It’s been a long time since the intersection of Thai Ha and Tay Son in Hanoi, where Parkson Viet Tower is located, has been so quiet. On December 15 all business activities at the high-end retailer Parkson ended and the department store officially withdrew from Vietnam’s capital. This is the third closure by the Malaysian retailer in the last two years, following Parkson Keangnam Landmark Tower in Hanoi and Parkson Paragon in the Phu My Hung new urban area in Ho Chi Minh City. Goodbye to Hanoi The announcement of Parkson Viet Tower’s closure in November puts an end to Parkson’s presence in Hanoi and marks a failure in an important market in the country. No clear reason was given but many shop owners said they knew it was coming. “Vietnam’s retail market is currently witnessing tough competition among both domestic and foreign retailers with many attractive promotions for customers,” Parkson Viet Tower noted in its announcement. … [Read more...] about Tale of the times
Figuring time cards
In his conclusion, NA Chairman Nguyen Phu Trong said that issues raised by the deputies were short and straightforward, and that the Cabinet ministers spent most time answering the questions instead of delivering reports like previous sessions. Some ministers acknowledged mistakes and shortcomings in their management and promised to rectify them in the earliest possible time. 95 minutes for the Deputy Prime Minister Deputy PM Nguyen Sinh Hung was the last Cabinet member to answer the deputies’ queries about mistakes in implementing programme 112 on the application of information technology at State administrative agencies, a plan to build the new National Assembly house, and the implementation of socio-economic tasks in the remaining months of the year and tasks for 2008. According to Mr Hung, programme 112, which is one of the seven programmes to modernise the State administration, has an estimated cost of VND3.8 trillion. As a big scheme and a new area, Mr Hung said the … [Read more...] about NA ends question time for Cabinet members Interior minister questioned over personnel issues
High fees, countless inactive cards Data from the State Bank of Vietnam shows that the total number of cards issued as of the end of June was 106 million, which means some of the 90 million Vietnamese people possess more than one card. Such a high figure is the result of a race between banks to boost their card issuance in recent years. In 2010 the number of cards stood at 31 million, but it has more than tripled in five years. Along with an increase in card numbers, payments made through cards have also seen continuous growth. Data from the Vietnam Bank Card Association shows that in 2011 payments made by card reached VND895 trillion (over US$39 billion) and jumped 88% in four years to nearly VND1,700 trillion (US$74.8 billion). The number of cash machines and payment terminals also respectively increased by 23% and 181% compared with 2011 to 16,573 and 217,470 devices as of early 2016. But according to official estimates, just above 20 million out of Vietnam’s population of 90 … [Read more...] about Bank cards: When will quality match quantity?
Stricter rule copes with bank card fraud Tran Thu HCMC - Issuing banks must compensate for cardholders in five working days if they are found to be responsible for cash losses from cardholder accounts, according to a new central bank circular that went into force on November 28. The State Bank of Vietnam (SBV) last month issued Circular 30/2016/TT-NHNN in the wake of multiple reports on the disappearance of money from bank accounts, and on card fraud. The circular sets time limits for providers of payment services and intermediaries to investigate, handle and compensate for victims. Banks have so far dictated the time for dealing with customer complaints as the central bank's Circular 19/2016/TT-NHNN allows the issuing bank and the cardholder to solve complaints based on their contract terms. With Circular 30 in effect, cardholders can request issuing banks to investigate any transactions and can lodge complaints within 60 days or more from the date of the transactions being done. … [Read more...] about Stricter rule copes with bank card fraud
According to reports by VinaPhone, Viettel and Mobifone, they have deactivated a total of 10.6 million SIM cards registered with fake names and ID numbers. The respective figures for the three carriers are 3.7 million, 3.7 million and 3.2 million. Last month, five mobile operators in Vietnam, the three mentioned above plus Vietnamobile and Gtel, signed a commitment with the MIC to recall pre-activated SIMs on the market from November 1. Minister Truong Minh Tuan said that disabling pre-activated SIM cards would help deal with text message spam which has become an increasing annoyance to mobile users in recent times. He said that he himself received dozens of spam messages each day and the issue must be addressed by stopping excessive promotion programmes and invalidating pre-activated SIMs. Last week, the MIC banned all carriers from offering credit top-up promotions to prepaid mobile subscribers for the rest of 2016 as they have already exhausted the quota of 90 days a year allowed … [Read more...] about Vietnam clamps down on pre-activated SIM cards