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MoMo also won the award for “Best Platform for Financial Services in Vietnam” at the Excellence in Retail Financial Services Awards from The Asian Banker on March 16. The only Vietnamese representative in the list of Top 10 Global Platforms 2023 ranks seventh in the list that includes behemoths like Alipay, Apple Pay and Paypal. TABInsights assessed the leading 20 global platforms and ranked them based on a six-dimensional balanced scorecard covering capabilities across six key dimensions: customer, coverage and service scope, usage and engagement, financial performance, strategy, and leadership. “The best platform demonstrates exceptional efforts to bring together a wide variety of integrated and relevant services that customers require to manage their financial and non-financial needs,” TABInsights said. The magazine described MoMo as a platform with outstanding technology that offers a wide range of financial products and services through partnerships with financial … [Read more...] about MoMo among Top 10 global financial service platforms

A crab covered in oil creeps across the sand as Philippine fishermen wearing white protective suits, rubber gloves, and respirator masks scrape toxic sludge from the rocks along the shore. In this picture taken on March 22, 2023, fishermen wearing personal protective equipment take part in a clean-up operation from the oil spill of the sunken tanker Princess Empress along the coast in Pola, Oriental Mindoro province. Four weeks after a Philippine tanker loaded with 800,000 litres (210,000 gallons) of thick oil sank off the central island of Mindoro, the vessel is still leaking. More than half the oil has been discharged and dispersed over hundreds of kilometres of waters famed for having some of the most diverse marine life in the world. Experts estimate the two main slicks northwest and southeast of the tanker could span 162 square kilometres (62 square miles). It took two days for the spill to reach Buhay na Tubig, a remote village in Pola, one of the island's … [Read more...] about Philippine fishermen struggle as oil spill keeps them ashore

In 2022, two-way trade between Yunnan (China) and the bordering provinces of Vietnam is expected to reach US$3.25 billion. The provincial authorities of Vietnam's Lao Cai and China's Yunnan agreed on March 28 to take necessary measures to lift their comprehensive ties, especially trade. A truck that links Lao Cai and Yunnan Province passes the Kim Thanh II International Border Gate. Photo: The Hanoi Times "The comprehensive partnership between Lao Cai and Yunnan has improved tremendously in recent years, but it has not reached its full potential," said Hoang Quoc Khanh, permanent vice chairman of the Lao Cai Provincial People's Committee. Khanh suggested that Yunnan authorities further relax regulations and facilitate cross-border trade and travel between the two nations to improve bilateral relations. The Lao Cai official said Chinese authorities should restore trade and travel activities to pre-pandemic levels. He also urged the Chinese government to … [Read more...] about Lao Cai and Yunnan provinces agree to strengthen bilateral ties

In order to better combat trade fraud activities in the future, the Ministry of Finance is requesting related agencies to soon issue specific criteria for domestically-produced goods. Under Prime Minister Nguyen Xuan Phuc’s instruction in Directive No.824 on tightening state administration against trade frauds, the General Department of Vietnam Customs (GDVC) has been working on perfecting the legal framework and identifying offenses in trading activities. The Ministry of Finance is requesting related agencies to soon issue specific criteria for domestically-produced goods. Photo: Hoai Nam. In terms of legislation, the GDVC has issued specific instructions for provincial customs in dealing with act of trade and origin frauds, illegal transshipment as well as violations of intellectual property rights. Additionally, the GDVC has given priority to training customs staff to ensure greater efficiency in determining cases of frauds in trade. Meanwhile, the … [Read more...] about Vietnam customs steps up fight against origin frauds in trade

She had announced she would leave her post as Fulbright president this summer after an eight-year stint. Thuy, 62, has master’s degrees in management from Harvard University and the Wharton School of the University of Pennsylvania in the U.S. She has also been general director of ANZ Vietnam and the Vietnam International Commercial Joint Stock Bank (VIB). Tasco was known as a major toll booth operator with projects spread throughout the country. After its founder, Phan Quang Dung, quit as president, the firm restructured with three different businesses: infrastructure-car service, real estate and insurance. This year Tasco targets revenues of VND22.5 trillion (US$957.6 million) and a profit of VND600 billion. … [Read more...] about Fulbright University chief named to Tasco management board

Industry and construction, one of three main growth pillars of the country, posted an expansion rate of only 0.4% as major industries were hurt by rising input costs and plunging orders, according to the General Statistics Office. Agriculture, forestry and seafood gained 2.52%, while services surged 6.79%, the latter thanks to policies issued to boost domestic consumption. Services accounted for 43.65% of GDP, followed by industry and construction, agriculture, forestry and seafood. The 3.32% GDP growth rate was the second lowest in the first quarter of the last 12 years, and behind 2020 when it expanded by 3.21%. Total trade declined by 13.3% year-on-year to $154.27 billion for the period, as the global economy was slow to recover and many countries tightened their monetary policies. This had a large impact on Vietnam’s exports. The country, however, still recorded a trade surplus of $4.07 billion. … [Read more...] about GDP growth slows in Q1

In 2019, the authorities were able to handle major cases of smuggling and selling of counterfeit products, a fact that was not possible in the past. The Vietnam Directorate of Market Surveillance under the Ministry of Industry and Trade (MoIT) identified 90,000 cases of trade fraud and smuggling, and issued nearly VND670 billion (US$28.96 million) in fines in 2019, up 7,700 cases and VND180 billion (US$7.78 million) in fines year-on-year, the governmental portal reported. Overview of the meeting. Source: Vietnam Directorate of Market Surveillance. During the year, the agency collected nearly VND500 billion (US$21.61 million) for the state budget, confiscated goods and products worth over VND170 billion (US$7.34 million) and destroyed smuggled and faked goods worth over VND120 billion (US$5.18 million). Tran Huu Linh, director general of the Vietnam Directorate of Market Surveillance, said at a meeting on January 13, that in 2019, the authorities were able to … [Read more...] about Vietnam authority identifies 90,000 cases of trade fraud in 2019

The resolution is a necessary move to ensure sustainable development of Vietnam’s exports and lawful rights of local compliant traders. The Vietnamese government on December 31, 2019 issued Resolution No.119/NQ-CP with an aim to address rampant cases of origin fraud and illegal transshipment, in a move to show its determination to ensure fair trade with major partners. Illustrative photo. The resolution is a necessary move to ensure sustainable development of Vietnam’s exports and lawful rights of local compliant traders, particularly with the enactment of new free trade agreements such as the Comprehensive Progressive Trans – Pacific Partnership (CPTPP) and the EU – Vietnam Free Trade Agreement (EVFTA) in the context of the ongoing US – China trade war, the Ministry of Industry and Trade (MoIT) said in a statement on its portal. Additionally, the resolution is expected to attract foreign investment in hi-tech projects with greater added value, helping local … [Read more...] about Vietnam government vows to combat origin fraud

Although Vietnam reopened its door to international tourists over a year ago, small and medium lodging facilities in Ho Chi Minh City are still struggling to recover due to the small number of international visitors. Their largest source market is China while the number of guests from the northern neighbor remains modest, forcing many hotels to use their facilities for other purposes or stop leasing spaces. Shutdown, falling room occupancy In District 1, many hotels which used to be crowded with foreign travelers are now empty or have been replaced by other businesses. On Ly Tu Trong Street, a spacious hotel is being repurposed. The hotel is in a prime site, near Ben Thanh Market, Nguyen Hue Pedestrian Street, and Le Loi Boulevard, once favored by international tourists. Many 'House for Lease' signboards can also be seen along Bui Vien Walking Street and De Tham Street with many of them being hung in front of small, one- and two-star hotels. The director of a chain of … [Read more...] about Ho Chi Minh City hotels waiting for int’l guests

A VF 8 model of VinFast. The company has officially announced the opening of its VinFast store in Rennes. — Photo courtesy of the company VinFast, the Vietnamese automaker, has opened its latest store in Rennes, marking its foray into the western region of France. This move is part of VinFast's expansion strategy into European markets, with its next stores expected to be launched in Montpellier, Aix-En-Provence, and other major French cities. The VinFast store in Rennes, located in a prime location alongside other auto brands, aims to increase the company's brand presence and attract potential customers. The store will feature products and in-car smart features, with personalised services provided by knowledgeable product experts. VinFast seeks to build strong connections and trust with French customers through its retail and service network. The modern and elegantly designed VinFast store in Rennes draws inspiration from the natural wonders of Viet Nam. Customers can … [Read more...] about VinFast celebrates expansion into western France