Cracks have developed in the walls of about 30 houses that border the construction on National Highway 15B in Hà Tĩnh Province. — baohatinh.vnViet Nam News HÀ TĨNH — The expansion of National Highway 15B across Xuân Lộc Commune in Hà Tĩnh Province’s Can Lộc District has affected dozens of local households, Vietnam News Agency reported. Residents said cracks have developed along the walls of 30 houses, resulting in leaks when it rains. They blamed the damage on heavy vibrations caused by the nearby construction. The construction on National Highway 15B spans over 11 kilometres from Đồng Lộc junction to Phú Việt Commune in Thạch Hà District. Hà Tĩnh Province’s Department of Transport is funding the project with total investment of nearly VNĐ250 billion (US$10.7 million). Local resident Phan Thị Huyền said road rollers and heavy machinery have been … [Read more...] about Dozens of houses affected by construction on National Highway 15B
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Solar power volume to be insured for first time
Solar power volume to be insured for first timeBy Minh Tam BIDV Insurance Corporation and SolarGATES Trading JSC, a subsidiary of HCMC-based SolarBK Holdings, sign a cooperation agreement to introduce solar power volume-based insurance products – PHOTO: MINH TAM HCMC – BIDV Insurance Corporation (BIC) is partnering with SolarGATES Trading JSC, a subsidiary of HCMC-based SolarBK Holdings, to introduce insurance for households and businesses using rooftop solar panels to generate power. A BIC representative said at the signing ceremony of the cooperation agreement today, September 20, that BIC was the first insurance company in Vietnam to provide this service. If the solar panels do not produce the expected amount of power, the insured would get paid for that. The move is risky, as the amount of electricity produced by solar panels is highly dependent on weather. Under the deal, households and businesses that use SolarBK Holdings’ BigK solar power … [Read more...] about Solar power volume to be insured for first time
Why buying shareholder protection insurance might be the wisest moves you ever make
There may be very good reasons why an insurance culture isn’t as well embedded in Viet Nam as elsewhere, but shareholder protection policies really should be on top of your to-do list. Here, “Outside Looking In” explains why these are vital safety nets for business people and their investors. The close-knit family units that are the foundation of Vietnamese culture seem to have created an aversion to insurance. But while knowing the family will always be your safety net in life is a wonderful thing, in the business world it really pays to invest in more formal protection. After all, your business represents not only the livelihood of you and your family, but also that of your employees and fellow stakeholders. One of the most damaging events a business can fall victim to is the death of a major stakeholder. Should a business-owner die unexpectedly, the event can have a serious impact on their enterprise, not to mention the shareholder’s family. When it comes to … [Read more...] about Why buying shareholder protection insurance might be the wisest moves you ever make
Deputy PM Vuong Dinh Hue concludes activities in WEF Meeting
Speaking at a dialogue with global leaders about pooling financial resources for sustainable development, Deputy PM Hue said governments should refine mechanisms, attract private investment in social fields, step up integration and economic connectivity to pool foreign capital for the healthy development of education-training, health care, environment and energy. According to him, Vietnam is accelerating private involvement in education, health care and environment, with a focus on quality improvement. Deputy Prime Minister Vuong Dinh Hue (center) at the WEF meeting Meeting President of Guinea Alpha Condé on the sidelines of the WEF meeting, Hue wished that Vietnam and Guinea will develop ties bilaterally and at global forums. Condé said the two countries have potentials for ties across agriculture and telecommunications and hoped to visit Vietnam in the near future to expand links. In a meeting with Dutch Queen Maxima, Hue spoke highly of her advice about … [Read more...] about Deputy PM Vuong Dinh Hue concludes activities in WEF Meeting
Prudential to sell Vietnam consumer finance unit for $151 mln
Prudential Plc has agreed to sell its consumer finance business in Vietnam to a unit of South Korea’s Shinhan Financial Group for $151 million, as the UK’s largest insurer seeks to focus on its core insurance arm in the Southeast Asian nation. Prudential Vietnam Finance Co Ltd is the country’s fourth-largest consumer finance company by outstanding loan balance, and was the first foreign, non-bank financial institution licensed for consumer lending, a company statement said on Tuesday. Reuters had reported in October that Prudential sought the sale of its Vietnam consumer finance unit, which could fetch up to $150 million. The sale attracted many buyers, including private equity firms and financial services companies. The sale of Prudential Vietnam Finance, which offers personal and mortgage loans, marks the British insurer’s first major asset divestment since it named its former group CFO, Nic Nicandrou, as the head of its Asia business in July last year. The … [Read more...] about Prudential to sell Vietnam consumer finance unit for $151 mln
Prudential to sell Vietnam consumer finance unit for $151 mln
Prudential Plc has agreed to sell its consumer finance business in Vietnam to a unit of South Korea’s Shinhan Financial Group for $151 million, as the UK’s largest insurer seeks to focus on its core insurance arm in the Southeast Asian nation. Prudential Vietnam Finance Co Ltd is the country’s fourth-largest consumer finance company by outstanding loan balance, and was the first foreign, non-bank financial institution licensed for consumer lending, a company statement said on Tuesday. Reuters had reported in October that Prudential sought the sale of its Vietnam consumer finance unit, which could fetch up to $150 million. The sale attracted many buyers, including private equity firms and financial services companies. The sale of Prudential Vietnam Finance, which offers personal and mortgage loans, marks the British insurer’s first major asset divestment since it named its former group CFO, Nic Nicandrou, as the head of its Asia business in July last year. … [Read more...] about Prudential to sell Vietnam consumer finance unit for $151 mln
Regardless of retirement age, seniors not ready to call it a day in Vietnam
Six days a week, come rain or shine, 65-year-old Cao Duy Tan gets up at 6 a.m. to go to a private medical school in Hanoi where he works as a teacher. He has been working for around nine hours a day at the Tue Tinh School of Medicine since he “retired” five years ago. Due to his love for the job and desire to stay active, Tan is among a growing number of seniors in Vietnam who are continuing to work beyond the official retirement age of 60. According to Financial Times Confidential Research, some 65 percent of Vietnamese people aged 50 or over are still working. The ratio is the second highest in Southeast Asia, after Indonesia. Tan said he has contributed enough to the country’s national pension fund to get more than VND7 million ($307.3) per month now, which is enough for him and his wife to live on. The job, for him, is not a burden, but rather a source of pride which gives him energy. The attitude is common among many Vietnamese seniors who grew up … [Read more...] about Regardless of retirement age, seniors not ready to call it a day in Vietnam
BUSINESS IN BRIEF 15/1
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
Social News 3/1
Bình Thuan opens administrative centre Representatives cut ribbons to open the Bình Thuận Public Administration Centre for public use. — Photo vov.vnBình Thuận Province People’s Committee on Tuesday opened the provincial Public Administration Centre for public use.The centre is located on No 24 Nguyễn Tất Thành Road in Phan Thiết City.The centre has two main functions -- receiving queries and giving back results related to administrative procedures and providing guidance to organisations and individuals on investment and procedures to set up investment projects using the State and provincial budgets.Nguyễn Ngọc Hai, chairman of the provincial People’s Committee, said the centre would enhance the efficiency in resolving administrative procedures, support investment procedures, reduce time spent working on documents and save residents’ time and efforts.Võ Thành Huy, director of the centre, … [Read more...] about Social News 3/1
Social News 15/12
Vietnam zeroes in on hunger eliminationPoverty alleviation and hunger eradication has been a consistent priority for Vietnam and the country is committed to achieving these goals in cooperation with the international community, Deputy Prime Minister Trinh Dinh Dung said in Hanoi on December 13.Dung was speaking at the first meeting of the National Steering Committee for the ten year (2016-2025) Zero Hunger Action Programme.The programme was established by the Prime Minister in 2014 in response to the “Zero Hunger Challenge” of the United Nations, a major initiative to eradicate hunger worldwide.Vietnam’s action programme targets ensuring enough food and nutrition for all citizens towards improved physical and intellectual health; and towards fulfilling sustainable development goals (SDGs) of food security and sustainable agricultural development.There are five specifics targets under the action programme, including ensuring food and nutrition for people all year … [Read more...] about Social News 15/12