An outside perspective on life in Hanoi Having moved to Hanoi a few months ago, Mai Kathryn Brand shares her first impressions on life in the capital.   Beep-Beep. Honk-Honk. It’s 7am and the sun is shining as I make my way through one of the many outdoor markets in Hanoi. Motorbikes whizz past me in every direction stopping at the myriad of vegetable, fruit, and meat stands to purchase their daily groceries. A light breeze brushes my face carrying with it the delicious smell of a pot of fresh pho being prepared on the street. Such is life in the raw and unpredictable city of Hanoi, a city I now call home. Unique Hanoi I moved to Hanoi three months ago from the United States and each day is still a new adventure filled with special moments and lessons. The streets of this bustling city with its intoxicating sights, smells and sounds create a perfect recipe for a change in lifestyle for newcomers to Hanoi. The outdoor markets are the pulse of Hanoi, providing a riveting shopping experience as well as a look into the traditional Vietnamese lifestyle. The women who run the meat, vegetable, and fruit stands are experts at persuading customers to buy their goods. The outdoor market here is a place where everything can be negotiated with some persistence and a smile. This is something I’ve had to adapt to, because in the US, everything has a fixed price. The mar-women are the hearts of their families. Shopping for groceries is an important activity because it later transforms into a meal that brings the family together. A motorbike ride or a walk around the city creates an opportunity to adjust to the chaotic, yet natural flow of the narrowed-street traffic. I’ve learned to not take the excessive honking of motorbikes and cars personally. In the US, it is considered rude to beep your horn unless one truly needs to, but here in Hanoi, it seems that beeping is necessary and acts as a safety precaution while driving. I still clench my fists each time I cross the street because of the never ending waves of motorbikes coming from all directions. Hanoi delights me in its ability to offer both the old and the new. On the one hand, Hanoi still holds on to traditional Vietnamese ways of life-its Vietnamese cuisine, family values, and historic Buddhist temples. These things are what make Hanoi so unique. Culinary delights For me, Vietnamese cuisine is king of all cuisines! I love the intricate and bursting flavours of Vietnamese food. The captivating and food-filled streets of Hanoi are food heaven and I am lucky to have entered it. Even in the extremely hot summer weather that Hanoi endures, I still enjoy sitting on a small plastic chair at a sidewalk restaurant to savor a delectable Vietnamese meal. Some of the most delicious local dishes I’ve tried are savory banh xeo, typically stuffed with shrimps, diced green onion, and bean sprouts, bun cha, a Hanoi specialty, best enjoyed at small-alley restaurants or street food stalls where you will be given the most flavourful barbecued pork patties and pork belly slices submerged in a tasty broth, rice noodles, and assorted herbs, banh chung, a special rice cake traditionally prepared and served during Tet, it’s made of glutinous rice, mung bean, and pork, and delicately wrapped in banana leaves to be cooked for many hours, and of course, a freshly made bowl of pho, a national dish of Vietnam with a broth that is alone worth tasting, served with rice noodles, chicken, beef, or vegetables, spring onion, and herbs. Oh, the gluttony! It is undeniable that Vietnamese cuisine is heavenly, and it’s one of the best parts of the Vietnamese everyday life. Although Hanoi is certainly a city filled with traditional Vietnamese culture, it is also ushering in a new and modern lifestyle, with trendy coffee shops, internet cafes, and international restaurants being seen all over the city. As a newcomer to Hanoi, I’m surprised at how convenient it has been to connect with local friends and other expats through online platforms such as Hanoi Massive and Gone Girls International. These platforms have certainly enhanced my lifestyle here and have created a sense of community in a new city. This is a prime example of how Hanoi is becoming a more connected city with a global outreach. Hanoi affords endless options for newcomers to shape their lifestyle how they see fit. For me, the greatest change in my lifestyle since moving to Hanoi from the US has been a sense of adventure that the bustling streets of the city offer. Each day is different, chaotic, and it is exhilarating to experience the new and the old of Hanoi. Time Out

BUSINESS IN BRIEF 2/9 UOB and ORIX invest in Vietnam's leading private hydropower company   UOB Venture Management Pte Ltd (UOBVM), a wholly-owned subsidiary of United Overseas Bank Limited, and financial company ORIX Corporation (ORIX), on September 1 announced that they will each invest $25 million in one of Vietnam’s largest privately-owned hydropower companies, Bitexco Power. Bitexco Power owns and operates 18 hydropower plants in Vietnam with a gross power capacity of around one gigawatt (GW). The existing capacity can generate about 3,500 gigawatt-hours (GWh) of renewable energy annually, which is enough to provide electricity for about 2.7 million people in the country. Bitexco Power plans to use the new capital for business expansion and further consolidate its market-leading position in the renewable energy sector. “The acquisition of shares by globally-renowned institutions - UOB and ORIX - will enable Bitexco Power to continue its rapid growth in the increasingly dynamic Vietnamese renewable energy space. It is also a reflection of their confidence in our ability to meet international corporate governance standards and our business plan execution, necessary to deliver long-term value to stakeholders and to contribute to the growth of the country,” said Ian Fox, CEO of Bitexco Power. With the rapid growth of the Vietnamese economy over the past decade, power consumption has been rising dramatically. General Statistics Office of Vietnam estimated that electricity demand will continue to expand at an annual growth rate between 10 and 12 per cent, rising from 169.8 terrawatt-hours (TWh) in 2015 to 615.2 TWh by 2030. “We believe Vietnam’s growth will continue to drive the demand for renewable energy. By investing in Bitexco Power, we hope to participate in the growth of the power sector and play a role in the country’s economic transformation,” said SeahKian Wee, managing director of UOBVM. Established in 1992, UOBVM has provided financing to more than 100 privately-held companies through direct equity investment, mainly in Southeast Asia and Greater China. UOBVM manages about $733.2 million in assets. The new investment will be allocated through from its ASEAN China Investment Fund III. This fund invests in growth-oriented companies in Southeast and East Asia, with an emphasis on the 10 countries of the ASEAN and China. “Bitexco Power is our first investment in the Vietnamese power sector, which shows strong growth potential. We believe Bitexco Power is in the best position to benefit from the country’s on-going reform of the electricity market, underpinned by the rising demand for electricity. Following this investment, we are pleased to announce our further business expansion in the renewable energy sector across Asia,” said Yuichi Nishigori, corporate executive vice president of ORIX. ORIX Corporation (TSE: 8591; NYSE: IX) provides products and services in lending, investment, life insurance, banking, asset management, automobile-related operations, real estate, and environment and energy-related businesses. It has offices in a total of 37 countries and regions across the world. DAG secures lucrative deal in Brazil Dong A Plastic Group (DAG) has just expanded its global reach by signing a contract with Brazilian building materials trader Al Importacao e ExportacaoEireliEpp. According to the contract, in August DAG is going to export $1.5 million worth of aluminium composite panels (DAG Alu) and Hiflex PVC banner materials to Brazil. DAG currently produces Hiflex at a capacity of 10 million square metres per year. The material is a mixture of PVC and synthetic fibres, especially fire-resistant synthetic fibre that is waterproof and slow to burn, produced using German technology. The aluminium composite panel is produced using Taiwanese technology and is consistent in thickness and makeup, making it very flexible and resistant to sudden shocks and impacts. It is therefore a very popular choice in construction. According to Al Importacao e ExportacaoEireliEpp, Latin America’s demand for building material is very high and it is still growing as people want to build new and renovate old houses and the country is carrying out a large number of sizeable construction projects. DAG plans to start operating an additional 30 plastic profile production lines, raising its plastic profile production capacity to 50,000 tonnes per year. DAG is now the biggest Vietnamese producer of profiles, competing with imports from the EU and China. Besides selling on the domestic market, DAG is going to increase exports in order to create a momentum for growth. Shares sink, ending four-day rally Shares sank for the first time in the past five sessions yesterday as investors increased selling to realise short-term cash profits. The benchmark VN-Index, the measure of 310 stocks on the HCM Stock Exchange was down 0.8 per cent to close at 669.2 points. It rose nearly 2.5 per cent over the last four sessions. Large-cap stocks led the downturn with 18 of the 30 largest stocks tumbling and only five maintaining slight gains. The key shares of Vietcombank (VCB), dairy firm Vinamilk (VNM), private equity Masan Group (MSN), PV Gas (GAS), Vietinbank (CTG) and real estate giant VinGroup (VIC) took away nearly five points, or 0.8 per cent, of the market. Shares in Vietcombank extended losses to three consecutive days, lifting total losses to 8.7 per cent yesterday. Others declined between 1 per cent and 3 per cent. “An unexpected market correction occurred today due to selling pressure on some key stocks, and selling pressure from foreign investors,” TrầnThăng Long, head of analysis at BIDV Securities Co wrote in a note. Foreign investors remained net sellers in HCM City’s market yesterday, responsible for a net value of VND187.5 billion (US$8.4 million). It sold a total net value of VND335.5 billion in the last three days. Vietcombank and Vinamilk were sold the most heavily, for a net value of VND129 billion and VND61 billion, respectively. Besides blue chips, the money focused on smaller capitalisation stocks in the sectors of technology, pharmaceuticals and rubber, like the Southern Rubber Industry (CSM), furniture maker Duc Long Gia Lai Co (DLG), sugar producer Thanh Thanh Cong Tay Ninh Co (SBT) and software producer FPT Co (FPT). “Markets can test the resistance level of 660 points, again affected by portfolio reallocation of exchange-traded funds,” Long said. On the Hanoi Stock Exchange, the HNX-Index, a tracker of 379 stocks, inched down 0.4 per cent after two rising sessions, ending at 84 points. Liquidity slightly decrease with a total of 142 million shares worth nearly VND3.3 trillion traded in the two markets, down 9.6 per cent in volume and 5.7 per cent in value from Wednesday’s levels. The local market is closed today for National Independence Day. Construction of VN’s biggest zoo speeds up The construction of the long-delayed amusement park and zoo in Vietnamhas sped up since the government of HCM City has allowed Vinpearl Joint Stock Company (Vinpearl) to work with a foreign partner, which is drawing up detailed plans. In an official letter signed by Deputy Chairman of HCM City Le Van Khoa, the city government suggested that Vinpearl cover all expenses for the design of the US$500-million Sai Gon Safari Park. According to the letter, if the design is not approved by the city, the company should cover all expenses it has had to pay. The HCM City People’s Committee has assigned the Department of Planning and Architect to inspect the 1/2000 zoning plan and report to the city government. The city’s Department of Natural Resources and Environment was asked to coordinate with Cu Chi District’s government in announcing the plan to use land for the park. The Department of Transport was asked to work with Vinpearl for road connectivity to the park, including bus route and expansion of Nguyen Thi Ranh Street. According to the city’s Department of Planning and Investment, the Sai Gon Safari Park will be built on 456.85 hectares of land. The Zoo and Botanical Garden Company, which was a former investor of the project, has received 403.5 hectares of land. The project affects 705 households in the region. Compensation was paid to 688 households, and 17 others have not reached a compensation agreement with the local government. The city started site clearance work in 2004, relocating around 700 families. The delay has caused frustration among affected families, with many asking to return. After being delayed for 12 years, reportedly due to a lack of funding, the project was handed over to Vinpearl, also the developer of the country’s first safari park in the southern island of Phu Quoc. The park will consist of an open zoo, a night safari, a butterfly garden, a botanical collection, a natural museum, a flora and fauna research centre, and a picnic site, as well as other support facilities. The park will be home to more than 300 animal species with 10,000 animals and 3,000 kinds of plants. Ministry cracks down on taxi firms The Ministry of Transport has required the Hanoiand HCM City transport departments to promote management, inspections and penalisation of under nine-seat automobiles under transport contracts, Uber taxi and Grab taxi. This action is apart of the ministry’s pilot plan on applying science and technology for the management and connection of activities transporting passengers under contracts. Under the plan, enterprises that have been granted licenses for passenger transport services under contract would use an app for booking tickets via mobile phone for their customers. Initially, the plan was for five provinces and cities, including Hanoi, HCM City, Da Nang, Quang Ninh and Khanh Hoa. So far, the ministry has received the plan on applying science and technology for the management and connection of transport activities from Grab Taxi Ltd Company and ÁnhDươngVietnamJoint Stock Company. It has also had guidance for those companies to implement their plans. However, some other household transport services have not complied with existing regulations, including having no badge of contract , signing contracts with companies providing software that was not suitable with the existing regulations and not paying taxes. For Uber Taxi, the ministry has worked with company often and also guided it to build a pilot plan on applying science and technology for the management and connection of transport activities but at present, the ministry and relevant state offices have not received a plan from Uber Taxi. Based on the practice, the ministry has ordered the transport departments of Hanoi and HCM City to continue guiding transport companies in the two major cities in implementing their plans on applying technology for the management and connection of transport activities and also to provide a list of under nine-seat cars granted badges of contract for tax offices to promote inspection of tax payments, reported zing news. The Hanoi and HCM City transport departments have directed inspectors of the departments to coordinate with police and tax offices in the two cities in promoting the inspection and penalization for cases in violation, especially the case of using software not suitable with the current regulations. The ministry has required the two departments to report on the results of the management, inspection and penalization of under nine-seat cars, Uber Taxi and Grab Taxi before September 20, 2016. Turkey to tax VN plywood Turkey has decided to levy an anti-dumping tax of US$240 per cubic metre on Vietnamese plywood products. The Vietnam Competition Authority under the Ministry of Industry and Trade on Tuesday said that the Turkish Ministry of Economy (TMoE) has issued its final decision on the anti-dumping investigation into plywood imported from some countries including Vietnam . The TMoE reported that only two Vietnamese businesses won’t have the anti-dumping tax imposed upon them, as they had provided full information to investigative agencies on schedule and proved that the exported products were made by themselves. The decision will come into effect soon now the TMoE has officially announced it. However, Vietnamese plywood producers could send feedback on the investigation before this Friday. Turkey initiated an investigation on May 27, 2015 into a possible avoidance of anti-dumping tax on plywood with HS codes 4412.10; 4412.31; 4412.32 and 4412.39 imported from some countries including Vietnam since 2010. Earlier in 2006, Turkey imposed anti-dumping duties of $240 per cubic metre on similar products from China. The Vietnam Embassy’s trade office in Turkey said on Monday that the TMoE’s General Directorate of Imports (GDI) also issued its decision on the anti-dumping investigation into polyester textured yarn imported from some countries including Vietnam. Accordingly, it will impose anti-dumping margins of 34.81 per cent to 72.56 per cent on products from Vietnam and 8.48 per cent to 37.69 per cent on Thai products. It said relevant businesses could send petitions and feedback before September 5. It will hold hearings for each business on September 7 and open hearings on September 8. The decision will be submitted to the Minister of Economy in late September to issue a final decision in the first week of October. The GDI began investigations on May 15 2015, after Korteks Mensucat Sanayive Tic. A.S. lodged its anti-dumping lawsuit on imported polyester textured yarns with HS codes of 5402.33. Global drug company Abbott buys VN’s Glomed Global healthcare company Abbott announced on Tuesday that it has acquired Glomed Pharmaceutical Company Inc (Glomed), a leading Vietnamese drug manufacturer. It did not disclose the financial details of the deal. “This acquisition will further strengthen Abbott’s ability to serve patients in Vietnamwith innovative, high-quality healthcare solutions that allow them to live a healthier life and reach their full potential,” NgôVănHuy, general manager of Abbott’s pharmaceuticals business, said. “The company intends to build on Glomed’s success to date to ensure long-term growth in the country.” The expansion of Abbott’s drug business in Vietnam builds on its leading position in nutrition and a strong portfolio in medical devices and diagnostics. The acquisition also makes Abbott one of the top 10 pharmaceutical companies in Vietnam . In addition to two manufacturing facilities in Binh Duong Province, Abbott also gains a portfolio of drugs that is well aligned with its current therapeutic areas of focus in anti-infective medicines; gastroenterology; pain management; cardiovascular, respiratory and women’s health; and over-the-counter products. Coal investments to be reduced The total capital demand of the domestic coal sector by 2030 would be around VND269 trillion (US$11.9 billion), 2.5 times less compared with the previous master plan. This information was released at a ceremony to announce a new master development plan for the coal sector by 2020 with a vision towards 2030 held yesterday in Hanoi. Trinh Duc Duy, deputy director of the Coal Industry Department under the Ministry of Industry and Trade said that the average capital demand would be VND17.9 trillion a year. In the period of 2016-20, the capital demand would be VND109 trillion in total. The capital would be focused on investments and the expansion of coal projects. It could be arranged from a combination of different sources such as commercial loans, preferential loans and mobilising on the stock market. Under the new master plan, exploitation in the northeast coal basin would be completed by 2020 to ensure reserves and natural resources. The Red River delta coal basin, the exploitation at Nam Thinh and a part of Nam Phu 2 in the northern Thai Binh Province’s Tien Hai District would be completed before the year of 2020. Nguyen Khac Tho, deputy director of the ministry’s General Directorate of Energy said the ministry announced the new master plan because the demand for coal in sectors that used a lot of energy such as thermal electricity and cement had seen many changes. “The new plan has updates to suit the sector’s current reality though the old plan has so far met with the energy demands of the country,” Thọ added. Accordingly, coal output would be sharply reduced from 60-65 million tonnes by 2020 under the old plan to 47-50 million tonnes in the new one. The coal output would also be reduced by 2030 from 75 million tonnes to 55-57 million tonnes. The reduction in coal output would be one of the reasons for lower capital demand, he said. He said that the new plan has taken into account several plans to ensure the capital by mobilising build-operate-transfer (BOT) and public-private partnership (PPP) models. “The target of the coal sector is to meet the coal demand of local households and to ensure energy security,” he added. The sector also targeted to reduce coal losses to 20 per cent in underground coal mines and in open-pit coal mining to 5 per cent by 2020. The plan aimed to exploit, process and use coal effectively to save the natural resource. The Government would give priority to domestic coal demand and consider gradually reducing overall exports as well as exporting types of coal that are not in high demand in the country. The plan also pays attention to promoting the application of advanced technologies in coal exploration, exploitation and processing for the sector’s sustainable development. The deputy director also affirmed that firms would be encouraged to import coal if they meet with regulations. The imports would not affect the National Coal and Minerals Industries Holding Group (Vinacomin). Statistics from the ministry show that the total coal reserves of the country was 48.88 billion tones. Shares rise on Vinamilk and FPT Shares extended gains to four days in a row yesterday as investors continued to collect large-cap stocks, particularly shares to be sold by the Government. On the HCM Stock Exchange, the VN-Index added 0.3 per cent to close the session at 674.6 points. The Index has increased nearly 2.5 per cent in the last four sessions. The HNX-Index on the smaller exchange in Hanoi was up 0.8 per cent to end at 84.4 points. It rose 0.6 per cent on Tuesday. Large-cap shares were mixed. The shares which would be sold by the State Capital Investment Corporation (SCIC) to reduce the State holdings in big companies like dairy firm Vinamilk (VNM), software producer FPT Corp (FPT), Bao Minh Insurance (BMI), Binh Minh Plastic (BMP) and Tien Phong Plastic (NTP) rose strongly. The biggest listed stock Vinamilk gained 2.5 per cent while others climbed between 3 per cent and 4.5 per cent. In mid-August, the Government asked SCIC to draw up a roadmap for selling State holdings in 10 big State-owned enterprises, of which eight businesses are listing shares on the two national stock exchanges with a combined market capitalisation of around US$4.5 billion. On the other end of the spectrum, some blue chips declined and restrained the market. Big losers included real estate giant VinGroup (VIC), Masan Group (MSN), insurer Bao Viet Holdings (BVH) and lender BIDV (BID). Besides blue chips, many investors focused on realty and steel stocks with eight of the top 10 most active codes from property and steel manufacturing firms. Each of these shares saw between 2.7 million shares and 5.9 million shares change hands. Prices of these shares also increased 1-4 per cent. “Market development remained positive and facilitate trades in the short- and medium-term period,” stock analysts at Maritime Bank Securities Co wrote in a report. Growth of leading shares in real estate, consumer goods and insurers, as well as improvement in liquidity showed a sign of a longer rise, the report said. However, it warned a short downward correction when the VN-Index approaches the 680 point level, driven by rising profit-taking selling pressure. A total of nearly 157 million shares worth VND3.5 trillion (US$157 million) were traded in the two markets yesterday, up 12.1 per cent in volume and 20.7 per cent in value over Tuesday’s figures. Foreign investors remained net sellers in the HCM City’s market but their net sell value decreased to VND31 billion from VND117 billion seen on Tuesday. They remained net buyers in the Hanoi’s market for a net value of VND14 billion. VN records $2.45b trade surplus in 8 months Vietnam enjoyed a trade surplus of US$2.45 billion in the first eight months of this year, a report from General Statistics Office (GSO) has revealed. The eight-month trade surplus was totally contributed by the foreign-invested sector, which posted an export surplus of $15.18 billion, while the domestic sector witnessed a deficit of $12.73 billion, Le Thi Minh Thuy, head of GSO, said. The country’s trade revenue topped $221.93 billion in the period. Of the sum, exports contributed $112.19 billion, surging 5.5 per cent against same period last year. The above-mentioned growth was, however, equal to two thirds of the target set earlier by the State, Thuy said. Export revenue of the domestic sector reached $32.62 billion, up 4 per cent year-on-year, while that of the foreign-invested sector stood at $79.57 billion, up 6.1 per cent year-on-year. Among the key export items witnessing significant turnover increases were mobile phones and components ($22.3 billion, up 11 per cent), garments and textiles ($15.5 billion, up 4.2 per cent), electronics, computers and parts ($11.1 billion, up 11.2 per cent) and footwear ($8.6 billion, up 8.1 per cent). Meanwhile, several other products witnessed export revenue reductions, including crude oil (some $1.5 billion, down 46.2 percent), rice ($1.5 billion, down 14 per cent), rubber ($887 million, down 4 per cent) and cassava ($698 million, down 26 per cent). The US remained the largest importer of Vietnamese goods with revenue of $24.6 billion. It was followed by the EU with $21.9 billion, China with $12.6 billion, Japan with $9.3 billion and South Korea with $7 billion, GSO said. From January to August, the country’s imports saw a yearly modest decline of 0.3 per cent to $109.74 billion. Imports of the foreign-invested sector plunged by 1 per cent to $64.39 billion, while that of the domestic sector experienced a slight increase of 0.5 per cent to $45.35 billion. Import items that recorded revenue reductions included machines, tools and spare parts ($17.7, down 4.2 per cent), materials for garments, textiles and footwear ($3.4 billion, down 0.3 per cent), animal feed ($2.1 billion, down 6 per cent), wood and wooden goods ($1.1 billion, down 21 per cent) and fertilizers ($748 million, down 18.6 per cent). Despite a yearly decline of 3 per cent in turnover, China continued to be the leading import market for Vietnam . During the reviewed period, Vietnam spent $31.6 billion on importing goods from this neighboring country, equivalent to one third of Vietnam ’s total import turnover. Wind power plant construction commences in Ninh Thuan The construction of a 37MW wind power plant began in PhướcDinh Commune, Thuận Nam District in south central Ninh Thuan Province yesterday. The MũiDinh plant costs nearly VND1.3 trillion (US$57 million), invested by Germany’s EAB Company. With 16 turbines spanning across 12ha, the plant is scheduled to be completed in 2017. This is the second wind power project launched in the province. On the occasion, the EAB Company donated $10,000 to the Association for Sponsorship of Poor Patients of Ninh Thuan Province and the Fund for the Poor in Phuoc Dinh Commune. VNS, VIR, dtinews

Vietnamese businesses burdened with labor costs Some provisions of the Labor Code have placed difficulties on enterprises, especially those with a high number of workers. Economist Pham Chi Lan said that Vietnamese authorities had not anticipated all the possible impact of wage increases on business owners. The officials who proposed wage increases may have not foreseen that the number of businesses forced to stop operations would be so high. Minimum wage hike forces businesses to cut labor force The National Wage Council proposes a minimum wage increase every year, explaining that the wage must be high enough to cover workers’ and families’ basic needs. The problem is that business owners will have to pay more for social, unemployment and healthcare insurance premiums. Meanwhile, workers have to pay more for room rent and electricity and water bills. The State decided that the minimum wage must increase by 12.4 percent in 2016. Many businesses complain that the monthly pay is too heavy, while  Vietnamese productivity is lower than in other regional countries. The labor cost burden was one of the reasons that forced Minh Phu Seafood to cut the labor force. In 2014, it had 15,000 workers and earned export turnover of $730 million.  In 2015, the number of workers fell to 12,000 and export turnover to $524.4 million. The figures were $9,000 million and $205.3 million, respectively. Some provisions of the Labor Code have placed difficulties on enterprises, especially those with a high number of workers. According to Hoang Quang Phong, deputy chair of VCCI, the minimum wage should be equal to 40-60 percent of the average salary in the market, while the wage increase should be made once every 2-3 years instead of every year. An analyst commented that while Vietnam has a low average income, its social insurance premium is the highest in the region. In Vietnam, business owners have to pay 22 percent of premiums and workers 10.5 percent. In Thailand, the proportion is 5 and 5 percent, and in Indonesia 11 and 3 percent. The percentage of workers retiring every year in the seafood industry, just 0.5 percent. The insurance premiums of up to 34.5 percent of workers’ total income are a burden on business owners. Regulations on overtime unreasonable The Labor Code stipulates that a working day must not be longer than 12 hours, described by some as a ‘rigid regulation’.  Dao Thi Thuy Huyen, representative of the Japan Business Association in Vietnam, commented that 1.5 extra working hours a day and 40 hours a week would be bearable for Vietnamese workers. Businesses also complained about the regulation about periodic health examination for workers two times a year. DNSG

The most famous pagodas in Vung Tau Visit Thich Ca Phat Dai to learn about the life of Buddha or Linh Son Co Tu to admire the 1,600 year-old Buddha statue  is interesting experience in the southern city of Vung Tau. Thich Ca Phat Dai    Thich Ca Phat Dai (Platform of Shakyamuni Buddha) is a notable Theravada Buddhist temple. It lies to the northwest of the Lon (Big) Mountain and was built between 1961 and 1963. It is set on a plot of around five hectares, with a Zen Buddhist monastery at the foot of the plot and the Thich Ca Phat Dai at the top. The Zen monastery is a small brick temple built by a government official in Vung Tau in 1957. In 1961, the Buddhist association organized a renovation of the monastery and decided to build the Thich Ca Phat Dai further up the mountain. Additional lodgings were built to cater to Buddhist pilgrims who visit the site. This pagoda exists exclusively for religious worship, unique in its white cement construction of the giant statue of Gautama Buddha sitting on a large lotus blossom. The grounds are dense with foliage, resembling a jungle and heavily populated by birds. The white color of the statue and the stupa contrasts with the blue and green background of the surrounding sky and forest. The site has become a major tourist location in the city as well as a tourist lookout. The pagoda also has a 17m-high Blessing tower, where there is a yellow box containing 13 Blessing spheres of true practitioners. Under the tower are four peaks, which means that the ground is where the Buddha was born. Quan The Am Bo Tat    Quan The Am Bo Tat (Pagoda of Avalokitesvara Bodhisattva) is located on Tran Phu Street, about 500 meters from Bai Dau. Built in 1976, the highlight of this pagoda is a giant white Avalokitesvara Bodhisattva Statue located at the middle of the pagoda’s campus. The Avalokitesvara Bodhisattva stands on a lotus with a kindly and virtuous face and the Cam Lo pot in the hand looking to the sea. The pagoda is one of the most famous destinations for many pilgrimages to this beautiful city. Behind the pagoda is the mountain, in front is the sea. The pagoda is always an attraction for holidays and monthly full moon days. Everyday, the pagoda attracts many tourists to visit and worship, especially onfull moon days. If having the opportunity to visit Ba Ria – Vung Tau, you should not miss a tour of visiting Quan Am Pagoda, to be able to find an oasis of calm, and dispel fatigue and worries of daily life. Moreover, you can discover the beauty of culture and tradition here. Niet Ban Tinh Xa    Niet Ban Tinh Xa (Nirvana Vihara) is situated on the slopes of Mount Small on Ha Long road, Vung Tau City. Nirvana Vihara Pagoda is one of the most beautiful Buddhist temples in Vung Tau where the traditional architecture and the modern combine harmoniously. It is also known for the 12m long Nirvana Buddha statue located in the main hall of the pagoda, placed on the 2.5 m high altar. The outer surface of the altar is the image of disciples witnessing Buddha attaining Nirvana. Seeing the open and pure space, facing the vast ocean, and surrounded by woods, from the rooftop of the pagodavisitors can admire the blue sea of Vung Tau with boats on the far side of the horizon. Linh Son Co Tu  Located on Hoang Hoa Tham Street in downtown Vung Tau, Linh Son is the oldest pagoda in Vung Tau. The main hall of the pagoda worships a 1.2 m high Buddha statue made of stone, gilded with gold on the outside. The details of the statue were created meticulously. Based on the way the statue was crafted, the origin of the statue was identified to date back to 1,600 years, by the ancient Champa. Visiting the temple on weekdays, people are free to fall into the peaceful and quiet world and get rid of all troubles and worries of daily life. Visitors can also study the architecture of the ancient pagoda. Chon Khong Monastery   The monastery was built in 1969. It is located at an altitude of 80 meters on the slopes of Big Mountain. The temple is a complex of many works, such as the main tower, the main hall, the bell tower, the meditation hall, the nuns’ hall and the guest house, supported by majestic mountain backgrounds. To reach the monastery, tourists have to climb on a high slope. The two sides of the road are ancient trees. The entrance is located midway of the slope. Passing the gate, tourists can see the main hall far away, in a peaceful atmosphere. Truc Lam Chan Nguyen Monastery Located at the foot of the Minh Dam Mountain, in Phuoc Hai Town, Vung Tau, Truc Lam Chan Nguyen Monastery is only one kilometer away from Hai Long pass. The monastery has a cherry blossom forest which is very beautiful in spring. With the quiet space for meditation and magnificent nature, the scene in Truc Lam Chan Khong Monastery can mesmerize anyone who step into this majestic and poetic heaven on earth. This is where the soul can reach true peace, and all of that is mixed with the blue of the sea and the sky and the green of the forest behind. Highlighting the green of the mountains and forest is the main hall. Behind the pagoda are rocks of many shapes such as snakes, tortoise… in the traditional colors of Buddhism. The special feature of the pagoda is the existence of hundreds of monkeys on the grounds. For that reason, the temple is also called Chua Khi (Monkey Pagoda). Travelers often bring fruit and food for the monkeys who are friendly. Compiled by Pha Le, VNN

Investments in 4G pave way for 5G in future After a trial run, Vietnamese network operators are ready for 4G, a necessary step for Vietnam to advance toward 5G and prepare for the Internet of Things (IoT). In July 2016, MobiFone, one of the three largest network operators, officially launched the north-south backbone transmission line. It is equipped with modern technology, with the speed of up to 300 Gbps and a high security level. This was considered the best step for 4G deployment. The master of the backbone transmission network allows MobiFone to provide broadband services on a high-speed mobile platform to 25 cities and provinces. Anthony McLachland, CEO of Ciena Asia Pacific, said that with the network, MobiFone can provide services flexibly to orders when the bandwidth demand increases in Vietnam, for all data, voice, video and cable TV services. After a trial run, Vietnamese network operators are ready for 4G, a necessary step for Vietnam to advance toward 5G and prepare for the Internet of Things (IoT). MobiFone’s president Le Nam Tra said MobiFone sets up a network to take initiative in building and developing new services. With heavy investment, MobiFone shows its strong will in competition with other network operators, though MobiFone was the last network operator which ran 4G on a trial basis. Viettel and VinaPhone were more light-footed than MobiFone as they tried 4G in early 2016. As for the results of the trial run, a representative of MobiFone said it was satisfactory, with transmission speed of up to 225 Mbps/75Mbps. The other two large network operators reported the same results. “The frequency band for 4G has been programmed, mobile network operators have finished their trial run, and equipment is available. This means that everything for 4G is ready,” said Thieu Phuong Nam, CEO of Qualcomm Vietnam, Laos and Cambodia, adding that 4G just needs the state’s approval to be launched. Stepping stone to 5G 4G technology allows high data transmission and loading capability, which can be 10-20 times higher than 3G. However, while 4G has not been launched in Vietnam, wireless technology worldwide has been preparing for 5G. Questions have been raised about why Vietnam does not go directly to 5G, and if Vietnam is wasting money to deploy 4G while the world is marching towards 5G. Nam of Qualcomm said that like 3G, 4G is a necessary step to be taken to march towards 5G. “We cannot miss the step,” Nam said. Unlike old technologies used to connect people, 5G allows people to connect everything, and 4G is the basis. As such, the investment in 4G infrastructure is not wasteful. Also according to Nam, 4G can bring opportunities to the entire mobile ecosystem, from network operators to app developers to digital content service providers.  Buu Dien

State sets short deadline to divest from beer giants The state plans to complete the divestment from Saigon Beer, Alcohol and Beverage JSC (Sabeco) and Hanoi Beer, Alcohol and Beverage JSC (Habeco) within 16 months. The intention was announced by Deputy Minister of Industry and Trade Do Thang Hai at the government’s regular press conference on August 31. Accordingly, the state will auction 82 per cent of Habeco, equalling VND9 trillion ($403.57 million), later this year. The divestment from Sabeco will be divided into two phases. The first phase will be implemented in 2016 with 53.59 per cent stake worth VND24.5 trillion ($1.09 billion), the remaining 36 per cent, worth VND16 trillion ($717.47 million), will be issued in 2017 after Sabeco completes its listing on the stock exchange. Hai said that domestic and foreign investors alike can join the sale. The Ministry of Industry and Trade (MoIT) will hire consultancy companies to build specific divestment plans as well as verify the prices of the two enterprises’ shares. In case the two beer giants are listed on the stock exchange, their listed prices will be used as a basis to calculate the initial prices offered at the auctions.  The MoIT will ask the two companies to list their shares on the Vietnamese stock exchanges and draw up a divestment schedule identifying stages and deadlines, after receiving official directions from Prime Minister Nguyen Xuan Phuc. According to the Vietnam Association of Financial Investors, both Habeco and Sabeco have been equitised for eight years, however, both have been delaying getting listed on the stock markets. According to the Vietnam Beer Alcohol Beverage Association (VBA)’s statistics published in January, Sabeco and Habeco’s beer products make up 60 per cent of the domestic market. Sabeco is the largest beer firm, having produced 1.38 billion litres in 2015, making up 46 per cent of the market. Habeco ranks third with 667.8 million litres, equalling a 17.3 per cent market share. In early 2015, Thai Beverage, owned by Thai billionaire Charoen Sirivadhanabhakdi, made a $1 billion offer to buy a 40 per cent stake in Sabeco, however, the necessary government authorisation for the deal is yet to be issued. In 2008, Carlsberg became a strategic partner of Habeco after buying a 17.23 per cent stake. Carlsberg expressed interest in buying a further 13 per cent, but the deal, yet again, hinges on the approval of the MoIT. By Ha Vy, VIR

Vinamilk among Asia Pacific's 50 best listed firms    Vinamilk is chosen as the first ever Vietnamese representative for Forbes's 50 best firms in the Asia Pacific 2016. (Photo cafef.vn) Hanoi - Vietnam Dairy Products or Vinamilk "breaks the ice" to grab a spot in the top 50 best listed firms in the Asia Pacific region, Forbes Magazine has said.  The magazine said this was the first ever mention of Vietnam on the list, being compiled since 2005, and called it "the big news", adding that there were a total of 21 new entrants to this year's list, and the Vietnamese dairy behemoth totally deserves it. "Since going public in 2003, Vietnam Dairy Products [has become] the country's largest dairy company and the fifth largest public company listed on the Ho Chi Minh City Stock Exchange," Forbes said. "It is also the country's first stock market heavyweight to lift its foreign ownership limit past 49 percent, which helped push its share price up 20 percent from July 1 through August 19." Currently, foreign investors hold 49 percent of its shares, while 45 percent of the stock is owned by the State and 6 percent is owned by domestic individuals and organizations in Vinamilk. As the country's largest dairy firm, Vinamilk stock (VNM) was always in the top three in the domestic stock market. Vinamilk reaches 43 countries with 250-270 million USD in total export revenue per year. Since 2005, Forbes has been selecting 50 firms each year in the Asia Pacific region for the Fabulous 50 list to identify the corporate stars of the region. The list included the most firms from China at 22, eight from India and five from the Republic of Korea, along with others in the region. According to Forbes, they tracked a pool of 1,524 public companies that have at least 1.7 billion USD in annual revenue. Firms with more than 50 percent state-ownership were crossed out as the goal was to highlight entrepreneurial outfits, not ones living off government connections," Forbes explained.-VNA