There's something about the iPhone that wins it a lot of admirers, though reasons differ. Mr. Van Thoai was keen to give his girlfriend an iPhone 6 for her birthday, so after squirreling money away from his low monthly income of $200 he then flew to Singapore to get one of the very first iPhone 6’s released there, at $950. Unfortunately, with only rudimentary English skills, he was cheated by the shop owner into also signing an insurance contract that required he pay $1,500 in total. After putting down a deposit he realized he could no longer afford the phone, returning home empty-handed and $400 worse off. The case created an uproar in international media and Mr. Thoai was luckily reimbursed by a fund raising effort of a Singaporean national. His story is just one of many that illustrate how the desire among many Vietnamese to buy an Apple mobile phone sees them lose all common sense. As a country where GDP per capita stands at $1,910, according to the latest data from … [Read more...] about Crazed or contented?
Second home contents insurance
Nearly 170 youth return home for summer camp 2014 An estimated 170 Overseas Vietnamese (OV) youth are returning to the homeland for Summer Camp 2014, raising the awareness of the country's sea and island sovereignty. This year's summer camp, themed "My Homeland's Sea and Islands", are taking from July 8 to 27 at many locations throughout the nation, packed with a wide range of activities. The information was released by Dang The Hung, Vice Chairman of the State Committee for Overseas Vietnamese Affairs (COVA) in Hanoi on July 3. … [Read more...] about Social News Headlines 5/7
Serenity Holdings chief visionary officer Louk Lennaerts offers his thoughts on the shortcomings of hopeful speculation on the property market while explaining his company's original philosophy. Vietnam is going through a new wave of real estate development, where investors are getting more experienced. However, still many mistakes get made. After a short period where developers and investors were in "a gold rush", where they believed that any project would bring big profit, the real estate business is getting a bit more realistic. In Asian culture, land and its value is something magic. People look for land deals and try to find a good offer. In this situation, the land buyer is not looking for a possible project to develop, but simply collecting land, which he or she believes is still reasonably priced. In this case, many land buyers do not have a vision of the final development plan. Therefore, land becomes more like a commodity that can be traded with a value that is … [Read more...] about A clear vision of the future
Different opinions on deposit insurance model Two different opinions were presented on the model for a deposit insurance organisation. The first suggested that the model for Vietnamese deposit insurance should be set up by the Prime Minister and managed by the State Bank of Vietnam, while the second said that deposit insurance should be managed by the State Bank of Vietnam and established by the State Bank's Governor. Deposit insurance has been implemented in many countries to partly or wholly protect bank depositors from losses if the bank is unable to pay its debts on time. It is a "safety net" for the system that promotes financial stability. The draft bill regulates that: "A deposit insurance organisation is a State financial institution set up by the Governor of the State Bank, which will.establish regulations and policies on deposit insurance with no profit targets". Deputy Phung Quoc Hien from Yen Bai, who is also Head of the NA Committee for Finance and Budget, … [Read more...] about National Assembly second session, eleventh working day: Discussing two draft laws and hearing reports on four bills
Vietnamese businesses in Europe meet in Hungary The 10th Conference of Vietnamese Businessmen in Europe is taking place in Budapest, Hungary from September 16-18 with the focus on the EU-Vietnam Free Trade Agreement (EVFTA). The highlight of the conference is a seminar on opportunities and challenges brought by the EVFTA on September 17. Ambassador-head of the EU Delegation to Vietnam Bruno Angelet was scheduled to deliver a speech on this issue. The conference is the biggest event of the Vietnamese entrepreneur community in Europe. Held annually since 2006, it has brought together leading Vietnamese enterprises operating in Europe. This year's event saw the first-time presence of the European Vietnamese Youth Business Alliance. Hanoians snapping up Da Nang property Savills Vietnam said that Hanoians were attracted by a variety of factors, including completed infrastructure, bright tourism prospects, sales policies and a young, dynamic and green city. Da Nang pioneered in luxury … [Read more...] about BUSINESS IN BRIEF 18/9