you’re new, it can be your lifeline. When I first came here I didn’t know anybody. Essentially, ILV is a meeting of friends that makes anyone new feel welcome to the city.”

There’s many reasons that people end up in Saigon. Salomaa is here because her husband took a relocation for his career with a company he worked for back in Finland. What’s known in the expatriate community as a “trailing spouse”, but Salomaa had visited Vietnam before.

“We had the conversation long ago about getting a job overseas, and how we both agreed we would go along with it.” Salomaa tells me. “Of course when he said ‘I am getting a job in Vietnam’, my previous trip to Saigon was in 1999 and things were much different. I remember being here and not seeing Coca-Cola products anywhere.”

She couldn’t get the image out of her head of what she knew Vietnam to be, and she can now easily identify with the women that are making the leap from their home nation to this mysterious land we all know.

“There’s people that have never even travelled outside of their home country, and people that have been travelling all over the world. At one point [ILV] had over 42 nationalities. People from all walks of life.”

Parla and her husband don’t have children, and that’s one of the things that she said can really help you break into a wide variety of social groups. ILV focusses on women from all backgrounds, and just wants to provide a network for anyone that feels like they are starting their life from scratch in a foreign world.

It all starts over coffee.

“Basically, every Thursday we have a coffee morning, and we have someone assigned to help out newcomers.” Salomaa says. “People ask you how long you’ve been in town, where you’re from and tell you about what ILV offers. We have meet-up activities for almost every week day. Playing mahjong or bridge, long dancing, card games, bowling and a book club. Thursdays are for everybody but we always have someone assigned to newcomers.”

International Ladies in Vietnam has been around for quite some time, and it has a seriously interesting history. They just celebrated their 25 year anniversary, each lady fully clad in áo dài as an homage to the culture of the land members currently call home.

It all started in 1992 when the few foreign women who had come to Saigon with their husbands decided to meet at the Floating Hotel, “the Floater”, along Ton Duc Thang Street. There were only a few expat women living in Saigon. The availability of goods, services, houses, hotels, restaurants and the choice of imported foods was very limited. Ladies who were in town in the morning began making it a routine to stop by the Floater to see if other ladies were also in town. After a while, Tuesdays became a regular morning out and ladies would often meet for a cup of coffee, go shopping (someone was always desperately hunting for something), and then have lunch together.

“Back in 1992 you couldn’t even bring airline magazines into the country,” Salomaa explains. “I’ve met one of the founding members. At that time it was said that there were districts but no names on the street. [Foreigners] had to go by landmarks. There wasn’t easily found baby food, medical supplies and other necessities. You also couldn’t travel freely. There’s stories of these women hiding in the back of a truck just to get out of the city to explore.”

To celebrate the 25th anniversary, the ladies had a lunch with 122 current and former members. 30 of them came all the way back to Vietnam just to show their support and celebrate how important International Ladies in Vietnam has been in their lives.

Things change fast in Saigon, and with the internet transforming the planet, ILV has seen a lot of its own changes as well.

“Of course the city has changed a lot over the years.” Salomaa says. “We have people that are members currently that have been here for 15 years or more, but the typical thing is you have people coming and going. The internet has made everything so much easier. Before the technology of Facebook and other social media, groups like this helped pave the way for women to establish themselves comfortably in a foreign culture. We used to have at the height 400 members, now it’s about 200.”

With so many different groups now coming out of the woodwork, and the ability to connect with other people through cellular devices and computers instead of sparking conversation with a stranger at a local cafe, social groups like International Ladies in Vietnam are going to have to adapt to the evolution of human social behaviours.

That’s why ILV is making some pretty big moves to ring in their silver anniversary.

“Our new bylaws were approved at our meeting in March that men can now become associate members.” Salomaa says excitedly. “We realize that there are trailing husbands now as well. We accept Vietnamese people as members. There’s no other criteria. Just pay the initial fee and show up and participate in whichever way you prefer.”

If you’re interested in joining International Ladies in Vietnam, visit their website ilvietnam.com or stop in to the Intercontinental any Thursday morning.

Source: ASIALIFE

Mercedes-Benz to refuse fixing problem on GLC and GLC Coupe

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During December we received ten separate reports of Right Hand Drive Mercedes-Benz GLC and GLC Coupes making an “awful noise” when significant lock is applied.

The standard tyre sizes for the AMG GLC 43 4MATIC Coupe are 235/55R19 front and 255/50/R19 rear. To overcome juddering and jumping of the tyres, Mercedes Benz tells customers: “It is something which can be felt only at very low speeds and when a certain percentage of wheel lock is engaged for turning. This is demonstratively more evident in colder temperatures due to the changes in the tyre rubber elasticity. As per the Mercedes-Benz Digital Handbook for your car, we would always recommend the use of winter tyres for temperatures, which fall below approximately +7 degrees. The recommendation given to improve this characteristic would be to change the tyres on your vehicle to suitable tyres for the winter period.” Honest John reported on honestjohn.co.uk

This has infuriated owners. The problem not only occurs on the high performance GLC 43 with staggered tyres, it occurs on all GLC and GLC Coupes. Particularly since over this winter the ambient temperatures has rarely fallen below 7 degrees and the problem occurs at all temperatures.

One owner who regularly suffered the problem on a roundabout in Australia (where the temperature never falls below 8 degrees), eventually persuaded Mercedes-Benz Australia to put his car through a full four way laser alignment, where all four wheels were found to be out.

This almost entirely cured the problem and the owner has driven a further 12,000 kilometres with “crabbing now minor on the same roundabout.”

Mercedes-Benz UK refuses to re-align UK customer GLC and GLC Coupe models and simply tells its customers to buy a new set of winter tyres.

Pham Nhat Vu buys Vermelha Station to invest heavily in Australian cattle industry

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A prominent businessman from Vietnam has purchased a Northern Territory cattle station.

In what is believed to be the first major Vietnamese investment into the north Australian beef sector, Vermelha Station has been sold to An Vien Pastoral Holding and Agriculture for $18 million. ABC reports.

The Australian Securities and Investments Commission lists the major shareholder of the company as Pham Nhat Vu, the chairman of media company An Vien Group.

Mr Pham Nhat Vu is the brother of Vietnam’s only billionaire and head of conglomerate Vingroup, Pham Nhat Vuong.

In February, the Australian newspaper reported Vingroup had purchased a Sydney CBD redevelopment site for $22.5 million.

The northern cattle industry continues to be well-supported by both domestic and foreign companies, as it has been for decades, with many properties recently changing ownership.

Cattle stand in the yards on Vermelha Station in the Northern Territory. (Supplied: Veronica Elliott)

Vermelha is 2,039 square-kilometres in size, located about 200 kilometres south of Katherine, alongside the Stuart Highway.

While not commenting specifically on the new owner, selling agent Sue Brosnan from Tanami Rural Property told ABC Rural the property would continue to be run as a pastoral enterprise, which may look to diversify.

“They will be looking at the new diversification provision of the Pastoral Land Act, just to ensure they’re making best use of the property,” she said.

“I think it will be fantastic for the pastoral industry, as I’m sure they’ll be committed to the industry as investors here.”

Ms Brosnan said there were 10,000 Brahman-cross cattle included in the sale.

“The cows – even at this time of year in the dry season – are in really good condition,” she said.

“It’s also been well-developed in terms of fencing, laneways, yards and waters.”

The Top End already has a large population of very successful Vietnamese farmers in Darwin’s rural area, however few have ventured far beyond fruit and vegetables.

Vermelha Station, formerly owned by Lyn and Bobbie Brazil, may be well suited to a diversification model, with a recent Northern Territory Government study finding the local soils to be very suitable to irrigation projects.

The property has a reasonable water licence and was the first in the region to introduce a centre pivot irrigator to grow hay for cattle.

Another Vietnamese company, which was looking for land to develop a large dragon fruit farm, came close to buying Vermelha earlier this year.

The CT Group inspected the property but failed to follow through with the purchase.

Lindsey and Veronica Elliott will continue to manage the property on behalf of An Vien Pastoral Holding and Agriculture.

- abc.net.au

English to be second language in Vietnam

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Vietnam have directed all Educational institutions to implement English as a second language on campus, it has been announced, which could increase student mobility and international collaborations with the country.

The Minister of Education and Training, Phung Xuan Nha, has initially aimed this regulation at 61 universities, academies and colleges under the Ministry.

According to the announcement, the regulation will ensure that lecturers at universities hold their meetings in English, with students also required to give presentations and discussions in English.

“It sends a very strong signal that English proficiency is important for Vietnam”

Autonomous universities will be asked to review and report on the difficulties in implementing English as a second language on campus, and suggest resolutions.

“Once English becomes a second language at universities rather than just a foreign language, international cooperation in the education and training area will become much easier,” said Nga Bui, education services manager at British Council Vietnam.

Bui added this trend should also pave the way for increased student exchange.

“UK institutions can promote their summer English courses,” she said. “And English language providers may want to consider opening a branch campus in Vietnam for student training or capacity building for academics.”

Mark Ashwill, managing director of the educational consulting company, Capstone Vietnam, told us that the new regulation is a “bold move”.

“It sends a very strong signal that English proficiency is important for Vietnam, its ongoing integration into the global community, and its long-term sustainable development.”

Ashwill nevertheless echoed more student mobility could arise as a result of the policy.

“There are official efforts to recruit more international students and, in many cases, the language of instruction is English so, yes, this move will support that trend.”

Vietnam ranks 29th on EF Education First’s English Proficiency Index overall, ranking 5th among Asian countries.

As the country aims to compete in a global marketplace through the recently launched ASEAN Economic Community, improving the country’s level of English is crucial.

Other efforts to raise the bar include making English compulsory for students in Grade 3 and above by 2018. It is currently only mandatory for those in Grade 10 and above.

According to Ashwill, progress is indeed being made. “I have been an eyewitness to the rapid improvement of English proficiency among young people,” he commented.

“This applies not only to students who plan to study in an English-speaking country – I get very good feedback from US colleagues about the English proficiency of most Vietnamese students – but also in general, even among young people who have no plans to study overseas.”

Herschel Supply Updates Its BHW Collection with ApexKnit Technology

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Dekmantel & Patta Re-Team for 2016 Summer

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Tom Sachs Brings Boombox Culture Back to the Brooklyn Museum

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The Evolution of Her Signature Line With Urban Outfitters

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Markaware Presents 2016 Spring/Summer Lookbook

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Here’s What You Need to Know About Collaborations in Fashion

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Herschel Supply Spring 2015 Lookbook Video

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