Sabeco officially dismisses Vu Quang Hai

Sabeco officially dismisses Vu Quang HaiOn February 16, 2017, Vu Quang Hai, the son of sacked former Minister of Industry and Trade Vu Huy Hoang, was officially dismissed from his positions at Saigon Beer, Alcohol and Beverage Corporation (Sabeco) as member of the board of directors and deputy general director. Specifically, the attendees have agreed to replace Vu Quang Hai by Nguyen Thanh Nam, current deputy general director of Sabeco. Hai, 29 years old, is the son of Vu Huy Hoang, former Minister of Industry and Trade. After this scandal, Vu Quang Hai has submitted a letter to the Ministry of Industry and Trade, asking for work at Sabeco at any other position. Besides, he holds 1,800 Sabeco shares himself, and his wife and brother hold 7,200 shares.

February 17, 2017 08:48 UTC

Islamic State-claimed bomb kills 70 at Pakistan shrine

SEHWAN, Pakistan — At least 70 people were killed and hundreds wounded Thursday when a bomb ripped through a revered Sufi shrine in southern Pakistan, officials said, after a series of attacks which have shaken optimism over recent improvements in security. Kabul also regularly points the finger at Pakistan for sending militants to carry out bombings in the war torn country. The centuries-old shrine, one of the most revered in Pakistan, had been crowded on a Thursday, considered a sacred day for prayers. Images of the shrine showed blood smeared on the white floor around the grave, with debris and shoes scattered around. "But soon our phones started ringing that there was a bomb blast at shrine and we rushed towards it.

February 17, 2017 08:48 UTC

Samsung heir arrested in corruption probe

SEOUL — The heir of South Korean giant Samsung was arrested Friday as part of a probe into corruption and influence-peddling that caused President Park Geun-hye to be impeached. Lee Jae-yong, Samsung Electronics vice chairman, is accused of paying nearly US$40 million in bribes to Park’s secret confidante to secure policy favours. Lee, the son of the Samsung group boss Lee Kun-hee, has been quizzed several times over his alleged role in the scandal that has rocked the nation. Lee has effectively taken the helm of Samsung -- South Korea’s biggest business group -- since his father suffered a heart attack in 2014. Samsung is South Korea’s largest business group and its revenue is equivalent to about a fifth of the country’s GDP.

February 17, 2017 08:34 UTC

Vietnamese has shock win at world chess champs

Vietnamese has shock win at world chess champsVietnamese Pham Le Thao Nguyen shocked the world to become one of the top 16 chess masters at the FIDE Women’s World Chess Championship underway in Tehran, Iran. Pham Le Thao NguyenNguyen, who ranks No 119 in the world, defeated No 21 Aleksandra Goryachkina of Russia 1.5-0.5 in the second round on February 15. The Vietnamese forced Goryachkina, who is called chess genius in her native country, to a draw in the first match and secured a win in the second game after 69 moves, although she was at a disadvantage with the black pieces. Her next rival is world rapid chess defending champion Anna Muzychuk of Ukraine. The world No 3 and European No 1 defeated Alina Kashlinskaya of Russia 1.5-0.5.

February 17, 2017 08:26 UTC

Services in education to be covered by state budget

Services in education to be covered by state budgetThe Prime Minister has issued the index of services in education that can use the state budget. As per the PM’s index, the state budget will pay for educational activities for disabled children in preschools, teaching activities of mandatory subjects in primary schools and activities in schools for ethnic minority students. The budget also pays for training activities in universities of pedagogy, or teaching subjects of Marx-Lenin and Ho Chi Minh Thoughts. Additionally, the budget will be used for paying teaching tuberculosis, mental illnesses, forensic examination, anatomy, and subjects in defense security subjects, basic sciences as well as training for master and Ph.D for above-mentioned subjects. Moreover, expenditure for teaching theory and practice, scientific research of students who study two years or three years in education colleges or illiteracy eradication program and further education in continuous studying centers will be covered by state budget also.

February 17, 2017 06:11 UTC

Eco-tourism to boost wind farms

Eco-tourism to boost wind farmsBinh Thuan Wind Energy Association is planning to develop eco-tourism at wind farms to raise funds and further develop clean energy. Phu Lac wind farm in Binh Thuan ProvinceThe association's chairman, Bui Van Thinh, announced the plan at a conference about the development of wind farms in Binh Thuan Province on February 16. In the first phase, the Phu Lac wind farm, invested by Thuan Binh Wind Power JSC has an annual capacity of 24MW since beginning operations in June 2016. In addition, they are planning to set up a farm to grow vegetables and livestock to develop eco-tourism at wind and solar farms. According to the national power development plan during 2011-2020 period, the government aims to increase the wind power capacity from 140MW to 800MW by 2020 and 6,000MW by 2030.

February 17, 2017 06:11 UTC

Berjaya Land to sell Vietnam operations for $15mil

Berjaya Land to sell Vietnam operations for $15milBerjaya Land Bhd (BLand) will be exiting its Viet Nam-based Berjaya Long Beach LLC (BLong Beach) business, as it will be selling its entire stake in the latter to Sulyna Hospitality Hotel Restaurant Travel Service Co Ltd for VND333.25 billion or nearly US$15 million. The BLong Beach has 109 standard rooms, six suites and four VIP suites with a swimming pool, restaurants, banquet rooms and a spa centre. BLand owns BLong Beach via its wholly owned subsidiary, Berjaya Leisure (Cayman) Ltd (BLCayman). Le Thi Chi Private Enterprise holds 25 per cet in BLong Beach, while the rest is under the control of Long Beach J.S. Commenting on its plan to exit BLong Beach, BLand said that the stake disposal provided an opportunity for the group to realise its investment in BLong Beach.

February 17, 2017 06:00 UTC

Ly Hoang Nam fails in singles, enters semi-finals in doubles

Ly Hoang Nam fails in singles, enters semi-finals in doublesVietNamNet Bridge – Vietnamese player Ly Hoang Nam could not manage an upset at the China F1 Men’s Futures tennis event yesterday. Ly Hoang Nam of Viet Nam loses at singles class, advances in doubles event at the China F1 tournament. — File PhotoNam was beaten 5-7, 1-6 by No 1 seed Danilo Petrovic of Serbia in the second round match. However, he will still play in the doubles event. They will next face No 2 seed Marco Bortolloti and Nino Serdarusic in the semi-finals.

February 17, 2017 04:41 UTC

Asia shares ease after run of gains; dollar, oil recover

Asia shares ease after run of gains; dollar, oil recoverAsian stock markets took a breather on Friday from their recent surge as investors booked profits, while the dollar inched up after Thursday's slide and optimism over possible renewed supply cuts by OPEC lifted oil prices. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS pulled back 0.1 percent, on track to end the week up 1.3 percent, its fourth straight weekly gain. Australian shares were down 0.1 percent, shrinking the week's gains to 1.5 percent. Hong Kong shares .HSI dropped 0.3 percent, but are still poised to close up almost 2 percent for the week. The dollar climbed almost 0.2 percent on Friday to 113.42 yen JPY=, up by the same percentage for the week.

February 17, 2017 03:33 UTC

Businesspeople whose Facebook pages get thousands of likes

Businesspeople whose Facebook pages get thousands of likesVietNamNet Bridge - Khai Silk, Le Hoai Anh and Trinh Van Quyet are businesspeople whose Facebook pages have up to hundreds of thousands of followers. Le Hoai AnhKhai Silk, Le Hoai Anh and Trinh Van Quyet are businesspeople whose Facebook pages have up to hundreds of thousands of followers. Hoang Khai, president of Khai Silk Group, has over 100,000 followers on his Facebook. The page serves as the place where Khai shares his experience about trips to many places all over the world. She writes status updated regularly and each one attracts about 6,000 likes.Trinh Van Quyet, president of FLC Group, is not a veteran Facebooker, but his fanpage attracts thousands of likes.

February 17, 2017 03:00 UTC

Paraquat poisoning kills 1,000 every year

HÀ NỘI — Doctors from Bạch Mai Hospital in Hà Nội have reported at least one patient everyday hospitalised due to herbicide poisoning, popularly known as paraquat poisoning. Every year, about 1,000 people die of paraquat poisoning across the country. Nguyễn Trung Nguyên, head of the Poison Control Centre of Bạch Mai Hospital, said the number of paraquat poisoning cases in 2015 at Bạch Mai Hospital was 300, with the figure rising to 500 last year. “Dying because of paraquat poisoning is scarier than other ways as the patients are awake and conscious until they die,” Nguyên said. Regarding this, doctor Nguyên from Bạch Mai Hospital said he wondered if the buffer time is necessary.

February 17, 2017 03:00 UTC

Companies upbeat on 2016 earnings reports

Both Vietcombank and Vietinbank reported net profits of over VNĐ6.8 trillion (US$298 million) in 2016 (leaving out business results of their member and affiliate companies). Military Bank (MBB) and Asia Commercial Bank (ACB) earned VNĐ2.9 trillion and VNĐ1.3 trillion in net profits, respectively. Dairy giant Vinamilk (VNM) posted net profits of nearly VNĐ9.4 trillion, a yearly growth of 21 per cent making it the biggest 2016 earner. In terms of growth rate, steelmaking and real estate companies were the leaders thanks to strong recovery of the real estate market in the last quarter of 2016. Nam Kim Steel (NKG) and Hoa Sen Group (HSG) also reported yearly growth of 312 per cent and 130 per cent, respectively.

February 17, 2017 02:52 UTC

Healthcare of older people a growing concern

These diseases require an overhaul of health care system, from facilities to personnel, further straining the already limited State budget. Other aspects of elderly health care also need to be mainstreamed into State policy-making decisions: such as access to these healthcare services, and elderly satisfaction with health care. For example, the measures Thailand have taken to extend healthcare coverage to all people, or the shift towards a community-based geriatrics healthcare scheme. Its end goal should be a ‘successfully ageing society’ – where older people are able to achieve financial security, healthcare insurance, and active engagement in social activities. In closing, he said that adopting good practices and learning from similar countries’ social and cultural experiences will always yield numerous benefits.

February 17, 2017 02:02 UTC

Workable alternative

In 2014, the RCEP countries attracted $366.3 billion in foreign direct investment (FDI) capital, equal to 29.8 per cent of the global total. There would be opportunities for Vietnamese enterprises to participate in regional value and production chains. It would face difficulties due to its vulnerabilities and narrow trade structure with RCEP countries, while its participation in the services sector is low. Vietnamese enterprises must therefore be fully informed about the progress of the agreement. This is a chance for Vietnamese enterprises to approach trade, services and investment activities with different countries.

February 17, 2017 01:19 UTC

Stocks draw TPP-vacated foreign interest

Stocks draw TPP-vacated foreign interestDespite geo-political uncertainties around the globe, the Vietnamese stock market is poised for strong growth this year thanks to a flurry of new listings and the government’s drive to develop the market. There are concerns that foreign capital is flowing out of Vietnam due to global volatilities, and Vietnam’s stocks are becoming too expensive for a frontier market. I don’t think Vietnamese stocks are expensive at all, as the average price-per-earnings ratio in the Vietnamese market is 13x on 12 or 13 per cent of EPS growth, when you put those outliers back in. At Dragon Capital, we follow 80 per cent of stocks on the market, and based on our in-depth analysis, the aggregate top 50 stocks in Vietnam are nowhere near too expensive yet. VietJet is currently among the top 10 stocks of our main fund, the Vietnam Enterprise Investments Limited.

February 17, 2017 01:19 UTC

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