After a long hiatus, racetrack projects got a new lease on life due to the legalisation of betting business Notably, the Hanoi People’s Committee recently officially approved the partial revision of the Master Plan for Socioeconomic Development in Hanoi until 2020, with orientation to 2030. The plan includes a multi-purpose entertainment complex with a horse racetrack (and the related betting business) in Soc Son. According to Nguyen Duc Chung, Chairman of the Hanoi People’s Committee, the project’s investment value is about $420 million, and once in operation, it will contribute VND1-1.5 trillion ($43.48-65.22 million) to the state budget annually as well as create jobs for local people and promote tourism. As planned, the project will start construction in 2019 if the government approves. Hanoi seems very excited about the racetrack project which had been proposed nearly 20 years ago. However, in the past, the legal documents related to betting business and horse … [Read more...] about Racetrack is coming back
Sebastian Eckardt, lead economist of the World Bank in Vietnam, has recommended the State Bank of Vietnam (SBV) to remove the credit growth quota set for each year and let the market determine the credit demand in the economy on its own, as the capital adequacy ratio (CAR) is not deemed sufficient. He advocated the abrogation of administrative measures limiting banks’ credit growth and supported the idea of controlling such growth by a safety ratio instead. However, he also warned about the high credit-to-GDP ratio in Vietnam. According to the ‘Taking stock: An update on Vietnam’s recent economic developments’ report released by the World Bank in December 2018, although local monetary policies remain accommodative, credit conditions have been tightened. The SBV trimmed its credit growth target to 17 per cent in 2018 from the 18 per cent set in the previous year. The monetary authority has also reinstated its view on controlling lending to high-risk sectors, … [Read more...] about Is it time to wave good bye to the credit growth ceiling?
It is now in the hands of the VCC to decide whether the M&A between Grab and Uber violates Vietnamese competition law. The merger between Grab and Uber stands a solid chance of being found to go against regulations On November 18, 2018, the Vietnam Competition Authority (VCA) under the Ministry of Industry and Trade finished its investigation to clarify signs of violation in the deal selling Uber’s Southeast Asian operations to Grab. According to the VCA’s conclusion, these companies showed signs of violation when they did not notify market regulators about the deal. Besides, there is evidence suggesting the deal resulted in an illegally large economic concentration. The VCA will submit its results to the VCC for further investigation. Within 30 days after receiving the results, the VCC may open a hearing to issue a decision to handle the case. Previously, in May, after a preliminary investigation lasting 180 days, the VCA found that Grab’s market share … [Read more...] about Deal between Grab and Uber may be prohibited in Vietnam?
Vietnam may be the next destination of Apple manufacturers if the US government applies the 25 per cent tax rate on its products, which are mainly manufactured in China. Apple is mulling over plans to move production out of China (Source: AFP) US President Donald Trump more than two weeks ago warned to levy 10-25 per cent tax on the leading global tech firm’s best-selling products. This latest move in the US-China trade war is a serious threat to the firm, according to Bloomberg. The US newswire also stated that Apple currently has no plans to remove its facilities from China. If Trump applies 10 per cent tariffs on the firm, it will keep running the facilities in China despite a significant impact. However, if the tariffs mount to 25 per cent, Apple may consider relocating facilities. With the 10 per cent tax rate, Apple may suffer a $1 reduction in earnings per share. This loss would be $2.5 at a 25 per cent rate if Apple keeps running facilities in China. If the tech … [Read more...] about Apple may select Vietnam to build facilities to avoid US tariffs
Big Data and artificial intelligence, with their never-before-seen growth, are having a strong impact on society. Data has the potential to contribute to the development of humanity, but also poses unpredictable risks without proper governance. Pierre Bonnet, COO of Orchestra Networks cum CEO of Orchestra Networks Vietnam, talking about data management Technology has changed the way we live, work, think, and interact with one another. It can even change human nature. To foster sustainable growth, politicians and upper managers must take IT systems into account in a strategic way. The wealth of companies depends on their ability to manage information as a real asset. At the conference on data management themed “The new challenge beyond Industry 4.0,” Pierre Bonnet, COO of Orchestra Networks cum CEO of Orchestra Networks Vietnam, a leading provider of Master Data Management (MDM) software confirmed that “data knows us better than we know ourselves. Data grows … [Read more...] about Data Management – the new challenge beyond Industry 4.0