With a young population producing more than 100,000 engineers per year, Vietnam has endeared itself to tech companies looking to establish a long-term hub for software development and hardware manufacturing. The government is in the process of framing policies for the future, especially in the context of the Fourth Industrial Revolution. Will they be successful in bringing in more foreign investment as Vietnam looks ahead? By Manfred Otto - Senior associate, Duane Morris Vietnam LLC Industry 4.0 is driven by technological innovation, much like the industrial revolutions of the past that brought us steam, electricity, computers, and the internet. The core technologies of Industry 4.0 include artificial intelligence (AI), the Internet of Things, blockchain, Big Data, and robotics. These technologies have revolutionised our lives and brought about a host of new business opportunities. For instance, Big Data analytics and intelligent machinery have helped … [Read more...] about Better regulations for higher FDI flows
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BUSINESS NEWS IN BRIEF 13/2
January budget revenue rises 7.5 per cent State budget revenue was estimated at a total of VND144.6 trillion (US$6.15 billion) in January, representing a rise of 7.5 per cent over the same month of 2018. The month’s budget collection was equivalent to 10.2 per cent of the target for the full year. According to the latest report from the Ministry of Finance, domestic revenue accounted for more than 83 per cent of the total and rose by 5.3 per cent over January 2018. Revenue from crude oil was estimated at VND4.5 trillion, up 5.7 per cent. Imports and exports maintained their growth momentum in the first month of 2019, the ministry said, adding that trade revenue reached VND19.5 trillion, or 10.3 per cent of the plan for the full year. Budget spending was estimated at VND92.9 trillion. In January, VND30.4 trillion worth of Government bonds were issued. The ministry said that, in January, it asked the Prime Minister to issue a directive on enhancing the use of official development … [Read more...] about BUSINESS NEWS IN BRIEF 13/2
ANZ executive accused of appropriating VND91.3 billion
ANZ executive accused of appropriating VND91.3 billionThe Saigon Times Daily A teller holds a stack of Vietnamese banknotes. An ANZ executive has been accused of appropriating VND91.3 billion - PHOTO: THANH HOA HCMC – Nguyen Pham Gia Tho, head of the Customer Relations Department at the Sai Gon South branch of ANZ Vietnam Bank, has been charged with abusing his position to appropriate VND91.3 billion (US$3.9 million), reported Phap Luat newspaper. On January 20, investigators at the HCMC Police Department announced that they had transferred the case to the municipal People's Procuracy, proposing to prosecute Tho and his relative Nguyen Tuong Vi for swindling. The police’s investigation showed that Tho was in charge of mobilizing deposits, providing consultancy services on money transfers for customers who want to settle abroad and proposing loans with savings books being used as mortgages. Abusing his position, Tho forged the signature of an ANZ client to register … [Read more...] about ANZ executive accused of appropriating VND91.3 billion
Local banking appeal broadens
Public Bank Vietnam (PBVN), a wholly-owned subsidiary of Malaysia’s Public Bank Bhd, secured approval from the State Bank of Vietnam (SBV) in early July to open three additional branches and two more transaction offices this year in Hanoi, Ho Chi Minh City, and Da Nang, bringing its branch numbers in the country to 19. The move is in line with its aim of expanding its network and customer reach in Vietnam, and a growing number of other foreign players are also looking to capture the wealth of opportunities in the country’s banking sector, with South Korean banks leading the charge. South Korean lenders have been eagerly expanding their foothold in the country. Woori Bank received licenses from the SBV in June to open five more branches in northern and southern cities together with a transaction office in Ho Chi Minh City’s District 7. Shinhan Bank, meanwhile, opened four branches and transaction offices in Ho Chi Minh City and Hanoi in May, beefing up its … [Read more...] about Local banking appeal broadens
Saigon restaurant owner jailed for overcharging Australian diner $30,000
A court in Ho Chi Minh City sentenced a restaurant owner to seven years in prison for property appropriation on Friday as he made his staff swipe an Australian customer’s cards eight times and charge him $30,000 for a meal. Tran Tuan Minh, 23, the owner of Nightfall restaurant, was charged with “using computer networks, telecommunications, the internet or digital devices in order to appropriate property.” Tran Tuan Minh at the trial in Ho Chi Minh City on Friday. Photo by VnExpress/Hai Duyen The crime he committed was considered serious, but as he had returned all the money to the victim, who agreed to dropped his complaint, the court gave him a commuted sentence. Caracciolo had dinner at the restaurant on August 11 last year and received a bill of VND23 million ($1,000), according to a complaint filed by a Vietnamese woman on Caracciolo's behalf. The waiter in question claimed the credit card machine was experiencing "technical errors", so he eventually had to … [Read more...] about Saigon restaurant owner jailed for overcharging Australian diner $30,000