Techcombank to sell 500 million shares

Nam Ngu fish sauce, a product of Masan Consumer which is a subsidiary of Masan Group. VN-Index's rise was driven by strong growth of VinGroup and Masan Group in the morning trade. — Photo Viet Nam’s benchmark VN Index rebounded on Wednesday morning, driven by property developer Vingroup and food and beverage producer Masan Group. The benchmark index on the HCM Stock Exchange gained 0.31 per cent to close at 776.43 points, bouncing back from Tuesday's fall of 0.4 per cent. More than 125.6 million shares were traded on the southern bourse, worth VND1.94 trillion (US$86.4 million). The southern stock exchange was lifted by Vingroup (VIC) and Masan Group (MSN) following the two companies’ announcement on their business activities. After being audited, parent company Vingroup reported net profit of VND1.62 trillion for the first half of 2017, an increase of 6.7 times from the pre-audit number. Vingroup explained that the high improvement in its net profit was attributed to the dividend payouts it received from its subsidiaries. Vingroup’s shares jumped 3.8 per cent in the morning. Shares of Masan Group recorded a similar growth rate of 3.8 per cent. On September 1, Masan Group will trade additional 9.87 million shares on the HCM Stock Exchange, raising the number of outstanding shares to more than 1.15 billion shares. On the Ha Noi Stock Exchange, the HNX Index ended the morning session at 103.53 points, nearly unchanged from Tuesday’s close of…... [read more]

A Nielsen report shows that revenue from the global online tourism market in 2016 was US$565 billion, an increase of 13.8% from a year earlier. Nielsen has predicted that Asia Pacific would surpass North America to become the world’s largest online tourism market. The South East Asian market is expected to see a 4-fold increase, according to survey by Google and Temasek Holdings conducted in 2016. It would reach US$90 billion by 2025. Ten percent of the revenue, or US$9 billion, would go to Vietnam. Lai Viet Anh, deputy director of the Ministry of Industry and Trade’s E-commerce and Information Technology Agency, said that up to 45% of Vietnamese internet users book hotel services or air tickets, with the figure increasing by 11% per annum. According to VECOM (Vietnam E-commerce Association), the online ticket booking market in Vietnam is worth roughly US$3 billion, while the online tour and hotel room booking market is worth US$1 billion. The online tourism market is now valued at US$4 billion. “Vietnam’s online tourism market is a new gold mine,” said Do Huu Hung, CEO of Interspace. In order to exploit the potential of the market, businesses need to make professional and methodical investments instead of ‘hit-and-run’ projects.  “The tour & hotel room booking market is being controlled by foreign invested enterprises or overseas businesses,” he said. “Agoda, for example, controls 40-50% of the Vietnamese market.” To develop online tourism, businesses need to have…... [read more]

At lunchtime, bank officer Dang Thu Thuy of Hanoi, for example, placed an order via phone 15 kilos of Australian grapes and 8.5 kilos of Rose apples from a fruit shop.  Thuy said she usually buys imported fruit. “Australian grapes are big and sweet, priced at just VND50,000 per kilo. If you get a whole box of Rose apples, you’ll just have to pay VND43,000 per kilo only. The prices are very reasonable,” she said, adding that imports have become as cheap as domestic products.  The owner of a fruit shop confirmed that imported fruit is getting cheaper with prices of some products falling by 50%. American cherries, for example, which sold at VND350,000-700,000 per kilo, are now VND180,000-200,000. MARD has reported that Vietnam imported US$216 million worth of fruit and vegetables in July and US$852 million in the first seven months of the year. This included US$659 million spent on fruit imports, a two-fold increase compared with the same period last year. Dao Anh Tuan, director of a fruit import company in Hanoi, said the company only imported fruits grown in temperate zones which cannot be grown in Vietnam, such as kiwi, apple, pea and cherry. But now, it imports mango, longan and coconut which are grown in many areas of Vietnam. A kilo of domestically grown custard-apple is priced at VND40,000-60,000 only. However, Vietnamese pay VND500,000 for every kilo of Taiwanese products.  Many types of fruits which…... [read more]

The plan will be tabled before businesses and locals next year. Ha Huy Quang, deputy director of Hanoi’s Department of Transport, said that there are nearly 80 taxi firms operating in the city, and most of them opt for different colors to make them stand out. “No other capital city in the world allows this. That's why Hanoi has to take this move to modernize the capital,” said the official. Quang said taxi companies have their own brands that passengers can recognize, so it's up to them to survive on their reputations. While it's common for taxis in capital cities to have the same color, contrary to what Quang said, others like Singapore do allow different colored taxis. No mention was made about who will foot the bill for the expensive new paint jobs for the thousands of cars.  Hanoi also plans to separate the areas taxi firms are allowed to operate in. Most cabs can be seen cruising in the city center, but many people on the outskirts also need their services, Quang said. This move is part of a bigger plan to manage traffic in the city, but will involve increasing the number of taxis on the city's streets by 6,000 before 2020. Meanwhile, popular ride-hailing services Uber and Grab may soon be asked by the capital to put  taxi-style roof signs on their cars.... [read more]

Chairman of the Hanoi People’s Committee Nguyen Duc Chung (middle)  presented the title of “For the Course of Capital Construction” to Michel Drobiniak and Remi Genevey (Source: Hanoimoi) Hanoi (VNA) – The People’s Committee of Hanoi has presented the title of “For the Course of Capital Construction” to two Frenchmen for their contributions to the capital’s development. Michel Drobiniak, Economic and Commercial Councellor of the French Embassy in Vietnam, and Remi Genevey, former Director of the French Development Agency in Vietnam, were also honoured for their efforts in strengthening ties between the two countries. Addressing the presentation ceremony on August 29, Chairman of the municipal People’s Committee Nguyen Duc Chung said that since Drobiniak took office in Hanoi in July 2013, he has worked hard for the city’s growth, especially in transportation infrastructure. Along with helping Hanoi projects access science and technology, he has boosted bilateral ties in many other areas such as infrastructure development, aviation, health care and energy. Notably, he supported Vietnamese and French enterprises to cooperate in areas of common interest, helping Hanoi firms expand business partnerships and export more products to France, he added. Chung also noted that Genevey, who acted as the Director of the Development Agency in Vietnam from September 2013, helped swell France’s total capital commitment to Vietnam to 1.77 billion USD. He also supported a project to install an air monitoring station for the city, said Chung. The city leader express hope that the two…... [read more]

NDO – Vietnam always attaches great importance to the friendship cooperation between the locations of the two countries, Deputy Prime Minister and Foreign Minister Pham Binh Minh assured the Governor of the US’s Utah State Gary Herbert during a reception in Hanoi, on August 30. Deputy PM Pham Binh Minh highly appreciated the visit of the governor and his delegation to Vietnam and the leader also welcomed further strengthening the cooperation between the US’s states in general, and Utah State in particular, and Vietnamese localities, contributing to promoting the comprehensive partnership between the two countries. The Deputy PM highlighted Vietnam’s determination to building a constructive and action-minded government, as well as its efforts to improve the business and investment climate, foster startups, renovation and creativeness. He also underlined Vietnam’s commitment to build a transparent and constructive government in service of the people and businesses. Deputy PM urged businesses and research and education facilities in Utah to increase their investment, business and cooperation in Vietnam, especially in the fields of strength of Utah State, such as the construction of transport infrastructure, science, water resources management, sustainable agricultural development, urban planning and climate change adaptation. The Governor of Utah expressed his admiration for Vietnam's achievements in its comprehensive reform; highly appreciating the positive development of bilateral relation between the two countries over the past few years. Governor Gary Herbert also affirmed that Utah State will value and pay significant attention to promoting the friendly relations and effective co-operation with Vietnam, positively contributing…... [read more]

The imported automobile market in Vietnam have had numerous disturbances after the scandal of the official BMW distributor importing its newly introduced BMW 320i Sport illegally as well as the withdrawal of the official Renault distributor. Auto Motors Vietnam, the authorised dealer of Renault, is preparing to withdraw from the country altogether Due to consecutive losses in business operation, Auto Motors Vietnam, the authorised distributor of Renault, has narrowed down its operations and wants to transfer its distribution rights to other businesses in order to withdraw from Vietnam. According to newswire Lao Dong, automobile sales, particularly imported units, has seen a plunge, impacting Auto Motors Vietnam’s revenue to a degree that the company now wants to withdraw from Vietnam after seven years of operation. The company sold out the remaining automobiles and stopped importing new units, while simultaneously looking for a partner to transfer the distribution rights before they withdraw from Vietnam. At present, the company’s showrooms in Ho Chi Minh City are closed. Regarding the showroom in Hanoi, it has stopped sales and is completing the procedures and supplying services for passengers who previously bought automobiles. Auto Motors Vietnam started to distribute Renault automobiles in mid-2010 and grew its distribution system rapidly. However, Renault is in the high-end automobile segment with high prices, thereby, after a short time under sales pressure, the company was forced to cut prices of some models by…... [read more]

“Last month, I discovered an account just like mine. Just two days after the discovery, I received a notification from Facebook that my personal account had been locked because of impersonation,” said T. T. Trinh, a real estate trader whose Facebook account has 20,000 followers. “This has seriously affected my business. Most of my clients are friends on social networks,” she complained. In Vietnam, so-called ‘Facebook service providers’ have invented a new kind of service called ‘account ripping’. Little-known hackers provide the service for just VND200,000.  Service providers will require bigger money to revive a Facebook account. The price is VND2.5-4 million. Facebook allows people to report others for violations of its rules, including impersonation and underage users (under 14 years old) in accordance with Spanish and South Korean laws. “Reporting impersonation has the highest success rate,” said Mai Thanh Phu of HCM City, who has deep knowledge about ‘Facebook services’. Hackers will create an account with the same name as the victim’s name and will make friends with people on their friends’ list. The forged account must have the same names, avatar, photos and personal information as the information of the real account.  They will then submit forged photos and documents to prove identity, such as identity cards and driving licenses, to legalize the forged account, through a link given by Facebook. In the next step, ‘service providers’ will denounce the victim for forging and wait for Facebook…... [read more]

(Photo: Shutterstock) Hanoi (VNA) – A banquet was held by the Embassy of Vietnam in Brazil to celebrate the 72nd anniversary of the August Revolution and National Day, introducing Vietnamese cuisine, cultural heritages and landscapes.  The August 28 gathering was attended by more than 350 Brazilian parliamentarians, officials, diplomats and representatives from the local business community. Speaking at the event, Vietnamese Ambassador Do Ba Khoa reminded his guests of the important milestone in Vietnam’s history 72 years ago when the August Revolution took place and of the country’s achievements in ensuring stability, strengthening national unity, economic development, improving living standards for people, expanding relations with foreign countries and implementing UN Millennium Development Goals. Khoa highlighted the development of Vietnam-Brazil cooperation in politics, economy and trade, security and defence, science and industry, and culture and education since the two countries established a comprehensive partnership in 2007. The development is also reflected by the two nations’ support for each other at international and regional forums, he added. He went on to give attendees an overview of Vietnam-Brazil relations in economy and trade, saying two-way trade grew from 59 million USD in 2004 to 4 billion USD in 2015 and was estimated at 3.2 billion USD last year.  Vietnam’s Hue and Hai Phong cities have set up sister-city relations with Brazil’s São Luis, Maranhão and Curitiba, Paraná, respectively while people-to-people relations have also been enhanced with the establishment of Vietnam – Brazil friendship organisations, the ambassador added. …... [read more]

NDO – Secretary of Ho Chi Minh City Party Committee Nguyen Thien Nhan has expressed his belief that the German House project, in Ho Chi Minh City, will contribute to fostering the connection between German businesses and their Vietnamese colleagues, as well as other foreign businesses operating in Vietnam. The city Party leader made the statement on August 30 while visiting the house, which will become operational on September 5. He hailed the effort made by the Vietnamese and German sectors and agencies who took part in the construction of the building and kept the project’s progress on the right track, ensuring that the project was completed on time. He also spoke highly of the German Consulate General in Ho Chi Minh City and the German business community in the city in boosting the relations between Germany and Vietnam, and Ho Chi Minh City in particular, through projects on vocational training, dialogues and trade promotion programmes. Andeas Siegel, German Consul General to HCM City, conveyed his gratitude to the city’s sectors for their support during the construction of the facility, which is designed as a “beacon” highlighting the two countries’ strategic partnership. The house will contribute to fostering economic-trade and cultural links between Germany and Vietnam and the whole ASEAN region, he said. He pledged to enhance the exchange activities between Vietnamese and German businesses and people. Covering a total area of 40,000 sq.m, on Le Duan street in District 1, the construction of the the 25-storey German House began…... [read more]