H&M profits sink amid weak salesSwedish fashion giant H&M - the world's second-biggest clothing chain - has posted a 61% profit fall for the three months to February amid weak sales. Recently it warned of weaker demand in some stores and also said sales had fallen for the second quarter in a row. Most will be H&M stores, but 90 will be its newer spin-offs including & Other Stories, Cos and Monki. H&M said that rise was higher than planned, and would mean "increased markdowns" in the second quarter of 2018 compared with last year. However, the retailer said it expected sales and profits to return to growth.

VND, USD exchange rate to hit VND22,900: HSBC forecastsThe exchange rate between the dong and the US dollar will be stable and end at VND22,900 per US dollar by the end of 2018, predicts Ngo Dang Khoa, head of Global Markets, HSBC Bank Viet Nam. By the end of February, the inflation rate in Viet Nam was 3.15 per cent. In 2017, food prices were low, leading to negative growth compared to 2016. Therefore, this year, inflation is likely to jump when food prices rise even slightly. HSBC predicts that by the end of the year, Viet Nam’s inflation will return to 3.7 per cent.

Korean food firms moving to Vietnamese marketThe Republic of Korea's distribution and food processing companies are shifting to Vietnam from China amid tougher business conditions and strained bilateral relations in the world's most populous market, the RoK’s Yonhap news agency reported. A Lotte Mart outlet in Ho Chi Minh City. Sales at EMart's mall in Ho Chi Minh City, which opened in December 2015, rose to 52 billion won in 2017 from 41.9 billion won in 2016. CJ Cheiljedang Corp., a Korean leading food manufacturer, has bought several food processing firms in Vietnam, hoping to achieve more than 700 billion won of sales by 2020. It has invested 70 billion won in the construction of a food processing factory in Ho Chi Minh City.

Da Nang cracks down on foreign tour guidesVietNamNet Bridge – The Ministry of Public Security has set up an interdisciplinary inspection team to supervise foreigners’ compliance with the regulations on their entry, exit, and residence in central Da Nang City. — VNA/VNS Photo zing.vnThe move was made after many foreigners were reported to illegally work as tour guides in Da Nang City, affecting the tourism sector, security and order in the city. The team is comprised of representatives of the Ministry of Public Security, Ministry of Labour, Invalids and Social Affairs and Da Nang inspectors. The petition, with 130-140 signatures, also argued that these tour guides distorted Vietnamese history and culture while serving tourists. The city currently has 623 Chinese-speaking tour guides licensed by the Department of Tourism.

Hanoi apartment residents on edge following deadly blaze in HCM CityVietNamNet Bridge – Residents of apartment buildings in the capital city are getting restless after a deadly blaze claimed 13 lives in the upscale Carina Plaza in HCM City last week. Recently, residents in the apartment buildings of Trang An Complex (Cau Giay District) hung out red banners on their balconies, which read, “Take care of the fire. Do not blame the residents”, to protest what they deemed an irresponsible attitude on the part of the building owner following a fire incident on March 20. The lacklustre response of the complex’s owner, GP Investor, after the fire did little to assuage the incensed residents. Apartment buildings having 20-40 floors are popping up in multitude throughout the city’s districts, most notably in Hoang Mai, Thanh Xuan, Cau Giay and Nam Tu Liem.

VN Government issues new decree on multi-level marketing plansThe Government has issued a new decree which it says will help build a "clean and transparent multi-level marketing environment". Therefore, on March 12, 2018, the government issued Decree 40/2018/ND-CP to promote the management of business activities, replacing Decree 42. This ban will protect the interests of consumers and genuine multi-level marketing enterprises, he said. The new decree prohibits businesses from providing false or misleading information about the benefits of participating in multi-level marketing, features and uses of goods, as well as activities of multi-level marketing businesses. On the other hand, the State also bans organisation of seminars, conferences and training courses on the multi-level marketing model without the authorisation of the multi-level marketing enterprises.

Massive profits slated for finance and banking sector in 2018Throughout the annual general meetings (AGMs) season, numerous commercial banks unveiled remarkable business targets for the year ahead, promising huge revenues, profits, and charter capital raises. Vietnam's finance and banking sector saw a substantial recovery showcased in past achievements and ambitious targets in for 2018Nguyen Duc Vinh, CEO of VPBank, asserted that the bank's shareholders approved the plan to reach VND10.8 trilllion ($474.12 million) in pre-tax profit by the end of 2018. Over the same time period in 2017, the bank managed to raise its charter capital from VND9.181 trillion ($403.04 million) to VND15.706 trillion ($689.49 million). Additionally, the bank planned to raise its charter capital to VND16.6 trillion ($728.74 million) by the end of 2018 and to VND18 trillion ($790.2 million) by the end of 2019. In 2017, Techcombank gained a pre-tax profit of over VND8 trillion, which was 200 per cent of the previous year's pre-tax profit figure and 400 per cent of the same category in 2015.

HCM City beauty salon doctor fined for surgery deathA doctor who owns a beauty salon in HCM City has been fined VND64 million (USD2,909) following the death of an American man during a loose skin removal surgery. Viet Thanh beauty salonDr. Nguyen Viet Thanh performed surgery on Edward Hartley, 53, who died during the operation in July last year to remove loose skin around his hip. Hartley had lost 18 kilos, so he came to Viet Thanh cosmetic surgery clinic in District 10 for excess skin removal. Viet Thanh Beauty Salon, which was licensed in May 2016, has been shut since the incident. Dr Thanh has been fined VND64 million for carrying out the unlicensed surgery and for violating human resource and hygiene regulations during the operation.

Uber drivers set to work for GrabGrab on Monday announced that all of Uber’s motorcycle and taxi drivers in Viet Nam would have the opportunity to work for Grab from April 8th. Uber on the same day also sent emails to its customers, confirming that “Uber will be combining our operations with Grab to lead you in the next chapter of ridesharing in Viet Nam and across Southeast Asia.”To minimise disruption, Grab and Uber are working to migrate Uber drivers and riders, Uber Eats customers, merchant partners and delivery partners to the Grab platform. The Uber app will continue to operate for two weeks to ensure stability for Uber drivers. A representative from Grab Viet Nam told VTC News online newspaper that Uber would still operate independently based on their app. He added that Uber drivers would not be required to change to Grab.

VN vs Jordan: fight for top placePark Hang-seo spent a lot of time guiding his players to follow his tactics ahead of the 2019 Asian Cup qualifier match today against Jordan in Amman City. Vietnam will play the hosts during the Group C match of the Asian Cup qualification today. Coach Jamal Abu Abed of Jordan said every international match, be it friendly or official, was important. Before facing Vietnam, who will present their best players today, Jordan defeated Kuwait 1-0 in a friendly match on March 21. The new ranking will place Vietnam in group 2 of seeds at the Asian Cup and help them avoid powerful rivals.

Vietnamese banks thrive following foreign partners’ divestmentVietNamNet Bridge - Concerns were once raised when a number of foreign partners decided to divest from Vietnamese banks, but banks’ financial reports show satisfactory business performances. In the 2004-2006 period, foreign investors were warmly welcomed by Vietnamese banks which believed that foreign capital and technology would help them thrive. Foreign partners usually ask Vietnamese banks to diversify their portfolios,” he said. In many cases, contributing capital to Vietnamese banks did not bring high benefits to foreign partners. However, Thoi Bao Kinh Te Sai Gon said that Vietnamese banks remain attractive to foreign investors.

Late visa policy announcement challenges tourismThe visa exemption policy for citizens of five European countries will expire in the next three months. The visa exemption policy for citizens of five European countries will expire in the next three months. “If Viet Nam suddenly stops the visa exemption policy, a tourist will have to apply for visas in rush when the departure date approaching fast,” he said. Indonesia, aiming to welcome 20 million foreign tourists by 2019, has opened the visa exemption policy for citizens of 169 countries and territories. “From 2011 to 2017, Japan welcomed 19 million international tourists but the number in Viet Nam was only 12.9 million.

Vietnam Airlines, French partner cooperate in aircraft engine maintenanceVietnam Airlines and Air France Industries KLM Engineering and Maintenance (AFM KLM E&M) inked an agreement for the maintenance of Boeing 787-9 engines worth 500 million USD in Paris on March 26. Duong Tri Thanh, General Director of Vietnam Airlines, told Lao Dong (Labour) newspaper that Vietnam Airlines is proud to be the only Vietnamese air carrier to run direct flights between Vietnam and France over the past 15 years. Vietnam Airlines has always regarded France as a strategic market to access Europe and North America, he said. On July 2, 1994, the airline launched an air route between Vietnam and France through Dubai, using Boeing 767 aircraft. Vietnam Airlines is the only Vietnamese air carrier to conduct flights from the Southeast Asian nation to France, with 10 per week.-VNA

Vietnamese student shines at Kyushu Music Concour 2018Surpassing over 1,000 international candidates, Phan Trung Kien, a student at the Vietnam National Academy of Music, has won the only special prize at the Kyushu Music Concour 2018 in Kumamoto, Japan. Kien was also named among the seven first-prize winners of the contest. The second Vietnamese contestant sent to the competition was Lai Thi Huong Ly, also a student of the Vietnam National Academy of Music. Competing in the same category as Kien, Ly came second. The Kyushu Music Concour is held annually targeting international musical talents under 18 and between 18 and 25.-VNA

National renewable energy summit opens in Nha TrangThe three-day event, a match-making platform for key stakeholders in the renewable energy sector, has brought together some 30 local investors, including TTC Energy, KN Group, Phu Cuong, Ocean Group and Hado Group and international developers and investors like Tata Power, Mainstream and Blue Circle. The 2018 Viet Nam Renewable Energy Summit opened in the central coastal city of Nha Trang yesterday. VRES 2018 has topical sessions to discuss market intelligence and connect key investors with approved renewable projects that are looking for investment. Khanh Hoa Province where Nha Trang is situated is famous for its abundance of solar and wind power resources. Many investors have chosen it and nearby provinces such as Ninh Thuan and Dak Lak to set up renewable projects, the event organisers said.