Vietnam stocks fall on low confidenceVietnamese shares declined on February 8 as investors showed little confidence amid the current volatility of the global markets and the sharp fall in crude prices. The unlisted market index jumped 3.3 percent in the previous session. The market trading condition was ruled by declining stocks, which were dominant over gainers by 369 to 266, while 143 other stocks ended flat. Large-cap stocks returned to the negative territory as 24 of the 30 largest ones by market capitalisation in the VN30 Index suffered from investors’ sell-off pressure. Among the industries that suffered from investors’ selling pressure, energy stocks were hit by the current downward trend of crude prices.
February 09, 2018 02:37 UTC
BUSINESS IN BRIEF 9/2Survey says 70% of Japanese enterprises wish to expand business in VietnamApproximately 70% of Japanese enterprises operating in Vietnam intend to expand their operations in future, an increase of 3% compared to 2016, according to a JETRO survey. In addition, about 70% of Japanese enterprises expressed their intentions to expand their business in Vietnam, a slight increase compared to 2016. Nhat Tien Chung will be an authorized distributor of Infortrend’s products in Vietnam, including high-performance storage products as EonStor GS, EonStor GSe, EonStor GSe Pro, EonStor DS, and EonServ. Similar to Christmas in some Western countries, Tet is a peak selling season for retailers in countries that observe the Lunar New Year, including Vietnam. The department would also continue administrative reforms, reduce business and investment conditions and improve the quality of online public services.
February 09, 2018 01:18 UTC
Credit growth to speed up in first quarterCredit is forecast to accelerate from the end of the first quarter this year to maintain the same growth rate as 2017. The NFSC predicts the credit growth for 2018 at 17-18 per cent, similar to that in 2017. Credit institutions have set a growth target of credit in Vietnamese dong at 17.71 per cent and in foreign currencies at 7.39 per cent. Last year’s credit growth in the whole banking system was reported at 18.17 per cent. It said the business results for banks would continue to be bright this year, fuelled by stable credit growth and quicker resolution of bad debts.
February 09, 2018 01:18 UTC
Vietnam loses to Uzbekistan 1-3 at Asian futsal eventVietnam’s futsal team lost to Uzbekistan 1-3 in the quarter-finals of the Asian Football Confederation Futsal Championship in Taipei, China on February 8. Vietnam (white) loses to Uzbekistan 1-3 at futsal eventMashrab Adillov opened the scoreboard for Uzbekistan at the 12th minute. The second score for the team was made at the 28th minute in the second half. Seconds later, Trong Luan scored for Vietnam, but Uzbekistan managed the third goal in the last minute of the match. The semi-final matches between Iraq and Japan, and Iran and Uzbekistan will take place on February 9.-VNA
February 08, 2018 23:48 UTC
Telcos prepare plans to prevent network congestion at TetLocal mobile carriers have unveiled plans to cope with possible network glitches during the upcoming Lunar New Year holiday, or Tet, which falls next Friday. Notably, this is the first Tet the Viettel network has included 4G which now accounts for half of the total just after over 10 months of operation. Viettel has recently installed 1,000 4G cell towers, bringing the total number of 4G transceiver stations to over 37,000 nationwide. Given the strong growth of mobile internet services, MobiFone has also raised its internet capacity to around 200 Gbps, an 80% rise against 2016. It has plans to adjust network configuration and use mobile base transceiver stations in crowded sites.
February 08, 2018 17:03 UTC
Signs of Tet in HCMC's District 5Both sides of Hai Thuong Lan Ong in District 5, HCMC are brightened up by the red and yellow colors of parallel sentences, hand scrolls, lucky money envelopes, lanterns, man-made apricot and cherry blossom trees, and some other decorative items for the Lunar New Year (Tet). According to local people, Hai Thuong Lan Ong is a key venue for selling Tet furnishing items, so it often attracts many locals and expats in the run up to Tet holiday. For city dwellers, the street is a popular address for not only looking for items to decorate their homes during Tet but also getting the feel of a traditional Tet, Vietnam’s biggest and longest national holiday, which starts on February 16 this year. Quach Minh, a 38-year-old man who has sold Tet decorative items on Hai Thuong Lan Ong street for nearly 15 years, says wall stickers of dog, the animal sign of the new lunar year, are a best-selling product, with prices starting from VND35,000. Red lanterns and golden items such as man-made carp, statues of the Gods of Happiness, Prosperity and Longevity, and stickers sell wellDozens of stores along Hai Thuong Lan Ong Street in District 5 sell Tet decorative itemsThe trading venue attracts many tourists in the run up to Tet holidayCustomers inspect lucky money envelopes at a shopSGT
February 08, 2018 17:03 UTC
Central bank injects nearly $573mn to support liquidityState Bank of Viet Nam (SBV) made a net cash injection of VND13 trillion (US$572.9 million) into the economy in the past week to support the liquidity of commercial banks. The central bank made a net cash injection of VND13 trillion (US$572.9 million) into the economy in the past week. The past week also saw the inter-bank rates inch up by 0.1 - 0.22 percentage points, pushing the overnight rate to 1.57 per cent and the one-week rate to 1.65 per cent. Despite the hike, inter-bank rates were still low compared to the same period in previous years. For example, ahead of Tet last year, the inter-bank rates surpassed 2 per cent for overnight and one-week loans.
February 08, 2018 13:30 UTC
Can Tho’s English teaching troublesVietNamNet Bridge – Teaching English in primary and secondary schools in Can Tho under a Government project called Teaching and Learning Foreign Languages in the National Education System between 2008 and 2020 still faces hurdles, according to schools. The school does not have own rooms for English classes, and teaching aids are also in short supply, he said. Other school officials complained that red tape related to accepting foreign volunteers teaching English is a barrier. Teaching and Learning Foreign Languages in the National Education System is divided into two phases: The first began in 2012 and finished in 2015, the second began in 2016. In 2017 it chose seven schools to set up English teaching models for the project.
February 08, 2018 10:30 UTC
Vietnamese horror movie to get American remakeVietNamNet Bridge – Oscar-winning screenwriter Geoffrey Fletcher will write the screenplay for the American remake of the Vietnamese horror flick, The Housemaid. Oscar-winning screenwriter Geoffrey Fletcher will write the screenplay for the American remake of The Housemaid. — Photo wsj.comThe movie, by the Vietnamese-American director Derek Nguyen, is set in 1953 during the First Indochinese War. “The opportunity to reimagine this compelling story in the context of American history is incredibly exciting,” Fletcher told the entertainment news website, deadline.com. It won the Silver Lotus award in the Best Movie category of the 20th Viet Nam Film Festival in 2017.
February 08, 2018 10:30 UTC
Quang Ba flower marketLying alongside Au Co Road in Tay Ho district, it is one of the most famous markets in Hanoi. As Tet nears, the market becomes a bustle of buying and selling with a stream of motorbikes carrying plant pots through crowds of locals and visitors. Buoi MarketIt is one of oldest markets in the capital city. It not only sells fresh flowers but also offers many kinds of ornamental plants, plant varieties, and seeds. A wide range of plants associated with Tet such as peach, kumquat, different kinds of flowers, and ornamental plants are on sale.
February 08, 2018 10:18 UTC
FDI enterprises pay lowest taxes despite high profitsForeign direct investment (FDI) enterprises, which have enjoyed multiple tax incentives, pay the lowest State taxes despite reporting high profits, statistics show. FDI enterprises have achieved the highest profit growth among the economic sectors but pay the lowest taxes. This amount accounted for 45.9 per cent of the total profits earned by businesses across all sectors in 2016. However, they paid the lowest taxes to the State budget, amounting to only VND250.9 trillion in 2016. In addition, many localities have implemented their own tax incentives to attract more FDI enterprises.
February 08, 2018 10:18 UTC
Prime Minister welcomes FIFA PresidentPrime Minister Nguyen Xuan Phuc affirmed that the Vietnamese Government always creates favourable conditions for football to develop healthily and sustainably in the country while welcoming Gianni Infantino, President of the world football governing body FIFA on February 8. FIFA President Infantino said he was impressed by the enthusiasm of Vietnamese football lovers. PM Phuc spoke highly of FIFA’s back for Vietnamese football, adding that the country hopes to receive more help from FIFA and its president, especially in coach and referee training programmes and training for young players. In the past years, FIFA has sent yearly lecturers and equipment to hold short training courses for Vietnamese football coaches, apart from funding local football tournaments and amateur football events. Vietnam was recently selected as one of the participants in a pilot programme to develop women’s football in 18 months.-VNA
February 08, 2018 10:07 UTC
PM promises optimal conditions for Korean investorsThe Government of Vietnam always creates favourable conditions for Korean firms, including the Hyosung Group, to invest in the country, said Prime Minister Nguyen Xuan Phuc. Prime Minister Nguyen Xuan Phuc presents a gift to Chairman of the Hyosung Group Cho Hyun-joon. He praised Hyosung as one of the biggest Korean investors in Vietnam, which has operated many important projects in all three regions of the country. The group wants to partner with and transfer technologies to Vietnamese manufacturers of power transformers so as to make Vietnam an exporter of the product, he said. Hyosung is a leading producer of all classes of power transformers, ranging up to 765kV in the RoK.
February 08, 2018 09:56 UTC
Trial of Vinasun-Grab civil case suspended for one monthThe jury on February 7 decided to suspend the trial of a civil case between domestic taxi operator Vinasun and Grab, a popular ride hailing service, for one month after hearing statements by representatives of both sides. Representatives of taxi operators were present at the court. The jury asked Grab to present relevant documents such as e-contracts and other contracts between the company and transportation cooperatives. The suit was initiated by Vinasun against Grab on accusations of unfair business practices. This is the first time the increasing tension between conventional taxi operators and their app-based counterparts took to the fight to the courtroom, all while Vietnamese lawmakers seek to construct appropriate legal tools to effectively regulate these emerging services.
February 08, 2018 09:33 UTC
Neu pole erected at Hue Imperial Citadel to mark beginning of TetA ceremony to plant Neu pole (a tall bamboo tree with red garment strips used to ward off evil spirits during Tet) was organised at Hue Imperial Citadel in the central province of Thua Thien-Hue on February 8. Neu pole erected at Hue Imperial Citadel - Illustrative imageThe 15-metre bamboo pole was carried by a group of men dressed as soldiers under the Nguyen Dynasty in a procession from the Hien Nhon Gate through the Thai Hoa Palace to arrive at the Ancestral Temple, where it was erected. The erection of the Neu pole on the 23rd day of the 12th lunar month marks the beginning of Tet. During 143 years of reign (1802 – 1945), the Nguyen Dynasty held an annual ceremony to plant the Neu pole at the Imperial Citadel. The Neu pole is also believed to ward off ghosts and demons from entering the community during Tet.
February 08, 2018 09:22 UTC