Aanchal digest december 2017

Do Chi Thanh, former director of Phu Bai International Airport in Thua Thien-Hue Province, north-central Vietnam, on Sunday was sentenced to 15 years and six months behind bars for receiving bribes between 2017 and 2020. The Thua Thien Hue People’s Court also handed down the same prison term on Tran Xuan Long, former chief of the office and accountant of the airport. In addition, Le Van Loc, former deputy director of the airport, and Le Quoc Cuong, former head of the airport’s aviation security division, got respective jail terms of nine and 2.5 yeras. Phung Tuan Duong, another former deputy director of the airport, will be put on probation for three years. All were charged with taking bribes. Meanwhile, Nguyen Van Hien, director of Hoang Phu Thinh Joint Stock Company, the operator of Vang taxis, and Nguyen Tien Duong, director of Thanh Cong Hue Taxi Joint Stock Company, the operator of Thanh Cong taxis, were each sentenced to seven years in jail for giving bribes. Also … [Read more...] about Ex-director of north-central Vietnam airport jailed 15.5 years for taking bribes

This time of year is critical for the competitiveness of foreign-owned businesses in Vietnam. Last Tuesday, Hark-Kyu Park, president and CFO of Samsung Electronics, expressed the company’s expectation that the Vietnamese government would continue to support its development. He said that Vietnam is an essential partner and Samsung’s biggest manufacturing hub worldwide. Rising energy costs to require roadmap for businesses’ timely adjustment of strategies. Photo: Le Toan Do Nguyet Anh, chairman of the board at Northern Electric Equipment (NEE), said last month that Samsung in northern Vietnam “stopped several manufacturing lines” and “restricted satellite operations.” The longer-than-usual production halt resulted in a drop of 300 million kWh. Samsung is now one of NEE’s major clients in terms of power use. The steady recovery of domestic production is anticipated to result in a rise of 8-9 per cent in the industrial production index in 2023. Since Q4 of 2022, however, … [Read more...] about Rising energy costs to require roadmap for businesses’ timely adjustment of strategies

According to a December report on attracting international tourists, Ba Ria-Vung Tau province stated that the number of travellers to the area increased by more than 260 percent over the previous year and that its total tourism revenues reached $550 million. As of October 2022, the Xuyen Moc area received more than 1.7 million people, including more than 47,000 foreign visitors, with an expected total income of more than $128 million. This represents a year of outreach for Ba Ria’s tourism, a feat made satisfying by the participation of 5-star resorts such as The Grand Ho Tram Strip. Living it up at The Grand Ho Tram Strip Prestigious honours Since opening in 2013, The Grand Ho Tram Strip has swiftly become a symbol of high-end resort tourism in the Ho Tram region. Over the years, it has welcomed hundreds of thousands of tourists from all over the globe, been awarded several accolades for excellence as a hotel, spa, and in dining, and become a regular venue for … [Read more...] about Living it up at The Grand Ho Tram Strip

A range of Bayer initiatives are helping to improve health in Vietnam as well as raise awareness of future challenges Along with rolling out modern and effective agricultural solutions, Bayer is constantly working with strategic partners to implement programmes that support farmers to access knowledge about using crop protection products responsibly, ecologically, and effectively – from the handling and application of the products to the disposal of empty containers. The company’s products, services, and technologies are safe, sustainable, and environmentally responsible while meeting grower expectations and needs. In 2017, Bayer launched the “Safe Use Ambassador” contest with a view to building a network of partners and ambassadors to share and spread the message of using crop protection products safely among farmer communities. The company is partnering with faculties of agriculture at universities in Asia-Pacific to connect student and farmer communities with a view to … [Read more...] about Bayer steps up efforts in “health for all, hunger for none” vision

A top Vietnamese model has been crowned the winner of the ‘Futurista – Universe Online’ photo contest held to promote the upcoming 2017 Miss Universe Vietnam beauty pageant. Launched in April, the contest called for fans to vote for their favorite photos of Miss Universe Vietnam contestants uploaded on the competition’s official Facebook page. Scores were calculated based on the number of ‘likes,’ ‘comments’ and ‘shares’ that the photos received, results of which were independent from the main event. Mau Thi Thanh Thuy, runner-up of the ‘Futurista – Universe Online’ photo contest. Photo: Miss Universe Vietnam Hoang Thuy was announced the winner on Friday with nearly 135,000 likes, 112,000 comments and 24,700 shares on her photo, and received a cash prize of VND10 million (US$440). Huynh Thi Cam Tien and Mau Thi Thanh Thuy shared the second place, each earning VND5 million ($220) in cash and a voucher to travel to the Central Highlands city of Da Lat. … [Read more...] about ​Top model wins Miss Universe Vietnam’s photo contest

Customers at a Bao Viet Holdings’ office in the northern city of Hai Phong. (Photo: VNA) Hanoi (VNS/VNA) - Insurance companies will have the chance to earn higher profits in 2023 thanks to a continual interest rate hike trend. It is feasible for insurers to continually increase profits this year as the majority of their investment portfolios are bank savings and government bonds, whose interest rates are forecast to remain at high levels in the year. According to the current legal regulations, insurers have to use at least 70% of their capital to deposit at banks or buy government bonds to ensure the insurers’ capital safety. Therefore, the current high interest rates of the two channels are an advantage for insurers to increase their profits. As the interest rate hike trend is forecast to remain in 2023, financial activities of insurance companies are expected to continually record positive results this year. The US Federal Reserve (Fed) last year raised … [Read more...] about Insurance companies benefit from interest rate hike in 2023

Vietnam has launched its Green Economy Development Strategy, in which green credit activities and green banks play an important role. Can you share some initiatives that the banking sector has recently implemented? The policies and directions of the state, the National Assembly, and the government in the fight against climate change and environmental protection are obvious, reflected in the international commitments of the Vietnamese government, including the Paris Agreement and at COP26. Vietnam made the commitment to develop and implement stronger measures to reduce greenhouse gases (GHGs) to achieve net-zero carbon emissions by 2050. Dao Minh Tu, Standing Deputy Governor of the State Bank of Vietnam In that context, the banking sector has also been actively implementing and will continue to implement action programmes to direct the flow of green credit and capital for green economic activities. Accordingly, several contents of the banking industry have been set out … [Read more...] about Making growth greener

Open-ended funds from VinaCapital Fund Management Joint Stock Company reported outstanding returns last year. — Photo courtesy of VinaCapital VinaCapital Fund Management Joint Stock Company has announced that its open-ended funds ended 2022 on a high note despite a turbulent year, with all funds significantly outperforming their respective benchmarks on both a one-year and three-year basis. These funds include the VinaCapital Equity Special Access Fund (VINACAPITAL-VESAF), VinaCapital Equity Opportunity Fund (VINACAPITAL-VEOF), VinaCapital Insights Balanced Fund (VINACAPITAL-VIBF), and VinaCapital Enhanced Fixed Income Fund (VINACAPITAL-VFF). As of December 31, 2022, on a three-year annualised basis, VINACAPITAL-VESAF led the way with a return of 16.6 per cent, followed by VINACAPITAL-VEOF’s 12.7 per cent. Both equity funds significantly outperformed their benchmark of the VN-Index, which had a three-year annualised return of 1.6 per cent. Meanwhile, the company’s balanced … [Read more...] about VinaCapital open-ended funds continue to outperform their benchmarks in 2022

Unpredictable times in real estate sector, photo Le Toan The real estate market in 2022 lacked new projects, and even current projects open for sale are facing liquidity issues. Liquidity remains low with an increase in interest rates, a lack of real estate credit, and weak consumer sentiment. Dat Xanh Group’s consolidated financial statements showed that, by the end of the third quarter of 2022, it had total assets of $1.36 billion, up 11 per cent compared to early last year. However, inventory reached $608 million, up 25 per cent. For Khang Dien House Trading and Investment, total inventory value reached more than $522 million, up 65 per cent compared to the beginning of the year and accounting for nearly 60 per cent of total corporate assets. Financial expert Dr. Dinh The Hien said, “Some businesses face the risk of bankruptcy because cash has been poured into many projects. They need to handle inventory and bad debts, and restructure activities, to clear cash flow.” If … [Read more...] about Unpredictable times in real estate sector

Park during the flag-hoisting ceremony at the My Dinh Stadium in Hanoi before Vietnam’s game against Thailand in the first leg of the 2022 AFF (ASEAN Football Federation) Cup final. It was his 52nd match with the team during a five-year stint as coach of Vietnam. He and his men have won 26 matches, drew 12 and lost 14, giving him a win ratio of 50%. Fans hold up a picture of Coach Park and placards making up the words "Thank you." Park took over in October 2017, and Vietnam’s football has since developed like never before with a series of unprecedented achievements, including second place in the U23 Asian Cup, the 2018 AFF title, their first in 10 years, and the quarterfinals of the 2019 Asian Cup. The Vietnam Football Federation (VFF) announced in October last year that Park would end his contract with Vietnam after the 2022 AFF Cup from December 20 to January 16, and that it was his own decision. Park shakes hands … [Read more...] about Vietnam coach Park speaks about ‘beautiful memory’ after last home match