An Phat Securities removes foreign ownership limit

VietNamNet Bridge - Some years ago, analysts predicted that modern distribution channels would develop rapidly in Vietnam as income continued to rise.  The prediction has been realized, but convenience stores, not large supermarkets, are the favored channel. Market analysts have found that consumers now prioritize convenience when choosing shops. They are no longer excited about the opening of new hypermarkets as they were in the past, but often prefer to shop at convenience stores near their houses.  Nguyen Lan Chi on Pham Than Duat street in Cau Giay district in Hanoi said supermarkets and hypermarkets impress people with colourful opening ceremonies and good interior design, but the products displayed are nearly the same. Chi said instead of spending time driving to large supermarkets and paying for products she does not need, it is better to go to convenience stores nearby. Convenience stores offer the most essential goods, so she avoids wasting money on unessential items. Quynh Hoa, an office worker, said she buys food for daily meals at a convenience store in her residential quarter because she doesn’t have time to go to traditional markets, where she has to haggle about food, or to supermarkets, where it takes her 20 minutes to reach. She also agrees that shopping at convenience stores is a good way to save money and time by buying only essential items. Market analysts have found that consumers now prioritize convenience when choosing shops. They are no longer excited about the opening of new hypermarkets as they…... [read more]

Teachers in several northern mountainous provinces are facing difficulties encouraging their pupils to return to school after the summer holiday. Ha Thi Thao, a secondary school teacher in Bach Thong District, Bac Kan Province, and co-workers have to walk for five hours to visit each of their pupils and persuade them to return to school. "The pupils called each other and ran away when seeing us. It's infuriating, pitiful and hilarious at the same time," she said. "The pupils in mountainous areas are very shy so teachers must be very tactful in order to persuade them." As it took days to persuade the pupils who didn't want to go to school, they were behind schedule and the teachers had to help them catch up. Despite difficulties, the teachers won't give up. Vang Thi Hien in Lai Chau Province said even though she was from Thai ethnic group, she faced many difficulties in persuading the pupils from her group. There are many reasons for a pupil to stay home including parents wanting their children to continue helping them in the fields. In these cases, teachers have to explain to the parents why going to school is important and children can still help parents out after school.    Many pupils don't want to walk through mountains and streams over long distances to get to school. Hien said lots of pupils stay home when it rained or during harvest season. The pupils aren't given free textbooks this year so many families are unable…... [read more]

The Vietnamese government has approved a plan for a legal framework to manage and deal with electronic money, virtual assets and currencies.  This has raised hopes that bitcoin and other virtual currencies would be accepted for legal payment in Vietnam.  Vo Minh Hoang, a gamer in Ho Chi Minh City, said bitcoin is being used by gamers all over the world. There are games that allow people to play and receive bitcoins, while other games allow users to buy game products with bitcoins. Tran Manh Thang, a bitcoin miner, said the use of virtual currencies brings big benefits because it cuts costs, speeds up transactions and prevents counterfeit money. “If you remit money to relatives or friends via banks, you will have to pay a fee. But with bitcoin, this will be free of charge,” he said. “Bitcoin can be remitted and received immediately anywhere in the world.” An e-commerce expert in Ho Chi Minh City commented that virtual currency remains unfamiliar to Vietnamese. To use bitcoin, one must create a wallet and conduct transactions on computing devices. Because of the anonymity, no one can control the use of bitcoin and other virtual currencies. Thus, criminals can use it as a trading method.  Hackers may attack virtual currency floors to steal money in large amounts, while money laundering can happen easily. “Virtual currencies bring benefits, but they also bring high risks. However, I think it is necessary to think…... [read more]

Deputy General Director of Vietnam Oil and Gas Group (PVN) Ninh Van Quynh was detained on Friday for “deliberately violating State regulations and causing serious consequences” for PVN.– Photo Deputy General Director of Vietnam Oil and Gas Group (PVN) Ninh Van Quynh was detained on Friday for “deliberately violating State regulations and causing serious consequences” for PVN. Besides Quynh, the police also commenced criminal proceedings against four other former PVN executives for the same crime. They include Nguyen Xuan Son, ex-chairman of PVN, Nguyen Xuan Thang, Nguyen Thanh Liem and Vu Khanh Truong, former board members of PVN. The police said their wrongdoings had caused losses of VND800 billion (US$35.2 million) for the State-owned oil and gas conglomerate when it contributed charter capital to Ha Noi-based Ocean Commercial Joint Stock Bank (Ocean Bank) in the 2008-2011 period. Son, who was the CEO of Ocean Bank from 2008 to 2010 before being appointed to top positions and later chairman at PVN, was detained in 2015 and is standing trial for his wrongdoings at the bank. Thang was also arrested on Friday while Liem and Truong are not allowed to leave their residential areas. The police’s decision was made during the second phase of the investigation into a criminal case at Ocean Bank. The first-instance hearing of the case has been taking place since August 28, in which 51 defendants including the bank’s chairman Ha Van Tham and other top officials are charged with…... [read more]

VietNamNet Bridge – Professor and Dr Nguyen Chi My, former director of the Ha Noi Department of Publicity and Training speaks to Ha Noi Moi (New Ha Noi) newspaper on the need to create a competitive environment to attract talented people to the civil service. Preparing personnel for key positions in the Party Central Committee is a very demanding job, isn’t it? I couldn’t agree more! There are many difficulties, including weaknesses in our personnel preparation. Though we have adopted a strategy of “three age groups” in the leadership, it is not easy to achieve the two objectives; namely that the junior group respects and shows gratitude to the senior group and vice versa and the senior group has confidence in the junior group. That’s why people often refer to the problem of money and relations first and then intelligence. In my opinion, we need to adopt a good strategy to foster personnel for key positions in the Party and Government. Recently the Party Politburo issued two decisions, numbers 89 and 90, on personnel work. In your opinion, how will these documents impact personnel preparation? In my opinion, the two documents should be considered good tools to evaluate potential candidates for future leadership. I’m confident that if these two documents are strictly implemented we’ll have competent and qualified future leaders. Furthermore, these two documents were released following the release of the Instruction by the fourth Party Central Committee (the 12th legislature) on the campaign to follow the late President Ho…... [read more]

VietNamNet Bridge – Dr Nguyen Thi Chinh, a leading researcher in mushroom cultivation and fibrous tissue production, has a laboratory in her own house. A laboratory of the Dalat Flower Forest Biotechnology Corporation in the Central Highlands province of Lam Dong. — Photo Equipped with all kind of machines – grinder, blender, dryer, packaging machine, as well as fermenting pots and scaffolds, Chinh said the private laboratory helps facilitate her research process. “Back when I was working in universities, our research laboratories were so small they could only be used for students and interns,” she said. “I didn’t have much equipment at first, but then I used the money earned from selling products from my research to buy new ones. “The most important thing is that I have a laboratory at hand to use whenever I want, since mushroom experiments can require attention at any time of the day.” Alongside the Government’s million-dollar support to public laboratories at institutions and universities over the last decade, private and foreign enterprises have also been working to develop their own research establishments. These private laboratories have come to play an important role in scientists’ research and development process and serve practical production purposes. A number of established scientists have claimed that they would not have achieved certain successes if it had not been for state-of-the-art research equipment and facilities provided by these laboratories.   Not only have scientists been taking advantage of private laboratories, farmers in different localities have also caught up…... [read more]

VietNamNet Bridge – Nguyen Ngoc Dong, Deputy Minister of Transport, speaks to Viet Nam News Agency on how to solve transportation problems. Nguyen Ngoc Dong. Can you elaborate on the Ministry of Transport (MOT)’s restructuring plan for the transport sector from 2016-2020? The most important component in our plan is to have good connections between different transport modes. It is then followed by restructuring the current transport market so we can optimise available transport modes, transport infrastructure and warehouses. If all these conditions are in place, I’m pretty sure that we can cut transportation costs, travel times, traffic congestion and transport accidents. In addition, good connectivity between different transport modes will help cut logistic costs while increasing the efficiency of our investment and cutting maintenance costs. Finally, it will contribute to the sustainability of our national economy. Generally speaking in the past few years, our transport sector has achieved certain successes, particularly in infrastructure development. As a result, our transportation capacity for both passengers and goods has achieved good results in terms of quality and quantity. Besides achievements, I have to admit that the transport sector faces many challenges, including a shortage of investment funds, uneven infrastructure development and the rapid development of means of transport. As a consequence, traffic congestion has become an acute problem in all of our major cities. Another weakness in our transport sector is the rapid increase in land transportation compared to other transport modes. This is something for us to focus on in the…... [read more]

VietNamNet Bridge – With the hope of narrowing the gap between the elderly and the young, high school student Le Manh Linh and his friends have found a new, profound way of connecting older people. A tofu pudding seller featured in the exhibition. The high school student, Le Manh Linh and his friends found a new, profound way to connect with the elderly. The young students, who shared the same vision, collaborated on an exhibition titled Vo Bac (Silver Lining), which showcases more than a hundred images featuring fifty senior citizens. Ten of the subjects are from Dien Hong Nursing Home and the rest are senior citizens that students met randomly on the street or had known before. The exhibition opened for the public at 45 Trang Tien Street last weekend, receiving more than 400 visitors. The idea came to Linh when he paid a visit to the centre for elderly and disadvantaged people, bringing along donated items like clothes, cushions and mats. Linh expected to see smiling faces when he handed out the items, but was dismayed that the reception wasn’t what he was expecting. “I was quite surprised realising that the elderly people at the centre were very indifferent and almost emotionless when we brought the donated items,” said Linh. When Linh spent some time talking with them, they began to open up. “They said to me that the initiative of giving donated items to people here is somehow ‘shallow’. What people in the centre, especially the elderly,…... [read more]

Shares moved in the opposite direction on Friday morning on the two local stock exchanges with around 85 million shares worth VND1.7 trillion (US$75 million) being traded. — Photo Shares moved in the opposite direction on Friday morning on the two local stock exchanges. The VN Index on the HCM Stock Exchange rose 0.52 per cent to 786.85 points, while on the Ha Noi Stock Exchange, the HNX Index edged down 0.19 per cent to 103.68 points. Money continued to pour into the main bourse in HCM City with around 85 million shares worth VND1.7 trillion (US$75 million) being traded there; only 19 million shares worth VND267 billion were traded in the Ha Noi market. The market saw huge divergence, and big companies in finance, energy and food-beverage rose, such as lender BIDV, insurer Bao Viet Holdings, private equity Masan Group, Vinamilk, brewery Sabeco, Saigon Securities Inc, PV Gas and PetroVietnam Drilling and Wells Service. On the negative side, Sacombank, Vietinbank, FPT Corp, steelmakers Hoa Phat Group and Hoa Sen Group, Novaland Investment Group slumped and weighed down the market. Speculative stocks such as FLC Group, Ocean Group, FIT Group, HAI Agrochem and Hoang Quan Consulting-Trading-Service Real Estate remained under selling pressure with several million shares being traded, but most are being traded under the reference threshold. The afternoon session starts at 1pm. — VNS ... [read more]

VietNamNet Bridge – Whenever a new year approaches, low-income workers start to fret about finding schools, tuition fees, and arranging to drop off and collect their children at school. A migrant worker of Thang Long Industrial Zone in Ha Noi picks up her children. — Photo Poor migrant workers, many without the all-important residential registration books, always face more difficulties enrolling their children, reports the Lao Dong (Labour) newspaper. The first child of Nguyen Van Khanh, a worker in Linh Trung Industrial Zone 2 in HCM City, had to miss education for a year because her father could not find a public school for her in the southern city. Khanh and his wife moved from home in the southern province of Bac Lieu to HCM City 10 years ago and have two children aged 11 and 6. Because of the lack of a class seat for his eldest daughter, she was sent back home to live with her grandparents and study at Bac Lieu local schools. Last year, she was reunited with her family in HCM City after completing the school tranfer procedure. “I thought it would be easy to apply for a public school near the industrial zone to continue her third grade, but I failed. So I was had no choice but to let her stay at home for one year,” the father told the newspaper. “This year, I have tried for many months to enrol her in a public school, but now, as the new school…... [read more]

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