Money laundering

There are 9,953 Mobile Money service points nationwide. — Photo vnexpress.net Viet Nam had more than 3.9 million people using Mobile Money service by the beginning of last month, an increase of 6.3 per cent compared to March and three times higher compared to the same period last year. Statistics of the Viet Nam Telecommunications Authority (VNTA) under the Ministry of Information and Communications show that the number of Mobile Money users in rural, mountainous, and remote areas reached more than 2.7 million customers, accounting for 69 per cent of service users. Currently, there are 9,953 Mobile Money service points nationwide, an increase of 12 per cent compared to March. The number of units accepting payment via Mobile Money reached 15,326 points, up 0.2 per cent. The total number of transactions including deposit, withdrawal, money transfer, and payment by Mobile Money is more than 26.1 million transactions, with a total transaction value of more than VND1.7 trillion … [Read more...] about Mobile Money has nearly 4 million users

In India, the world's third-largest aviation market, Prime Minister Narendra Modi's government recently decided not to allow lessors and vulture funds to withdraw aircraft, request de-registration and force the export of aircraft. According to Cirium, a data and advanced analytics solutions provider for the aviation industry, India is one of the world's top large aircraft leasing markets. Up to 75 per cent of aircraft were delivered to India in the form of sales and lease back contracts between 2018 and 2022, much higher than the world average of 35 per cent. The move by the Indian government comes after Go First Airlines filed for bankruptcy protection, shutting down on May 3. Lessors had requested to deregister and withdraw 54 aircraft from Go First Airlines. Three businesses that lease aircraft to SpiceJet, another Indian airline, also submitted an application to the Civil Aviation Authority of India in early May, requesting the de-registration of four SpiceJet aircraft. The … [Read more...] about Indian government protects aircraft fleets from unscrupulous lessors

Asia’s increased borrowing in recent decades has augmented the region’s exposure to rising interest rates and heightened market volatility, said the International Monetary Fund (IMF). According to the IMF’s latest report on May 25, over 18 per cent of Vietnamese enterprises were found to have an interest coverage ratio (ICR) below one, indicating a high risk of default as of June 2022. Additionally, 18.32 per cent of companies had an ICR between 1-4, making them vulnerable to increased borrowing costs, while 63.36 per cent had an ICR of four, signalling a good debt repayment capacity. The report attributes the heightened risks to the rising cost of borrowing, as central banks tighten monetary policies and increase interest rates to combat inflation. Despite maintaining growth rates, companies face significant pressure due to higher borrowing costs, reducing their ability to repay debts. As of mid-2022, 17 per cent of Asia’s corporate debt was held by firms with interest … [Read more...] about IMF highlights rising debt risks for Asian companies

The fifth plenary session of the 15th National Assembly has discussed and approved a number of important draft bills, including three new amendments to regulations that have significant impacts on the tourism industry in Vietnam. These policies are expected to boost the recovery and development of the tourism sector. Martin Koerner - Chairman EuroCham Vietnam’s Tourism and Hospitality Sector Committee The first law is to extend the visa exemption duration from the current 15 days to 45 days for citizens of countries that currently can travel to Vietnam visa exempt, including France, Germany, Italy, Spain, the UK, Japan, South Korea, Norway, Finland, Denmark, and Sweden. This law aims to attract more tourists from these key markets and encourage them to stay longer and spend more here. The second law is to expand the list of countries eligible for e-visa from 46 to 80, including markets such as India, Brazil, Mexico, and Argentina. The e-visa allows visitors to apply … [Read more...] about The future of tourism in Vietnam new visa policies and beyond

Access to this huge amount of customer data is a golden opportunity for banks to promote digital services and products, especially online lending. — Photo baodautu.vn Through a series of newly-issued regulations and access to the national population database, banks are planning to expand their online money-lending services. Deputy Governor of the State Bank of Viet Nam (SBV) Pham Tien Dung said accessing the national population database will help banks to check and authenticate new customer information more easily. Commercial banks will promote lending services on their electronic platforms based on this database. The draft amending the Law on Credit Institutions has many regulations specifying banking services via electronic devices. Besides that, several provisions supplemented by Civil Law and the Law on Electronic Transactions are necessary to complete the legal framework for online lending. Online lending, mostly small loans, has been implemented by many banks for a … [Read more...] about Banks to promote online lending through national population database access

The event introduced thousands of lotuses, together with collections of the Vietnamese Ao dai (Vietnamese traditional long dress), and antique bicycles. Through the activities at the program, the organizing panel expected to spread the beauty of the lotus flower and the traditional cultural values of the Ao dai which flatters the beauty of Vietnamese women. At present, Vietnam is studying and finalizing dossiers seeking recognition of the lotus as the National Flower of Vietnam and UNESCO recognition of the Ao dai as intangible cultural heritage. Earlier, an art space, themed “Lotus Calligraphy,” was held at the Hanoi Museum to introduce 40 calligraphy works written on lotus paintings by collector Nguyen Thi Thanh Tam, President of the Vietnamese Ao dai Heritage Club. This event was part of the activities to mark the 133rd birthday of President Ho Chi Minh. Showcased works were part of Nguyen Thi Thanh Tam’s “Lotus in Vietnamese cultural life” collection which won an Asia record. … [Read more...] about Program spreads cultural values of lotus and Vietnamese Ao dai

We got married due to an unplanned pregnancy. Even though we were already dating for two years, it was a long-distance relationship filled with fights and breakups, and yet we stayed together. After getting married, I didn’t have a stable job, and my husband didn’t get a job until our baby was 18 months old. He would watch over the kids for me but refused to do any household chores. He has a habit of reading comic books and playing video games that he just can’t get rid of. He rarely helps me with chores because he says, "I do men’s work and it's harder." He doesn’t talk to me or his children much, and once he’s home he’s already lying down somewhere to read comics or play games, even after finishing his dinner, he just goes back to whatever he was doing without bothering to help me or the kids with chores and homework. The only thing he does is hang the laundry and drive the kids to school. I have often brought up the problem of sharing household chores with him, but he … [Read more...] about My husband won’t do housework because men’s work is harder

At a conference on solutions to develop and promote investment in real estate for agricultural tourism in Vietnam on May 25 in Hanoi, an action programme was discussed to create motivation for agro-tourism and rural development. Legal synchronisation can unlock agro-tourism potential Organised by the Vietnam National Administration of Tourism and the Vietnam National Real Estate Association (VNREA), it was the first time that a large-scale event discussed such issues. Nguyen Van Khoi, chairman of VNREA, said that the development of agricultural tourism is gradually becoming a trend in rural areas, especially in agricultural economy countries like Vietnam. It not only benefits the industry but also contributes to increasing the value of the land, raising opportunities for economic development, and improving the lives of local people. “In order to increase the value of the land through the development of agricultural and rural tourism, a sustainable development … [Read more...] about Legal synchronisation can unlock agro-tourism potential

The stock market has witnessed a dearth of foreign-invested enterprises (FIEs) going public in the past six years. In fact, the latest to be listed in this country was Siam Brothers Vietnam in 2017, marking the end of a decade-long dry spell for FIE listings. Some renowned companies may be more keen to list elsewhere, photo Le Toan While a wave of FIEs debuted on the market during 2003-2008 following the introduction of rules on transforming a number of FIEs to operate in the form of joint-stock company, their numbers have dwindled over the years, with some even being delisted. At present, only nine FIEs remain listed, with three others trading on the Unlisted Public Company Market (UPCoM). Aside from Siam Brothers Vietnam, the remaining entities include Everpia, Mirae, Tung Kuang Industrial, Taicera (TCR), Taya Vietnam Electric Wire and Cable, The Royal International Corporation (RIC), Interfood (IFS), Chang Yih Ceramic. While this group of companies generally … [Read more...] about FIEs remain reluctant to take on stock listing

Asian markets wobbled Tuesday after a two-day rally as profit-takers stepped in and traders weighed the chances of the Federal Reserve skipping an interest rate hike this month. The tepid performance came after a global advance stumbled in New York and Europe on Monday, with a below-par read on US services sector activity hinting at weakness in a key area of the economy. Analysts also warned that with the US borrowing ceiling now lifted, the Treasury is expected to unleash a flood of debt onto the market as it looks to restock its coffers, sucking cash from the financial system and putting pressure on liquidity. Sylvia Jablonski, at Defiance ETF, told Bloomberg Television that such a move that soaks up money "is something that will probably keep us in a range-bound mode until we see where it all lands, including the Fed’s final decision on rates". Traders have been broadly upbeat after a "Goldilocks" jobs report Friday that was neither too good nor too bad suggested the economy … [Read more...] about Asian markets struggle to kick on after rally, with eyes on Fed