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Vietnam Airlines has announced that it will increase the frequency of flights between Hanoi and Singapore from one to two flights a day on all weekdays from June 15 to meet the travel demand between the two countries. Vietnam Airlines aircraft (Photo: VNA) At the same time, the flight frequency on the Ho Chi Minh City-Singapore route is kept at three flights a day for weekdays. On this occasion, the national flag carrier is offering a special incentive programme for passengers buying tickets on all of its sales channels from agents, websites, and mobile apps. Specifically, a round-trip ticket between Hanoi and Singapore is from 5.799 million VND (246.9 USD) (including taxes and fees); and that on the Ho Chi Minh City-Singapore route is from 4.971 trillion VND (including taxes and fees). The offer is applied to passengers who buy tickets from now until December 31, 2023, and depart from June 15 to December 31. In addition, Vietnam Airlines offers one free … [Read more...] about Vietnam Airlines increases flight frequency to Singapore

The annual Wealth Report by Knight Frank said there were 1,059 "ultra-rich" people in Vietnam in 2022, up from 538 in 2017, an 82% increase. An ultra-rich person is defined by Knight Frank as someone with a net worth of at least $30 million, minus loans. By 2027, the number of ultra-rich people in Vietnam is projected to hit 1,300, a 22% increase from 2022, and a 122% increase over the span of a decade, according to the company’s report. Vietnam’s number of high-net-worth individuals, defined as those with assets worth at least $1 million, has also increased by 70% over the last five years, from 40,971 people in 2017 to 70,000 in 2022. The report projected there would be over 112,200 high-net-worth individuals in Vietnam by 2027, a 173% increase over a decade. The report said the rapidly rising number of wealthy individuals in Vietnam aligns with general trends in Asia, where similar patterns have been seen in countries like Singapore, Malaysia and Indonesia. In the … [Read more...] about Vietnam’s ‘ultra-rich’ population doubles over five years

Vietnamese e-wallet MoMo has partnered with Apple to introduce Apple Installments, which allows users to own Apple products through flexible payment plans ranging 6-24 months. The US tech giant launched an online store in Vietnam in May. Optimism rises for fintech development opportunities, illustration photo/ Le Toan Do Quang Thuan, senior deputy director in charge of financial services at MoMo, said, “As we seamlessly integrate into the online Apple Store, we present Vietnamese users with an unparalleled range of payment options. It’s a gateway to unlocking their dreams of Apple ownership while maintaining a firm grip on their financial equilibrium.” The landscape has become increasingly competitive in Vietnam, driving innovation and advancements in digital payment solutions. Breaking new ground in the Vietnamese market, MoMo is also the first local partner to offer cashless payment options for YouTube Premium. The strategic collaboration brings added convenience … [Read more...] about Optimism rises for fintech development opportunities

The event attracted the participation of more than 100 people from large Korean investment funds, conglomerates, and small- and medium-sized enterprises operating in banking, green energy, green industry, smart city – urban area building and development, 4.0 industry, science and technology, high-tech agriculture, and manufacturing fields. Deputy head of the ministry’s Consular Department Trinh Thi Mai Phuong said that the forum is a highlight of the program to promote Vietnamese localities in the RoK lasting from May 29 to June 1 to foster cooperation and connectivity between Vietnamese localities and RoK localities and businesses. At the forum, VKBIA President Tran Hai Linh stated that the collaboration between Vietnamese and RoK localities plays an important role in fostering economy, trade, and investment between the two countries. Leaders of Can Tho, Bac Lieu, Kon Tum, and Thua Thien Hue informed the forum on their localities’ potential, strength, and socio-economic … [Read more...] about Vietnam, RoK localities step up cooperation

Read what is in the news in Vietnam today: Politics -- Australian Prime Minister Anthony Albanese will pay an official visit to Vietnam from this weekend at the invitation of Vietnamese Prime Minister Pham Minh Chinh, according to the Ministry of Foreign Affairs. -- The Indian government will cooperate with the Vietnam Yoga Federation in organizing the 2023 International Yoga Day across 22 provinces and cities in the Southeast Asian country at the end of June, as part of a range of cultural exchange, tourism, trade, and investment promotion events marking 50 years of diplomatic ties between the two nations, Dr. Madan Mohan Sethi, Consul General of India in Ho Chi Minh City, announced at a press conference on Tuesday. Society -- A court in Thanh Hoa Province, north-central Vietnam sentenced a 44-year-old local woman to 13 months’ imprisonment on Tuesday for “resisting officers on duty” by various actions, including threatening to kiss a traffic policeman to death. -- … [Read more...] about Breakfast @ Tuoi Tre News — May 31

American computational software multinational Cadence Design Systems has inked a deal with the Saigon Hi-Tech Park (SHTP) in Ho Chi Minh City to better workforces in integrated circuit design in Vietnam. Cadence and SHTP announced their partnership in developing a workforce in electronics design and boosting the semiconductor integrated circuit industry in the country on Tuesday. As per the deal, Cadence will provide software for designing integrated circuits and offer related training courses to university students in Ho Chi Minh City. Via these courses, students in the city will be able to gain in-depth knowledge about integrated circuit design and learn how to fix technical errors during the design process, and to produce integrated circuits. Nguyen Anh Thi, head of the SHTP management board, said that the cooperation would foster electronics design, development and research activities, driving up the country’s integrated circuit industry. Students at Ho Chi Minh … [Read more...] about US firm supports Ho Chi Minh City in chip design training

CEO of PVS Le Manh Cuong said at the firm’s AGM 2023 on May 29 that PVS's involvement in constructing 33 foundations for Taiwanese partners has established an autonomous supply chain, specifically dedicated to PVS and Vietnam as a whole. Cuong recognises Vietnam's extensive shallow water areas and evaluates them as having the greatest potential in the Asia-Pacific region for offshore wind power. As a result, the installation costs of businesses in Vietnam are expected to be more competitive compared to China, South Korea, or Japan. Furthermore, there is a rising demand for renewable energy in the Middle Eastern market, which PVS is actively exploring. PVS's leadership is confident that they will emerge as a dominant force in the domestic and regional service market. According to Cuong, the Power Development Plan VIII explicitly demonstrates support for offshore renewable energy projects without any capacity limitations, and offers backing for electricity exports. At present, … [Read more...] about PVS in talks with foreign investors for renewable energy investments

A delegation from Vietnam’s T&T Group, led by chairman of the board Do Quang Hien, embarked on a visit to the headquarters of DB Group, a prominent economic powerhouse in South Korea, on May 25. Under this comprehensive accord, T&T Group and DB Group will support each other's endeavours with the shared goal of becoming leaders in Vietnam's thriving insurance sector. Additionally, the two groups have committed to jointly exploring and executing ventures across multiple other industries. Speaking at the signing ceremony, Do Vinh Quang, vice chairman of the Board of Directors and Deputy CEO of T&T Group, highlighted the shared vision of both companies to excel in Vietnam's insurance sector. Recognising the potential in other areas such as finance, asset management, IT, and real estate, Quang emphasised the importance of leveraging these strengths to achieve sustainable growth for both conglomerates. He expressed confidence, stating, “This strategic collaboration will … [Read more...] about T&T Group and DB Group form strategic partnership to fuel investment opportunities

Latest figures from the central bank show that in late February the on-balance sheet non-performing ratio of the banking system stood at 2.91 per cent, an increase compared to 2.46 per cent in late 2016, 1.49 per cent in late 2021 and most recently, 2 per cent in late 2022. However, according to a State Bank of Vietnam (SBV) assessment, several sorts of debts have the potential to be turned into bad debts in the future, such as investment into corporate bonds for debt restructuring, hard-to-collect receivables, among others. “If such debts were considered, the non-performing loans (NPLs) ratio of the system might reach 5 per cent of total outstanding balances,” said SBV Governor Nguyen Thi Hong. One positive point is that credit institutions have been taking practical measures to ensure operational safety through boosting their loan loss reserve (LLR) funds for their bad debts . Accordingly, credit institutions have maintained a fairly high LLR ratio approximating … [Read more...] about How bad debts influence lending rates