The fortune of banking tycoon Tram Be

U.S. retail giant Amazon.com unveiled the location of its first warehouse in Australia on Thursday, picking an industrial area outside Melbourne in a major step towards launching operations in the world's 12th-largest economy. FILE PHOTO: Amazon.com's logo is seen at Amazon Japan's office building in Tokyo, Japan, August 8, 2016. Australians can already buy Amazon products from offshore, but the prospect of an Amazon warehouse adds to pressure on traditional brick-and-mortar retailers to protect already-fragile sales. The Seattle-based retailer confirmed plans to bring its online shopfront service, Amazon Marketplace, to Australia in April, without saying when it would begin the service or where it would locate its warehouses in the vast country. It has not said when it will start the service in Australia, nor which freight service it will hire. Amazon Marketplace charges retailers to advertise on the Amazon website and use Amazon's warehouse and freight networks. "This is just the start," said Robert Bruce, Amazon's director of operations for Australia, in a statement. "Over time, we will bring thousands of new jobs to Australia and millions of dollars of investment as well as opening up the opportunity for thousands of Australian businesses to sell at home and abroad through Amazon Marketplace." Bruce added that the warehouse, about 42 kms (26 miles) from Melbourne, would stock "hundreds of thousands of products which will be available for delivery to customers across Australia". Freight companies in Australia face the challenge of serving a country of only 24 million people spread across…... [read more]

U.S. President Donald Trump grudgingly signed into law new sanctions against Russia on Wednesday, a move Moscow said amounted to a full-scale trade war and an end to hopes for better ties with the Trump administration. FILE PHOTO: Russia's President Vladimir Putin talks to U.S. President Donald Trump during their bilateral meeting at the G20 summit in Hamburg, Germany July 7, 2017. Congress overwhelmingly approved the legislation last week, passing a measure that conflicts with the Republican president's desire to improve relations with Moscow. Trump signed the bill behind closed doors, without the fanfare that has customarily accompanied his signing of executive orders. He criticized the measure as infringing on his powers to shape foreign policy, and said he could make "far better deals" with governments than Congress can. Russian Prime Minister Dmitry Medvedev called the sanctions tantamount to a "full-scale trade war," adding in a Facebook post that they showed the Trump administration had demonstrated "utter powerlessness." "The hope that our relations with the new American administration would improve is finished," he wrote. Trump's litany of concerns about the sanctions, which also affect Iran and North Korea, raised the question of how vigorously Trump will implement them regarding Russia. "While I favor tough measures to punish and deter aggressive and destabilizing behavior by Iran, North Korea, and Russia, this legislation is significantly flawed," Trump said in a message to lawmakers known as a signing statement. He also issued a statement for the press about the bill. The new law…... [read more]

The cyber attack that crippled Ukraine businesses and spread worldwide to shut down shipping ports, factories and businesses has taken a costly toll on the results of major U.S. and European companies in the latest quarter, with more to come. A man types into a keyboard during the Def Con hacker convention in Las Vegas, Nevada, U.S. on July 29, 2017. Cadbury chocolate maker Mondelez and freight logistics company FedEx Corp (FDX.N) are among five multinational firms, three from the United States and two in Europe, to report material financial damage in the closing days of the second quarter from the cyber "worm" known as NotPetya. Mondelez International Inc (MDLZ.O), the world's second-largest confectionary company, reported a 5 percent drop in quarterly sales on Wednesday, blaming shipping and invoicing delays caused by the attack on computer networks that started on June 27. Seven more major international companies, five based in Europe and two in Russia, which acknowledged they suffered disruption, are only due to report quarterly profits later in August. Investors should get used to hearing about cyber attacks during earnings calls, said Ian Winer, equity co-head at Wedbush Securities. "The trend is accelerating," Winer said. "As hackers get more sophisticated they are taking shots at major companies." More hackers are becoming adept at developing or finding malware to wipe data on computers, making them inoperable. Danish shipping company AP Moller-Maersk S/A (MAERSKb.CO), which handles one out of seven containers shipped globally, said a cyber attack had caused outages at…... [read more]

Prime Minister Nguyen Xuan Phuc speaks at the Government's meeting for July on August 3 (Photo: VNA) Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc discussed various issues while chairing the Government’s regular meeting for July in Hanoi on August 3, asking officials to take measures to ensure their sectors and agencies reach this year’s growth targets. He said it is necessary to precisely assess problems facing each sector as well as shortcomings so as to address them and achieve 2017’s targets. PM Phuc noted a positive trend in the socio-economic situation in July and the first seven months, saying that inflation continued to be controlled, credit grew well, while export and import revenue increased by almost 19 percent. About 73,000 new businesses were established and more than 17,000 others resumed operations between January and July. He expressed his delight at the implementation of social welfare, cultural, educational, healthcare and poverty reduction policies so far this year, highlighting the good organisation of the national high school examination in July and Vietnamese students’ recent attainment of gold medals at international competitions in mathematics, physics, chemistry and biology. Directed by Party General Secretary Nguyen Phu Trong and the Central Steering Committee on Anti-Corruption, several cases of suspected corruption have been being handled. The Party Central Committee’s Examination Commission also disciplined officials with wrongdoings, creating a strong anti-corruption atmosphere across the entire political system, the Cabinet leader noted. At the meeting, PM Phuc pointed out that …... [read more]

NDO/VNA - The Central Highlands province of Kon Tum and southern provinces of Laos have enjoyed fruitful partnerships in recent years through Party, State and people-to-people cooperation. Kon Tum is located in the Cambodia-Laos-Vietnam Development Triangle, with four districts and 13 communes along the shared border with Laos. Since 2012, the province has sent 1,807 officials to southern Lao localities, while receiving 1,005 officials from Attapeu, Sekong, Salavan and Champasak of Laos. Kon Tum and the southern provinces of Laos have also actively implemented cooperation contents of the Development Triangle region that were given during the meeting of the Cambodia-Laos-Vietnam Development Triangle Joint Coordination Committee in Attapeu and Sekong. Meanwhile, Kon Tum has used VND6.2 billion (US$272,800) from its local budget to support southern Lao localities, while also presenting five sets of computers to the Vietnam-Laos Friendship School in Attapeu in 2015. Currently, three Kon Tum businesses are investing in Laos with total investment of VND327.8 billion. Kon Tum helped train 25 students from Laos in 2011-2014, and currently hosts 50 other students. Also, Lao southern provinces have assisted Kon Tum in searching for and repatriating 31 sets of remains of Vietnamese soldiers who died in Laos during wartime. In the future, Kon Tum and the four Lao southern localities will strengthen their ties through implementing signed agreements and encouraging businesses of both sides to invest in each other, especially in agro-forestry production and processing. They have agreed to upgrade the Bo Y-Phu Cua border gate and work closely in…... [read more]

NDO/VNA - The Central Highlands province of Kon Tum and southern provinces of Laos have enjoyed fruitful partnerships in recent years through Party, State and people-to-people cooperation. Kon Tum is located in the Cambodia-Laos-Vietnam Development Triangle, with four districts and 13 communes along the shared border with Laos. Since 2012, the province has sent 1,807 officials to southern Lao localities, while receiving 1,005 officials from Attapeu, Sekong, Salavan and Champasak of Laos. Kon Tum and the southern provinces of Laos have also actively implemented cooperation contents of the Development Triangle region that were given during the meeting of the Cambodia-Laos-Vietnam Development Triangle Joint Coordination Committee in Attapeu and Sekong. Meanwhile, Kon Tum has used VND6.2 billion (US$272,800) from its local budget to support southern Lao localities, while also presenting five sets of computers to the Vietnam-Laos Friendship School in Attapeu in 2015. Currently, three Kon Tum businesses are investing in Laos with total investment of VND327.8 billion. Kon Tum helped train 25 students from Laos in 2011-2014, and currently hosts 50 other students. Also, Lao southern provinces have assisted Kon Tum in searching for and repatriating 31 sets of remains of Vietnamese soldiers who died in Laos during wartime. In the future, Kon Tum and the four Lao southern localities will strengthen their ties through implementing signed agreements and encouraging businesses of both sides to invest in each other, especially in agro-forestry production and processing. They have agreed to upgrade the Bo Y-Phu Cua border gate and work closely in…... [read more]

Inside a FPT Shop store in Dan Phuong district, Hanoi (Photo: fptshop.com.vn) Hanoi (VNA) - Information technology group FPT Corporation (FPT) has announced it will reduce its ownership in its retail arm FPT Technology Production Distribution and Retail to below 50 percent. The group said in its management board’s resolution issued recently that the divestment will be carried in 2017 and divided into two stages. In the first stage, FPT will sell 30 percent to institutional investors to reduce its ownership to 55 percent from the current level of 85 percent. Secondly, FPT will sell a maximum of 10 percent of its remaining stake in the retail and distribution arm to other investors via an initial public offering (IPO). According to the Nikkei Asian Review, the sales of the distribution and retail arm could bring about 2.3-2.7 trillion VND (103-121 million USD) to the firm. The sale income could be used to improve its technological infrastructure and provide new telecommunication services. At the group’s annual shareholder meeting held in April, the group chairman Truong Gia Binh said selling the distribution and retail arm was a must so FPT could become a pure ICT group with rapid growth. HCM City Securities Corporation (HSC) said in a report that the deal could be finalised in the third quarter of this year. According to HSC, the IPO price has not been determined as FPT did not want its shares to be owned by a single…... [read more]

A Vietnamese man was fined SGD10,000 ($7,360) on Wednesday for smuggling ivory products into Singapore, The Straits Times quoted a statement from the country's Agri-Food & Veterinary Authority (AVA) as saying. Do Trong Hoang, 33, and his family were stopped upon arrival at Changi Airport on July 14 following a tip-off. Singaporean authorities discovered two ivory bird cage accessories in his luggage, as well as four ivory bracelets on him and his family. The items were seized and Hoang was arrested. The smuggled products are understood to have been obtained in Vietnam, according to The Straits Times. The global trade in elephant ivory, with rare exceptions, has been outlawed since 1989 after populations of the African giants dropped from millions in the mid-20th century to around 600,000 by the end of the 1980s. In Singapore, those found guilty of illegally importing/exporting, possessing, trading or selling wildlife species, including their parts and products such as ivory, can be fined up to SGD500,000 and/or sentenced to two years in prison. Vietnam also outlawed the ivory trade in 1992, but the country remains a top market for ivory products which are prized locally for decorative purposes and for traditional medicine, despite there being no proof of its medicinal qualities. Weak law enforcement in the country has allowed a black market to flourish, and Vietnam is also a busy thoroughfare for tusks trafficked from Africa destined for other parts of Asia, mainly China.... [read more]

A Vietnamese man was fined SGD10,000 ($7,360) on Wednesday for smuggling ivory products into Singapore, The Straits Times quoted a statement from the country's Agri-Food & Veterinary Authority (AVA) as saying. Do Trong Hoang, 33, and his family were stopped upon arrival at Changi Airport on July 14 following a tip-off. Singaporean authorities discovered two ivory bird cage accessories in his luggage, as well as four ivory bracelets on him and his family. The items were seized and Hoang was arrested. The smuggled products are understood to have been obtained in Vietnam, according to The Straits Times. The global trade in elephant ivory, with rare exceptions, has been outlawed since 1989 after populations of the African giants dropped from millions in the mid-20th century to around 600,000 by the end of the 1980s. In Singapore, those found guilty of illegally importing/exporting, possessing, trading or selling wildlife species, including their parts and products such as ivory, can be fined up to SGD500,000 and/or sentenced to two years in prison. Vietnam also outlawed the ivory trade in 1992, but the country remains a top market for ivory products which are prized locally for decorative purposes and for traditional medicine, despite there being no proof of its medicinal qualities. Weak law enforcement in the country has allowed a black market to flourish, and Vietnam is also a busy thoroughfare for tusks trafficked from Africa destined for other parts of Asia, mainly China.... [read more]

The firms in the country that have taken advantage of FTA breaks is the FDI sector, they noted. Vietnam has signed 12 free trade agreements, of which 10 FTAs have come into force: VN-ASEAN, ASEAN-India, ASEAN-Australia-New Zealand, ASEAN-ROK, ASEAN-China, ASEAN-Japan, Vietnam-Chile, Vietnam-Japan, Vietnam-ROK and Vietnam- Eurasian Economic Union, said Nguyen Ngoc Hoa, deputy director of the HCM City Department of Industry and Trade. In the 2016-20 period, most tariff lines under the FTAs have entered the period of being deeply cut or completely removed, he said. Garments and textiles are key export items for the country in general and HCM City in particular. If enterprises can take good advantage of FTA opportunities, the country will be able to increase export revenues as well as expand export markets, he said. But to be able to enjoy preferential tariffs under FTAs, the products must meet requirements under the rules of origin, he added. With weak materials supply and supporting industries, businesses in the garment and textiles face a big challenge in complying with the rules of origin, Hoa said. Pham Xuan Hong, chairman of the Garment-Textile-Embroidery-Knitting Association in HCM City, said the garment and textile industry has to import around 70% of its materials for production, mainly from China. “Domestic garment and textile businesses have not taken much advantage of FTAs since they cannot meet rule of origin requirements.” “And one of the main reasons for this is that Vietnamese firms lack knowledge…... [read more]




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