Social News 31/8 Schools and houses damaged in Thanh Hoa landslides   Landslides triggered by torrential rains over the past two days have buried many houses and classrooms in the mountainous district of Quan Hoa in Thanh Hoa province. Ngo Phi Hung, head of the Quan Hoa district’s Department of Education and Training (DOET), said on August 30 that many classrooms of Trung Son Primary School were destroyed by cascades of mud. Luckily no fatalities or injuries have been reported as a result of the landslides as the pupils were allowed to stay at home due to the heavy rains. The DOET officials arrived on the scene to direct recovery works, while teachers are actively clearing mud and debris. Heavy rains also caused serious landslides in the communes of Trung Son and Trung Thanh on August 28. Two house collapsed under the weight of the mud while many others were damaged. Since the afternoon of August 28, the People’s Committees of Trung Thanh and Trung Son communes have worked to evacuate households in landslide-hit areas. The Quan Hoa district People’s Committee also sent a working group to inspect the landslide situation in the aforementioned communes and urgently implemented measures to cope with the current deluge, giving priority to moving local households out of dangerous areas. It offered VND1.5 million to families whose houses have collapsed, mobilized sources to help locals repair their houses and prepared food and other essential supplies for families which had been evacuated. Hạ Long – Hải Phòng Expressway and Bạch Đằng Bridge opens to traffic next month Bạch Đằng Bridge will help reduce the Hà Nội – Quảng Ninh distance from 175km to 125km. After three years of construction, the Hạ Long – Hải Phòng Expressway and Bạch Đằng Bridge will open to traffic on Saturday. As some supporting facilities are still being built, Quảng Ninh authorities have proposed reducing the maximum speed on the expressway to 80km per hour. Once the project has been fully approved, the speed limit will rise to the designed 100km per hour. Before the final project approval, only cars, buses and coaches can drive on the expressway. Expressway users will not have to pay toll fees as the project was funded by the State, but they will have to pay a bridge fee as it was constructed under the Build-Operate-Transfer (BOT) model. Built at a cost of VNĐ13 trillion (US$557 million), the 24.6km long Hạ Long – Hải Phòng Expressway connects Highway 18 in Hạ Long City’s Đại Yến Ward with the Hà Nội – Hải Phòng Expressway in Hải Phòng City’s Hải An District. Also built at a cost of VNĐ7.3 trillion ($313 million), the 5.4km long bridge, spanning the Bạch Đằng River, will help cut travel distance from Hà Nội to Quảng Ninh from 175km to 125km. The project will cut the distance between Hà Nội and Hạ Long from 180km to 130km and the Hạ Long – Hải Phòng route from 75km to 25km.  Mekong Delta to apply hi-tech to e-govt, global warming Delegates visit an exhibition on ICT products and solutions as part of the 22nd Việt Nam ICT Development conference that opened yesterday in Vĩnh Long Province. — Photo baovinhlong.com.vn The Mekong Delta provinces need to apply advanced technology in agriculture, human resources training, e-government and climate-change adaptation, experts said yesterday at a conference held in Vĩnh Long Province.  More than 700 delegates, including representatives from 55 businesses, from the information technology and communication (ICT) sector across the country took part in the 22nd Việt Nam ICT Development conference. With the theme “Industrial Revolution 4.0 - Opportunities for the Mekong Delta”, the conference focused on building e-government and adapting to climate change under the guidelines and orientation of the Party and State.  Nguyễn Thành Hưng, deputy minister of Information and Communications, said the Mekong Delta is the country’s biggest granary and a major economic centre with key products such as seafood, fruit and farm produce.  The region also has great potential for river tourism and the processing industry, he said, adding that some areas have not tapped their potential, including healthcare, education and high-quality human resources.  "The region is facing challenges related to climate change, including rising sea levels and severe salinity. Research and application of IT is inevitable for the country, especially the Mekong Delta,” he told the media. To take advantage of opportunities in the 4.0 industrial revolution, the PM last year issued a decision on furthering capacity-building to access advanced technologies, he said. The conference also acts as a forum for policymakers, managers and experts to share experiences and create opportunities for cooperation in the field of ICT.  Nguyễn Văn Quang, deputy secretary of the provincial Party Committee, who is also chairman of the provincial People’s Committee, said the promotion of IT application helped Vĩnh Long Province improve administration at all levels and further administrative reform, as well as improve the investment environment. He said through the event the province was expected to develop guidelines and policies for ICT development, contributing to e-government and climate change adaptation.  The Ministry of Information and Communications now planned to develop a national programme to shift to digitalisation, he said.  “Speeding up the digital transformation process is an important step for Việt Nam to realise opportunities offered by the fourth industrial revolution,” he said.  At the meeting, a representative of the Government Office introduced the e-government building programme in the 2018-20 period with a vision to 2025. In the past few years, IT development and application in the province has received attention from the Party and State and has been identified as the major task of the entire political system. To take advantage of and overcome challenges brought about by the digital revolution, besides guidance from the State, the ICT community will play a major role.   On the sidelines of the conference, an ICT exhibition was held with the participation of 24 leading ICT companies. Other activities included incense offering to the late chairman of the Council of Ministers, Phạm Hùng, and donation of IT equipment to several units in the province, as well as visits to historical-cultural tourist sites in Vĩnh Long.  Road construction starts between Tây Ninh, Bình Dương provinces   The southern provinces of Tây Ninh and Bình Dương yesterday started building the new road ĐT 784 and upgrading the 782 – 784 existing road to better link the two provinces at total cost of VNĐ2 trillion (US$87.5 million). The ĐT 784 road will have a length of 13km with six lanes with VNĐ518 billion ($22.5 million) from Tây Ninh and VNĐ320 billion ($14 million) from Bình Dương Province. The 782-784 road will be expanded with six lanes at a length of 46km through Trảng Bàng, Gò Dầu and Dương Minh Châu districts and Tây Ninh City at total cost of VNĐ1,170 billion ($51 million) from Tây Ninh Province. The road connects with Bình Dương Province’s Đất Sét-Bến Củi road. The deputy chairman of Tây Ninh People’s Committee, Dương Văn Thắng, said: “They are key transportation projects which will meet the increase of goods transportation; attract more investment in trade, service and tourism; and promote socio-economic development between Tây Ninh and Bình Dương provinces.”  Main hall of Truc Lam-Phuong Hoang Zen Monastery inaugurated An aerial view of the Truc lam Phuong Hoang Zen Monastery.  An inauguration ceremony for the main hall of the Truc Lam-Phuong Hoang Zen Monastery in Nham Son commune, Yen Dung district, the northern province of Bac Giang, was held on August 29, with thousands of Buddhist followers in attendance.  The Buddhist Vu Lan festival for children to express their gratitude towards their parents also took place at the monastery on the occasion.  The main hall is part of the Truc Lam-Phuong Hoang Zen Monastery project’s first phase, which has been carried out with funds of 105 billion VND (over 4.5 million USD).  Speaking at the ceremony, Venerable Thich Kien Nguyet, head of the monastery, called for efforts from authorities, people and Buddhist followers for the second phase of the project, thus soon turning the monastery into a spiritual tourism destination of Bac Giang.  Construction of the monastery began on November 26, 2011. Since then, the monastery welcomed thousands of visitors, especially during Vesak and Vu Lan festivals, and other holidays.  Together with other cultural, sport and spiritual tourism sites in Yen Dung district, the Truc Lam-Phuong Hoang Zen Monastery is expected to significantly contribute to preserving and promoting traditional values and driving the economic, cultural and social development of the district. Khmer-Vietnam Association in Cambodia marks National Day   At the ceremony  The Khmer-Vietnamese Association (KVA) in Cambodia on August 29 held a ceremony to mark the 73rd anniversary of National Day (September 2) and the association’s 30th founding anniversary (1988-2018).  Addressing the event, KVA President Chau Van Chi said Vietnamese in Cambodia have always turned their hearts towards their homeland while integrating into the host society.  He stressed the support of the Vietnamese State and people at home, as well as authorities and Khmer people in Cambodia for the development of the Vietnamese community in the country.  Chi said the association was recognised by Cambodia’s Interior Ministry on May 9, 2018, with its charter registered and preserved at the ministry.  Based in the Cambodian capital city of Phnom Penh, the association gathers Khmer people of Vietnamese origin, and Vietnamese who work and live in Cambodia legally.  Cambodian Deputy Prime Minister Men Saman, who is also Minister of National Assembly-Senate Relations and Inspection and President of the Cambodia-Vietnam Friendship Association, highlighted the historical significance of Vietnam’s National Day, considering it a victory of Indochinese countries during the struggle against colonialists to gain independence.  She also recalled the great support of the Vietnamese Party, State and people for Cambodia in the fight against the Khmer Rouge genocidal regime, as well as during the present cause of national development.  The official expressed her belief that the two sides will continue to work together for peace, stability and prosperity in each nation.  Men Saman lauded the contributions by the KVA and the Vietnam-Cambodia Friendship Association (VCFA) to enhancing the friendship between the two countries.  At the ceremony, VCFA President Vu Mao presented certificates of merit to the KVA and its seven officials in recognition of their contributions to the development of the Vietnamese community in Cambodia and bilateral ties. Winners of press awards on natural resources, environment announced The fourth Press Awards on Natural Resources and Environment are presented on August 28   Winners of the fourth Press Awards on Natural Resources and Environment were announced at a ceremony held in Hanoi on August 28 by the Ministry of Natural Resources and Environment (MoNRE). At the ceremony, the organising board presented prizes to 29 authors and groups of authors, including five A prizes, six B prizes, and 18 C prizes for the most outstanding works in the categories of printed media, television, radio, and online media. Addressing the event, MoNRE Minister Tran Hong Ha highly valued the winning works, while stressing the press awards continued affirming the position and role of the environment and natural resources sector in the country’s industrialisation, modernisation and sustainable development. This year’s awards drew an enthusiastic response, with 505 submissions from 128 authors and groups of authors from 78 press agencies nationwide sent to the organising committee. State management on land and environmental protection were among the topics that received the most coverage by journalists. The Press Awards on Natural Resources and Environment has been held since 2010.  The fourth edition of the awards focused on the major topics of detecting and reflecting shortcomings in the promulgation and implementation of policies and laws, negative acts, hot spots and violations of the legislation on natural resources and environment; strengthening administrative reforms on natural resources and the environment; and transforming the development model and proposing measures to stabilise people’s livelihoods in response to climate change. Project to give healthcare, rehabilitation support to AO victims   The Ministry of Health launched a project on August 29, providing specific healthcare services and rehabilitation therapy to dioxin/Agent Orange (AO) victims for the 2018-2021 period. Addressing the event, Deputy Minister of Health Nguyen Viet Tien said that although the war ended 43 years ago, the toxic chemicals that the US army sprayed over Vietnam have left enduring pains and wounds, affecting millions of Vietnamese people and their offspring. Vietnam has approximately 4.8 million AO victims, millions of whom are also struggling with disease and poverty, in desperate need of healthcare and rehabilitation support.  Tien stressed that as part of efforts to implement the Party and Government’s policies to deal with AO consequences and support AO victims, the health ministry issued Decision No. 5305/QD-BYT on November 24, 2017 which approved a project to care for victims in the 2018-2021 period. The project aims to improve the health and living quality of victims, helping them better integrate into society through measures to timely diagnose and treat their health problems; enhance the capacity of healthcare facilities and communities; and expand networks that provide healthcare and rehabilitation services for AO victims and people with disabilities. Head of the ministry’s Department of Medical Examination and Treatment Management, Luong Ngoc Khue, said that initially, the project plans to cover 10 provinces and cities – namely Lao Cai, Thai Nguyen, Quang Ninh, Hai Phong, Thanh Hoa, Nghe An, Quang Nam, Binh Dinh, Dong Thap, and Ben Tre – at a total cost of 72.3 billion VND, mostly from the State budget. However, on August 2, 2018, the ministry decided to add Ha Tinh into the list, raising total localities benefiting from the project to 11 and total capital to 76.16 billion VND. Within the project, the ministry will hold training courses for concerned localities and agencies on diseases and deformities related to AO, methods to verify chemical infection, and financial issues during the implementation of the project. Entries invited for photo contest on primary healthcare in Vietnam At the launching ceremony.  Invitations are now open for a photography competition among both Vietnamese and foreigners to promote primary healthcare for people in Vietnam. The competition was launched by Radio The Voice of Vietnam (VoV), the European Union delegation to Vietnam, the World Bank, and the Ministry of Health in Hanoi on August 29. The contest aims to raise public awareness of the importance of primary health workers at grass-root medical stations and their contribution to improving the wellbeing of Vietnamese people, particularly ethnic minority groups and those living in disadvantaged areas, Editor-in-chief of VoV Online Newspaper Pham Manh Hung told the launching event. It will also provide an insight into what the EU delegation to Vietnam has done to support the delivery of primary care services for people across the country, he said. Both amateur and professional, and Vietnamese and foreign photographers living in Vietnam are encouraged to participate in the competition. The participants can submit colour or black-and-white photos with a maximum file size of 4,000 pixels and no less than 4MB, with a resolution of 300 dpi (dots per inch).  They can submit either a single or a series of photos that capture different aspects of public primary medical service delivery, especially those living in disadvantaged areas including the provinces of Ha Giang, Cao Bang, Lai Chau, Lao Cai, Bac Kan, Lang Son, and others. Any photograph taken since the 1978 adoption of the Declaration of Alma-Ata on primary healthcare will be acceptable. There is no limit to the number of photos submitted by each photographer. The contest will award one first, two second, and three third and five consolation prizes with payouts of 50 million VND, 20 million VND, 5 million VND and 2 million VND, respectively. The organizing board will receive the photos directly at VoV Online Newspaper, 43 Ba Trieu Street, Hoan Kiem District, Hanoi, or by post from September 1 to October 15, 2018. Online submission must be sent to cuocthianhvov.vn@gmail.com during that time.  The award ceremony will take place in October where the winning photos will be exhibited.  Vietnam deems climate change adaptation mandatory for survival: official Vietnam is a country vulnerable to the effects of climate change and as such, it considers adaptation a mandatory requirement to survive, said an official of the Ministry of Natural Resources and Environment (MoNRE). The remark was made by Pham Van Tan, Deputy Director of the MoNRE’s Department of Climate Change, at a consultation workshop on a technical report that reviewed and updated Vietnam’s nationally determined contributions (NDCs) under the Paris Agreement on climate change. The event aimed to provide up-to-date information on the country’s efforts and contributions towards climate change adaptation and reduction of greenhouse gas (GHG) emissions for 2021-2030. Vietnam is joining the international community in realising the Paris Agreement, which aims to keep this century’s global temperature rise well below 2 degrees Celsius above pre-industrial levels. Through these actions, it also hopes to fulfil the obligations of a developing nation member of the UN Framework Convention on Climate Change and make use of opportunities to develop a low-carbon economy. MoNRE Deputy Minister Le Cong Thanh said the ministry has set up a working group to review and update Vietnam’s NCDs. An advisory team has also been mobilised to coordinate with the working group. Akiko Fujii, Deputy Country Director of the UN Development Programme (UNDP) in Vietnam, said relevant ministries and sectors, researchers, the media, and civil organisations all play a very important role in finalising and assessing technical reports on NCDs. The UNDP is coordinating with the MoNRE and relevant ministries to improve the country’s report assessment capacity. Pham Van Tan said reports on NCDs must feature significant, detailed content relating to the responsibilities and activities of almost all ministries, sectors, localities, and businesses. Therefore, although there have been updates to this term’s NCD review compared to the previous review, they are simply not enough. At the workshop, participants discussed climate change-related issues to help finalise the report. The event was held by the MoNRE, the UNDP, and the German organisation for international cooperation GIZ.  Vietnam attends smart city development seminar in Netherlands    A corner of My Dinh new urban area  A working delegation from the Ministry of Construction led by Deputy Minister Phan Thi My Linh attended a seminar on building smart, green and energy-saving cities of the Netherlands held in The Hague on August 28. Speaking at the event, Vietnamese Ambassador to the Netherlands Ngo Thi Hoa hailed the Netherlands as one of the pioneer countries globally to develop smart cities, saying that its experience will be helpful to Vietnam in the process. She believed that the seminar will provide valuable information and meet the interest of Vietnam. Dutch experts from ministries, institutes and businesses presented national strategy and solutions to issues regarding smart city development. The Vietnamese delegation discussed with Dutch experts about standards, regulations, policies and data sharing to this end. Concluding the event, Deputy Minister Linh spoke highly of discussions at the event which, she said, are helpful to Vietnam in construction management. While in the Netherlands, the delegation learned about the model of airport city in Amsterdam, held working sessions with authorities of Noord Brabant province and Eindhoven city, discussed Eindhoven smart city model and signed a cooperation agreement with the city. Vietnamese youth union leader wants more exchanges with Cambodia    HCMCYU First Secretary Le Quoc Phong presents gift to Cambodian delegation First Secretary of the Ho Chi Minh Communist Youth Union (HCMCYU) Central Committee and Chairman of the Vietnam Youth Federation (VYF) Le Quoc Phong asked for promoting exchanges between the two countries’ youth during talks with President of the Union of Youth Federations of Cambodia (UYFC) Hun Many in Hanoi on August 29. Phong informed his guest about major activities of the Vietnamese youth over the past years and VYF’s orientations in the next period, saying that the 11th National Congress of the HCMCYU was held successfully in late 2017. He said in the next five years, the VYF will launch three major campaigns, namely voluntary youth, creative youth and vanguard youth in national defence, and three programmes accompanying young people in study, start-ups and social skill improvement. The host suggested promoting the exchange of voluntary youths in localities of each side, especially in border provinces, offering mutual support in personnel training and at regional and global forums, and signing cooperation agreements for the new period. Many, for his part, said UYFC chapters at all levels have raised young people’s awareness of their role in working for Cambodian people, abiding by law, and striving to become a core force of Cambodia. He said in the near future, the UYFC will step up voluntary youth movement; form links with domestic and foreign organisations, communities and youth unions; ensure security, safety, legal justice and freedom for young people; add their demand into all-level development programmes; and hold vocational training courses on science-technology and social skills for them. Tourist arrivals to Da Nang expected to surge during National Day holiday   Da Nang beach  Tourist arrivals to the central city of Da Nang are estimated to hit 158,000 people during the upcoming National Day holiday, which falls on the weekend of September 1-3. The figure represented a year-on-year increase of 10.4 percent, according to the municipal Department of Tourism. Of the number, there will be around 109,000 domestic and 48,700 foreign holidaymakers. About 25,520 visitors are projected to fly to the city on 143 flights, rising 80.9 percent compared to the same period last year. The city’s tourist destinations are likely to welcome more than 111,200 visitors during the weekend holiday, including 29,570 international and 81,662 domestic tourists. According to the municipal Department of Tourism, the number of visitors to the city has been increasing with an annual average growth of 20.06 percent over the 2013-2017 period. Da Nang welcomed more than 4 million tourists in the first half of 2018, surging by almost 30 percent year-on-year. Notably, vacationers from the RoK shot up by 100 percent to account for half of the over 1.6 million foreign arrivals in the city during the period. Da Nang is a popular tourist destination in central Vietnam. The online marketplace and hospitality service Airbnb announced a list of the world’s top 10 destinations for 2018, in which the city ranked fifth in booking surges of up to 255 percent. Additionally, the Da Nang International Airport was ranked third amongst the top global airports in 2014, according to a survey by Dragon Air.  VNN

Credit growth expected to be 17 percent this year: official Credit growth had stood at about 8.18 percent as of August 15, 2018 and is expected to be curbed at around 17 percent this year, said Minister-Chairman of the Government Office Mai Tien Dung.    The official released the figures at a press conference in Hanoi on August 30 following the Cabinet’s regular meeting which took place earlier the same day. Despite controlled credit growth, loans for production and businesses with stable interest rates have still been ensured, Dung said, noting that in the first eight months of this year, the Government focused on economic restructuring and did not rely on oil exploitation and credit growth for growth. In this regard, Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu further explained that the credit growth target of about 8.5 percent in the remaining months of this year matches the requirements for economic growth and inflation control. He highlighted the rosy economic growth with inflation tamed at below 4 percent over the past eight months. Tu, however, said although the inflation rate is below the target set by the Government, caution is still needed to control the rate in the remaining months of the year. For the goal of economic stabilisation and ensuring capital for priority areas, credit institutions have set forth their own plans, the official said. Minster-Chairman Dung emphasised that to ensure macro-economic stability, apart from controlling credit growth, the Government is resolute not to raise electricity price and think twice before increasing prices of other commodities. VNA

National leaders pay tribute to late President Ho Chi Minh on National Day Hanoi - A delegation of the Party Central Committee, State, National Assembly, Government and Vietnam Fatherland Front Central Committee paid tribute to late President Ho Chi Minh at his mausoleum in Hanoi on August 31 on the occasion of the 73rd National Day (September 2). National leaders paid homage to late President Ho Chi Minh on August 31 (Photo: VNA) The delegation included Party General Secretary Nguyen Phu Trong, President Tran Dai Quang, Prime Minister Nguyen Xuan Phuc, National Assembly Chairwoman Nguyen Thi Kim Ngan, and President of the Vietnam Fatherland Front Central Committee Tran Thanh Man, along with a number of former Party, State and Government leaders.   (Photo: VNA) The delegation also laid flowers at the Monument for Heroic Martyrs at Bac Son street. The same day, a number of delegations, including those from the Ministry of Defence, the Ministry of Public Security and Hanoi also paid homage to late President Ho Chi Minh and the heroic martyrs. A delegation from the Ministry of Defence pays tribute to the late President and heroic martyrs (Photo: VNA) President Ho Chi Minh led the Vietnamese nation to success in the struggle for national independence. On September 2, 1945, he read the Declaration of Independence, declaring to the world the foundation of the Democratic Republic of Vietnam, now the Socialist Republic of Vietnam. The late President was a talented leader, a national hero who devoted all his life to the national independence and freedom and happiness of the people while tirelessly striving for peace and progress in the world. VNA

Heavy rain wreaks havoc nationwide HÀ NỘI - Heavy downpours and floods in northern mountainous and Cửu Long (Mekong) Delta provinces over the past days have wreaked havoc.   A local road is eroded in Mường Lát District in central Thanh Hóa Province which has been isolated due to heavy downpour and floods over the past days. — VNA/VNS Photo As rain is forecast to continue in the coming days, flash floods and landslides are predicted, according to the National Centre for Hydro-Meteorological Forecasting. According to reports from northern provinces of Bắc Kạn, Hòa Bình, Điện Biên, Sơn La, Thái Nguyên, central province of Thanh Hóa and Mekong Delta province of Long An, as of Thursday morning, downpour and floods made 124 houses collapse and inundated 174ha of paddy fields. Nearly 5,000cu.m of rocks and soil have eroded. Falling rocks killed a two-year-old girl in Hòa Bình Province’s Mai Châu District, while one person went missing and three others were injured. Điện Biên Province, one of the hardest hit, had 700 landslide spots. Three commune’s headquarters have been flooded by half a metre of mud. Total losses in the province have so far reached VNĐ120 billion (US$5.2 million). The Directorate of Water Resources has warned that water levels in Mekong Delta localities might exceed level 3, the highest warning level. Floods are predicted to affect 165,200ha of autumn-winter rice crops in provinces located in the upstream of the river such as Đồng Tháp, Kiên Giang, An Giang and Long An. Six mountainous districts in central Nghệ An Province – Kỳ Sơn, Tương Dương, Con Cuông, Quế Phong, Quỳ Châu and Quỳ Hợp - are at risk of landslides and flashfloods, according to the centre. As of Thursday morning, eroded roads connecting communes in the province had not been repaired. Cracks on National Highway No 7 caused by heavy rains between August 16 and 23 have not been repaired and are predicted to encroach upon a larger area. The National Steering Committee on Natural Disaster Prevention has ordered safety measures to be taken in the Mekong Delta provinces of An Giang and Kiên Giang to protect structures located by the rivers and dykes, as the Trà Sư and Tha La dams release water today. Localities in northern mountainous areas must mobilise forces to address the consequences of floods, especially recovering 12 landslide spots in Điện Biên Province and eight others in Sơn La Province. Prime Minister Nguyễn Xuân Phúc has ordered mobilising equipment for northern Lai Châu Province to respond to natural disasters including 506 tents, nine power generators and six boats. According to the National Centre for Hydro-Meteorological Forecasting, heavy downpours will last until today in northern mountainous provinces with high volume of up to 150mm in 24 hours in Điện Biên, Lai Châu and Lào Cai. The water levels of the Lục Nam, Thương, Cầu and Cả rivers are also rising.  VNS

Government News 28/8 New Zealand Trade Ministry promotes partnerships with VN New Zealand’s Minister of State for Trade and Export Growth, Damien O’Connor, takes a photo with girls staying at the Bà Chiểu Shelter in HCM City.  at the Bà Chiểu Girls Shelter in HCM City as part of his visit to Việt Nam from August 27-29. During his trip, O’Connor will further political links with Vietnamese representatives in HCM City, and then travel to Hà Nội to meet with his counterparts. At the Bà Chiểu Shelter, O’Connor said that it was his first time to Việt Nam. “We have a number of Vietnamese students in New Zealand, studying at universities and involved in other training such as how to fly aircraft,” he said. He told the girls living in the shelter that they were welcome to study in New Zealand. He announced that the New Zealand Head of Mission Fund worth NZD$25,000 (US$20,000) would be presented to the shelter to maintain its operation and development. “We are very proud to be working in Việt Nam to help farmers grow more food and improve the systems they use to deliver food,” he said. Established in 1996, Bà Chiểu  has raised more than 200 disadvantaged girls who also receive a good education. The shelter is now taking care of 22 school-age girls. This year marks the 43rd anniversary of the establishment of diplomatic relations between Việt Nam and New Zealand. In the last four decades, the relationship has grown in many areas and both countries are on the right track to grow from a comprehensive partnership to a strategic one.  Both countries are among each other’s top 20 trading partners, with bilateral trade growing by nearly 260 per cent since 2009, when the ASEAN-Australia- New Zealand Free Trade Agreement (AANZFTA) was signed.  New Zealand is among the most committed official development assistance (ODA) donor countries to Việt Nam, and accounts for a growing number of overseas Vietnamese students.  Resolution to improve construction investment The Government has asked the Ministry of Planning and Investment to take steps to increase the effectiveness of medium and long-term public investment plans. Photo taken in HCM City.  The Government has issued a resolution assigning major tasks for ministries and local authorities and asking them to identify solutions to obstacles relating to policies and investment schemes in the construction sector. The resolution, issued on Saturday, sets as the first task the completion of a legal system on construction investment ensuring consistency, synchronisation, reform of administrative procedures, simplification of business investment conditions and timely removal of barriers and obstacles in the sector. The Government has ordered related ministries and central agencies to take the initiative in reviewing and proposing amendments and the promulgation of new legal documents to ensure uniformed implementation. It urged the intensification of State management in all processes of construction project implementation and even the timing of its opening. At the same time, the resolution said, the ministries and central agencies should quickly solve problems relating to all aspects of project construction investment, especially those related to administrative procedures and business investment conditions. In the immediate time, the Ministry of Construction will continue studying and elaborating on the amendment and supplement of laws on construction, housing, the real estate business and urban planning. The ministry was also assigned to undertake reforms and simplification of administrative procedures as well as conditions for business investment to create favourable conditions for all people and business enterprises. The result of such works should be submitted to the National Assembly at the 7th Session in mid 2019, said the resolution. Meanwhile, the Ministry of Planning and Investment was assigned to co-ordinate with other related ministries and agencies in completing the draft revised Law on Public Investment in a direction that helps simplify administrative procedures, enhance decentralisation and take the initiative in formulating, appraising and assigning medium and long-term public investment plans to increase effectiveness. The resolution said the ministry should report the results of such works to the National Assembly at its 6th session in October this year. The Ministry of Natural Resources and Environment (MoNRE) was assigned to co-ordinate with other related ministries and agencies in drafting the amendment and supplement for the revised Laws on Land. It should also take measures to improve business conditions and boost administrative reforms. All results should be reported to the Government in the first quarter of 2019. The Government also ordered the MoNRE to propose amendments and supplements to the Law on Environmental Protection to increase the effectiveness of environmental assessment reports. In particular, policies establishing the procedures for project evaluation and appraising construction design are to be upgraded.  PM orders ministries to ensure road traffic safety   The scene of a traffic accident in the central province of Quảng Nam in late July. Prime Minister Nguyễn Xuân Phúc has issued a directive ordering the Ministry of Public Security, Ministry of Transport and relevant agencies to take urgent actions to ensure road traffic safety. The move came after a range of fatal traffic accidents recently, especially accidents related to transporting passengers by coach or bus, causing serious damage to people and property. Drivers violating regulations on traffic safety, including speeding or running substandard vehicles for transporting passengers, were blamed as major causes of the accidents, he said. A traffic accident occurred in the northern mountainous province of Cao Bằng in July 22 when a coach suddenly plunged into an abyss, reportedly killing four people and injuring 16 others. Another example was an accident in the central province of Quảng Nam in July 30 when a 16-seater coach crashed into a container truck, killing 13 people and injuring four others. The common point of the two accidents was owners of the coaches failed to obey regulations on traffic safety. They already run the coaches without installing route monitoring devices as well as bus badges issued by authorised agencies. Additionally, poor management of transport firms and authorised agencies were added to the situation, he said. Phúc told the transport ministry to quickly re-check and add revise current regulations to improve bus and coach safety. First, the ministry was tasked with adding regulations to force transport firms to equip seat belts for all seats. A special kind of stamp to verify quality of coach and bus should be issued to help authorised agencies to distinguish coach and buses with other vehicles while they were running on roads, he said. Second, the ministry was required to amend regulations on permitted speeds and safe distances for vehicles traveling on roads and also review speed limits for vehicles traveling in sloping roads and through residential areas, he added. Third, the ministry must tighten inspections of transport companies’ activities throughout the country, he said. In the meantime, the Ministry of Public Security was assigned to direct traffic police nation-wide to patrol 24 hours a day to inspect and deal with traffic violations on major national highways and sloping roads with high traffic density, he said. The National Committee for Traffic Safety and People’s Committee of localities, where fatal traffic accidents occurred, were asked to work together to deal with transport firms’ violations related to the fatal traffic accidents in the first seven months of this year. The latest statistics of the committee showed that traffic accidents killed 4,103 people and injured 7,027 others in the first six months of this year. Prime Minster signs directive on strengthening management of drugs   People buy medicines at a drug store on Giải Phóng Road in Hà Nội. Prime Minister Nguyễn Xuân Phúc has signed a directive strengthening the management of activities related to drug supply and distribution. In recent years, Việt Nam’s medicine supply and distribution system has expanded to meet the demands of the people. However, the supply of drugs has still shown inadequacies, especially the situation of buying and selling drugs of unknown origin, fake medicines and drugs of poor quality, vietnamplus.vn reported. The selling and buying of medicines without the doctor’s prescription and the use of antibiotic drugs without prescription has led to an alarming of antibiotic resistance. The main cause of the situation is the ineffective management of drug supply. The Prime Minister has asked the Ministry of Health to take urgent measures to unify the State management of the drug distribution system to ensure benefits for people. The ministry is required to create favourable conditions for enterprises and traders in accordance with the law and implement measures to connect medicine supplying establishments nationwide. The ministry also needs to issue regulations on the electronic medicine prescription in connection with drug-supplying establishments to ensure the control of drug prescriptions and sale of drugs for prescription. The health ministry needs to regularly update and supply information on drug products, indications, use, origins and prices through the national drug database. The People’s Committees of provinces and cities are required to enhance the management of drug-wholesale and retail establishments to ensure the purchasing of medicines follows doctors’ prescriptions.  VNN

BUSINESS NEWS IN BRIEF 31/8 Mitsubishi plans to make electric cars in Viet Nam       Japan’s Mitsubishi Corporation plans to invest in an electric automobile manufacturing factory in Viet Nam, said Executive Vice President Hiroshi Sakuma during a meeting with Vietnamese Deputy Prime Minister Vuong Dinh Hue in Ha Noi on Wednesday. At the meeting, Sakuma said his firm was evaluating the feasibility of the project and look forward to new regulations on environmental protection taxes to promote investment in the country. Hue said Viet Nam’s National Assembly would soon discuss and pass the Law on Environmental Protection Tax. There would be incentives commensurate with environmentally friendly products. The Mitsubishi Corporation is currently investing in two BOT (Build-Operate-Transfer) projects in Viet Nam, namely the Vung Ang 2 Thermal Power Plant (1,200 MW) and Vinh Tan 3 (1,980 MW) Power Plant. The corporation and Viet Nam’s Ministry of Industry and Trade signed an investment agreement in early 2017, initiating the land lease contracts and purchasing power. In which, Mitsubishi expects the Vietnamese Government to soon resolve the ceiling limit for loans and tax incentives in order to put the project into operation soon, strengthening the electricity capacity of the Vietnamese grid. Hue asserted that power projects were important to Viet Nam. He highlighted Mitsubishi’s business investments in energy, infrastructure, trade and services. He wanted Mitsubishi to complete the necessary work for the two parties to sign the implementation of Vung Ang 2 and Vinh Tan 3 during the upcoming visit of Prime Minister Nguyen Xuan Phuc to Japan in October this year.  LienVietPostBank signs $50 mn credit agreement LienVietPostBank has signed a $50 million credit agreement with JPMorgan Chase Bank, N.A., Singapore branch, with a three-year term. The loan will contribute to enhancing the bank’s position in domestic and international financial markets, help it supplement its medium and long-term foreign currency, improve its mobilization structure, and meet part of demand for foreign currency loans from domestic enterprises. Mr. Pham Doan Son, General Director of LienVietPostBank, expressed his appreciation of the support and cooperation from JPMorgan Chase. “The $50-million loan will help LienVietPostBank integrate into the international financial market,” he said. As at June 30, 2018, the bank’s total assets stood at VND175.881 trillion ($7.6 billion), up 7.62 per cent since the beginning of the year. Outstanding credit increased 13.32 per cent to VND116.859 trillion ($5 billion) and mobilized funds 16.57 per cent to VND156.712 trillion ($6.7 billion). Non-performing loans fell to 0.98 per cent from 1.07 per cent at the beginning of the year. LienVietPostBank is present in 63 cities and provinces in Vietnam and has more than 360 branches, more than 1,000 transaction offices, and more than 10,000 transaction points, providing banking products and services at the district and commune levels. It is expected that by 2020 it will cover all 700 districts in the country and realize its goal of becoming the leading retail bank in Vietnam - “A bank for everyone” - by focusing on providing banking products and services for individuals, households, and small and medium-sized enterprises (SMEs), especially in the agriculture sector, while expanding its activities to rural and remote areas via the post office network. 2017 was a successful year for LienVietPostBank, with outstanding growth in total assets, which reached VND163 trillion ($7 billion), revenue to VND1.7 trillion ($73.9 million), and network expansion to 229 branches and transaction offices along with 1,123 postal transaction offices. After ten years of operations, it is now in the Top 10 largest private banks in terms of assets, been in Top 100 strong Vietnamese brands for four years in succession, and ranked 42nd in the VNR500 - the Top 500 largest private companies in Vietnam - in 2017. Digiworld partners with Incontech Vietnamese electronics distributor Digiworld (DGW) last week announced an official cooperation arrangement with Incontech Corporation Vietnam in order to expand the market for the PNKids brand. PNKids gummy vitamin supplements, a product of the Incontech Corporation made in the US, is now a leading multivitamin in Singapore. PNKids has many health supplements for kids, in which PNKids gummy (soft candy) for kids from three years old (who can chew), supplements the essential vitamins and minerals needed for physical and brain power growth in kids. It differentiates itself and leads in the Singaporean market by only using Pectin (which creates elasticity) rather than gelatin, which is extracted from pork skin or animal bone. Pectin is extracted from fruit, so has a natural color and flavor and helps kids absorb nutrition. PNKids gummy is diverse in shape, eye-catching, in many flavors, and soft and easy to chew, attracting kids’ attention from the first glance. PNKids gummy also does not contain soy, nuts, egg, artificial colors, artificial flavors, preservatives, gluten, or lactose sugar, as some kids are allergic to these ingredients. Depending on their children’s level of nutrition, parents can choose one of five variants for growth and two for helping digestion and increasing resistance. “PNKids Gummy is No. 1 in Singapore and we’d like to take this position in Vietnam,” said Mr. Cachino Thong, Managing Director of Incontech Asia Pacific. “To fulfill this ambition, we need DGW as a market expert with effective management tools, in particular consulting competency and brand building. We expect its core values will help PNKids expand its distribution channels faster, build its brand more strongly, and better meet customer demand.” “With over 20 years of experience in market expansion, chain management, and customer care, we have firm foundations to meet our partner’s objectives, from infrastructure to human resources management,” said Mr. Doan Hong Viet, CEO of DGW. “Incotech is a major corporation and has various health product lines of high quality that are suitable for Asians. This cooperation is an opportunity to bring good products to Vietnam and enhance health.” DGW marked its first footsteps into new industries last year: healthcare and FMCG. It has a core strength from five value-added services, including market analysis, marketing, sales, logistics, and after-sales service. It provides top-notch services and tailormade solutions for rapid and effective market penetration and market expansion of brands entering Vietnam. The Incontech Group is a leading wellness and healthcare company with offices in Singapore, Indonesia, Malaysia, China, Japan, and Vietnam. It started out in 1992 as a small trading firm in Oregon, US, focusing on exporting nutritional supplements and personal products. These products are now distributed to over 15,000 retail stores around Asia. Risen Energy opens Hanoi office The Risen Energy Co., a listed photo-voltaic (PV) module producer and industry leader in China, has announced the formal establishment of a branch office in Hanoi as part of its expansion overseas. It will roll out a localization plan to rapidly and efficiently serve global clients and establish a strong footprint in Vietnam. The company plans to employ upwards of ten local executives and leverage the superior resources it has developed outside of its home market over several years to be in a position to provide a rapid response to service calls. It will also continually improve service standards and after-sales services based on market expectations, in a move to build trust and credibility with local customers. Risen Energy said it has reached agreements with several leading Vietnamese firms as an initial step in staking out a presence in Southeast Asia. According to its initial roadmap, the Hanoi branch office will begin investing in EPC projects generating in the aggregate 150 MW during 2018 and expects the figure to double next year. It will also continue to invest in Vietnam, as it views the country as a GW-grade market thanks to its stable political and business environment. International growth has been a focus of the company over the last year and is in response to evolving industry trends and its commitment to meeting market demands with cutting-edge manufacturing technologies and the rich experience it has already accumulated in terms of EPC projects outside of its home market. With the aim of rapidly establishing a footprint in Southeast Asia, it plans to speed up investment in power stations as well as in the provision of EPC services in Vietnam to create new revenue streams following the setting up of the branch office. To optimize its energy infrastructure, the Vietnamese Government has undertaken efforts to shift to clean energy resources such as wind and PV power. The country plans to have PV power stations in operation with an aggregate installed capacity of 850 MW by 2020 and 10 GW by 2030. To meet this goal, the government has introduced a series of favorable policies in terms of PV-based electricity prices, taxes on PV project developers, import tariffs, and land use taxes, all of which have facilitated the expansion of PV developers in the country. Ngan Luong introduces QR PAY payment method Online payment gateway Ngan Luong has officially launched its QR PAY payment method, allowing customers to make fast payments by scanning the QR code via apps of 15 banks. Customers can easily use the service through the mobile banking app of their bank to make payment transactions without entering card information or bank account details. Transactions are conducted in seconds by means of a QR code scan, increasing the experience and saving time. To make such payments, customers need only have a smartphone with a camera to scan the QR code, log in to the bank’s mobile banking app, and follow some simple steps. Ngan Luong has expanded its cooperation with 15 banks, including Vietcombank, Vietinbank, Agribank, BIDV, SHB, ABBank, SCB, and TVB. More than 55 per cent of Vietnam’s population own a smartphone and 41.8 million are 3G subscribers. In excess of 9,000 locations accept payments at convenience stores, supermarkets, restaurants, and cinemas, and QR code payments have become part of consumption habits in the country. By offering QR code payments alongside conventional electronic payment methods such as cards, internet banking, or e-wallets, Ngan Luong provides a more convenient, faster and more secure payment channel and encourages customers to move away from using cash. For businesses using e-payment gateway services, Ngan Luong expects QR code payments to be an effective tool that helps businesses reduce investment costs and increase sales by 15-20 per cent. Ngan Luong.vn is a leading online payment gateway and telecommunications portal in Vietnam, in terms of products and services, market coverage, and payment flows. Developed by the NextTech Group (formerly the PeaceSoft Group) in 2009, it allows individuals and businesses to send and receive payments online quickly, safely and conveniently. Ngan Luong was ranked in the Top 10 outstanding payment solutions in Vietnam by Forbes magazine, with a total of 15 million transactions, a total transaction value of up to $200 million, and 1.3 million users. AAM in danger of listing cancellation Mekong Fisheries JSC shares have been included on the southern bourse’s warning list from August 31 and the company is facing the risk of a listing cancellation. According to the HCM Stock Exchange (HOSE), the decision was made because Mekong Fisheries had reduced its charter capital to below VND120 billion (US$5.3 million) based on the firm’s audited financial report for the first six months of 2018. Mekong Fisheries’ six-month financial report showed the company’s charter capital had been cut from VND126.36 billion in early 2018 to VND99.36 billion, which is below the VND120 billion required by HOSE. HOSE also said Mekong Fisheries would have one year to increase its charter capital, otherwise the company’s listing would be cancelled. Mekong Fisheries JSC has more than 12.6 million shares on HOSE under the ticker AAM. Its shares edged down 0.4 per cent to close Tuesday at VND11,150 ($0.49). At the firm’s general meeting on March 16, shareholders approved the cancellation of 2.7 million treasury shares and to cut the charter capital. In the first six months of 2018, Mekong Fisheries JSC posted a year-on-year decline of 14 per cent in revenue to VND110.2 billion but its after-tax profit jumped five times to VND6.66 billion. In those six months, Mekong Fisheries fulfilled half of its full-year revenue target of VND220 billion, while the company has beaten its pre-tax profit goal of VND5 billion. Russian GAZ brings truck manufacturing to Danang In addition to giving priority to high-tech and environmentally friendly projects,  Danang has been opening its doors for heavy industrial projects, with Russian vehicle manufacturer GAZ Group expected to open a factory in the central city. Last week, in Russia, Chairman of the Danang People’s Committee Huynh Duc Tho had a working session with Gorkovsky Avtomobilny Zavod (GAZ Group), one of the largest truck manufacturers in Russia, to discuss a project to develop an assembly and manufacturing factory for its vehicles in the central city. The leader of GAZ Group was impressed with the incentives and business environment in Danang, and affirmed that this is the right time to expand the group’s markets. He also stated that he will visit Danang this December. Highlighting Danang’s development potential, synchronous infrastructure system, and high-quality human resources, Tho confirmed that the city will do its utmost to create a favourable and transparent investment climate to attract businesses. GAZ has 13 modern production facilities in Russia with the rate of automation at 85 per cent, and assembly plants based in Turkey and Kazakhstan. The company produces passenger cars, trucks, buses, military vehicles, and special vehicles, exporting to more than 40 countries across the world. At the Vietnam AutoExpo 2018 in June, Kristina Dubinina, GAZ’s sales director for Asia, said, “Vietnam is a market with high potential and growth in the coming years. In a modest assessment, sales of GAZ in this market will reach 550,000 by 2024. We are studying the possibility of establishing a joint venture to begin sales in Vietnam to identify products for local manufacturing in the future.” At the end of 2017, the amendment protocol on supporting the production of motor vehicles in Vietnam was signed by Tran Tuan Anh, Vietnamese Minister of Industry and Trade, and Russian Ambassador Konstantin Vasilievich Vnukov. Russian automobile manufacturers such as KAMAZ, GAZ, and UAZ will collaborate with Vietnamese partners to establish joint ventures to manufacture and assemble automobiles and trucks, all-terrain vehicles, and some specialised vehicles in Vietnam. These joint ventures will import 2,550 completely built-up unit vehicles and 13,500 sets of automobile assembly parts to Vietnam during the 2018-2022 period completely duty-free. “I hope these Vietnamese-Russian ventures will be successful and contribute to the development of the Vietnamese automobile industry, as well as seizing opportunities to break open the ASEAN market with its population of 640 million,” the minister stated at the signing ceremony last December. In September 2017, following the Eastern Economic Forum in Russia, Vadim Shvetsov, general director of Sollers OJSC and UAZ OJSC, said that the group planned to set up a joint venture to manufacture and assemble automobiles in Vietnam in 2018, with an initial capacity of 1,000 vehicles per year. Vietnam to enhance trade and investment ties with Russia and Hungary Vietnam will further its trade and investment ties with Russia and lift its relations with Hungary to a comprehensive partnership next month. Party General Secretary Nguyen Phu Trong will pay an official visit to Russia and Hungary on September 5-12, 2018, at the invitations of Russian President Vladimir Putin and Hungarian Prime Minister Viktor Orbán, according to the Party Central Committee’s Commission for External Relations. The September 5-8 visit to Russia is aimed to “further strengthen political trust, strategic attachment, and enhance the effectiveness of bilateral co-operation with Russia, and affirming Vietnam’s consistent foreign policy of placing Russia as a prioritised partner, and further promote the comprehensive strategic partnership in a more qualitative and practical manner.” The visit, which will be followed by a joint statement, also aims to create a new co-operative momentum in the economic, trade, and investment sectors, expanding the market share of Vietnamese goods in Russia, the commission said. The Party chief will meet with Russia’s leaders and witness the signing of several co-operation deals. He will also attend the ground-breaking ceremony of Vietnamese TH Group’s high-tech concentrated dairy and fresh milk production projects in Russia’s Kaluga oblast. Talking with VIR about this visit, Russian Ambassador to Vietnam K.V. Vnukov said, “This visit will be very important to the two countries’ multi-sectoral co-operation.” “At the upcoming negotiations in Moscow, both countries’ leaders will discuss very important issues in bilateral co-operation, including trade-economic co-operation, which has received the most attention. Some positive results have already been made, but I think that only half of the co-operation potential has been reached so far,” he said. “Thus, I would stress that we pin much hope on the upcoming visit by Party General Secretary Nguyen Phu Trong to Russia, which I do believe will help boost the implementation of some joint venture projects.” “Russia is expanding its investment presence in Vietnam. We have begun implementing a bilateral deal on constructing automobile manufacturing and assembling plants in Vietnam, with Russia’s famous brands like KAMAZ and GAZ. Hopefully in the near future, these automobiles will approach the majority of Vietnamese consumers,” he added. Currently, Russia has only 116 investment projects in Vietnam, registered at $940 million. Meanwhile, Vietnam has 13 projects worth about $3 billion in Russia. The biggest firms include oil and gas joint ventures Rusvietpetro and Gazpromviet, the Hanoi-Moscow multi-functional cultural and business centre, the TH true MILK agricultural-industrial complex in Moscow, Kaluga, Primorsky, and Bashkortostan. Notably, TH Group in May 2018 inked a deal worth over $630 million with RFPI in order to produce milk in Russia. After the free trade agreement between Vietnam and the Eurasian Economic Union took effect in October 2016, the two sides’ bilateral trade turnover has soared by an average 30 per cent per annum, to $3.55 billion last year. Meanwhile, during Party General Secretary Nguyen Phu Trong’s September 8-11 visit to Hungary, the two nations will lift their relations to a comprehensive partnership, with a view to creating new changes in the two countries’ co-operation and expanding Vietnam’s influence in the Central-Eastern Europe region. This visit will also be the first by Vietnam’s Party General Secretary to a Central-Eastern European nation since the nations in this region changed their institutions. The Party chief will meet with Hungary’s leaders and witness the inking of several co-operation agreements. Currently, Hungary has only 17 investment projects in Vietnam, registered at $63.56 million. The total bilateral trade turnover hit over $355 million last year. ViMariel, the first Vietnamese industrial park in Cuba Vietnam – Cuba have always sought to boost economic cooperation, brought it closer to the long-standing diplomatic relations between two countries. As the first Vietnamese company to enter the Cuban market, Viglacera Corporation has invested into its first industrial park in the country. Mariel Special Development Zone (ZED Mariel) is the first special development zone in Cuba, which is only 45 kilometres from the capital Havana. This zone has been invested by the Cuban government to become the largest industrial area in the country. The Cuban government encourages investment in the sectors of food industry, consumer goods, construction materials, packaging industry, and agriculture to provide to the domestic market and promote socioeconomic development. In the future, ZED Mariel is expected to export products and services in the region and become the leading hub for the US, thanks to TC Mariel port located within the zone. As one of the five deep-water ports in the Caribbean and Central America, TC Mariel Port is the shortest-haul and lowest-cost to the US in the region. Furthermore, enterprises will benefit from the regulatory framework, incentives, and friendly business environment. Financial Times fDi magazine elected ZED Mariel as the winner of the “Best Zone to Consider in the Future” category in the Best Global Zones of the Year 2017 competition. Situated in ZED Mariel, ViMariel IP benefits from a prime location as well as preferential policies from the Cuban government. It is very easy to access to ViMariel IP through Jose Marti International Airport (42km far), De Baracoa Airport (25km), San Antonio De Los Banos Airport (25km). The four-lane motorway from the IP joins the main eastern arterial road to the capital Havana (one hour drive), as well as the airports and seaports in the west. Viglacera Corporation will invest in synchronously building technical infrastructure: electricity supply from the 110/22 KV national transformer station (25MVA), a water supply station (6,500 cubic metres per day), a separate drainage system and waste water treatment system (up to 4,800cu.m per day). Solid waste from factories will be sorted, collected, and transported to the waste disposal area. In addition, investors in ViMariel IP are supported by other services, such as restaurants, café, ETECSA telecommunications, security systems, customs systems, banking services, and cargo services by sea, rail, and road. These will allow investors to save time and money in foreign markets in general and Central America in particular. In order to attract domestic and foreign investors in ZED Mariel, the Cuban government offers special tax incentives, fast approval, a one-stop system, and support in the recruitment of local labour resources, and among others. ViMariel is shaping up to be a potential destination for investors whose products and services are aimed at the Cuban market or other export markets. ViMariel IP has a total area of 156 hectares with 119.11ha of industrial land (76 per cent), with the rest housing technical infrastructure and service and green areas. ViMariel IP expects to attract companies from the hi-tech, building materials production, and electronics sectors and other industries which are able to meet the economic needs of Cuba, aiming to become a leading manufacturing and trading hub for Central America. As the best industrial park developer in the Asia-Pacific Property Awards 2013 and 20 years of experience, Viglacera Corporation has pioneered the investment and development of ViMariel IP. This IP promises to create new opportunities for Vietnamese enterprises to enter the American market. Paradise Eco Resort: 13 years on the drawing board Expected to provide a fulcrum to foster tourism development in Quang Ngai province’s southern and northern parts, the multi-million dollar Thien Dang (Paradise) eco resort project is still far from completion, even 13 years after starting construction. The Paradise eco resort project spreads more than two kilometres along the coast crossing Quang Nam and Quang Ngai province in the central region. The developer, privately-held Paradise Investment JSC—now South Chu Lai Investment and Development JSC—, expects the project to tap into the growing visitor and investor numbers from Chu Lai Airport in Quang Nam province as well as workers, engineers, and experts working at the Dung Quat and Chu Lai coastal economic zones. In the current tourism season in the central region, the eco resort has yet to attract any visitors. In the villa area, several French-style villas have not yet been constructed yet, whereas some completed villas are already showing signs of degradation. Some buildings, once used to host meetings and banquet occasions, have been unused for a long time and local residents have been using this area to breed cattle. Doan Trung Nam, a resident living near the project, said: “When the project is entered the development pipeline, the investor said they will employ local labourers to on it. The project was then halted and left deserted, leaving the affected people struggling to make a living.” Cao Thi Hong, neighbour to Nam, added that some people have been using the unused space in the eco resort for agricultural production or cattle and poultry breeding. According to Le Tan Khanh, Deputy Chairman of Binh Thanh commune in Quang Ngai province’s Binh Son District, where the project is located, Paradise resort is set to use more than 106ha space in the commune. The project developer, however, has just completed the first phase of compensation for more than 32ha space. Regarding the remaining 74ha space, the developer did not cooperate with the commune administration, but has made compensation directly to local households. At present, 19 out of the 74ha has yet to receive compensation as the developer could not reach a consensus with the households, which is one of the reasons behind the project’s delay. At present, 19 out of the 74ha has yet to receive compensation as the developer could not reach a consensus with the households, which is one of the reasons behind the project’s delay. Another cause is the current financial distress as committed by Phan Van Hai, a developer representative The developer, therefore, asked the provincial management authorities for support in site clearance and compensation payment for the remaining space that has yet to be handed over to them. A good news for the project, as unveiled by the project representative, was that several investors from South Korea, Malaysia, and Singapore plan to cooperate to develop a mixed-use development, including condotel and casino components, at the project site. With respect to the developers’ proposals, Quang Ngai Party Secretary Le Viet Chu has recently asked the developer to soon make commitments and set the project’s targets and land requirements. The developer was also required to draw up the investment project’s revised supplemental planning that fits the actual situation and submit it to the province’s management authorities for consideration. The Paradise eco resort project was first licensed in 2005 with nearly VND200 billion ($8.8 million) in registered capital. In late 2017, the project’s total investment capital was scaled up to nearly VND8 trillion ($354 million). The project consists of five components: Paradise in the Fall, Paradise in Summer, Paradise in Winter, Paradise in Spring, and Four Seasons Paradise. At present, work has only been completed at the Four Seasons Paradise component that takes up more than 32ha space, while the other four components are sitting on the drawing board. Sojitz to become major shareholder of PAN Group Once the transaction between PAN Group and Japan’s Sojitz Corporation, who spent around $91 million on acquiring a 95 per cent stake in Saigon Paper Corporation, Sojitz will become a large shareholder and strategic partner of PAN Group. The Board of Directors of PAN Group is seeking shareholders’ approval to issue 14.86 million individual shares, equalling 11 per cent stake. If the shareholders approve, the transaction will be completed in either the third or the fourth quarter. PAN Group will negotiate with Sojitz the selling price of the shares, but it will not be lower than VND55,000 per share. The individual share issuance is expected to help PAN Group to attract more strategic shareholders, while simultaneously providing additional financial potential for investment and M&A activities. Established in 1998, PAN Group is one of the leading agricultural companies in Vietnam with the total assets of VND7.6 trillion ($327 million). Singapore’s GIC, The Asian Entrepreneur Legacy (TAEL) Partners, PYN, NDH Invest, SSI, and CSC Vietnam are the major shareholders of the agricultural firm. Last year, International Finance Corporation (IFC) proposed to invest up to $10 million (VND 230 billion) into a $28 million project of Pan Group to support its expansion plans. Sojitz, on the other hand, in June completed the purchase of 95.24 per cent of the stakes in Saigon Paper Corporation, which is the largest tissue paper and industrial paper producer nationwide, for $95 million. Sojitz is one of the first Japanese corporations to invest in Vietnam. This corporation focuses on airport infrastructure, power, oil and gas, fertilisers, industrial park infrastructure, agricultural products (high-quality rice), and animal alimentation. Sojitz entered into a collaboration with Indian partners to develop a $180 million paper mill in Dung Quat of Quang Ngai provinces in 2013. However, the project faced difficulties and has not been granted an investment certificate. In 2015, the corporation moved on to Quang Ninh and proposed to develop a paper mill in Viet Hung Industrial Park with the total production capacity of 150,000 tonnes per year. The acquisition of Saigon Paper enables Sojitz to set foot in the Vietnamese paper market quickly, capitalising on the fast-rising demand for industrial paper in the country and in China. Masan swimming further downstream Masan Resources had just announced the acquisition of H.C. Starck’s 49 per cent ownership at Nui Phao-H.C.Starck Tungsten Chemicals Manufacturing LLC. This is a major step to making Masan Resources the “Pride of Vietnam” in possession of state-of-the-art downstream processing technology through mergers and acquisitions (M&A). M&A activities in the past 10 years have been growing more prominent in Vietnam, with the total transaction value of $48.8 billion. In 2017 alone, the value was $10.2 billion, 10 times of what it was in 2009. It has been the norm for multinational companies to acquire Vietnamese businesses due to the acquirers’ sheer size, financial capability, and clear strategy to expand their businesses in Vietnam. Despite all that, there were a small number of M&A deals involving Vietnamese companies gaining ownership in foreign ones. These rare cases usually make headlines and serve to demonstrate Vietnamese companies’ “coming of age” as they begin to expand beyond the borders and become global players. Some of the most noteworthy deals in the last decade include FPT’s purchase of a 90 per cent stake in an American consulting company, Vinfast’s acquisition of GM Vietnam’s entire local business, and Vinamilk’s purchase of Australia’s Driftwood Dairy. Likewise, Masan Group is no stranger to the use of M&A to expand its businesses and create the most value for consumers, partners, as well as shareholders. Masan Group’s acquisition of Nui Phao – the world’s largest tungsten mine – in the northern province of Thai Nguyen is a prime example of this strategy. In 2010, Masan Group broke the news that it had acquired Nui Phao from Dragon Capital through the purchase of full ownership in the mine. As a result, a Vietnamese company officially retained control of the world’s single largest open-pit mine. Since 2010, Masan has invested heavily into Nui Phao mine with the intent of turning it into Vietnam’s “tungsten capital” and unlocking Nui Phao’s untapped potential. In 2013, Masan Resources (MSR), the parent company of Nui Phao Mining, formed a 51:49 joint venture with H.C.Starck (Germany) known as Nui Phao-H.C.Starck Tungsten Chemicals Manufacturing LLC in order to downstream process tungsten. Just recently, on August 13, 2018, Nui Phao Mining Company, a subsidiary of MSR, acquired H.C. Starck’s 49 per cent stake in the joint venture for the total cash consideration of $29.1 million. The transaction was fully funded by Masan Resource’s cash and equivalents. The joint venture is now a 100 per cent wholly-owned subsidiary of MSR. Craig Bradshaw, CEO of MSR, said: “I hope Vietnam can be proud of Masan Resources’ ambition and ability, which we will combine with Vietnam’s potential and international execution capability to become a dominant player in the global industrial sector. We embody the “Vietnam Can Do” spirit, and we are strongly positioned not only to significantly increase shareholder value, but more importantly to enhance social economic value as a global representative of Vietnam.” To date, the joint venture’s tungsten chemicals (Ammonium Paratungstate – APT, Blue Tungsten Oxide – BTO, and Yellow Tungsten Oxide – YTO) annual capacity is 9,000 tonnes, with expected sales volume in 2018 at about 7,000 tonnes. The tungsten chemicals are value-added products of Tungsten Concentrate (TC) – a product of Nui Phao Mining Company. Out of the aforementioned 7,000 tonnes of sales in 2018, approximately 6,500 tonnes were manufactured from TC produced at Nui Phao Mine. MSR aims to procure more TC from outside sources to satisfy the growing demand for tungsten chemical products. From the acquisition, MSR now owns the largest tungsten downstream processing plant in the world by capacity. Growing from the world’s largest tungsten chemical (APT, BTO, YTO) producer with 36 per cent market share (excluding China), MSR is now on track to proceed deeper into the global tungsten value chain aided by full ownership of the downstream processing plant and technology. MSR is continuing to explore opportunities in an effort to achieve its vision of becoming a fully-integrated downstream industrial chemical and metal business of global scale. The management is currently in discussions with carefully selected downstream partners that are strategic in nature and with upstream suppliers as it looks to further secure its supply chain. Danny Le, head of Strategy and Development at Masan Group, said, “The acquisition is also consistent with the five-year strategy that we have outlined for MSR to develop an integrated business model to generate strong cash flows and profits through commodity cycles. In addition, this will better position Masan Resources for strategic partnerships in the near future and pursue an international IPO to unlock shareholder value.” MSR posted revenue of VND3.239 trillion ($143.3 million) in the first half of 2018, a 26.6-per-cent increase over the VND2.559 trillion ($113.2 million) recorded in the first half of 2017 as the tungsten prices upside persisted. MSR delivered an attributable net profit of VND300 billion ($13.27 million) in the first half of this year, up 376.2 per cent on-year. With favourable first half business results and higher tungsten realised prices, MSR is expected to yield an improvement in NPAT Post Minority Interest (MI) margin of 5 per cent in the second half of 2018 against the first half, achieving the expected NPAT Post MI of over VND1 trillion ($44.25 million) for the full year of 2018. This deal in particular as well as foreign acquisition by Vietnamese leading companies in general serve as motivation for Vietnamese businesses to further utilise M&A as a tool to acquire the best technology and practices in order to enhance business and better serve Vietnam and its people. Huobi OTC marks entry into Vietnam Huobi OTC has marked its foray into Vietnam by supporting peer-to-peer (P2P) transactions denominated in Vietnam dong (VND). OTC, which stands for “over-the-counter”, will help onboard new users looking to invest in digital assets by offering a P2P fiat-to-coin marketplace. Aside from offering a platform for users to freely exchange their VND for digital assets such as USDT, BTC, ETH, and HT, Huobi helps to reduce counterparty risk by requiring merchants place security deposits with the exchange. These deposits will be released to users if the merchant is unable to release the purchased coins in a timely fashion. As part of its initial efforts to carve out a niche in Vietnam, the Huobi OTC exchange is offering zero transaction fees as opposed to an average fee at other exchanges, which is about 1 per cent. In addition, by leveraging its sister trading platform, Huobi Global, Huobi OTC is able to remove fees such as OTC deposit fees and withdrawal fees. Huobi OTC supports 17 countries and territories: Singapore, India, Canada, Australia, South Korea, Switzerland, the Netherlands, Taiwan (China), Russia, the UK, Hong Kong (China), Nigeria, Indonesia, the Philippines, Cambodia, China, and Vietnam. Aside from being cheaper and relatively hassle free, Huobi OTC also provides the same support Huobi is known for: its trusted branding and five-year security and reliability track record, as well as its 24/7 customer support. Huobi OTC is an affiliate of Huobi Global and a platform devoted to over-the-counter trades of digital assets. It offers an aggregated display of buying or selling data and the actual payment is transferred and completed offline through escrow accounts provided by Huobi OTC. MoMo & Home Credit partner in consumer finance Vietnamese fintech MoMo Wallet and consumer finance company Home Credit Vietnam signed a strategic partnership agreement on August 22 that marks a milestone in their bilateral cooperation. The first two features are payments via MoMo, which help customers of both partners enjoy a seamless, fast, convenient and time-saving service, and the ability to have Home Credit cash loans disbursed directly to MoMo Wallet. The partnership first started in 2015, only one year after MoMo was launched on iOS and Android. Since then, Home Credit Vietnam’s customers have been able to repay their loans via the MoMo app or at MoMo’s 5,000 POS (points-of-sale) around the country. Furthermore, the partnership aims to provide customers with the greatest convenience, promote financial inclusion in Vietnam, and boost cooperation between finance companies and fintech partners. Entering the era of global digitalization and based on a business motto of customer-centricity, Home Credit and MoMo have established a strategic partnership over the last three years that uses the advantages held by both sides to enhance the customer experience in mobile payments and consumer finance. Digital transformation in consumer finance will change offline procedures to the online platform for time-saving and safety. In addition, after installing the MoMo Wallet app, Home Credit customers have the opportunity to access and enjoy a number of MoMo promotions. From September, customers who register for cash loans at Home Credit’s POS can receive the disbursed funds via MoMo, in addition to traditional channels such as bank accounts and the postal service. Customers will have more options to conveniently access cash loans and MoMo’s promotions and services by their registered phone number. In addition, more than 500 diversified services currently available on MoMo enable customers to experience consumer finance immediately. In the future, Home Credit will upgrade the service to allow customers to register for cash loans on the Home Credit app and receive disbursement via MoMo Wallet, fully transforming to an online platform in the digital era. The strategic partnership between Home Credit Vietnam and MoMo will boost the development of a technology ecosystem in the consumer finance sector, as customers can easily access financial products and services via the mobile platform, shortening processing time and offering more convenient financial transactions. It will also encourage customers to experience online platforms instead of traditional transaction methods. “We have decided to cooperate with more technology companies to create an integrated ecosystem that delivers instant benefits to customers, providing convenience when accessing Home Credit’s services,” said Mr. Branislav Vargic, COO of Home Credit Vietnam. “This is a new chapter in our partnership to enhance the customer experience, and a milestone in the accession to Industry 4.0.” “The technology platform and the dynamics of millions of existing MoMo users will provide a promising customer approach to Home Credit and consumer finance,” said Mr. Nguyen Ba Diep, Vice President of MoMo Wallet. “We believe that technology is indispensable in the development of the consumer finance market and will change the face of the financial sector in Vietnam in the future.” Smartrealtors and Partners to distribute Banyan Tree Residences Smartrealtors and Partners has signed a cooperation agreement with Singapore’s Banyan Tree Corporation on August 28 to become the sole distributor of Banyan Tree Residences. Banyan Tree Residences is part of the Laguna Lang Co project in central Thua Thien Hue province. Villas, from one to three-bedrooms, are perched from 25 to 86 meters above sea level, with the elegant Banyan Tree hill villas offering breathtaking panoramic views over the unique crescent bay with soaring mountains as a backdrop. Each villa’s living space is awash in natural light and harmonized with the tropical surroundings. Featuring a series of locally-inspired arts and furnishings, the design of each pays homage to the skills of Vietnamese artisans. Mr. Gavin Herholdt, Managing Director of Laguna Lang Co, said the collaboration between the Banyan Tree Group and SmartRealtors and Partners was set up to maximize the benefits to each and expand and improve business efficiency while enhancing the project’s competitiveness. “Smartrealtors and Partners became the exclusive distributor of the project thanks to the prestige and quality the company has built over past years,” he added. Mr. Dang Quoc Viet, General Manager of Smartrealtors and Partners, said it is committed to bringing quality projects to owners. As the first and only resort project of the Banyan Tree Group in Vietnam, Laguna Lang Co is an international-standard resort within the network of luxury resorts owned by Banyan Tree worldwide. Laguna Lang Co’s Phase 1, with investment of $285 million, comprises both Banyan Tree and Angsana hotels, an 18-hole championship golf course designed by Sir Nick Faldo, luxury private villas and residences, convention facilities, recreational activities, and beachfront land for six more hotels as part of the 280-ha project. Existing infrastructure, including transportation, electrical, water, and environmental management systems will facilitate the rapid development of Phase 2 and future phases. The project expansion from 2018 to 2022 will see investment capital increase from $875 million to $2 billion and includes international-scale casino operations. Laguna Lang Co was recently issued a casino license by the Vietnamese Government; the first to be issued in a decade. It welcomes world-class casino operators and investment partners to join in the next exciting phase of the integrated resort development.   VNN