Financial impact

MoMo is the only Vietnamese representative in the list of Top 10 Global Platforms 2023. (Photo courtesy of MoMo) HCM City (VNA) - MoMo, Vietnam’s leading super app, has been named among the Top 10 Global Platforms by TABInsights, the research arm of The Asian Banker magazine. MoMo also won the award for “Best Platform for Financial Services in Vietnam” at the Excellence in Retail Financial Services Awards from The Asian Banker on March 16. The only Vietnamese representative in the list of Top 10 Global Platforms 2023 ranks seventh in the list that includes behemoths like Alipay, Apple Pay and Paypal. TABInsights assessed the leading 20 global platforms and ranked them based on a six-dimensional balanced scorecard covering capabilities across six key dimensions: customer, coverage and service scope, usage and engagement, financial performance, strategy, and leadership. “The best platform demonstrates exceptional efforts to bring together a wide variety of integrated … [Read more...] about MoMo among Top 10 global financial service platforms

The "We are ABLE" project aims to strengthen the ability of children from ethnic minorities, especially girls, to overcome the challenges they face. The Ho Chi Minh Communist Youth Union on March 28 announced Phase II of the project "We are ABLE - Promoting Gender Equality and Girls' Education for Children in Ethnic Minority Areas of Viet Nam". The launching ceremony of UNESCO’s “We are ABLE” project occurred on March 28 in Hanoi. Photos: UNESCO Vietnam According to Christian Manhart, UNESCO Representative in Vietnam, the project is expected to contribute to the Vietnamese Government's new 10-year Strategic Plan for Education Development, the Strategy for Ethnic Minority Development, and the national commitment to achieving Sustainable Development Goals, especially Goal 4 on education and Goal 5 on gender equality. In Vietnam, ethnic minorities are often disadvantaged compared to the majority population due to stereotypes and other cultural barriers. … [Read more...] about UNESCO continues fund for gender equality project in Vietnam

A cross-functional team will be set up to work on improving the prospects of the local real estate market. Prime Minister Pham Minh Chinh has issued a document on solving real estate market problems and improving its prospects. An affordable housing project in Dong Anh District's Thang Long Industrial Park. Photo: Pham Hung/The Hanoi Times The document, numbered 178/TTg-CN, aligns with Resolution 33/NQ-CP dated March 11, 2023, which provides solutions to develop a healthy, transparent, and sustainable real estate sector. Under the latest document, the Ministry of Construction, the Ministry of Treasury, the State Bank of Vietnam, and related agencies will set up a working group and work with developers to resolve existing problems and increase confidence in the property market. The Prime Minister has asked the Ministry of Construction to finalize the plan to build one million affordable houses for low-income buyers and workers in industrial parks in … [Read more...] about New regulation in place to boost Vietnam’s real estate market

Recent arrests of Vietnamese flight attendants for carrying undeclared goods and drugs require drastic action. Airline officials will face severe disciplinary action if illegal drug and merchandise trade is reported under their jurisdiction, according to the Civil Aviation Administration of Vietnam. Passengers wait in line for registration and luggage check at Tan Son Nhat International Airport in HCM City. Photo: Huy Hung/The Hanoi Times The action is under the authority's Directive 1480/CT-CHK to prevent flight attendants and ground staff from illegally importing drugs and goods into the country, the authority said in a March 27 website notice. Aviation companies must improve education and training so that employees are aware of the harm and negative impact of smuggling on the nation and domestic economy, the authority added. "They also need to continue to screen those being employed. All those involved in flying must follow the rules," it said. All … [Read more...] about Business executives to face disciplinary action for failure to stop smuggling activities

In order to better combat trade fraud activities in the future, the Ministry of Finance is requesting related agencies to soon issue specific criteria for domestically-produced goods. Under Prime Minister Nguyen Xuan Phuc’s instruction in Directive No.824 on tightening state administration against trade frauds, the General Department of Vietnam Customs (GDVC) has been working on perfecting the legal framework and identifying offenses in trading activities. The Ministry of Finance is requesting related agencies to soon issue specific criteria for domestically-produced goods. Photo: Hoai Nam. In terms of legislation, the GDVC has issued specific instructions for provincial customs in dealing with act of trade and origin frauds, illegal transshipment as well as violations of intellectual property rights. Additionally, the GDVC has given priority to training customs staff to ensure greater efficiency in determining cases of frauds in trade. Meanwhile, the … [Read more...] about Vietnam customs steps up fight against origin frauds in trade

Police in Thu Duc City under Ho Chi Minh City raided the headquarters of Galaxy Debt Trading Company and Home Credit Vietnam, a consumer finance provider, over extortion and asset appropriation allegations on Tuesday. Hundreds of police officers inspected the office of Galaxy Debt Trading on the first and second floors of Linh Tay Tower in the namesake ward in Thu Duc City on Tuesday morning. In front of the building, there were many traffic police officers, mobile police officers, and security guards. Many police officers are seen at a building where Galaxy Debt Trading Company is headquartered in Ho Chi Minh City. Photo: Tuoi Tre Inside the searched facilities, the firm’s employees were asked to stop working for the inspection. The firm reportedly specializes in debt trading and financial services. On the afternoon of the same day, police cordoned off the headquarters of Home Credit Vietnam Finance Company on Nguyen Dang Giai Street in Thu Duc City’s Thao … [Read more...] about Ho Chi Minh City police search Home Credit, debt trading company

Although Vietnam reopened its door to international tourists over a year ago, small and medium lodging facilities in Ho Chi Minh City are still struggling to recover due to the small number of international visitors. Their largest source market is China while the number of guests from the northern neighbor remains modest, forcing many hotels to use their facilities for other purposes or stop leasing spaces. Shutdown, falling room occupancy In District 1, many hotels which used to be crowded with foreign travelers are now empty or have been replaced by other businesses. On Ly Tu Trong Street, a spacious hotel is being repurposed. The hotel is in a prime site, near Ben Thanh Market, Nguyen Hue Pedestrian Street, and Le Loi Boulevard, once favored by international tourists. Many 'House for Lease' signboards can also be seen along Bui Vien Walking Street and De Tham Street with many of them being hung in front of small, one- and two-star hotels. The director of a chain of … [Read more...] about Ho Chi Minh City hotels waiting for int’l guests

Authorities in Quang Nam Province, central Vietnam will spend VND210 billion (US$9 million) building an emergency embankment to deal with severe coastal erosion. The Quang Nam People's Committee announced its decision to build an emergency anti-erosion embankment at Cua Dai Beach, Hoi An City on Tuesday. The project aims to prevent coastal erosion and regenerate the beach along Cua Dai coastline. In addition, it will reduce damage caused by natural disasters and climate change, and create a driving force for local socio-economic recovery and development. The project includes the construction of an underground dike system with a length of about 550 meters to cushion the impact of waves. It will also regenerate a 1,450-meter beach. The project is estimated to cost VND210 billion, funded by the national coffers. Cua Dai Beach was seriously eroded due to the impact of typhoons in 2022, resulting in serious damage to many houses and tourist establishments. Like us on … [Read more...] about Central Vietnamese province to spend $9mn on emergency anti-erosion embankment

The event, under the framework of the USAID-funded Saving Threatened Wildlife project, was jointly organized by the Management Board for Forestry Projects - MARD, WWF and TRAFFIC in collaboration with the Training Center for Elected Representatives under the Board of Deputy Affairs-Standing Committee of the National Assembly. “The Saving Threatened Wildlife project thrives for comprehensive, systematic and impactful efforts to reduce the demand for illegal wildlife products. We believe the National Assembly to be the most powerful instrument for mass attention and generating high-level communications strategies," said Michelle Owen, Chief of Party - Saving Threatened Wildlife, WWF. The dialogue saw the participation of fifty high-level leaders and officials from relevant ministries, agencies and National Assembly deputies, discussing efforts on wildlife demand reduction across the party and government network. "With one of the strongest legal frameworks on wildlife protection and … [Read more...] about Dialogue discusses wildlife conservation efforts

Around 68 per cent of listed public companies are complying with minimum legal requirements on independent directors, in which the lowest rate is 30 per cent in the automobile sector, and the highest rate is 100 per cent in banking. Compliance rate rise bodes well for listed companies, illustration photo/ Source: Shutterstock The information was provided in the ‘Independent Directors Survey of Public Companies in Vietnam’ report, compiled by FiinGroup and the Vietnam Independent Directors Association (VNIDA). The survey and the report have been carried out with the primary technical support from the International Finance Corporation through the SECO-funded Vietnam Integrated ESG Programme, and covered 544 companies that have disclosures on independent directors out of 769 companies listed on the Ho Chi Minh City and Hanoi stock exchanges. Under 2020 legislation guiding the implementation of the Law on Securities, a listed company’s board is required to have at least … [Read more...] about Compliance rate rise bodes well for listed companies