A world in which robots fully take work over from humans may seem scary for developing economies, but on-going automation is bringing substantial benefits to businesses and society. People worldwide are talking about the Fourth Industrial Revolution – or Industry 4.0 – and what economic and societal impacts it will introduce. But what is Industry 4.0? Industry 4.0, a concept first put forth by Klaus Schwab, the founder and executive chairman of the World Economic Forum (WEF) at the Davos economic summit in 2016, is characterised by development in a range of new technologies such as genetic engineering, artificial intelligence, robotics, nanotechnology and biotechnology. Like previous industrial revolutions, which introduced advancements in mechanisation and the steam engine, the expansion of electricity, steel and oil, as well as the advents of the internet and green energy, recent developments in robotics, artificial intelligence (AI) and internet of things offer great … [Read more...] about Harnessing automation requires preparation for work disruption
Challenges faced when conducting research
Government News In Brief
Vietnam-India ties enjoy substantive development: Ambassador Vietnamese Ambassador to India Ton Sinh Thanh The comprehensive strategic partnership between Vietnam and India is enjoying dynamic and substantive development, according to Vietnamese Ambassador to India Ton Sinh Thanh. The ambassador granted an interview to the media on the Vietnam-India ties on the occasion of the 30th Diplomatic Conference to be held from August 12-17 in Hanoi. Ambassador Thanh said there are four outstanding points in the two countries’ relationship during the past two years. First of all, the bilateral political relationship and mutual trust have been strengthened thanks to the constant exchange of high-level visits. During the visits, the two countries have signed 17 more agreements on cooperation across the fields. Second, defence-security cooperation has reached the highest level ever, with its scope covering all military forces and the content expanded beyond … [Read more...] about Government News In Brief
BUSINESS NEWS IN BRIEF 8/8
VIB buys back all bad debt from VAMC Vietnam International Bank (VIB) announced last week that it has repurchased more than VND1.46 trillion (US$64.2 million) worth of debt from the Viet Nam Asset Management Company (VAMC). With this move, VIB was recognised by the State Bank of Viet Nam and VAMC as one of four banks which required all bad debts that they sold to VAMC. Three others are Vietcombank, Techcombank and MBBank. Earlier in July, VIB released its financial report in the first half of 2018 with a profit of over VND1.15 trillion ($51 million), triple that of the same period last year, or equivalent to 57 per cent of the yearly target. During the period, the banks’ net revenue reached VND2.7 trillion, up 56 per cent year-on-year, while its lending saw a yearly rise of 9 per cent to VND91.7 trillion. From January to July, VIB’s Capital Adequacy Ratio (CAR) was maintained at 12.5 per cent while the cost-income ratio (CIR) stood at 49 per cent, … [Read more...] about BUSINESS NEWS IN BRIEF 8/8
Businesswomen still face obstacles in Vietnam
Businesswomen still face obstacles in VietnamBy Hung Le Female entrepreneurs discuss at the forum - PHOTO: HUNG LE HCMC – Vietnamese women have greater interest in business than those in other countries in the region, but they have encountered a host of challenges along the path to leadership, heard a forum held in HCMC on July 10 on training female entrepreneurs to acquire leadership and business development skills. Speaking at the forum jointly organized by the Vietnam Association of Women Entrepreneurs (VAWE) and the US Agency for International Development (USAID), Chairwoman of the Vietnam Women Entrepreneurs Council Nguyen Thi Tuyet Minh said the proportion of Vietnamese women aspiring to enter the business realm is quite high, and this was confirmed by international organizations and foreign firms via on-site surveys. Minh cited a survey from Facebook as indicating that four out of five Vietnamese women want to establish their own business. The survey was conducted … [Read more...] about Businesswomen still face obstacles in Vietnam
Government News 30/3 (Hourly Updated)
Parliamentary groups asked to foster Vietnam-Romania ties Vice Chairman of the National Assembly Uong Chu Luu receives Chairman of the Romania-Vietnam Friendship Parliamentary Group Simion Lucian-Eduard in Hanoi on March 29. Vice Chairman of the National Assembly Uong Chu Luu has said that friendship parliamentary groups of Vietnam and Romania should maintain meetings and increase the exchange of information and experiences, thus fostering economic, trade and investment ties between the two nations. Luu made the statement while receiving a delegation of the Romania-Vietnam Friendship Parliamentary Group led by its Chairman Simion Lucian-Eduard in Hanoi on March 29. Luu reiterated that Vietnam always wants to consolidate and develop the friendship and multifaceted cooperation with Romania. Vietnam appreciated Romania’s support for Vietnam’s past struggle for national independence and reunification as well as the current process of national construction and … [Read more...] about Government News 30/3 (Hourly Updated)
BUSINESS IN BRIEF 28/3
Fate of Ban Phuc Nickel remains murky The fate of Ban Phuc Nickel mine invested by Ban Phuc Nickel Mines Limited Liability Company (BPNM) remains uncertain. A representative of the Son La Department of Industry and Trade told VIR that the mine’s operation has been suspended since October last year. To date, the department has yet to receive any specific plans to resume the mine’s operation from the investor. Previously, in October 2017, BPNM officially decided to suspend the operation of Ban Phuc Nickel mine until September 30, 2018 due to the company’s massive losses. In 2007, Asian Mineral Resources Limited (AMR), a global mining group listed on the bourse in Toronto, Canada, was granted the licence to exploit and process ores in the Ban Phuc nickel ore mine, which has a reserve of more than 200,000 tonnes of nickel and 18,000 tonnes of copper. According to the initial plan, AMR will co-operate with domestic enterprise Son La Mechanical Engineering JSC to establish … [Read more...] about BUSINESS IN BRIEF 28/3
BUSINESS IN BRIEF 1/2
PNJ targets opening at least 40 stores this yearPhu Nhuan Jewelry (PNJ) plans to open at least 40 new stores this year and have 300 by the end of April. The 40 new stores include gold stores or stores combining gold and silver retail.It has also set a net revenue target of VND14.1 trillion ($619.6 million) for the parent company this year, up 30 per cent, with after-tax profit increasing 22 per cent to VND882 billion ($38.7 million).PNJ is in the process of preparing for upgrading and modernizing its ERP system, through which it can study customer behavior at outlets and better understand customer choice.The company also plans to use big data to develop new products aimed at more specific customer groups and at the same time use digital marketing strategies to expand market share.As noted by HSC, PNJ’s sales in FY2017 increased 28 per cent year-on-year to VND10.97 trillion ($482.1 million) thanks to most segments growing strongly. Gold bar revenue increased 20 per cent, to … [Read more...] about BUSINESS IN BRIEF 1/2
Social News 16/1
Fire destroys thousand sq. meter wood factory in Dong NaiA huge fire suddenly occurred at a wood factory of Shing Mark Company in Bai Xep Industrial Park, Trang Bom district, Dong Nai at midnight on January 15. Because materials inside the wood factory are easily ignited, the flame quickly spread out causing the firefighters to meet difficulties in order to access the site and localize the fire. By 5am today, the blaze was extinguished.The initial information showed that there was no death in the fire; however, the flame destroyed thousand sq. meter factory and burnt wood materials inside the factory. At present, the functional agencies have investigated the cause of the fire. HCM City ensures traffic safety for TetThe Ho Chi Minh City Traffic Safety Committee has deployed various measures to ensure traffic safety and order in the city before and during the Tet (Lunar New Year) holiday.Nguyen Ngoc Tuong, deputy chief of the committee, said, “The campaign aims to … [Read more...] about Social News 16/1
BUSINESS IN BRIEF 14/1
Pepper growers concern about falling pricesPepper growers are entering the harvest season of 2018 in the southeastern region of Vietnam, concerning about price fall and output reduction because of pests and diseases.Traders now pay VND65,000-66,000 a kilogram of pepper, accounting for half of the price in the same period last year.Long lasting rains last year created conditions for pests and diseases to attack pepper crop, resulting in output drop this year.According to statistics, high pepper prices in previous years sent farmers to expand farming area to 40,100 hectares in Ba Ria-Vung Tau, Dong Nai and Binh Phuoc provinces in 2017. The area far exceeds the plan of 12,800 hectares by 2020 of the Government.That has broken supply and demand balance causing continuos price reductions for the last two years. Enterprises develop fast in number, efficiency low: economic survey 2017Data from economic survey of HCMC 2017 showed that although the number of enterprises quickly develops, their … [Read more...] about BUSINESS IN BRIEF 14/1
Social News 4/1
Efforts scaled up to prevent winter-spring diseasesThe prevention and treatment of winter-spring diseases should be implemented effectively and synchronically, Minister of Health Nguyen Thi Kim Tien said at a teleconference on January 4. Tien asked medical establishments to soon detect infection cases to reduce the number of fatalities, while paying attention to bacterial contamination and cross-infection in hospitals. At the same time, it is necessary to increase public awareness of preventive measures, the minister said.Speaking at the conference, Director of the Health Ministry’s Preventive Medicine Department Tran Dac Phu said dangerous and newly-emerging diseases like avian influenza A/H7N7, Mers-Cov and bubonic plague are very likely to penetrate into Vietnam and break out if drastic preventive measures are not taken. The cold weather and crowded festivals in the winter-spring seasons could facilitate the development of such diseases as avian influenza, … [Read more...] about Social News 4/1