A co-working space in Ha Noi. The proliferation of co-working space in the country has been viewed as helpful to the fast-growing start-up scene. — VNS Photo Bao Hoa Banking on solid economic growth, a young population and strong internet coverage, Viet Nam has been making efforts to become a start-up nation. The country has set its sights on having one million active businesses by 2020, and at the core of this community will be 5,000 innovative start-ups at the forefront of technology, ushering the country’s labour-intensive growth into the new age of digitisation and out of the middle-income trap. The Government started getting serious about the issue in 2016 – marking the year as the national start-up year and putting in place the Prime Minister’s ‘National Programme for Supporting an Innovative Startup Ecosystem through 2025’, or Project 844. According to FPT Insight, a start-up ecosystem involves several stakeholders, including the Government, … [Read more...] about VN’s start-ups have ambitious plans, but is red tape holding back development?
Redding internet providers
If approved it will be the third biggest tech merger in history, according to business news site CNBC. Red Hat said it was the biggest involving a software company. The deal will see IBM acquire all of the issued and outstanding common shares of Red Hat for $190.00 per share in cash, more than $70 above the $116.68 at which Red Hat was trading on close of business Friday. "The acquisition of Red Hat is a game-changer. It changes everything about the cloud market," said Ginni Rometty, IBM's chairman, president and CEO. "IBM will become the world's number one hybrid cloud provider, offering companies the only open cloud solution that will unlock the full value of the cloud for their businesses." Cloud computing refers to the delivery of computing services, including storage and software, over the internet to achieve economies of scale. Hybrid cloud relates to the linking of public and private cloud platforms. IBM's Rometty added that most companies are currently being held back in their … [Read more...] about IBM buys software company Red Hat for $34bn in bid for cloud dominance
Hurricane death toll rises to 17 as search goes on in FloridaThe Saigon Times Daily Damaged and destroyed buildings are seen in an aerial photograph, taken during a post-Hurricane Michael flight by a U.S. Coast Guard MH-65 helicopter over Mexico Beach, Florida, U.S. October 11, 2018 – PHOTO: REUTERS MEXICO BEACH (REUTERS) - The death toll from Hurricane Michael rose to 17 across four states on Friday, law enforcement officials said, as rescue crews hampered by communications failures searched the hardest-hit communities in the Florida Panhandle. Searchers found one person dead in the rubble of Mexico Beach, said Joseph Zahralban, Miami’s fire chief and the task force leader of a search and rescue unit. Three additional deaths were reported in Marianna, in Jackson County, Florida, Sheriff Lou Roberts told a news conference on Friday afternoon. The number of fatalities was expected to rise further as rescuers go door to door and comb through the rubble in oceanfront … [Read more...] about Hurricane death toll rises to 17 as search goes on in Florida
Vinatex completes 65% of yearly revenue target Viet Nam National Textile and Garment Group (Vinatex) has completed 65 per cent of the yearly target set for total revenues with its eight-month result (excluding VAT) reaching over VND31.45 trillion (US$1.34 billion). This figure also represented a rise of 7 per cent against the same period last year, the textile group reported in a filing to the Ministry of Planning and Investment. In August alone, it earned VND4.48 trillion in revenue, down 5 per cent year-on-year, of which turnover of the parent company and subsidiaries with its holdings of over 50 per cent capital reached almost VND1.74 trillion. Revenues from other affiliate companies in which the group holds less than 50 per cent capital reached a combined VND2.74 trillion. Vinatex attributed the growth in total revenues to increases in sales of fibre products (96,051 tonnes, up 9.5 per cent year-on-year), fabric of all kinds (100.7 million m3, up 18.6 per cent) … [Read more...] about BUSINESS NEWS IN BRIEF 1/9
SCB signs deal with three Hong Kong banks Saigon Joint Stock Commercial Bank (SCB) and three Hong Kong banks on Monday signed a co-operation agreement on syndicated credit financing. Under the agreement, SCB, Hang Seng Bank Limited, Chong Hing Bank Limited and The Bank of East Asia Limited committed to support financial investment and ensure a stable financing source for Union Square Company Limited, which operates in the field of real estate. The signing was made within the framework of an investment development co-operation event held by the Viet Nam Chamber of Commerce and Industry (VCCI) in co-ordination with Hong Kong Trade Development Council (HKTDC) in HCM City on Monday. Also at the event, the four banks signed a strategic agreement for comprehensive and long-term co-operation in exchanging experience on investment and financial management, increasing business relations, conducting research and investment, and especially providing credit to local and foreign … [Read more...] about BUSINESS NEWS IN BRIEF 26/8