Interest rate caps not needed: experts
Interest rate caps not needed: expertsThe State Bank of Viet Nam should consider developing a roadmap to remove regulations on credit growth limits and interest rate caps as it isn’t suitable due to the country’s achievements in stabilising the nation’s economy, according to experts. As for the management of interest rates, instead of setting a cap for short-term deposits, as currently done, the central bank could regulate by using open-market-operation (OMO), he suggested. At present, Viet Nam still applies an interest rate cap of 5.5 per cent for short-term deposits of 1-6 months. The cap regulation has been imposed since 2010 when commercial banks, especially ailing ones with poor liquidity, took part in a race to increase deposit interest rates to lure depositors, causing a sharp rise in lending interest rates. SBV divides commercial banks into four groups, depending upon their performance in the previous years, to allocate the credit growth quotas.
Source:VietNamNet News
May 14, 2018 06:45 UTC
5 killed in hit-and-run accidents in Lam Dong
5 killed in hit-and-run accidents in Lam DongAt least five persons died, and two others were injured in a series of crashes on Monday morning. The accidents took place on Highway No 20 running through Duc Trong District in the Central Highlands province of Lam Dong. The truck driver continued to drive and crashed into a smaller truck and four motorbikes, crushing them. According to Lam Dong Province’s police, the driver of the smaller truck and four persons died in the crash. The two injured persons are being treated at the provincial general hospital.
Source:VietNamNet News
May 14, 2018 05:48 UTC
Company chains: hidden pitfalls can deter progress
Company chains: hidden pitfalls can deter progressVietNamNet Bridge - The rapid expansion of food & beverage, restaurant and pharmacy chains in the last few years has led to the general opinion that they are easily profitable. An analyst said that, in developing business chains, investors will have to make hefty investments and accept failure. He said that while many business chains have prospered, many others have had to shut down after years of operation. And Saigon Café shut nearly all of its cafes in its chain within one year. RELATED NEWSThe rise of convenience stores, minimart chainsForeign café chains facing competition from local outletsMai Chi
Source:VietNamNet News
May 14, 2018 05:26 UTC
Experts’ reactions to MoF tax plan mixed
Experts’ reactions to MoF tax plan mixedExperts’ reactions to the Ministry of Finance’s (MoF) tax adjustment draft have been mixed, while the business community struggles to keep up with the variety of proposed tax hikes. Taxpayers wait for completion of tax procedures at the Hanoi Tax Department. Since 2017, the MoF had repeatedly proposed amendments to current tax law towards increasing the number of tax rates. He said the amendments of VAT, special consumption tax, corporate income tax, personal income tax, natural resource tax and export-import tax, would involve 30 different kinds of minor taxes, and they were all rising. Therefore, the MOF will and must amend a number of tax laws, though they had proved to put great pressure on the public, said Phung.
Source:VietNamNet News
May 14, 2018 04:41 UTC
Northern provinces on landslide alert
Northern provinces on landslide alertVietNamNet Bridge – The National Centre for Hydro-meteorological Forecasting yesterday warned northern mountainous provinces that there would be a high risk of landslides for the next couple of days. The landslides are forecast to occur after torrential rains hit northern regions since Saturday night. The highest rainfall was measured to be 174mm per hour in Hanoi that night, flooding a number of local streets and making many roads impassable. This marked the heaviest rain to hit Hanoi since early last summer. Vehicles on an inundated section of Hanoi’s Phung Khoang Street on Saturday night.—VNA/VNS PhotoA woman under torrential rain in Hanoi’s Cau Giay District on Saturday.—VNA/VNS PhotoSource: VNS
Source:VietNamNet News
May 14, 2018 04:07 UTC
Health Ministry mulls alcohol sales ban
Health Ministry mulls alcohol sales banThe Ministry of Health has drafted a law on alcohol abuse, in which it proposes creating a ban on the sale of alcohol during certain hours. The Ministry of Health has drafted a law on alcohol abuse, in which it proposes creating a ban on the sale of alcohol during certain hours. In the second scenario, alcohol sales are legal only between 6:00 and 22:00 except on special streets. According to the Viet Nam Beverage Association, the amount of beer consumption in Viet Nam last year reached about four billion litres. “Supermarkets or big shops are all equipped with machines recording sales, through which we can check what time it is when an alcohol sale is made.
Source:VietNamNet News
May 14, 2018 03:56 UTC
Rio Noguchi wins VN F2 tennis event
Rio Noguchi wins VN F2 tennis eventVietNamNet Bridge – Japanese tennis player Rio Noguchi won the men’s singles category of the Viet Nam F2 tennis tournament held in Hue yesterday. The winners of men’s singles of Viet Nam F2 tennis tournament. — Photo VTFThe 19-year-old player defeated Nam Ji Sung of South Korea 7-6(5), 6-3 after only 40 minutes in the final. Rio showed his talent in this event after beating many strong rivals to reach the final including No 1 seed Ly Hoang Nam of Viet Nam in the second round and defending champion of Viet Nam F1 tennis tournament, Chun Hsin Tseng in the semi-final. Ly Hoang Nam and Nguyen Van Phuong celebrate winning the men’s doubles of Viet Nam F2 tennis tournament.
Source:VietNamNet News
May 14, 2018 03:45 UTC
Vietnam ranks fourth at AFC Women’s Futsal Champs
Vietnam ranks fourth at AFC Women’s Futsal ChampsVietnam lost to Thailand 2-3 in the penalty shootout, following a goalless draw in the official time to rank fourth in the AFC Women’s Futsal Championship 2018 on May 12, which was held at the Hua Mak Gymnasium in Bangkok. Vietnam vs Thailand in the third-placed match of the AFC Women’s Futsal Championship 2018 on May 12. Vietnam reached the AFC event’s top four. We only lost to them in the penalty shootout. We will start a women’s futsal league in July, so hopefully that will help us develop and find more talent.”-VNA
Source:VietNamNet News
May 14, 2018 03:22 UTC
Lac Hong team triumphs at Robocon Vietnam 2018
Lac Hong team triumphs at Robocon Vietnam 2018The LH-ATM team from Lac Hong University in the southern province of Dong Nai won the 2018 Vietnam Robot Contest (Robocon Vietnam) after defeating another team from the same university – LH-Galaxy – during the final game in the northern province of Vinh Phuc on May 13. Lac Hong University team triumphs at Robocon Vietnam 2018Besides a cash award of 50 million VND and a trophy, the winning team became the representative of Vietnam to take part in the ABU Asia-Pacific Robot Contest (ABU Robocon), which is slated for August 26 in the northern province of Ninh Binh. The LH-Galaxy came second, while the third prizes were presented to two teams – SKH4 from Hung Yen University of Technology and Education, and VTEC-SUMMER from Vinh Phuc College of Technology. Vietnam has won the ABU Asia-Pacific Robot Contest six times. The championships were claimed by Ho Chi Minh City University of Science and Technology in 2002, 2004 and 2006, while Lac Hong University won in 2014 and 2017, and Hung Yen University of Technology and Education took the title in 2015.-VNA
Source:VietNamNet News
May 14, 2018 02:37 UTC
Three killed, two others injured in HCM City motorbike robbery
Three killed, two others injured in HCM City motorbike robberyAt least three men have been killed and two others seriously injured while chasing after a group of motorbike robbers in Ho Chi Minh City. A group of four robbers came to break the lock of Phuong's scooter. When they were about to take the vehicle away, some local men came to stop them. While struggling to seize the robbers, five men were stabbed. "After injuring the four men, the robbers drove away in two motorbikes," the witness said.
Source:VietNamNet News
May 14, 2018 02:26 UTC
Retail industry sees new pressure in digital era
Retail industry sees new pressure in digital eraVietNamNet Bridge - Vietnam has 49 million internet users, or half of the total population, according to Sen Do (sendo.vn), an e-commerce trading floor. In 2017, Sendo.vn had more than 40 million users each month with more than 4 million downloads on both Android and iOS. In 2017, Sendo.vn had more than 40 million users each month with more than 4 million downloads on both Android and iOS. If they have only online sales, they will face barriers related to consumer confidence, shipping and payments. Developing omni-channel sales, heightening awareness about the community, and applying technology are the only choice for retailers in the new digital era.
Source:VietNamNet News
May 14, 2018 01:30 UTC
Vietnam lags behind Thailand in use of blockchain in agriculture
Vietnam lags behind Thailand in use of blockchain in agricultureVietNamNet Bridge - Agriculture is the livelihood of 70 percent of Vietnamese. Agriculture is the livelihood of 70 percent of VietnameseThai pepper is sold at VND150,000 per kilogram in the world market, while Vietnamese pepper is VND90,000. Deputy director of the Vietnam Agriculture Academy Dao The Anh said that Vietnam’s products will find it difficult to access high value chains if they do not use advanced technology. The use of blockchain technology for data management was recently explained at the 2018 Spring Agriculture Forum. The Lina platform is optimized with a hybrid design, allowing the Lina supply chain to ensure real-time traceability of products, with three key strong points: transparency, optimization, and traceability.
Source:VietNamNet News
May 14, 2018 00:33 UTC
Vietnamese regulations trip up US professor
Vietnamese regulations trip up US professorVietNamNet Bridge - Truong Nguyen Thanh, a Vietnamese-born US professor, has left Vietnam for the US after being turned down for the post of rector of Hoa Sen University. Prof Truong Nguyen ThanhThanh was a professor at University of Utah before coming to Vietnam to work as vice rector of Hoa Sen University. After one year, Thanh was appointed by the school’s board of management to the post of rector. However, Thanh did not meet the requirements stipulated in the Higher Education Law to be appointed a rector of a university. Thanh was a professor at University of Utah before coming to Vietnam to work as vice rector of Hoa Sen University.
Source:VietNamNet News
May 14, 2018 00:11 UTC
Over 1,600 triathletes race in Ironman 70.3
Over 1,600 triathletes race in Ironman 70.3More than 1,600 athletes from 56 countries, including 620 Vietnamese, took part in the triathlon race Ironman 70.3 Vietnam 2018 in the central city of Da Nang on May 13. Ironman 70.3 Vietnam 2018 attracts more than 1,600 athletes. From a one-day event that was held in 2015, three years later, the Techcombank Ironman 70.3 Vietnam 2018 has been expanded into a multi-day event, with many categories and activities for families to join. Nguyen Le Quoc Anh, CEO of Techcombank, said the Techcombank Ironman 70.3 Vietnam 2018 has contributed to developing sports movement and promoting tourism of Da Nang and Vietnam to the world. Huynh Van Hung, Director of the municipal Department of Culture and Sports, said the municipal People’s Committee has decided to turn Techcombank Ironman 70.3 Vietnam into a quinquennial event of the city.
Source:VietNamNet News
May 13, 2018 16:30 UTC
HCM City increases civil servants’ salaries
HCM City increases civil servants’ salariesIncreasing civil servants’ salaries was among the notable improvements made by HCM City since agovernment resolution that gives the city more control over its governance was approved by the National Assembly four months ago. Increasing civil servants’ salaries was among the notable improvements made by HCM CityBeginning in early April, the city’s administrative agencies assessed the work of all civil servants in the city and decided to pay them higher wages, depending on each individual’s assessment. The city said it would increase their annual income by around 0.6 times this year, and pledged to increase civil servants’ salaries by 1.8 times by 2020The municipal People Council has also approved the total number of 12,345 civil servants working at administrative agencies in HCM City this year. Together with salary reform, the city authorities approved new parking fees for cars on streets. Tam said better pay would encourage civil servants to work harder and more effectively, while higher parking fees would foster an awareness of the need to keep orderly streets and pavements.-VNA
Source:VietNamNet News
May 13, 2018 16:30 UTC