The sadness of heritage

VietNamNet Bridge - VietinBank, a state-owned bank, is no longer one of the top 5 profitable banks, while a private bank has for the first time been added to the top 3. In Vietnam, four state-owned banks were the largest and most profitable in previous years, but that has changed. VietinBank, a state-owned bank, is no longer one of the top 5 profitable banks, while a private bank has for the first time been added to the top 3. Analysts say that Techcombank is following a specific operation model with its core activities revolving around relations with large partners such as Vingroup (real estate developer), Masan (consumer goods manufacturer) and Vietnam Airlines (air carrier). US$1=VND22,000 RELATED NEWS VN banks believe 2018 profit target within reach ‘The big five’ in Vietnam’s banking system Kim Chi … [Read more...] about Bank rankings see big changes in 2018

Vietnam, India urged to cooperate in areas of mutual strength  The 9th Vibrant Gujarat Global Summit (Source: indianexpress.com) Vietnamese Ambassador to India Pham Sanh Chau has suggested Vietnam and Gujarat state, and India in general, step up cooperation in such areas as farm produce, food, garments-textiles, pharmaceutical products and tourism.  Chau made the suggestion at a meeting with President of the Gujarat Chamber of Commerce and Industry (GCCI) Jamin R.Vasa on the sidelines of the 9th Vibrant Gujarat Global Summit (VGGS 2019) in Ahmedabad city on January 18. The ambassador called on the two sides to help their businesses participate in trade fairs of each other, stressing that the enhanced coordination between the Vietnamese Embassy and the GCCI would contribute to promoting bilateral trade and investment ties.  Jamin R.Vasa committed to organising trips for Gujarat enterprises to Vietnam in April or May this year to explore investment and business … [Read more...] about Government News 20/1

Lao traffickers arrested in Dien Bien Border guards in Dien Bien province have arrested two Lao nationals for illegally smuggling drugs. The suspects were identified as Ly A Sua, 42, and Hua A Cho, 31, residing in Phongsali district, Laos. Accordingly, at 22:00, the police caught them red-handed. These men were in possession of  6,000 pills of synthetic drugs, 3 kg of opium, and other exhibits which has now been seized by the authority. The arrested admitted they transported the drugs from Laos into Vietnam for consumption. Further investigation into the case is underway. Steel flyover helps ease traffic congestion at Tan Son Nhat airport area The final arm of steel flyover at the Nguyen Thai Son-Nguyen Kiem intersection in Go Vap district, HCM City was opened to traffic on January 18. steel flyover helps ease traffic congestion at tan son nhat airport area hinh 0 With a total investment capital of VND504 billion, the steel N-shape bridge is one of the six major traffic … [Read more...] about Social News 20/1

Football website Fox Sports Asia has named Vietnamese midfielder Nguyen Quang Hai one of the ten best performers of the third round of matches as the group stage of the ongoing AFC Asian Cup 2019 came to a close.  Vietnamese midfielder Nguyen Quang Hai (Number 19) dribbles in a match against Yemen  “Having already inspired Vietnam to being crowned champions of Southeast Asia with displays befitting the Most Valuable Player he picked up, Nguyen Quang Hai is showing no signs of slowing down,” it said. “With Vietnam needing to beat Yemen to stand any chance of progressing, Hai rose to the occasion by getting them on their way to a 2-0 triumph with a sublime 28m free kick”, Fox Sports Asia added. Apart from Hai, another player from Southeast Asia, midfielder Thitipan Puangchan of Thailand, was also selected by the football website as he equalised the score for Thailand in a match against host the United Arab Emirates (UAE).  Quang Hai was … [Read more...] about Vietnamese player Quang Hai among 10 best performers of Asian Cup’s third round

Mr. Warrick Cleine, Chairman & CEO of KPMG in Vietnam and Cambodia, tells VET how the CPTPP will affect Vietnam's economy in terms of trade and investment. As Vietnam officially ratified the CPTPP in November, how will Vietnam benefit from the agreement in the context of China-US trade tensions? The Trump Administration is actively challenging the global consensus on rules-based trade policy, questioning the effectiveness of the WTO and imposing actual or threatened tariffs on certain trading partners, especially China. Vietnam has been very active in international trade for the past 20 years and more, negotiating trade agreements with important trading partners, entering into multilateral arrangements such as the WTO and the AEC, and, more recently, entering into the EU-Vietnam FTA and the CPTPP. These agreements bind Vietnam to a multilateral, rules-based trading system, and have been incredibly successful at powering its export story, creating career opportunities and … [Read more...] about CPTPP beneficial to exporters

Under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vietnam has committed to relaxing its requirements for foreign retailers seeking to expand their operations in Vietnam, according to Thanh Nien Onlinenewspaper. Customers are seen inspecting products at a 7-Eleven convenience store in HCMC. (Photo: Saigon Times) New regulations state that five years after the trade pact comes into force, the country will abolish the regulation that foreign retailers wanting to open their second outlets in Vietnam must ask local authorities for permission and be subject to Economic Needs Test (ENT) criteria. Vu Quoc Chinh, from the School of International Business and Marketing of the HCMC University of Economics, said the elimination of those obstacles may result in foreign retailers flocking to the country.  Competitive prices are an advantage for local retailers, while their foreign rivals often offer better services, especially logistics. However, … [Read more...] about CPTPP assists foreign retailers in Vietnam

Vietnam Sustainability Forum 2019 takes place in Hanoi At the forum (Source: VOV) The Vietnam Sustainability Forum 2019 took place in Hanoi on January 18 following the successful organisation of the first event last year. The forum creates a platform for policymakers, non-governmental organisations, businesspeople, and experts at home and abroad to exchange ideas to promote economic growth and sustainable society. Deputy Minister of Planning and Investment Le Quang Manh said Vietnam needs more effective solutions to address sustainable issues in the fields of human resources, climate change adaptation, smart agriculture, environment, and the Fourth Industrial Revolution. “Promoting sustainable development is not only about economic development, but also the settlement of social issues and environmental protection,” he said. In 2018, Vietnam recorded the region’s highest GDP growth at 7.08 percent as well as a trade surplus of 7.21 billion USD, tripling that of … [Read more...] about BUSINESS NEWS IN BRIEF 20/1

Dr. Suiwah Leung, Honorary Associate Professor of Economics at the Crawford School of Public Policy, The Australian National University, looks back on 2018 and ahead to 2019. With global GDP growth initially predicted to peak at 3.1 per cent in 2018, the year looked to hold much economic promise for Vietnam. This held true initially, with first quarter real GDP expanding by almost 7.4 per cent, boosted by strong export growth in manufacturing and agriculture. The service sector also saw robust growth in domestic demand and tourism. But global conditions became more worrying and uncertain as the year progressed, particularly with the continued structural slowdown in China and threat of a US-China trade war. In the short term, changes in the supply chain away from China benefit Vietnam, provided there is sufficient dynamism in the domestic private sector to respond to rapid increases in external demand. For instance, it seems that Foxconn - the world’s biggest electronics contract … [Read more...] about Vietnam’s economic resilience holds

Ca Hom – Ben Ba sedge mat weaving village in Ham Tan commune, Tra Cu district, Tra Vinh province provides the Mekong Delta region with hundreds of thousands of colourful sedge mats each year. Fields of sedge, the material for weaving mats, can be found anywhere in Ca Hom – Ben Ba village  Ca Hom sedge mats are made under several steps, which require artisans’ meticulousness  Ca Hom – Ben Ba sedge mats are dyed with vibrant colours  During the idle times between crops, many farmers begin to weave sedge mats to earn additional incomes  Fresh sedges are dyed with vibrant colours  Fresh sedges are dried in the sun  Artisans need to check if sedge fibres are even before weaving Fresh sedges are dyed with vibrant colours  Mats are weaved by loom  Ca Hom – Ben Ba sedge mats are popular in southern market  After having been weaved, sedge mats are shaped carefully  Complete sedge mats are … [Read more...] about Ca Hom

New-generation free trade agreements have provided fresh impetus for investors from Europe and developed countries to expand their operation in Vietnam and invest in the country’s hi-tech initiatives, experts said. Foreign hi-tech investment supports Vietnam’s industrial digitalization The Europe-Vietnam Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have offered legal framework and intellectual property right incentives to further ¬encourage investors from member countries to flock to Vietnam. According to Lindsey Ice, senior economist from economic analysis and forecasts provider Focus Economics, as most of Vietnam’s current FDI largely originates from Asian countries, the presence of investors from Europe and advanced countries like Australia and Canada will grow – and these trade pacts will provide fresh impetus. Moreover, Ice said, while recent FDI in Vietnam has been primarily … [Read more...] about Vietnam receives a better class of foreign investment