Qatar Airways drops plan to buy stake in American Airlines

Cognex Corporation, the world's leading supplier of industrial barcode readers and machine vision, has announced the opening of its first office in Vietnam - a testament of its commitment to expanding the business in Asia. Situated in Hanoi, the office will provide a local base for Cognex to consolidate and coordinate the company’s efforts as it looks to tap into the huge manufacturing industry in Vietnam. “Given Vietnam accounts for 40% of our regional sales in ASEAN, the new Cognex office will give us a stronger foothold in Vietnam where there is a heavy focus on manufacturing,” said Wayne Goh, Head of ASEAN, Australia and New Zealand at Cognex. “We believe our presence will not just support the growth of the manufacturing sector, but also play an integral part in helping Vietnam take the next step towards the Fourth Industrial Revolution (or Industry 4.0) through the provision of machine vision technologies.” Cognex’s machine vision technologies help increase the quality and lower the cost of manufacturing across all industries through error proofing product assembly lines, detecting defects, identifying and tracking items for manufacturing and logistics, and providing robot guidance. Given the huge amount of data and information machine vision systems capture, there is potential for Cognex’s products to lead the push for Industry 4.0 in Vietnam through the provision of data from which intelligent and actionable insights can be gleaned. The key manufacturing industries Cognex is targeting in Vietnam are the electronics, automobile and motorbike sectors, with renowned…... [read more]

Traders producing and importing milk and food supplements for children under 6 years old will be allowed to self-determine the retail prices for their products, the Ministry of Industry and Trade (MOIT) announced on Wednesday. Customers purchase milk at a Co.op mart supermarket in HCM City. - VNA/VNS Photo Thanh Vũ During a meeting held in Hà Nội on Wednesday, the MOIT provided guidelines for the implementation of Circular No. 08/2017/TT-BCT on the registration and declaration of prices of milk products and food supplements for children under six years old. The circular will come into effect starting August 10. According to the Circular, producers and importers of milk products will be allowed to determine their milk product retail price. They must carry out procedures for registration of recommended retail prices with regulatory authorities during the period in which the State implements price stabilisation policies, said Deputy Director of the Ministry of Industry and Trade’s Domestic Market Department Nguyễn Lộc An. He added that the registered recommended retail prices will serve as the basis for State management of prices. Competent State management agencies will also supervise the registration and declaration of the prices of businesses. “Final retail prices of milk products must be listed publicly and not exceed registered recommended retail prices,” An said. Producers and importers of milk products may carry out registration of different recommended retail prices which should be…... [read more]

Tokyo Gas acquires stake in local firm to penetrate VietnamMinh Tam Representatives of the two firms at the signing ceremony - PHOTO: PV GAS HCMC - Tokyo Gas Asia Pte Ltd (Tokyo Gas Asia), a member of Japan’s Tokyo Gas, has just bought a 24.9% stake in PetroVietnam Low Pressure Gas Distribution Joint Stock Company (PV Gas D), a member of PetroVietnam Gas Joint Stock Corporation (PV Gas). In addition to the acquisition, Tokyo Gas Asia signed a strategic partnership agreement with PV Gas D, according to PV Gas’ press release issued on August 1. PV Gas D will receive Tokyo Gas Asia’s support in energy and technical solutions to boost the effectiveness of its natural gas business operations. The agreement and the acquisition deal between Tokyo Gas and PV Gas D is in line with a memorandum of understanding signed in March 2012 on comprehensive cooperation for the development of liquefied natural gas (LNG) in Vietnam between Tokyo Gas and PV Gas. In July 2016, Tokyo Gas and PV Gas established LNG Vietnam Joint Stock Company to develop LNG infrastructure facilities and trading in Vietnam. Tokyo Gas Asia was founded in December 2014 with 100% capital funded by Tokyo Gas. The Singapore-based company is entrusted by the parent firm to manage investment projects in Southeast Asia. Tokyo Gas is a gas corporation in Japan specializing in both upstream and downstream operations like exploration, transport and distribution of natural gas. Tokyo Gas has expanded in many countries and become PV…... [read more]

PV Oil misses IPO schedule againMinh Tam HCMC – PetroVietnam Oil Corporation (PV Oil), a major fuel trading arm of Vietnam National Oil and Gas Group (PetroVietnam), still cannot launch a much-awaited initial public offering (IPO) in July as scheduled, the second time it has missed the deadline in the past couple of months. At a conference in April, PV Oil considered launching its IPO in late June, as announced on its official news website, PV Oil News. Later, Cao Hoai Duong, general director of PV Oil, told the news agency Bloomberg that the IPO might be postponed until July. However, there is still no more information about the plan until now.  PV Oil is the second largest fuel trader in Vietnam with a market share 22%, just behind Vietnam National Petroleum Group (Petrolimex) with a market share of nearly 50% and about 2,500 gas stations. The IPO plan by PV Oil has drawn great interest from the public and potential investors due to three key reasons. Firstly, Petrolimex, the country’s leading fuel trading firm, has conducted its IPO since April and sold more than 8% of shares for Japanese firm JX Nippon Oil & Energy Secondly, unlike Petrolimex who can sell only 20% of its shares for foreign investors, PV Oil is allowed by the Government to sell up to 65% of its shares for strategic investors, employees and the public. The state will hold only 35% after the equitization. PV Oil’s IPO plan is to sell 49% of…... [read more]

Inside a Vietcombank office (Photo: Vietcombank) Hanoi (VNA) - SWIFT has announced that Vietcombank is the first bank in Vietnam to sign up for SWIFT GPI -- its global payments innovation initiative. The bank joins more than 110 of the world’s major transaction banks that are already committed to the largest change initiative that the world of cross border payments has seen in the last 30 years. SWIFT GPI is also bringing in a new world for corporates, dramatically improving the cross-border payments experience of corporate treasurers by enabling enhanced services from their banks. SWIFT GPI went live in January 2017, and is already revolutionising cross-border payments by combining real-time payments tracking with the speed and certainty of same-day settlement. The service enables enhanced multi-bank business rules, unique end-to-end identification of payment messages across a transaction and a secure “Tracker” database in the cloud that provides real-time transaction status reporting. Dao Minh Tuan, deputy chief executive officer of Vietcombank, said “SWIFT GPI provides an adequate answer to the evolving needs of corporate treasurers by offering a service that is easy to implement, yet removes the friction that currently exists in correspondent banking, such as the lack of speed, transparency and traceability. We look forward to implementing SWIFT GPI and to keep enhancing the services we offer our clients going forward, as new features get released.”-VNA ... [read more]

Quang Tri province has granted investment licenses to 12 projects with a total capital of nearly 2 trillion VND (88 million USD) since the beginning of 2017 (Photo: VNA) Quang Tri (VNA) – The central province of Quang Tri has granted investment licenses to 12 projects with a total capital of nearly 2 trillion VND (88 million USD) since the beginning of 2017. So far, the province has attracted 316 projects worth more than 68 trillion VND (nearly 3 billion USD), of which 208 were put into operation. According to Tran Doan, head of the provincial management board of economic zones, 20 more projects worth over 82 trillion VND (3.6 billion USD) will receive investment licenses in the time to come. Local leaders have organised many working delegations to promote investment and worked with strategic investors to attract these projects so as to foster socio-economic development, generate more jobs and increase the locality’s budget collection. The province has cut down the number of small projects which require large land areas and cause environmental pollution. Attention has been paid to improving its investment climate by building an attractive, open and transparent environment. Quang Tri also signed memoranda of understanding on cooperation in building a Vietnam-Singapore Industrial Park (VSIP) in the locality with Singapore’s Sembcorp Group and Vietnam’s Becamex Investment and Industrial Development Corporation (Becamex IDC).-VNA... [read more]

Passengers get off from a Vietjet’s airline. — VNS Photo Vietjet Aviation Joint Stock Company (HOSE code: VJC) posted a pre-tax profit of US$84.7 million in the first half of 2017, a year-on-year rise of 45 per cent. The company’s revenue in the period stood at $730.7 million, an increase of 31 per cent compared to previous period, shows its unaudited business results, which were released last week. Vietjet’s revenue in the second quarter reached $503 million, an increase of 89 per cent year on year, while its pre-tax profit for the same period hit around $66.1 million. In the first six months of 2017, the company’s growth in passengers on international routes rose by 130 per cent, making it the main momentum for last quarter’s growth, Vietjet said in its statement. As of June 30, Vietjet’s total assets were around $1.1 billion, representing an annual rise of 50.8 per cent, while its owners’ equity reached $355.04 million, an increase of 130 per cent year on year. Around 8.27 million passengers flew on Vietjet in the first half of 2017, an increase of 22.4 per cent year on year, with a load factor of 87.7 per cent, as per the latest data. From January to June, the carrier operated 49,151 flights, with a technical reliability rate of 99.55 per cent and on-time performance rate of 85.7 per cent. In July, Vietjet broke ground for the construction of Vietjet Aviation Academy in HCM…... [read more]

VietNamNet Bridge – Chilean artist and performer Camila Vanessa Orellana Pereira came to Ha Noi almost a month ago to promote one of her art projects. She’s worked on such projects in about 22 countries, including Mexico, Germany, the Netherlands and Cambodia. A journalist by academic training, Pereira was interested in art from a very young age. Before she came to Ha Noi, she lived in Cambodia, where she became the very first person to teach body art at the Royal University of Fine Arts in Phnom Penh. She spoke to Culture Vulture about her project in Ha Noi.  Please tell us something about your art project in Ha Noi. I call the project 100 Naked Bodies. It is about body painting and photography. The plan is to work with 100 different nude models from Viet Nam, including expatriates in Ha Noi. Female or male, homosexual, gay or lesbians, short, tall, fat or small – these things are not important. Everyone is different. I believe that beauty is something personal and that it has no standard.  Human canvas: A body painting by Pereira When normal people are naked they don’t have expensive accessories to protect themselves – just their bodies and minds. I try to find the personal individual beauty which is in my paintings and colours. How did you get this idea? I love corporal art and I think it is more interesting to paint people with their history than boring walls or pictures. I also love to go…... [read more]

VietNamNet Bridge – The HCM City Department of Information and Communication is working with companies to provide free wi-fi for 100,000 workers by 2019. Illustrative image -- File photo The department is working with South Saigon Development Corporation (SADECO), Viet Nam Posts and Telecommunications Group (VNPT) and Vinatech Technology and Communication Company Limited (Vinatech) to create around 1,000 free wi-fi access points for the workers at their living accommodations this year, with equal wi-fi coverage across all areas. The two-phase project began early this year, with access points created for 10,000 workers in District 7 and Thu Duc District. From December 18 this year to June 2019, more access points will be launched to serve a total of 100,000 workers. Each access point can serve around 10 users. Along with a bandwidth of 35Mbps, the expected link speed will reach a minimum of 20Mbps/3Mbps for two-way downloading and uploading of data from the internet. Le Quoc Cuong, deputy director of the Department of Information and Communications, said: “Providing free wi-fi for workers can improve their life and work.” HCM City has 10 industrial parks and three export processing zones, with a total number of workers ranging from 300,000 to 500,000, according to a report from HCM City Institute of Development Studies. Of these, 70 per cent are workers from other provinces and cities, mostly consisting of young adults with low to medium income who lack adequate opportunities to satisfy their entertainment needs. For entertainment and relaxation after work, they typically…... [read more]

The Fourth Industrial Revolution will create great challenges but also opportunities for Viet Nam to take off, a seminar heard in HCM City on Sunday. A worker checking electrolyte parameters at a plant of Viet Tri Chemical Joint Stock Company in the northern province of Phu Tho.  Speaking at the seminar titled “Effects of the Fourth Industrial Revolution on Socio-Economic Development,” Tong Viet Trung, deputy general director of Viettel Group, said: “[It] will usher in smart production where there will be no need for workers to control machines. There will be very high technology integration and value chains with very high connectivity and great flexibility to cope with rapid changes in demand.” "At the core of the Fourth Industrial Revolution is integration of new technologies based on the internet, all environment-friendly, energy-saving, and less or not polluting," he said. "The revolution is just beginning and it will have some initial effects," he said. Emerging economies would renovate extensively and encourage renovation and creativity to catch up with developed nations, he explained. “The development model based on natural resources and low-cost workers will change to one based on technology renovation and creativity.” For instance, the cost of a robot had halved since 1999, he said. A US$20,000 robot could assemble 30,000 Iphones a year, meaning assembling a phone would only cost 66 cents, a very low cost that no worker could match, he said. Traditionally, production lines were located in China and other developing countries with low-cost labour, but now, with…... [read more]

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