China CUP cards accepted in Vietnam By Hong Phuc - The Saigon Times Daily HANOI - Owners of 1.5 billion cards of China UnionPay (CUP) network comprising 169 banks in China now can make payment via 10,000 point of sales and over 1,100 ATM machines of the Bank for Foreign Trade of Vietnam, or Vietcombank CUP has assigned Smartlink Card Service Joint Stock Company, running a card network led by Vietcombank, as its transactions processing center in Vietnam. The card payment system of Vietcombank-Smartlink-CUP was inaugurated last Thursday in Hanoi. "Smartlink will continue working closely with CUP to connect the two networks in the coming time," said Anh.Nguyen Thu Ha, general director of Vietcombank, said that the cooperation between CUP and Vietcombank would be the beginning of full cooperation on card services between China and Vietnam and also boost trading relationship between the two countries. Vietcombank now holds nearly 60% of the card payment market share in Vietnam. It is also … [Read more...] about China CUP cards accepted in Vietnam
Entertainment in vietnam
Biggest centre for shopping and entertainment in Vietnam unveiled
A biggest centre to meet the people's rising demands in shopping, entertainment and cuisine in Vietnam, Savico Megamall, was officially unveiled in Hanoi on December 16th. Located 5km from Hoan Kiem Lake at a junction linking Hanoi with other cities in the northern economic triangle, Savico MegaMall will attract many visitors and provide an exceptional opportunity for retail business. The first floor sells fashion clothes, cosmetics and perfume while the second floor is for household appliances, furniture, sports gears, computers, and the third floor is for restaurants, cuisine areas and leisure activities. At present, Savico MegaMall is offering various attractive promotional programs to celebrate its anniversary and Christmas. Source: HNM Translated by Nguyen Thao … [Read more...] about Biggest centre for shopping and entertainment in Vietnam unveiled
Local firms acquire foreign-owned subsidiaries in Vietnam
Vietnamese company CT Group has spent $24 million to acquire a 95 percent stake in the Korean-invested GS Cu Chi Development GSCD Co, a subsidiary of the Korean GS Engineering & Construction Corp. With the acquisition, CT Group is now the new investor of a 200-hectare golf course in Ho Chi Minh City’s Cu Chi District. The $42.5 million project has obtained an investment license from the government of Vietnam. CT Group said it would hold a ceremony to officially mark the event and launch the golf course in the next quarter. It also pledged to speed up projects currently being implemented by GSCD, and said there are no plans to implement any new projects in Hanoi. CT Group is the largest multidisciplinary group in Vietnam, consisting of 36 member companies operating in real estate, luxury retailing, construction, financial investment, food - entertainment - healthcare - education, plantations, mining and tourism operation. In a related story Hanoi Hanel Co has acquired 100 … [Read more...] about Local firms acquire foreign-owned subsidiaries in Vietnam
Aeon to build first trade center in Vietnam
Aeon Vietnam JSC, an affiliate of the Japan's leading retailer Aeon Co Ltd, yesterday announced the construction project of its very first trade center in Vietnam, which will be built in Ho Chi Minh City's Tan Phu District. The US$109-million project, namely Aeon-Tan Phu Celadon, will begin construction this September, and set to reach completion by early 2014, said Aeon Vietnam CEO Nishitohge Yasuo. As much as 90 percent of the goods on sale inside the center will be domestically sourced, and the remaining are imports from Japan, and other countries, he added. Last November, Nagahisa Oyama, CEO of Aeon Co Ltd, told the Saigon Times that Aeon has plans to develop an extensive network including at least seven shopping centers in Vietnam, with the Aeon-Tan Phu Celadon being the inaugural one. In related news, the People's Committee of the southern province of Binh Duong yesterday granted license to the Becamex Tokyu Co Ltd to begin construction on the Tokyu Binh Duong urban … [Read more...] about Aeon to build first trade center in Vietnam
Franchise business to thrive in Vietnam: exhibitors
HCMC - The franchise business in Vietnam will grow much faster in the future, according to local and foreign firms at the third Vietnam International Shop+Franchise Show 2011 held in HCMC. The three-day show, open until tomorrow at the Saigon Exhibition and Convention Center (SECC), has attracted the participation of 150 firms, including well-known South Korean companies such as Tous Les Jours, Kumho Tires, Everon and Bar BQ Boss. Yoon Joon Ho, director of X-Rider Co. from South Korea, said his firm was looking for Vietnamese partners to expand its franchise after investing in a 4D cinema chain in supermarkets and commercial centers in HCMC, Hanoi, Dong Nai and Khanh Hoa provinces. X-Rider wants to popularize this kind of entertainment in Vietnam where there is a high percentage of young people and a growing economy, he added. Meanwhile, Ho Kyoung Lee, CEO of FR Food Systems, said South Korean food was being favored by South Asian countries, and franchises are an ideal way to … [Read more...] about Franchise business to thrive in Vietnam: exhibitors