Salaries

Vietnamese property developer Novaland is continuing personnel changes as Dennis Ng Teck Yow has been named CEO of the firm from Friday to replace Nguyen Ngoc Huyen, who tendered his resignation in late 2022. Novaland, whose NVL shares are traded on the Ho Chi Minh Stock Exchange, announced on Friday morning that the firm’s board of directors decided to select Dennis Ng Teck Yow, a native of Malaysia, as the new chief executive officer. He holds a master’s in banking and finance from the University of Hull in the United Kingdom. Yow is a housing industry veteran, previously working as general director at Gamuda Land Vietnam. The Malaysian entrepreneur has nearly 30 years of experience in property and in top posts of business strategy development, project development, and financial planning and analysis at domestic and international enterprises, according to Novaland. Novaland says will complete key projects Novaland’s appointment was made while the firm is struggling with … [Read more...] about Vietnam’s Novaland appoints Malaysian as new CEO

The interest rate hikes by the US Federal Reserve and other central banks that began to significantly accelerate in the second half of 2022 have impacted the tech industry and investors in significant ways. These hikes are expected to continue, at least in the short term, until the central banks are satisfied that inflation is under control or lose their nerve. When that happens is anyone’s guess. Eric Johnson, counsel at Freshfields Bruckhaus Deringer LLP This rapidly changing financial environment has made it more difficult for digital economy companies, especially those that are currently not profitable, to raise money in both public and private markets. Many investors have adopted a wait-and-see approach until the situation becomes clearer, and are revisiting the assumptions behind the sky-high valuations that many tech companies previously commanded. The recent failure of Silicon Valley Bank in the US has sent a shockwave through the tech and venture capital … [Read more...] about Supporting the digital economy space

Illustrative photo. (Photo:thejakartapost.com) Jakarta (VNA) – Indonesia ’s Finance Minister Sri Mulyani Indrawati on March 20 said that Indonesia’s Government will spend 7 trillion rupiahs (nearly 456 million USD) from its State’s budget to subsidise the sales of new electric motorcycles and the conversion of combustion engine motorcycles in two years 2023 and 2024. Speaking at a press conference, Sri Mulyani said that the subsidies will cover the sales and conversion of a total of 1 million electric motorcycles including 800,000 new ones and 200,000 combustion engine motorcycles to be converted. According to her, the Ministry of Industry will manage the support of the programme for new purchases while the Ministry of State-Owned Enterprises (BUMN) will manage the programme to convert conventional motorbikes to electric ones. The new purchase support programme will be for micro-, small-, and medium-sized businesses that are eligible for support of loans, production, and … [Read more...] about Indonesia to spend 456 million USD to subsidise electric motorcycle sales, conversion

Before the Covid-19 pandemic, thousands of customers came to the mall in District 5 every day. However, only 100-300 shoppers show up now, and stalls are recording a 60-80% drop in revenues. "We have made three formal requests to the managers to give us free rents this year and a 30% discount in rents starting from 2024 onward," a vendor said, adding that the discount must be given on the rent price agreed to in 2016. Although An Dong Plaza mangers on March 21 approved a 30-35% discount on rents this year, vendors did not accept the offer as they said rents had already been raised 35% earlier. Stalls are closed at An Dong Plaza in Ho Chi Minh City's District 5 on Mar. 22 as vendors protested price policy. Photo by VnExpress/Thi Ha Hung, who sells clothes in the plaza, said that managers had demanded a 36% increase in rent per storage room, from VND11 million ($468) to VND15 million, and therefore the recent "discount" they offered meant nothing to him. The … [Read more...] about An Dong Plaza vendors shut their doors to demand free rent

Their reaction took me by surprise. The last time we had met three years ago they proudly told me she was working for Deloitte, one of the Big Four international accounting and professional services firms along with Ernst & Young, KPMG and PricewaterhouseCoopers. Seeing my confusion, they explained that it is very difficult to get a civil servant's job in Canada since the government's goal is to find talented people, and the remunerations are totally worth it. Besides the high incomes, civil servants are less likely to lose their jobs even during economic downturns, entitled to more days of paid leave annually and higher pensions. Most importantly, public opinion of civil servants is very positive. In the case of my friends' daughter, the government signed her up since she had a good academic background and experience of working for a Big Four corporation. Her job requires her to assess the incomes of millionaires and billionaires to avoid loss of income from tax. The … [Read more...] about How other countries keep civil servants on the straight and narrow

It is now nearly impossible to buy a new apartment at the VND 2 billion mark. According to a report in 2022 from Rever, a Southeast Asia technology firm in real estate brokerage, for VND1.5-1.8 billion, one can buy a 30-55 square meter apartment built 6-10 years ago in Thu Duc City, on the secondary market. The average income of workers in Ho Chi Minh City (HCMC) this year is about VND148 million a year, according to property listing platform Batdongsan.com.vn. By that calculation, it will take up to 24 years to save, with no spending on anything, just to buy an apartment. The type of apartment used in this survey costs VND3.5 billion per unit. The data also shows that Vietnam ranks first in Southeast Asia in terms of the gap between house prices and average worker incomes. From 2018 to 2021, the ratio of the difference between real estate prices and the average income of Vietnamese has continuously increased, surpassing even Singapore. On the other hand, Indonesia, Malaysia and … [Read more...] about A laborer needs to save for 25 years to buy an apartment

. People Link is looking for Vietnamese retail workers who speak Japanese and English. If selected, the workers will be hired and trained by WMH in the necessary retail skills and be fully supported to live and work in Japan. WMH will conduct the necessary procedures before travelling, such as visa applications, job interviews, residence selection, and flight bookings, while the workers undergo a high-level online training course in fashion sales. Upon arrival in Japan, they will be ready to work in Japanese retail under the same conditions as Japanese staff, including salary and insurance. In Japan, with the significant relaxation of border measures and the impact of the yen's depreciation, the number of inbound tourists is rapidly increasing. According to the Japanese National Tourism Organisation, the number of foreign visitors to Japan in January was almost 1.5 million, about 60 per cent for the same period in pre-pandemic 2019. At that time, the demand for visiting … [Read more...] about WMH backs Vietnamese retail talent to work in Japan

With 29 years of development, MB is one of the leading banks providing diverse services and products with security and a modern IT infrastructure. The bank has actively ventured into new segments beyond the conventional market of commercial banks. With that advantage, MB has rolled out BaaS for businesses in various fields, including finance, logistics, and securities, through over 600 sets of Application Programming Interfaces (APIs). MB is renowned for having a highly diverse APIs. BaaS is a platform that allows third-party companies and developers to access a financial institution’s core banking infrastructure and services via APIs. This enables them to build and offer financial products and services to their customers through the partner's platform. Thus, customers can deposit and withdraw money from their wallets, open savings accounts on e-wallets, and make payments by ATM card on e-commerce platforms. They can receive their salary directly through the management system of … [Read more...] about MB to accompany businesses in digital transformation

Police in Vietnam managed to rescue a 15-year-old girl from a labor trafficking ring on Monday after she was sold for forced labor at pubs and karaoke parlors by an acquaintance on social networks. The victim, identified as N.T.A., was induced to travel from Dong Thap Province in the Mekong Delta region to Binh Duong Province, just outside Ho Chi Minh City, to take a job with a monthly salary of VND10-15 million (US$425-638). However, she was sold to a woman in the Central Highlands province of Dak Lak at the price of VND25 million ($1,063) to work as a karaoke parlor attendant. The victim, a resident of Tan Hong District in Dong Thap, made friends with Liem on social media in February and was introduced to a job with a monthly wage of VND10-20 million ($425-850). After A. agreed to Liem’s proposal, she was transported to Binh Duong and was picked up by a stranger. She was then transported to Dak Lak and was sold to a woman called Hoa for VND25 million. After her arrival … [Read more...] about 15-year-old girl rescued from human traffickers in Vietnam’s Central Highlands

The first step towards getting out the door and into her work world is smiling in the mirror and whispering words of encouragement to herself. Hang said her self-encouragement session usually entails a few minutes of reminding herself about the benefits brought by her job, including an income that helps cover life expenses, health insurance, and year-end bonuses. Then, and only after a few deep breaths, can the 31-year-old Hanoi office employee muster the wherewithal to go to her telecommunications company job in the capital. Hang suffers from insomnia every night. Her high-pressure job consumes most of the time that could otherwise be spent with her family and on self-care. "I’m so sick of my job," she says. However, Hang doesn’t dare to quit because she doesn’t think she can find another job at the same pay rate. "But is it appropriate if I stay like this until the end of my life?" Hang often asks herself, knowing that there is no one definitive correct answer. … [Read more...] about Office workers ‘stuck’ in 9-to-5 doldrums