Price Waterhouse Cooper’s (PwC) 2018 Global Economic Crime and Fraud Survey in Vietnam finds that 52% of Vietnamese enterprises had experienced economic crime in the past two years. This is the first PwC survey in Vietnam. According to the survey, this crime rate is higher than the average in Asia-Pacific's 46% and the global rate of 49%. Even though 40% of the asked people said they hadn't encountered any criminals, it's highly likely that the crimes just haven't been exposed yet. The most common crime in Vietnam is embezzlement with 40% votes and bribes and corruption with 36%. 11% of the asked people don't know or don't want to say. About 53% of the criminals in major cases are insiders with 61% of them are low-level or middle-level managers. 32% of the surveyed said they suffered more than USD100,000 in damage not to mention damage to reputation and business relations. Marcus Paciocco from PwC Vietnam said some measurable financial losses included legal costs or actual loss … [Read more...] about BUSINESS NEWS IN BRIEF 21/11
Garage opener not working
It has been quite warm in Phu Yen Province in central Vietnam. In a small house in the province’s Tuy Hoa City, Hoang Tien Mai repairs a bicycle with great care. In the front yard of his house, many bikes are lined up, awaiting their turns to be fixed. Opposite a tea table in the "garage," a blackboard leans against the wall. This place also serves as a space for Mai to study. At 70, very few people expected this elderly bike repairer would go on to get a Bachelor’s Degree in Laws from the Hue University. On October 25, however, the veteran donned his graduation gown and tassel and proudly held his degree in his hands. Mai received his bachelor's degree in law this October. Photo courtesy of Hoang Tien Mai In 1971, Mai passed the high school graduation exam in Binh Dinh Province, and enrolled in Saigon Law University. However, family problems stopped his academic advance. He longed to continue his college studies, but once he got married, it seemed an … [Read more...] about At 70, bicycle mechanic becomes stickler for rules
A few months ago, a buddy invited me to take a ride outside of Da Lat in the hills about 300 kilometers north of Ho Chi Minh City. He mentioned that a friend owns a restaurant and had recently started a craft brewery so we went to check it out. We were greeted in Langbiang (about 14 kilometers north of Da Lat) by James Reelick, originally from Connecticut in the USA. Fed up with the madness and fast pace of life back home, James stuck a pin in the map seven years ago and headed for Ho Chi Minh City. James filled us in on his first trip: “I came originally for three months in 2011, starting out in Ho Chi Minh City, but soon set sail for Da Lat and it’s cooler weather. During those first three months I studied and documented the economic status and outlook of Vietnam and was impressed with progress and projections.” James returned to his contracting work in the USA later that year but came back to Vietnam several times over the next two years, then married and … [Read more...] about Craft beer and BBQ in the mountains in Vietnam
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
This theme began innocently enough in Da Nang, where I came across a great shop that serves bún thịt nướng (barbecued pork pieces, sausage wrapped in betel leaves, and ground chicken on a skewer, together with the customary mountain of various greens, rice noodles, and a chili-laced peanut sauce) and took the habit of calling in each week or so. The single width standard-sized shop features those low-slung tables and teeny-weeny stools that all of us somewhat taller folks in Vietnam absolutely adore on the left side. It’s like a limbo dance to get low enough to sit on the stools without ending up sprawling on the floor, but once you’re seated it’s all good from there. A serving stand spans the left half of the front entrance with mom and her nón lá (traditional cone-shaped hat) running the grilling operation on the sidewalk. The right side of the shop is actually a motorbike service and repair operation, with stacks of tires … [Read more...] about Vietnam journal: Which came first? Chicken or egg?
Leather, footwear sector targets 20 bln USD in export earningsVietnam sets a target of earning between 19.5 - 20 billion USD from leather and footwear exports in 2018, up 10 percent from 2017, heard a conference in January 12.According to the Vietnam Leather, Footwear and Handbag Association (LEFASO), the leather and footwear industry is expected to grow 5 percent from last year, with the localisation rate reaching 55 percent. Footwear and handbags will remain Vietnam’s top four and 10 exports, respectively.Addressing the event, LEFASO Vice President Phan Thi Thanh Xuan highlighted positive signs in the world’s economy and increasing consumption demand, saying that these create both favourable conditions and challenges to Vietnam in exports and investment.In order to help Vietnamese exporters realise the target, the association will actively participate in relevant policy making while luring foreign and domestic investment in support industry, thus increasing the … [Read more...] about BUSINESS IN BRIEF 15/1
Vingroup, T&T to develop urban railway projects in HanoiThe government of Hanoi City has proposed the Prime Minister allow Vingroup and T&T Group to develop three urban railway projects which the city plans to complete by 2025, Tuoi Tre newspaper reports.The two domestic investors will use their capital to make pre-feasibility studies for these projects.When the projects were announced, many investors expressed interest in Hanoi. However, only Vingroup and T&T Group have registered to take part.Both of them proposed implementing the projects in the build-transfer (BT) format. Particularly, Vingroup registered to build the 38.4-kilometer metro line No. 5 which connects Van Cao and Hoa Lac and metro line No. 2 from Tran Hung Dao to Thuong Dinh with a length of 5.9 kilometers. Meanwhile, T&T Group is keen on metro line No. 4 connecting Me Linh, Sai Dong and Lien Ha, and measuring 54 kilometers in length.The two investors said they would use their own finances to study the … [Read more...] about BUSINESS IN BRIEF 9/1