Vietnamese banks compete with foreign banks for overseas remittance service

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VietNamNet Bridge - Vietnam is one of the biggest kieu hoi (overseas remittance) recipients in the world. But most profits from overseas remittance services go to foreign institutions’ pockets. Some commercial banks have consulted with their shareholders about plans to set up overseas remittance service companies as they can see great business opportunities from the service. Kieu hoi, or overseas remittance, refers to money remitted from overseas by Vietnamese who settle down in foreign countries or work for certain periods. An official report showed that $1.15 billion worth of kieu hoi has been remitted to HCM City in the last three months. The city received $5.5 billion worth of kieu hoi in 2015. It is estimated that 70.8 percent of kieu hoi has been flowing to production and business, and 21.6 percent to the real estate sector and 7 percent on daily lives. Vietnam is one of the biggest kieu hoi (overseas remittance) recipients in the world. But most profits from … [Read more...]

Business highlights – April 11-17

VGP – Positive property market, releasing of incomes by sectors, forecast booming of e-commerce, VNPT’s restructuring plan, WB’s economic growth forecast topped last week’s economic headlines. Local property market still remains positive in Q1 The positive development of the local economy was the continued growth of the domestic property market in the first quarter of this year, according to experts. The General Statistics Office reported that property trading in the first quarter gained a growth of 3.43% year-on-year, the highest recorded growth rate since 2012. The Ministry of Construction said in March, that Ha Noi had 1,200 successful transactions on the property market, and HCM City had 1,150. VCCI release incomes by sector 2014 Banking, finance and insurance employees had the highest income across all sectors in Viet Nam in 2014, with an average income of about 195 million VND (US$8,660) per year. The Viet Nam Chamber of Commerce and Industry (VCCI) … [Read more...]

Vietnamese overseas deposits skyrocket

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Vietnamese deposits overseas, which were previously negligible, skyrocketed to hit 7.3 billion USD as of the third quarter of 2015, it was reported at a conference in Hanoi on April 12. President of the Vietnam Institute for Economic and Policy Research (VEPR) Nguyen Duc Thanh said the significance rise requires further tracking and analysis, adding that this phenomenon can be related to some side effects of the Government’s foreign exchange policy, including the zero percent interest rate for deposits in US dollar. The issue was highlighted in the VEPR’s report on macroeconomic in the first quarter of the year which was made public at the conference. While affirming that the curbing of dollarisation is a correct move of the State Bank, the report said more synchronous solutions are needed to enhance trust in the domestic currency. Only then can the economy utilise the great amount of foreign currencies that Vietnamese are now depositing overseas, it said. … [Read more...]

Vietnam, Germany boost trade, investment

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(VOVworld) – During a meeting with Minister of Industry and Trade Vu Huy Hoang in Berlin on Wednesday, 50 German and overseas Vietnamese businesspeople expressed interest in Vietnam’s investment climate now that Vietnam has signed several important free trade agreements like the Trans-Pacific Partnership and the EU-Vietnam FTA. Hoang briefed them on Vietnam’s recent socio-economic achievements and its plans for economic, trade, and investment development specified in the Resolution adopted by the 12th National Party Congress earlier this year. Some businesses proposed building resource production areas in Vietnam to serve exporters of agricultural products, toys, and herbal medicines. Overseas Vietnamese businesses requested incentives for their investment in Vietnam and the flow of investment capital from Vietnam to Germany. … [Read more...]

Lunar New Year celebrated in Paris

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(VOVworld) – The Vietnamese community in Paris preserve their traditional cultural values and are active and dynamic in economic development, said Paris Mayor Anne Hidalgo at a ceremony to welcome Tet, the traditional Vietnamese Lunar New Year, at City Hall in Paris on Tuesday. Vietnamese ambassador to France Nguyen Ngoc Son expressed his happiness on the occasion, another milestone in the friendship between the two nations: "Overseas Vietnamese in France, together with those in other countries, have made great contributions to Vietnam’s achievements. We highly appreciate the great contributions by overseas Vietnamese to national construction and defense, protecting sovereignty and preserving traditional cultural values. Your activities demonstrate that Vietnamese people everywhere always turn their hearts to the homeland". A program to welcome spring in the villages was held at Pavillon Baltard on the outskirts of Paris. On this occasion, the Vietnamese Cultural … [Read more...]

Vietnamese language website for diaspora to be upgraded

The display of website tiengvietonline.com.vn teaching mother tongue for Vietnamese overseas. — Photo vietnamplus.vn

HA NOI (VNS) — Deputy Prime Minister Vu Duc Dam has approved the education and training ministry's plan to upgrade the website tiengvietonline.com.vn, meant for teaching of the mother tongue to the Vietnamese disapora. Dam said the upgrade work would meet the increasing demand for learning of the mother tongue among the Vietnamese diaspora. He also asked the ministry to finish the compilation of the project entitled "Boosting online teaching of mother tongue for Vietnamese overseas" and submit it to the government as soon as possible. The Deputy PM's approval came after the ministry proposed to upgrade the website, instead of the compilation and implementation of the project. The website's upgrade work will be implemented simultaneously with the project's compilation and implementation under Dam's order. The ministry recently launched two sets of bilingual Vietnamese-English textbooks to help the Vietnamese diaspora, both children and adults, learn the mother tongue via the … [Read more...]

OVs celebrate lunar New Year festival in Belgium

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(VOVworld) – The Vietnamese General Association and the Vietnam-Belgium Alliance held a get-together in Brussels, Belgium, on Saturday to celebrate the lunar New Year festival of 2016. In his address, Chairman of the Vietnamese General Association, Huynh Cong My, highlighted the significance of the event which serves as a venue for overseas Vietnamese in Belgium to gather and celebrate the New Year together. Belgium's state secretary for migration, Theo Francken, hailed the overseas Vietnamese’s contributions to Belgium’s economic development over the past years and voiced his hope that the Vietnamese community will promote their traditional values and better integrate into the local community. … [Read more...]

Meeting with Phu Yen Vietnamese Overseas and relatives on the occasion of Binh Than Spring 2016

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In the afternoon of February 4th, Vietnam National Father Front and the provincial Organization of Vietnamese overseas’ relatives organized the meeting with Phu Yen Vietnamese Overseas and relatives. This is an activity to celebrate the Lunar New Year Binh Than 2016. At the meeting, the delegates were informed on the outstanding socio-eco achievements and the province’s national defense-security situation in the past year. Particularly, the province’s socio-eco situation has had 12 criteria completed. Among which, state budget revenue is more than 5%; 17 communes have surpassed the standards of new rural areas. The major projects have been implemented, completed and put into use, like the project of Vung Ro oil refinery and petro-chemicals, Ca Pass tunnel…The mobilization of the entire population being united to construct new rural areas, urban civilization has created the new appearance for the entire province’s rural regions. The mobilization to … [Read more...]

Tet celebrations in Czech Republic and Saudi Arabia

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(VOVworld) - Vietnamese people in Pardubice, Czech Republic joined Tet celebrations in a hope for better lucks for all. Tạ Quang Khải is the Vice Chairman of the provincial Overseas Vietnamese branch: "We are looking forward to the Tet celebration as a valuable opportunity for re-union. We maintain the tradition of greetings people with Tet wishes. I hope that the next generations will learn more from our homeland traditions, foods and custom so that they gain more understanding abour the homeland and socialize with peers." Ms Lương Thị Ngọc Tuyết, who has lived in Pardubice for 20 years, brought her 3 kids to join the event: "I hope my kids to integrate well with the Viet community locally so that they learn about the traditional food and custom, enjoy Tet celebration and speak Vietnamese. This will make sure that they won't forget they are Vietnamese." In Saudi Arabia, more than 600 Vietnamese representing 20,000 Vietnamese joined a celebration held by the Vietnamese embassy. … [Read more...]

40 tons of Banh Chung for overseas Vietnamese

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A Dong Nai-based maker of Banh Chung – a type of traditional rice cake for New Year celebrations in Vietnam – has completed procedures to ship abroad 40 tons of the cake to serve the Overseas Vietnamese community, during the upcoming Lunar New Year (Tet) holiday. Besides the cakes, Tran Gia company in Bien Hoa city, in the southern province of Dong Nai, will also export 5 tons of "dong" (arrowroot) leaves – which are used as the wrapping for the cake – to the US and several European countries. During Tet this year, the company plans to supply 150 tons of Banh Chung and Banh Tet via the supermarket chains Metro, Big C, Coopmart, Vinatex, and Maximart. The vacuum-packed cakes can keep for six months. Banh Chung (a square glutinous rice cake) is a traditional cake eaten by Vietnamese people during the Tet holidays. It is made from glutinous rice, pork and green bean paste, and then wrapped in "dong" leaves, which gives the rice a green tint after being … [Read more...]

12th Party Congress draws attention of Vietnamese around the globe

(VOVworld) – The 12

th National Party Congress is drawing the attention of Vietnamese people at home and abroad. Many Vietnamese studying and working in Thailand have closely followed developments related to the 12th Congress. They all wish the Congress success in setting new policies to further encourage overseas Vietnamese to contribute to their fatherland. Nguyen Ngoc Han is deputy chairman of the Overseas Vietnamese Association in Bangkok: "I hope for stronger Thailand-Vietnam relations following the Congress, with more policies to help Thai-Vietnamese stabilize their lives in Thailand. Overseas Vietnamese in Thailand have always turned their hearts to their motherland and tried to preserve their cultural identity. I hope there will be a school to teach Vietnamese in Bangkok." Bui Thi Nhu Hue is completing a Master’s Degree in Pharmacy Management at Mahidol University:"The Congress’s results will directly affect all Vietnamese people, including students studying abroad like us. We really … [Read more...]

Overseas Vietnamese invests in Czech property

A Vietnamese shop in the Czech Republic. (Photo: VNA)

The Czech economic magazine E15 has published an article on thriving Vietnamese expatriates’ real estate involvement on its front page. According to the article, a group of Vietnamese businessmen in the Czech Republic bought a large building dating back to the 17 th century on historical Mala Strana Street. The former owner is Martin Nuhlicka, who is also co-owner of Hamé, a popular local food company. This is the first time such an investment has been made by Vietnamese investors. The article quoted Michael Hynst, an expert at Svoboda & Williams real estate office, as saying there are Vietnamese banks working in the Czech Republic alongside an increasing number of wealthy Vietnamese expatriates having permanent residency in the European country. This leads to expectations for a property investment boom by the group, he noted. Another example included in the article was the case of Le Hoang – owner of LHDI Company – who is investing in expanding … [Read more...]

Phu My Hung’s Tet Flower Fair highlights regional cultural beauty

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Phu My Hung Flower Fair on Tet 2016 themed "Wild Flower" is scheduled to be opened officially in district 7 at 7pm on Febuary 2 (December 24th – 29th following Lunar Calendar). Coming to this year’s flower fair, visitors will have a chance to enjoy deep rural cultural space of north, central and south of Vietnam through the main theme of "Return to village". The theme is originated from thoughts and sentiment of ones carrying out the fair. Spring in Vietnam is a reunion occasion that every single Vietnamese desires to come back to the hometown being full of childhood memories. There are 4 main venues at the fair including street with the symbol entrance of Vietnamese countryside showcasing gardens of melon and gourd trellis, loopad trellis. Overseas Vietnamese are able to remind their childhood memories by enjoying countryside landscape. Another space displays the attractive bonsais such as a-100-year-old couple tamarind bonsai designed by farmers from the Mekong … [Read more...]

Wednesday, December 30, 2015

E-greeting card from Jayanta Chakrabarty

Hello and welcome to VOV’s Letter Box, our weekly feature dedicated to our listeners throughout the world. We are Mai Phuong and Ngoc Diep A: We are in the very last days of 2015, a memorable year for VOV. We once again organized our contest "What do you know about Vietnam" and received enthusiastic feedback from our listeners around the world. The contest held every 5 years is open to all of VOV’s foreign listeners and to Vietnamese people living abroad. B: Amir Jameel of Pakistan, a listener to the English program, won a special prize, while first prize went to John Rutledge of the US, who won a free one-week visit to Vietnam. A: This year also marked a milestone in the development of the English Program. We officially launched our 24/7 English channel. First broadcast on October 1st, this is the first 24/7 English channel in Vietnam. It is aimed at English speaking listeners inside and outside Vietnam. B: The program covers politics, economics, culture, society, … [Read more...]

US$1 billion remittances go to real estates in HCM City

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(VOV) - Overseas Vietnamese (OVs) remittances to HCM City hit US$4.76 billion in the first 11 months of this year, said Nguyen Hoang Minh, deputy director of the State Bank of Vietnam (SBV), HCM City branch. Hoang said the amount transferred to real estates accounted for 21.6% (equal to US$1 billion), up 0.8% against the corresponding period last year. OVs remittances to the city are estimated at US$5.5 billion this year. If the rate of 21.6% is maintained, the amount transferred to real estate will reach US$1.2 billion. Experts forecast that the money transferred to real estates will increase in the coming time when the market becomes bustling. Many OVs in Australia, the US and the UK want to return and live in Vietnam when they get older. Besides, the revised Housing Law also facilitates foreigners to buy houses in Vietnam. … [Read more...]

City seeks overseas Vietnamese investors

HCM CITY (VNS) — Connecting overseas Vietnamese (OV) investors with small and medium enterprises in HCM City will be one of the southern hub's top priorities to prepare for international integration, especially when free trade agreements come into effect. Next year, HCM City's Committee for Overseas Vietnamese, in collaboration with the municipal Investment and Trade Promotion Centre and relevant agencies, will hold talks with OV businesses to address difficulties facing their investments and production in the city, Committee Chairman Pham Van Hai said at a conference held in the city yesterday. He said the city would continue to spread awareness of Party policies and State laws as well as the country's socio-economic situation for Vietnamese people living abroad. At the conference, OV representatives suggested the city should look at fresh ways of luring OV resources. They said HCM City needed to focus on Vietnamese students and workers in foreign countries while linking OV … [Read more...]

VietinBank: USD23,000 for charitable activities in Laos

The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) Laos branch on November 23rd-24th presented 25 computers, sewing machines and furniture with the total worth of USD23,000 to a school for gifted students and pre-university and disabled women development centre of Laos. The Bank hoped the modern computers would actively support research and study work of lecturers and nearly 480 students at the school. More meaningfully, in 2016, the school plans to participate in the competition Microsoft Word. VietinBank also wants to support material and spiritual development and encourage over 500 disabled women, who have overcome their fates to learn a new trade to reintegrate into society. At the ceremony, Vietnamese Ambassador to Laos Mr. Nguyen Manh Hung recognized the contributions of VietinBank in Laos on both economically and socially. He believed that in the future, VietinBank in Laos will continue to hold a bridging role in the fields of economy and culture, … [Read more...]

Vietnam joins charity fair in Switzerland to help poor children

Vietnam's booth at the bazaar. (Photo: VNA)

With the desire to reduce misfortune for children with disabilities worldwide, United Nations (UN) Charity Bazaar 2015 held at the headquarters of the UN in Geneva on November 24th attracting representatives from over 60 nations, international organizations and thousands of visitors. General Director of the UN Office in Geneva, Mr. Michael Moller delivered a speech to welcome everyone to participate in and extend their compassion to help unlucky children in life. According to Ms. Christine Evequoz, head of UN’s Women’s Association, the UN Bazaar is the most important annual event of the association. In addition, UN Bazaar also displayed and sold Christmas gifts made from handicrafts, and also jewelry for family and friends and some special foods from around the world on the occasion of this coming Christmas. There is also a lottery with 200 prizes to encourage the participants to raise funds. Vietnam’s booth attracted a lot of international visitors to enjoy … [Read more...]

OVs share scientific research at workshop in RoK

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(VOV) - A workshop in Seoul on November 15 gathered Overseas Vietnamese (OVs) from throughout the country to share experience and scientific research, the Vietnam Embassy in the RoK has reported. "The event provided scientists, scholars, and members of academia an excellent setting to share their perspectives and develop professionally from the knowledge and experience of others," said embassy official Tran Huu Diep. Vice Ambassador to the RoK Tran Anh Vu in turn applauded the more than 5,000 OVs in the RoK for having made significant contributions to the national construction and development. Vice Ambassador Vu expressed his sincere appreciation for their hard and dedicated service and work and encouraged them to continue serving as a valuable resource for the host country, Those in attendance also discussed research projects in depth and proposed measures and specific policies to serve as a catalyst for stimulating cooperation between the two countries for mutual benefit. … [Read more...]

Commencing the construction of “Silicon Valley” project in HCM City

At the groundbreaking ceremony of the project.

The Hanoitimes - The Silicon Saigon Park JSC held a groundbreaking ceremony of the "Saigon Silicon City" project in the Saigon Hi-Tech Park (SHTP) on November 10. The project follows the model of the US's Silicon Valley, where is located by many of the world's biggest high-tech corporations and technology start-up companies. "Saigon Silicon City" will be spread over 52 hectares in the Saigon Hi-Tech Park. The project has an investment capital of about 860 billion VND (40 million USD) poured by Overseas Vietnamese investors from the US’s Silicon Valley. It aims to build a high-tech park in Vietnam, calling for investment, development and exchange on high technology between Vietnam and the advanced countries, especially the United States. The Saigon Silicon City is expected to attract around 1.5 billion USD in investments from 20 investors in high-tech area and support industry from 2015 to 2020. The project will be divided into 2 phases, in which the construction and … [Read more...]