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Songkran – top tips for enjoying Thailand’s New Year celebrations

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Songkran – top tips for enjoying Thailand’s New Year celebrations

Songkran – top tips for enjoying Thailand’s New Year celebrations

Songkran is, without doubt one of the most popular of Thailand’s many festivals. This sometimes wet and always wonderful holiday is when Thai people travel up-country to be together with loved ones, to visit the local temple and celebrate by enjoying home-cooked dishes. And as Thailand is visited by so many tourists each year, news of Songkran has spread well beyond the borders of the kingdom. Now thousands of people come to take part in what’s become known as The World’s Biggest Water Party.

But the traditions of Songkran are a long way from the images shown in the world’s newspapers every year – powder smeared tourists armed with water pistols and wide grins. The Thai New Year, in its purest form, is a religious festival steeped in Buddhist and Brahman traditions. Marking the end of a 12 month cycle when the sun moves into April and there was traditionally a gap between rice harvesting and planting, Songkran is now held on fixed days, 13-15 April.

Songkran is a time when family comes first, respect is paid to seniors and people visit the temples to take part in age-old ceremonies. So visitors will get more out of Songkran if they take time to understand its origins and its traditions.

That’s why we’ve put together of Songkran tips to help everyone to enjoy this unique slice of Thainess.

Visit the temple

Songkran – top tips for enjoying Thailand’s New Year celebrations

Like Christmas in the West and the New Year in China, Songkran in Thailand is when families travel long distances to come together.  And on Songkran Day itself (13 April), Thais visit their local temple to pay respect to the images of the Buddha and seek good luck for the New Year.

The main activity is the pouring of scented water onto the sacred images of the temple – a ritual called Song Nam Phra. It seems that in past times, lustral water used to clean Buddhist statues was regarded as spiritually cleansing and…

Read the complete story here

Fiber cement exports: how to crack the market?

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Fiber cement is a new type of building material whose popularity has been growing over the past five years.

Fiber cement is wood substitute made from portland cement mixed with natural fibers and other ingredients. It is light, durable, non-flammable, resistant to water and insects, and costs roughly the same as actual wood.

Because of its superior properties it has become the replacement product of choice in many different contexts, including flooring, siding, roofing and as ceiling boards.

Highlight

  • The growth of the Thai fiber cement market is currently driven by exports, which rose at the rate of 16% CAGR between 2011-2015. The expansion can be attributed to rising demand thanks to recovering economic conditions in major export markets, such as the Philippines and CLMV countries.
  • Businesses should prioritize sales and management of distribution channels in the Philippines, Myanmar, Vietnam, and Cambodia, as these markets rely largely on Thai exports, with import demand projected to rise further.
  • In addition, manufacturers may also consider trying to open up the markets in Taiwan and South Korea. With high import values overall but minimal Thai imports, the two markets present the Thai fiber cement industry with new opportunities.

 

Currently there are six major players in Thailand, with a combined manufacturing capacity of 2.2 million cubic meters and a market value totaling THB 14.5 billion, or 20% of the cement market’s total value. Between 2011-2015 the fiber cement market grew 2% CAGR. SHERA and SCG are the two market leaders, each sharing 38% of the market, followed by DRT, CONWOOD, ORAN, and TPIPL, respectively (Figure 1)

While domestic sales have shrunk, growth has been driven by exports to the Philippines and CLMV markets.

Domestic…

Read the complete article on Thailand Business News

BUSINESS IN BRIEF 22/3

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Đất Xanh to hike charter capital, establish subsidiary

The managing board of Đất Xanh Real Estate Service & Construction Corporation has approved plans to hike its charter capital to VNĐ3 trillion (US$132 million), and establish a $42 million subsidiary this year.

The capital increase will be carried out in a two-phase payout of stock dividends.

In the first tranche, nearly 32.8 million shares will be issued at the ratio of 13 per cent to pay dividends for business performance in 2016, worth nearly VNĐ329 billion, while the second tranche will offer 14.3 million shares at the ratio of 5 per cent worth VNĐ143 billion.

The company also intends to offer its employees 3 million shares under the Employee Stock Ownership Programme (ESOP) at an estimated price of VNĐ10,000 a share.

Its current charter capital is VNĐ2.53 trillion.

This plan will be presented at the company’s 2017 annual shareholders’ meeting for approval.

Đất Xanh will also seek the shareholders’ endorsement for its plan to set up Sài Gòn Riverside Investment Co Ltd to develop the SaigonRes Riverside project in Thủ Đức District, HCM City.

Đất Xanh Real Estate will contribute 75 per cent of the VNĐ950 billion ($42 million) for the company, while Sài Gòn Real Estate Joint Stock Company will throw in the remaining 25 per cent.

Shares of Đất Xanh Real Estate (coded DXG) has climbed over 50 per cent this year and hit a record high of VNĐ19,600 per share on March 16.

Last Friday, FTSE Vietnam ETF, one of the two major foreign-run exchange-traded funds in Việt Nam’s securities market, added DXG into its basket in the first-quarter review.

Benefiting by this hike, a group of foreign investors related to Dragon Capital, including Amersham Industries Limited, Grinling International Limited, Vietnam Enterprise Investment Limited and Norges Bank, has offloaded 4.2 million combined DXG shares, thereby reducing their stakes here from 16.22 per cent to 14.56 per cent.  

Action plan drafted to develop shrimp sector






The Ministry of Agriculture and Rural Development is collecting opinions to finalise a national action plan for shrimp development through 2025.

The draft plan, which will be submitted to the Prime Minister for approval, looks to turn the shrimp sector into a big industry with sustainable development that is adaptable to climate change and friendly to the environment.

At the same time, the plan hopes to improve the quality, production efficiency and competitiveness of shrimp products, benefiting farmers, businesses and the country’s economy.

The shrimp sector is projected to rake in 4.5-5 billion USD in export turnover and record an annual average growth of 9.5-12 percent in 2017-2020. 

In 2021-2025, a hi-tech shrimp industry and large-scale eco-shrimp farming areas will take shape, working towards the goals of 10 billion USD in export turnover and an average growth of 12-14 percent per year.

The total area used for brackish water shrimp farming should reach 710,000ha with total output of 850,000 tonnes of shrimp during 2017-2020, and expand to 750,000ha and 1.1 million tonnes of output in the period from 2020-2025.

Areas will be zoned off for hi-tech brackish water shrimp raising, concentrating in the Mekong Delta and central coastal regions.

Bac Lieu is designated to be a hi-tech brackish shrimp farming centre in the Mekong Delta and the country, while the southernmost province of Ca Mau will be built into an eco-shrimp breeding cradle.

Giant freshwater prawns will be mainly raised in the Mekong Delta, whilst lobsters will be farmed in central coastal provinces of Khanh Hoa, Phu Yen and Binh Dinh.

Towards those goals, the Ministry of Agriculture and Rural Development pledged to improve irrigation and transport systems at large-scale shrimp farming areas, while encouraging small-scale production facilities to join in cooperatives to create large material production areas.

The ministry will invest in research to produce quality breeding shrimps and develop the domestic feed industry.

The application of modern technologies in shrimp farming and processing will be encouraged to ensure food safety and foreign customers’ demands.

At the same time, the ministry will push forward surveys of foreign markets and trade promotion activities to expand markets for Vietnamese shrimps.

Ninh Thuan develops maritime economy

The People’s Committee of the south central coastal province of Ninh Thuan has just approved a project to develop local maritime economy by 2020 in a comprehensive and modern way.

Under the plan, the locality will focus its investments in key sectors such as aquatic farming and sea-based tourism.

Chairman of the provincial People’s Committee Luu Xuan Vinh said Ninh Thuan aims to develop a legal framework and measures to mobilise resources for constructing socio-economic infrastructure, coastal urban areas, and implementing social welfare policies, vocational training, job generation and climate change adaptation.

By 2020, the sea-based economy is expected to account for 38-40 percent of the local GDP, generate 17 – 17.5 trillion VND (767.75 million USD) in production and service value, and make up 46-47 percent of the province’s total export values, according to Vinh.

The province also continues implementing the Government’s policies on support for local fishermen to work offshore and the development of high-capacity fishing vessels, while setting up offshore fishing teams to safeguard the country’s sea and islands sovereignty.

According to the provincial Department of Planning and Investment, over 10 trillion VND (438.7 million USD) has been mobilised from 2011 – 2016 for maritime economic development. Maritime economic sectors contributed 25.2 percent of the province’s GDP and created jobs for over 41,000 labourers.

The province has 2,754 vessels with a combined capacity of 299.696 CV, including 159 offshore fishing ones.

As of March, 145 fishing teams with the involvement of 885 vessel owners have been set up to support each other during their offshore work.

Ninh Thuan, with over 105 kilometres of coastline, is among the nation’s major fishing grounds, offering over 60,000 tonnes of aquatic products per year for processing and exports.

The province also boasts its sea-based tourism potential thanks to favourable natural condition and such beautiful beaches as Vinh Hy, Binh Tien, Ninh Chu, Ca Na. It also has huge potential for wind-power and solar-power development.

Dong Thap gains results with g2b co-operation

The Mekong Delta province of Dong Thap proudly wears its business-friendliness on its sleeve.

Last year, it surprised the nation with the “Chairman Café”, an establishment in close proximity to the Dong Thap People’s Committee headquarters.

The café has become a space where representatives of local businesses can meet regularly with provincial Chairman Nguyen Van Duong, Party Committee Secretary Le Minh Hoan and other key figures to discuss regulatory obstacles and solutions.

It has been hailed as a creative, interactive channel between governmental leaders, policy makers and businessmen, setting a fresh example for government to business interactions.

The province continues to build on its image with a third-place ranking in the latest provincial competitiveness index (PCI) released by the Viet Nam Chamber of Commerce and Industry (VCCI).

The ranking records major improvement in the province’s market integration, labour quality, business support, information disclosure and improvements in its legal framework.

Several policy chances from the provincial leadership in recent years have been credited with effecting positive changes in the investment and business environment.

The Dong Thap’s Department of Planning and Investment has issued several incentive policies for investors under its 2016-20 plan, particularly in the agriculture, seafood, and infrastructure structures, as also several light industries.

The policies have included tax breaks on land, import inputs, income tax concessions and low interest loans for both domestic and international investors.

“We consider local businesses’ success as our own, and always try our best to solve any regulatory problem they may encounter here in Dong Thap in a timely and efficient manner, to ensure the most favourable conditions for their operation,” said provincial Chairman Duong.

Other actions by the province’s leadership include the creation of a public administration centre in October 2016 to resolve bureaucratic procedures with 16 provincial departments.

Dong Thap has also promoted the use of social media in addition to their official site to promote information transparency.

In 2016, more than 55 new investors visited Dong Thap looking for business opportunities, and the province also recorded significant improvement on the entrepreneur scene.

Just last year, 418 businesses were newly registered in Dong Thap with a total capital of VND2.48 trillion (US$111.3 million), a 5.3 per cent increase over 2015.

Additionally, the province also issued investment certificates to 42 projects with total capital of 2.14 trillion, in industrial construction, agriculture and the service sectors.

Although Dong Thap’s latest spot in the VCCI’s ranking is one notch below from second place in 2015, the fact that it has been in the top three for five consecutive years reflects sustained efforts to improve province’s business and investment environment.

Chairman Duong has stated the administration’s intention to continue improving the regulatory environment. He thanked local businesses in a radio message right after the PCI ranking was announced.

Omni-channel shoppers keen on promotions

The latest report from Nielsen, Omni Shopper Trends 2017, contained an interesting figure: 57 per cent of omni-channel shoppers want to make use of promotions for shopping.

The figure stands in contrast to traditional shoppers, where only 6 per cent want to make use of promotions.

The report also indicates differences in shopping habits between the two types. Among traditional shoppers, 30 per cent go shopping for daily needs, 24 per cent go for leisure, 19 per cent want to restock their pantry, and only 6 per cent go to make use of promotions.

On the other hand, up to 57 per cent of omni-channel shoppers shop because of promotions, around 45 per cent to purchase for daily needs and restock their pantry, and 35 per cent shop on special occasions.

According to Nielsen, Vietnam’s e-commerce market has been developing actively in recent years due to the changing behaviors of Vietnamese shoppers, the widespread adoption and increased ownership of smartphones, laptops and tablet devices, and the readiness of the market.

A new, connected shopper has emerged: the omni-channel shopper. They are avid consumers with enough income to make discretionary choices in their spending after purchasing the basic necessities and have access to the internet and all that comes with participating in the digital economy.

The report shows that 82 per cent of traditional shoppers regularly purchase product as planned while more than half of omni-channel shoppers will compare different brands (52 per cent) or will test the quality or reputation of the brands (63 per cent) before making a purchasing decision.

Mr. Roberto Butragueño, Associate Director of Retailer Services at Nielsen Vietnam, said that because omni-channel shoppers have access to the internet, they will actively search, go to websites, and read reviews to explore information about brands and products before making a purchasing decision.

“Stores aren’t going to disappear any time soon, but they will undergo a dramatic transformation as e-commerce grows and shopper expectations change,” he said. “Retailers need to consider what role physical stores will play in their omni-channel strategy and how they can use them to strengthen their offerings and deliver value on each trip.”

Promotions may not be the only factor helping a brand stand out as shoppers seem to be overwhelmed by promotions being offered by different brands. This, however, is not the case with omni-shopping channels.

“To keep shoppers coming back, brands and retailers must exceed their expectations and convincingly demonstrate that value for money, which is a combination of low prices and other attributes, is truly justified,” said Mr. Butragueño.

Gamuda Land set to launch The ZEN Residence

Gamuda Land will officially introduce its third luxury apartment project in Hanoi next month, The ZEN Residence at Gamuda Gardens Township, at Km 4.4 Phap Van, Yen So ward in Hoang Mai district.

This is a key project of the Malaysian property developer in Vietnam, focusing on homebuyers with demand for advanced and modern healthcare. Taking inspiration from natural resources and built on the four foundations of Zen (soul, health, mind, and wisdom), The ZEN Residence promises to be an exceptional architectural landmark in the city.

ZEN’s design concept originates from a harmony between soul, health, mind and wisdom. How to create harmony between these is the hardest question for human beings in achieving a peaceful life. These elements make up the foundation of Zen, a simple yet balanced and meaningful lifestyle.

The project is designed with an open space that allows natural light to access every corner. Two loggias, one connected with the kitchen and one connected with the living room, can be flexibly used, and residents can take advantage of each by turning it into a private garden, a relaxing space for coffee every morning, or for reading books.

The green area at The ZEN Residence accounts for 16 per cent more space than the housing area. The clean environment provided by abundant green space enhances personal relaxation when coming home, compared to the polluted and stifling environment usually encountered at high-rise buildings in the center of Hanoi.

Daily fitness regimes such as jogging and cycling, etc. can be done at the spacious area outside of the apartment entrance or within the vicinity of the township. More strenuous activities such as swimming, yoga or body building are also available, with owners having access to international-standard swimming pools, an outdoor playground, and a modern gym.

Units at The ZEN Residence suit several tastes. For newlyweds, the cozy area of a studio apartment is the perfect choice, while for families with many generations living together, two-to three-bedroom units or high-end penthouses are more fitting.

Entertainment activities at The ZEN Residence, whether on the rooftop garden, in the shopping mall on the first floor, or at the outdoor playground on the fifth floor, provide a lively spirit to residents’ social lives, contributing to a healthy and active lifestyle.

In education, the Singapore International School (SIS), IQ Montessori, Little Maple and Blossom @ Gamuda Gardens kindergartens are all modern institutions. The Red River petrol station and retail center at Gamuda Gardens promise to be a busy hub for transit in the southern gateway to the capital.

Gamuda officially began construction of The TWO Residence last year, in cooperation with the Hoa Binh Construction & Real Estate Corporation, one of the most prestigious companies in the field both nationally and internationally. This was the result of great support from Gamuda Land Vietnam and will be immensely appreciated by future residents of The TWO Residence.

At a time when many handovers in real estate projects have been delayed, the timely construction progress at The TWO Residence further solidifies customer confidence in Gamuda Land Vietnam as a developer and their belief in the sustainable development of the Gamuda Gardens Township.

Gamuda Land, a real estate corporation under Gamuda Berhad Malaysia, is one of the largest infrastructure companies in Malaysia. It marked its presence in Vietnam with its first project, the 500 ha Gamuda City in Hanoi. With total investment of $5 billion, Gamuda City includes five key components: Yen So Park, Gamuda Lakes, Gamuda Central, Gamuda Plaza, and Gamuda Gardens.

Low cost airline proposes to build passenger terminal in Hai Phong

Vietjet Aviation Joint Stock Company had proposed the Ministry of Transport to permit construction of the second passenger terminal at Cat Bi Airport, the northern city of Hai Phong, said the company yesterday.

The 22 hectare project is estimated to have the total investment capital of VND6 trillion (US$263.31 million) and capacity of 8-20 million passengers a year.

Beside the terminal, the project comprises an apron and taxiways to connect with existing works of the airport. If being approved, the project is expected to start construction in the fourth quarter this year and complete by the same quarter in 2019.     

Silk Sense resort up and running in July

A Dong Villas Company Limited has said it will open Silk Sense Hoi An River Resort in the ancient city of Hoi An in Quang Nam Province in July this year.

The resort will introduce Vietnamese cultural traits inherent in traditional silk products to international tourists, said Tran Thai Do, chairman of A Dong Villas Company, the investor of the resort. 

Kirkpatrick Steven Derek, general manager of the resort, said Silk Sense represents a harmonious combination of East Asian architecture and modern European design.

The resort has 70 guest rooms and 16 two-storey villas equipped with modern facilities, as well as restaurant, bar, swimming pool, gym and spa, among others.

Located along the beautiful Co Co River and about one kilometer from the beach, Silk Sense cost a total of some US$7 million.

EVN looks to make getting electricity easier

Vietnam came 96th among 190 countries in the ease of getting electricity last year as shown by the Doing Business 2017 report of the World Bank, so the sector will try to improve the ranking by 30 places this year this year, according to HCMC Power Corporation.

Nguyen Van Ly, deputy general director of HCMC Power Corporation, or EVN HCMC, said at a conference in HCMC last week that the team responsible for doing the Doing Business report annually surveys the electricity market in the city based on factors such as procedures, time, cost, transparency of electricity pricing and reliability of electricity supply.

The procedures for electricity meter installation and transformer station take 1.36 days and 5.74 days respectively. The stations which are not included in the zoning plan will need five more days, said Ly.

According to the Doing Business report, the number of procedures for handling a request for electricity supply in 2016 fell from six to five. In addition, it takes 11 days from the date of a request for power supply being submitted to install an electricity meter for the customer, four days less than before.

Statistics in HCMC show that in the last five years, power outages have plunged 20-40% against the previous five years. A customer faces five to six power cuts a year, Ly added.

Japanese firms present tech solutions to low emission development

A business mission from the Japanese city of Fukuoka has introduced technological solutions to low emission development and urban resilience in the Mekong Delta city of Can Tho.

At a seminar last Friday, Takashi Miyachika, a representative of Taiho Metals Co, presented a system of water-proof doors and flood shields which has been successfully applied in Japan and China. He said the system is designed to prevent floodwaters from inundating underground works.

He said his company would be able to install such systems in Can Tho and other provinces in the delta.

Daiken Corporation’s Norishika Matsuo said his company could build a low-cost underground tank capable of holding 100 tons of water for household use and vegetable farming. Installation work could take a week.

The tank is suitable for residential areas, schools, parks, parking lots and factories which are prone to flooding, he said.

Hiroki Murakami from Sysmet Corporation introduced an early-warning system for disasters called Zerosai. The advanced information technology application can be controlled by a smartphone.

Yoshifumi Onoue of Kyowakiden Vietnam Co Ltd showed a seawater desalination system and other water treatment technologies for the Mekong Delta where salinity intrusion is not uncommon.

Can Tho City’s vice chairwoman Vo Thi Hong Anh told the Daily that the local government would look into these modern technologies before they are applied, especially in residential areas.

Indochine Junk’s new cruise ship ready in Sept

Indochine Junk Services Company Limited will put into operation the Indochina Queen Cruise vessel in September at Nha Rong Wharf in HCMC.

The boat will be able to serve 600 guests at a time and host a meeting for up to 300 participants.

An Son Lam, director of Indochine Junk, said the three-storey Queen Indochina is 69 meters long and 13.8 meters wide and that besides restaurant and entertainment services, guests could organize a meeting on board the ship.

The cost of the vessel is more than US$1 million. Guests will board the boat at the Nha Rong Wharf and enjoy a cruise along the Saigon River, with stops in District 9 and Can Gio District.

The company now has three restaurant boats in service at the Nha Rong Wharf, with the largest able to accommodate around 200 passengers.

HCMC plans ports and wharves in center

HCMC authorities are planning ports and wharves in the city center to meet the needs for river tourism development and road traffic congestion reduction.

The HCMC People’s Committee Office said last Friday that the city government had assigned the Department of Transport to coordinate with other relevant agencies to urgently review and recommend locations downtown for ports and wharves to develop water taxi and river cruise services.

The city government asks planners to take into careful consideration elements such as urban landscape, safety and connectivity between road and river traffic; investment plans; and types of investment.

Hydrofoils and restaurant boats were previously allowed to use the downtown Bach Dang Wharf but they have moved to the Saigon Port area near the Nha Rong Wharf in District 4 since late March 2015. The city is working on a project to renovate the Bach Dang wharf.

In June, the city will put into operation the first river bus route connecting the Bach Dang Wharf, District 1 and Thu Duc District. Therefore, ports and wharves in the city center should be planned to ensure the success of the forthcoming river bus service.

VFA’s monopolistic power kills rice export competition

The Vietnam Food Association’s (VFA) monopolistic power in rice export activity has effectively compromised competition among exporters, according to a report by the Central Institute for Economic Research (CIEM).

Dr. Dang Quang Vinh, lead author of the report, said at a seminar held in Hanoi last Saturday by CIEM that Decree 109/2010/ND-CP on rice export operations had created a restricted playing field with rice exporters facing so many barriers to market entry.

To get a certificate for rice export, enterprises are required by the decree to have at least one warehouse with a minimum capacity of 5,000 tons, a 10 tons per hour milling facility, and have exported rice for 12 consecutive months.

VFA effectively monopolizes rice export activity in the country, leading to unhealthy competition between rice exporters. After signing export contracts, exporters must register with VFA within three working days.

Worse still, Vinh noted, Document 1101/TTg-KTTH signed in July 2013 by then-Deputy Prime Minister Hoang Trung Hai tasks the Ministry of Industry and Trade with approving the planning of rice exporters.

The conditions for approval of the planning include limiting the number of rice exporters at 150 nationwide and revoking rice export certificates from enterprises failing to ship abroad 10,000 tons a year for two consecutive years.

The planning must prioritize enterprises having material farming zones, and cooperating with or buying rice from rice farmers but restricts rice trading houses from participating in export activity as much as possible. In the long run, key rice exporting firms will be required to develop their own material zones, and cooperating with or placing orders directly with rice farmers, according to the document.

At the seminar, CIEM President Nguyen Dinh Cung threw his weight behind an order on Decree 109 revisions which the Prime Minister gave during a conference on solutions to sustainable development of the rice sector in An Giang Province. “His order must be strictly obeyed.”

The decree must be amended in a way that complex rules on rice export must go and the planning of rice exporters must be eradicated, PM Nguyen Xuan Phuc said, and the VFA must be deprived of the powers which it should not have been given, such as those concerning the setting of the floor rice price and the allocation of rice export quotas, to allow market forces to decide.

Economist Pham Chi Lan said at the seminar that the rice trade policy was seen as the worst such policy. “VFA is an example of group interest,” she stressed.

In the report, CIEM proposes removing the centralization of contract negotiations and treating VFA as a normal industry association rather than a powerful state agency. VFA should be equally represented by all stakeholders in the rice value chain, especially rice producers, said CIEM.

The Ministry of Industry and Trade has abandoned the planning of rice exporters but Decree 109 still abounds with tough conditions.

In 2010, before Decree 109 came out, more than 200 enterprises were active in rice export, said CIEM. However, the figure has now fallen to 145.

Saigon Co.op plans 500 new convenience stores this year

Saigon Co.op plans to open 500 Co.op Smile convenience stores to expand its retail networks to maintain its position as the nation’s biggest retailer.

Around 190 existing stores of Saigon Co.op will be upgraded into Co.op Smile outlets and the rest will be built in HCMC and neighboring provinces this year.

Saigon Co.op, which has long been known for Co.opmart supermarket brand, formally announced the new Co.op Smile brand late last year. Co.op Smile stores, which are 20 to 200 meters square each, are mainly situated in urban and suburban residential areas.

Each store costs VND1-2 billion and stocks 1,500 to 2,000 products such as food, cosmetics, clothes.

There are currently some 20 Co.op Smile convenience stores. With the new store brand in place, Saigon Co.op can continue taking the lead on the retail market.

Saigon Co.op’s major store brands include Co.opmart (supermarket), Co.opXtra (hypermarket), Co.opFood, Ben Thanh Store and Sense City.

Saigon Co.op has plans to raise its current 100 Co.opFood stores to 165, launch 8-10 new Co.opMart supermarkets, and commence construction on one more Sense City commercial center in the southernmost province of Ca Mau, bringing the total to three.

The company is working on a plan to establish a brand-new business model called Co.opMart Finest that connects multimedia and other forms of shopping.

QTSC targets to become smart IT city

Quang Trung Software City (QTSC) in HCMC will be developed into a smart information technology (IT) city, heard a ceremony held last week to celebrate the 16th anniversary of QTSC’s establishment.

To achieve this goal, QTSC is implementing a number of projects and solutions to enhance its operations, including smart building, face search, car detector, helpdesk, customer relations management and smart grid.

Lam Nguyen Hai Long, director of QTSC Development Co, said some of the IT projects and solutions have produced positive results in their pilot stages and are expected to help develop QTSC into a smart IT city. The company is investing more in improving internal transport infrastructure to build its brand globally.

To date, 140 software, digital content and IT services firms have set up shop in QTSC, including 49 foreign-invested enterprises. Their combined revenues amounted to VND6.45 trillion (around US$288 million) last year, up a staggering 30.4% compared to the year before, and their exports totaled US$185 million, a 41% year-on-year surge.

Vietbuild attracts foreign firms     

More than half the companies that participated in Vietbuild Ha Noi 2017, an annual exhibition on housing, home decoration and household appliances, were foreign firms.

This is the highest rate until now as the average was 10-15 per cent per year.

The high number of foreign businesses has helped local firms exchange products without spending money on foreign tours.

In addition, domestic companies have become aware of their strengths and weaknesses to be better prepared for competition and international integration.

The exhibition, which wrapped up on Sunday at the National Exhibition Construction Centre, saw new products with change in quality, function and model, Nguyen Dinh Hung from the organising team said.

The new products and services are suitable with modern, large scale construction while ensuring energy saving and environmental friendliness.

The five-day event showcased a wide range of new products at nearly 1,700 pavilions, such as construction material, electric equipment, doors and exterior-interior decor products, as well as paints and solar energy systems. The number of pavilions rose by 30 per cent in comparison with last year.

Viet Nam’s construction material market is witnessing tremendous potential thanks to development of the real estate market and rapid urbanisation.

Central bank injects more money into market     

State Bank of Viet Nam made a net cash injection of VND16 trillion (US$704.8 million) via open market operations in the past week to support liquidity of the banking system, Bao Viet Securities Co (BVSC) reported.

BVSC reported that the amount doubled that of the previous week.

The net cash injection, together with high inter-bank rate, showed that the liquidity of the banking system was not as good as the previous weeks, BVSC’s analysts said.

Inter-bank rate last week increased by 0.15 per cent to 0.28 per cent per year for all terms, pushing the overnight rate to 4.7 per cent per year, the one-week rate to 4.75 per cent and the two-week rate to 4.77 per cent.

During the week, the central bank stopped issuing T-bonds of all terms. 

I3F Vietnam 2017 to open in HCM City     

The fourth international festival of natural products and functional foods in Viet Nam (I3F Vietnam 2017) will take place in HCM City’s Phu Tho Indoor Sports Stadium from July 14 to 16.

The event will be jointly organised by Viet Nam Association of Functional Foods (VAFF) and Asia Trade Fairs and Business Promotion JSC (ATFA) with support from the Ministry of Health, Ministry of Science and Technology, Department of Food Safety and ASEAN Alliance of Health Supplement Associations (AAHSA).

It aims to provide opportunities to organisations to meet and seek partners, exchange their practical experiences and promote business co-operation through meaningful activities at the festival.

At the I3F Vietnam festival, customers will have opportunities to find suitable products for their needs, get advice from experts, and receive incentives for their businesses. Meanwhile, businesses can promote their brand image, and determine the quality of their products and services.

There will be several activities conducted during the festival such as ‘Golden Product for Public Healthcare Award’ and a seminar on functional foods.

About 150 booths from hundreds of domestic and foreign businesses will showcase their products at the festival. It is expected to attract 50,000 visitors.

Petrol prices drop by over 700 VND per litre

The prices of RON 92 petrol and bio-fuel E5 dropped 708 VND and 661 VND per litre respectively, from 3:00 pm on March 21.

Following a joint decision by the Ministry of Industry and Trade and the Ministry of Finance, the prices of diesel 0.05S and kerosene were also slashed by 609 VND and 657 VND per litre, respectively. 

Under the joint decision, RON 92 and E5 petrol is sold at no more than 17,314 VND (0.76 USD) and 17,099 VND (0.75 USD) per litre respectively, while the new ceiling price of diesel 0.05S and kerosene are 13,838 VND (0.61 USD) and 12,177 VND (0.53 USD) per litre. 

The average global price of petrol products during the last 15 days to March 21 was down 4 USD compared with previous price adjustment, hence the reduction in the domestic prices.

The adjustment marks the second decrease in fuel prices this year.

The prices of petrol and oil are adjusted every 15 days by the two ministries depending on changes in the world market.

Reference exchange rate goes down 1 VND

The State Bank of Vietnam adjusted the reference VND/USD exchange rate down by 1 VND from the day ago to fix it at 22,253 VND/USD on March 22.

With the current + /- 3 percent VND/USD trading band, the ceiling exchange rate is 22,912 VND per USD and the floor rate is 21,585 VND per USD.

In the opening hours, commercial banks made slight changes to their rates.

BIDV and Vietinbank adjusted their buying and selling rates down 5 VND from the end of March 21, which are now 22,745 VND and 22,815 VND, per USD.

Meanwhile, Vietcombank listed the buying rate at 22,750 VND/USD and the selling rate at 22,820 VND/USD, unchanged from the previous day.

Vietnamese firm contributes to Cambodia’s agriculture development

The products of Vietnam’s Binh Dien Fertilizer Joint Stock Company (BFC) have contributed to modernizing Cambodia’s agriculture, said Cambodian Deputy Prime Minister Men Sam An.

The Cambodian leader made the remark during a ceremony for BFC and Cambodia’s Yetak Group to sign a strategic cooperation agreement in Phnom Penh on March 21.

She spoke highly of Vietnam’s assistance to Cambodia’s agricultural sector through transferring advanced techniques and providing organic products serving agricultural production. 

According to the Deputy PM, BFC’s fertilizer has been widely used by Cambodian farmers, helping improve the efficiency of agricultural production, reduce production costs and raise profit. 

She also thanked the firm’s active contributions to social welfare activities in her country, including support for flood victims and disadvantaged pupils. 

BFC General Director Le Quoc Phong said the firm will continue its price support policy and provision of technical assistance to Cambodia farmers, helping them improve the productivity and quality of farm produce, and increase profits. 

Over the past 15 years, BFC’s cooperation with the Yetak Group was efficient. The volume of Binh Dien’s “Dau Trau” fertilizer consumed in Cambodia increased to over 100,000 tonnes a year at present from only 2,000 tonnes in 2000. 

The fertilizer has been used in 26 provinces and cities across Cambodia, affirming its position in the market. 

Based in HCM City since 1973, BFC engages in the manufacture and trade of fertilizer, cattle-feed and aqua-products. It also produces, processes, and packages insecticides. It accounts for about 30 percent of the country’s NPK fertilizer demand.

With one plant in Long An, and four subsidiaries in other provinces, BFC is capable of producing over one million tonnes of fertilizer each year.     

Banks urged to invest in brand development

Three joint stock banks, BIDV, Vietcombank and VietinBank, are now the country’s most valuable banking brands.

However, despite being the country’s largest banks by far, their brand value in monetary terms is very low.

For instance, for Vietcombank, it made up only 4 percent of its total assets of around 576.53 trillion VND (25.3 billion USD) by October 2016.

It is slightly higher for Vietinbank and BIDV at 10 percent and 11 percent, respectively.

The comparable figures are 25 percent globally and 16-18 percent in Southeast Asia.

Why are Vietnamese banks unable to add value to their brands?

The first and obvious reason is that they, including the major ones, have not paid much attention to investment in building their brands.

They have only managed to grow in the last few years of their familiarity with the marketplace and relationships.

Another reason is that Vietnamese banks still prioritise customers aged 40 and more thinking they have a stable income and accumulated savings.

But it is young people who are familiar with and avid users of digital technologies, virtually a pre-condition for promoting brands.

Experts urge Vietnamese banks to invest in building brands, especially if they want to expand abroad.

Obviously, it will not be clever of the lenders to venture into other markets if they are completely unknown there.-

HCM City welcomes Singaporean businesses

The southern economic hub of Ho Chi Minh City is improving its business environment to create the best conditions for foreign enterprises, including those from Singapore, to make productive investments.

Chairman of the municipal People’s Committee Nguyen Thanh Phong made the remark at a meeting with Singapore’s Prime Minister Lee Hsien Loong, who is in an official visit to Vietnam, in HCM City on March 21.

He said HCM City has pioneered in promoting cooperation with Singapore and hoped the country – as the biggest investor in the city – will carry out a major investment project to symbolize their sound cooperative ties.

The official suggested Singapore step up cooperation and investment in clean food industrial parks, provide technological support for planning management and metro line development.

The southern metropolis wants to receive more assistance from Singapore in improving human resources quality and learnt from its experience in urban management and development, and smart city building, he added.

He also reiterated Vietnam’s consistent policy of tightening the friendship with Singapore on the bilateral and multilateral basis for the sake of the two peoples as well as for peace, stability, cooperation and development in the region and around the world.

Prime Minister Lee Hsien Loong said the relations between Vietnam and Singapore have been increasingly reinforced and developed over the past time, illustrated by the strong growth of the 21-year-old Vietnam-Singapore Industrial Park (VSIP).

The presence of over 900 projects invested by Singaporean firms is a vivid demonstration of the country’s interest in HCM City, he said, adding that Singapore hopes to conduct more cooperation activities with the city, including the exchange of officials and experience sharing in metropolis management, building and development.

During his stay in HCM City, the PM is scheduled to meet with the Singaporean business community and attend a ceremony to launch a business centre of Mapletree – a leading Singaporean investor in HCM City. The PM and his spouse are also scheduled to tour several historical relic sites.

Netherlands seeks agricultural cooperation with HCM City

Many enterprises from the Netherlands wish to boost cooperation with Ho Chi Minh City in agriculture, contributing to Vietnam’s agricultural development, said a representative from the Dutch Ministry of Economic Affairs.

Marjolijn Sonnema, Vice Minister for Agriculture of the Dutch Ministry of Economic Affairs, said the businesses highly valued potential for cooperation in this sphere with the city when she met with Vice Chairman of the municipal People’s Committee Le Thanh Liem on March 20.

The Netherlands and Vietnam have built a close relationship on the basis of trust and long-term cooperation, she said, affirming that her country attaches importance to strengthening and expanding cooperation with Vietnam. 

For his part, Liem highlighted the flourishing development of the bilateral ties, and thanked effective support of the Dutch side, especially those from Rotterdam city’s authority for HCM City in coping with climate change, managing water resources and preventing floods.

He affirmed the municipal authorities will create favourable conditions for foreign firms, including Dutch companies, to invest in the city, especially in high-tech agriculture and biotechnology.

During the meeting, the two sides discussed a number of cooperative projects in agriculture and information technology, including cooperation between the Dutch side and the Saigon Trading Group (Satra) in implementing a flower trading centre, and with the Saigon Industry Corporation (CNS) in manufacturing integrated circuit in the city. 

Earlier the day, Marjolijn Sonnema delivered a speech at a business forum on agriculture-innovation, and attended a programme to promote links between the two countries’ enterprises in HCM City.

Vietnam and the Netherlands established a strategic partnership on climate change adaptation and water management in 2010, and signed a strategic partnership agreement on sustainable agriculture and food security in April 2014. 

Bilateral trade is growing steadily. In 2015, Vietnam’s exports to the Netherlands increased by 42 percent and imports by 37 percent. The Netherlands is the second largest trade partner and the biggest investor in Vietnam in the European Union.

APEC business activities bustle toward year’s end

APEC business conferences and forums will be in full swing in September and November, said Vu Tien Loc, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) at a press conference in Hanoi on March 21.

He revealed the information while updating the conference on preparations for the APEC CEO Summit and business activities chaired by his agency within the framework of the APEC Vietnam Year 2017.

Accordingly, there will be six functions taking place in the two months.

The series begins with a start-up forum in Ho Chi Minh City on September 13, on the sidelines of the APEC Small and Medium Enterprises Ministerial Meeting, as well as an APEC female business forum in Thua Thien – Hue in the same month.

Loc said Google and Facebook have committed to taking part in and assisting the organisation of the two forums.

Other events are scheduled to run in Da Nang in November. They are the fourth meeting of the APEC Business Advisory Council (ABAC) between November 4 and 7, the APEC CEO Summit between November 8 and 10, a Vietnam trade and investment promotion forum on November 8, and a dialogue between the ABAC and leaders of member economies on November 10.

At the press conference, Hoang Van Dung, Chairman of the ABAC 2017, briefed initial outcomes of the group’s first meeting, which was held in Thailand from February 19 to 23.

According to Dung, at the meeting aligning with the APEC Year 2017 theme of “Creating a new driving force for a common future”, participants discussed regional economic integration, regional connectivity, sustainable growth, and assistance for micro-, small-, and medium-sized enterprises.

The ABAC also sent recommendations to APEC leaders and held a dialogue with senior officials from 20 member economies on these topics, which was considered the most effective with the highest number of participating APEC member economies to date.

The council will organise further research activities and meetings to send more reports and recommendations to different APEC bodies and leaders till year’s end.

ABAC was set up in 1995, working on reports and recommendations to be sent to APEC leaders in an effort to create a favourable and transparent business and investment environment for the region’s business community.     

Vietnam opens doors for Israeli businesses: Deputy PM

Deputy Prime Minister Vuong Dinh Hue has affirmed that Vietnam always opens doors for Israeli businesses and supports them to access its 90-million strong market, over-600-million ASEAN market, and other countries that have established trade ties with Vietnam.

Addressing a Vietnam-Israel business forum in Hanoi on March 21, the Deputy PM highly valued the special attention that the Israeli Government has paid to the promotion of economic, trade and investment partnership with Vietnam.

He noted that although two-way trade spiraled from 200 million USD in 2010 to over 1.2 billion USD in 2016, the figure has yet to meet expectations.

He suggested that the two sides should foster cooperation in areas of Vietnam’s needs, including farming, breeding, renewable energy, smart power grid, water resource management, e-commerce, cyber security and human resource training.

He also expressed hope that Vietnamese firms will learn from their Israeli peers’ experience, especially in how to develop the world’s leading startup country with modest natural resources.

He declared that the Vietnamese Government commits to working together with the Israel Government in building optimal legal frameworks serving partnerships between the two sides’ business communities.

Hue said he hopes that negotiations for a Vietnam-Israel free trade agreement will be completed in 2018 when the countries celebrate the 25th anniversary of diplomatic ties.

Meanwhile, visiting Israeli President Reuven Rivlin highlighted the significance of bilateral ties with Vietnam in his country’s international integration. 

He stated that Israel is interested in affiliating with Vietnam in various fields, including trade, knowledge-based development, water treatment, irrigation, dairy industry, medical equipment, education, agriculture, fertilizer production, and cyber security.

According to Jonathan Hadar from Israel’s Ministry of Economy and Industry, Israel is becoming a large research and development centre hosting more than 250 multinational groups and firms.

Shraga Brosh, President of the Manufacturers’ Association of Israel, predicted that the two countries will enjoy closer collaboration in hi-tech agriculture, technology transfer, water treatment, mobile network and medical equipment based on the win-win basis.

The same day, a conference themed “Israel – Supplier of high technology for Vietnam’s agriculture development,” was held, with Israeli firms introducing their advanced technology in watering and green house installation.

The events were jointly held by the Vietnam Chamber of Commerce and Industry and the Israeli Embassy in Vietnam during President Reuven Rivlin’s State visit to Vietnam from March 19-25.

RoK firms look for franchise partners in Vietnam

Twelve food and beauty care businesses from the Republic of Korea (RoK) participated in a conference in Ho Chi Minh City on March 21 to look for franchisees.

The event, co-held by Korea Trade – Investment Promotion Agency (KOTRA) and Investment and Trade Promotion Centre of Ho Chi Minh City, aimed to introduce RoK’s leading franchise brands, thus promoting trade exchange and opening up cooperation opportunities between enterprises of the two countries, said Yoon Joo Young, Director of KOTRA in Ho Chi Minh City.

He noted that many RoK firms have reaped success doing business in Ho Chi Minh City, which is the biggest economic hub of Vietnam, hoping that the conference will result in new partnerships.

RoK business representatives said food service and beauty care in Vietnam are expected to rapidly develop in the next ten years, offering great opportunities for them to expand their branch network and promote products to Vietnamese consumers.

Lee Yong Chan, a representative of Yong Woo Dong Fast Food, said a quality management network that ensures food safety, well-trained staff and reasonable franchise fee are strengths of RoK franchise food brands.

Viet Nam, Israel promote economic cooperation     

Deputy Prime Minister Vuong Dinh Hue welcomed Israeli President Reuven Rivlin at a joint business forum yesterday to advocate mutual economic, trade and investment relations between the two nations as part of Rivlin’s state visit to Viet Nam.

The Deputy PM praised Israel’s interest in Viet Nam’s business and economic environment, especially in areas where Israel has an advantage such as high-tech agriculture, animal husbandry, renewable energy and smart grid development.

“There are many things Viet Nam can learn from Israel, and I hope Vietnamese businessmen can use this opportunity to its fullest. Israel as the world best startup nation can offer many lessons on this matter, and your entrepreneurs are welcomed here. Bilateral trade has increased six-fold in six years, but we have only begun to tap its potential together. Viet Nam can offer Israel a gateway to the ASEAN market in areas such as high-tech agriculture, water system management and even online security,” said Hue.

Hue also promised to create favourable conditions for Israeli businesses with a more suitable legal framework to aid the two sides in signing a free trade agreement and create more partnerships.

President Rivlin emphasised the importance of cooperation with Viet Nam and said he expected businesses from Israel to work closely with their Vietnamese counterparts in many areas from education and technology to fertiliser production.

“Viet Nam is a regional power in Asia that can bring added value into partnerships with other countries, and the Vietnamese market economy is growing at a steady pace. Our commercial partnership includes a large variety of goods and services, and there is so much more to do. Our cooporation will let us face global challenges and benefit humanity, but we also need your help on matters such as intellectual property protection and for our free trade agreement to move forward,” said Rivlin.

Viet Nam Chamber of Commerce (VCCI) Chairman, Vu Tien Loc, said he was pleased that the two countries’ leaders and entrepreneurs were coming together for a better future.

“The need for a startup ecosystem in Viet Nam is vital and urgent, as well as investment in the agricultural sector in order to create momentum for development. That is why we need Israel’s help through technological transfer and shared experience,” said Loc.

According to VCCI’s data, as of 2016, total trade turnover between Viet Nam and Israel reached more than US$1.2 billion, with Viet Nam exporting $554 million and importing $683 million.

Israel is ranked 54 out of 116 countries and territories investing in Viet Nam with nine foreign direct capital projects, as well as high-tech agricultural and diary farms.

President Rivlin will visit several key projects of collaboration between Israel and Viet Nam on Thursday and Friday.

One such investment is the VinEco project run by the VinEco company as part of Vingroup Corp. and Israeli firms Netafim and Teshuva Agricultural Projects with an investment of more than $38 million in Tam Dao, Vinh Phuc Province.

The President will also visit a model dairy farm in HCM City in its fifth year of operation, founded by the Israeli Ministry of Foreign Affairs and the HCM City People’s Committee. 

Banks and food drive VN stocks     

Vietnamese shares remained upbeat on Tuesday, driven by banks and food and beverage producers.

The benchmark VN Index on the HCM Stock Exchange inched up 0.2 per cent to close at 716.18 points. The southern market index gained a total of 0.8 per cent in the last two sessions.

The HNX Index on the Ha Noi Stock Exchange advanced 1.2 per cent to finish at 90.13 points, extending its rally for a sixth day with a total growth of 3.6 per cent.

Market trading liquidity increased from Monday’s level with more than 287 million shares being exchanged, worth VND5.32 trillion (US$236.48 million).

The banking sector had the strongest growth yesterday, up an aggregate of 2 per cent with eight of the nine listed banks making gains.

Asia Commercial Bank (ACB), Bank for Investment and Development of Viet Nam (BID) and Eximbank (EIB) jumped 4.6 per cent, 3.9 per cent and 3.5 per cent, respectively.

Other bank stocks rose between 1.1 per cent and 2.3 per cent, including Vietcombank (VCB), MBBank (MBB), Vietinbank (CTG) and Sacombank (STB).

The food and beverage sector was pulled up by good performance by dairy producer Vinamilk (VNM) and consumer goods producer Masan Group (MSN). VNM added 1.3 per cent and MSN increased by 2.6 per cent.

The stock market also recorded good gains in other large-cap companies, such as steel maker Hoa Phat Group (HPG), property developer FLC Group (FLC) and Faros Construction Corp (ROS).

FLC yesterday surged 6.9 per cent to extend its gain to a third day with total growth of 8.1 per cent. FLC in 2016 recorded a post-tax profit of VND987 billion.

On the opposite side, southern brewer Sabeco (SAB), PetroVietnam Gas Corp (GAS) and property developer Vingroup (VIC) weighed on the market.

“The VN Index rose at a slower pace at the end of Tuesday session as investors sought profits when the benchmark was near the resistance range of 718-720 points,” Sai Gon-Ha Noi Securities Corp (SHS) wrote in its report.

The benchmark index will likely rise on Wednesday to test the level of 719 -720 points again, however, sales pressure will increase when the index approaches that range. Investors should be cautious with their investments, SHS said.

Vietnam ready to open doors for Israeli businesses

Deputy Prime Minister Vuong Dinh Hue on March 21 reiterated Vietnam’s readiness to open doors for Israeli businesses and help them access its market at a Vietnam-Israel business forum in Hanoi.

In his speech, the Deputy PM highly appreciated the special attention that the Israeli Government has paid to the promotion of economic, trade and investment partnership with Vietnam.

Despite two-way trade increasing from US$200 million in 2010 to more than US$1.2 billion in 2016, the figure is still far from meeting expectations, he noted.

He underlined for both sides to step up cooperation in fields of Vietnam’s needs, including farming, breeding, renewable energy, smart power grid, water resource management, e-commerce, cyber security and human resource training.

He also expressed hope that Vietnamese businesses will learn from their Israeli peers’ experience, especially in how to develop the world’s leading startup country with modest natural resources.

“The Vietnamese Government pledged to work hand in hand with the Israel Government in building optimal legal frameworks serving partnerships between the two sides’ business communities,” he said.

Hue said he hopes that negotiations for a Vietnam-Israel free trade agreement will be completed in 2018 when the countries celebrate the 25th anniversary of diplomatic ties.

Israeli President Reuven Rivlin highlighted the significance of bilateral ties with Vietnam in his country’s international integration. 

He stated that Israel is interested in affiliating with Vietnam in multiple fields, including trade, knowledge-based development, water treatment, irrigation, dairy industry, medical equipment, education, agriculture, fertilizer production, and cyber security.

According to Jonathan Hadar from Israel’s Ministry of Economy and Industry, Israel is becoming a large research and development centre hosting more than 250 multinational groups and firms.

Shraga Brosh, President of the Manufacturers’ Association of Israel, predicted that the two countries will enjoy closer collaboration in hi-tech agriculture, technology transfer, water treatment, mobile network and medical equipment based on the win-win basis.

A conference themed “Israel – Supplier of high technology for Vietnam’s agriculture development,” held the same day with Israeli businesses introducing their advanced technology in watering and green house installation.

The events were co-hosted by the Vietnam Chamber of Commerce and Industry and the Israeli Embassy in Vietnam during President Reuven Rivlin’s State visit to Vietnam from March 19-25.

VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VET/VIR

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Global Civic Activism in Flux

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Global Civic Activism in FluxCase studies from eight countries show how civic activism across the world is evolving and reveal crosscutting themes relevant to the future of civil society support.

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Fun & games

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The Dai Nam Tourist Park is a famous entertainment complex within Vietnam’s entertainment real estate segment. 


vietnam economy, business news, vn news, vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, vn news, Vietnam net news, Vietnam latest news, Vietnam reaking news

Located in Hiep An ward, Thu Dau Mot town, in the southern province of Binh Duong, the park opened in late 2008. 

The huge complex consists of Dai Nam Van Hien Wonderland, Dai Nam Campground, The Open Zoo, and Dai Nam Amusement Park. 

It also has a shopping center, a hotel, a cinema, a theme park, a beach, and many temples, and welcomes about 2 million visitors each year. 

The Park, however, closed from November 10 to December 31, 2014, then reopened in January 2015. 

Mr. Huynh Uy Dung, Chairman and General Director of the Dai Nam Joint Stock Company, the owner of Dai Nam Tourist Park, said the reason was it was “suffering” from the activities of the local government. 

Binh Duong authorities, however, rejected the claims. The Park even offered free admission and slashed ticket prices by 50 per cent prior to the shutdown. 

Shining picture

In 2016, the Dai Nam Joint Stock Company used 60 ha to build an international racecourse at the Dai Nam Tourism Park, with total investment of around $100 million. 

The project includes a horse racing track, a dog racing track, a Go-Kart track, a motorcycle racing track, and a Jet Ski area. 

The horse racing track has a length of approximately 1,600 meters. 

In the first phase, its grandstand will seat 20,000 people and will be upgraded and expanded to 60,000 in the second phase. 

Mr. Dung hopes it will attract about 5 million visitors a year to the tourism park, up from 2 million now. 

The racecourse will have about 300 staff and thousands of studs for breeding.

Sun Group, meanwhile, has become a major investor in Vietnam’s tourism resort sector. 

In January it officially opened the biggest theme park in Southeast Asia, Dragon Park, in Ha Long city, part of the Sun World Ha Long Park entertainment complex. It is the first theme park in Asia to be managed by Spain’s Parques Reunidos, which manages about 60 other parks in 14 countries around the world. 

The Sun Group also held a breaking ground ceremony last September for the Kim Quy (Golden Turtle) Amusement Park in Hanoi, which is inspired by Disneyland. 

A representative from the Sun Group confirmed with VET that the project’s first phase has investment of VND4.6 trillion ($227 million) and will be completed within 18 months. 

The amusement park is located in the capital’s Dong Anh district on an area of 198 ha and will feature an open space for outdoor activities with cutting-edge technology, including a Sun Wheel and hot air balloons. 

It will also comprise an arts area and the Kim Quy cultural village, which will host large-scale arts shows. 

High-tech amusement facilities will also be installed that meet international standards.

The BRG Group and Sanrio Wave Hong Kong, which owns the world-famous Hello Kitty character, signed a memorandum of understanding (MoU) in October 2016 to develop the Hello Kitty Park in Hanoi, the first internationally-branded park in the country. 

The project is expected to begin in the fourth quarter of 2018 but BRG has not released any specific information. 

Hello Kitty Park will provide fans living in Vietnam with the opportunity to experience first-hand the premium quality of the BRG Group’s range of products and services. 

At the signing ceremony, Ms. Nguyen Thi Nga, Chairwoman of the BRG Group, said that its cooperative efforts with Sanrio Wave are directed at the development of a unique, creative entertainment market, meeting demand among children. 

The cooperation is regarded as an important milestone, marking a transformation in Vietnam’s children’s entertainment market.

The Cocobay Da Nang amusement complex was built by the Empire Group and is one of the major projects in the segment. 

Mr. Trinh Viet Hung, Deputy General Director of the Empire Group, told VET that Cocobay has an indoor stage, an outdoor stage, and other entertainment areas. 

“Many parts of the Cocobay project will go into operation in the third quarter of 2017,” he said. 

Potential awakened

Demand for entertainment has increased in recent years as incomes have risen. Entertainment real estate is receiving a lot of attention, with major projects coming from large groups in recent times. 

Ms. Do Thi Thu Hang, Head of Research & Consultancy at Savills Hanoi, said that the development of theme parks in the entertainment real estate segment will become a trend among investors in the near future. 

The potential of the segment comes from the high demand for entertainment among Vietnam’s young population, where more than 60 per cent of people are under 35 years old and most are middle class. 

“Vietnam still lacks amusement parks to meet the needs of its people,” Ms. An said.

A representative from the Sun Group said it believes Vietnam has potential for the development of tourism, entertainment and resorts. 

According to Ms. Hang, with the significant number of tourists the segment can attract, entertainment property may be considered a catalyst, attracting greater demand in other real estate segments such as retail or resorts. 

Hanoi’s population stands at more than 8 million people but it still lacks a large entertainment area, so Chairman of the Hanoi People’s Committee Nguyen Duc Chung said that the capital will build 25 parks, in particular five parks of international standard, in the next five years. 

The People’s Committee has approved a list of 28 parks and entertainment areas seeking investment. 

The Vietnamese Government hopes that Vietnam’s tourism sector will become a spearhead industry by 2020, with international visitors to reach 18 to 20 million and domestic tourists 80 million, bringing in total revenue of $33 to $35 billion. 

There are approximately 5 million Vietnamese travelling abroad each year, spending about $6 billion, according to the Vietnam National Administration of Tourism (VNAT). 

Its figures also show that international arrivals to Vietnam reached 10 million as at the end of 2016, an increase of 25 per cent compared with 2015, together with 62 million domestic tourists. 

Total revenue was VND400 trillion ($18.2 billion). 

Mr. Vu The Binh, Vice Chairman of the Vietnam Tourism Association, predicted that 2017 will see stable development trends if appropriate policies are introduced. “International tourist arrivals will increase 20 per cent this year,” he believes. 

“Travel demand among domestic tourists will also increase because travel has become more common, so there must be major investment in tourism destinations to diversify products and meet the demand of local tourists for new experiences.”

Developers and investors, on the other hand, face many challenges. 

The closure of the Dai Nam Tourist Park reveals the problems investors and developers can have with authorities and policies. 

According to real estate experts, inconsistent and non-specific investment policies are why entertainment real estate has not attracted investors. 

Mr. Tran Ngoc Quang, Secretary General of the Vietnam Real Estate Association (VNREA) said that investors tend to be very selective about entertainment real estate.

The “first generation” of amusement parks in major cities has seen some initial success and attracted large numbers of visitors, according to Ms. Nguyen Hoai An, Director of Research and Consulting Services at CBRE Vietnam. 

There are many theme park projects in operation, such as the West Lake Water Park and Thien Duong Bao Son in Hanoi, the Dam Sen Water Park in Ho Chi Minh City, and Lac Canh Dai Nam in Binh Duong. 

There is also Vinpearl Land Nha Trang and Phu Quoc, as well as Vingroup’s Times City and Royal City urban areas. 

Experts, however, have said that many amusement parks are generally considered to be unappealing.

Mr. Pham Trung Luong, Deputy Director of the Institute for Tourism Development Research (ITDR) under VNAT, said that most entertainment parks in Vietnam lack originality. 

“Most are also in the north and the south, while the central region has great potential but seen little investment,” he said. Similarly, Ms. Hang said that projects have little in the way of innovation to meet demand. 

Investors also needs significant capital to invest in entertainment real estate, she went on. 

“The time needed to recoup investment in the segment is long,” she said. 

“Entertainment real estate projects are also under considerable pressure from similar projects in the region, which have a well-developed entertainment real estate segment.” 

VN Economic Times

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Asia tops Best airports of 2017 at World Airport Awards

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Singapore Changi Airport has been named as the World’s Best Airport by air travellers for the fifth consecutive year, at the 2017 Skytrax World Airport Awards.

Attending the awards ceremony were the CEO’s, Chairmen, Presidents and Top management from airports across the globe.

Thailand’s Suvarnabhumi Airport dropped two notches to 38th, from 36 in the previous ranking.

1. SINGAPORE CHANGI AIRPORT

Singapore Changi Airport connects customers to over 200 destinations worldwide, with 5000 arrivals and departures a week by 80 international airlines.

Mr Lee Seow Hiang, CEO of Changi Airport Group
“To be named the World’s Best Airport by Skytrax for the fourth year running is a significant achievement for Changi Airport and a clear affirmation that we continue to hit the right notes in our pursuit of service excellence. “

Boasting both domestic and international terminals, Tokyo International Airport Haneda plays a very important role in furthering Japan’s development as a tourism-oriented nation

3. INCHEON INT’L AIRPORT

Incheon International Airport is the largest airport in South Korea and one of the busiest airports in the world. It is a former winner of the Airport of the Year title at the World Airport Awards.

4. MUNICH AIRPORT

Munich Airport is the second busiest airport in Germany and the secondary hub for Lufthansa German…

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Asia Pacific Unlisted Real Estate funds provide inflation hedging

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This ANREV report investigates the relationship between the capital structure and performance of Asia Pacific non-listed real estate funds.

It examines whether the inflation hedging quality of real estate can be further improved by the use of debt to finance the real estate assets. This proposition is based on the school of thought initiated by Fisher and Keynes, which suggests that in times of high inflation, debt will help hedge the real value of firm equity.

The theory predicts that if a real estate asset was to be financed with fixed rate debt, high inflation would be beneficial to the real estate investor, as while the value of the real estate asset erodes (in real terms), the value of its debt erodes as well.

This report empirically examines whether this hypothesis applies for Asia Pacific non-listed real estate funds, and whether funds holding greater debt tend to have better returns during periods of high inflation.

A regression analysis was performed on Asia Pacific non-listed real estate funds to determine the role of leverage in hedging against actual and unexpected inflation.

The results show evidence that these funds provide hedging against inflation and that the use of leverage at moderate levels enhances their inflation hedging capabilities.

However, the findings for unexpected inflation provide an inconclusive indication that these funds can potentially hedge against unexpected inflation outside the ‘typical’ lease structure, given that Asia Pacific commercial leases tend to be varied and heterogeneous in nature. Nonetheless, investors can extract information about inflation hedging abilities of these funds from capital structure data, thus promoting efficient investment decisions.

The report also found that gearing style matters…

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Wai Kru Muay Thai Ritual: Why It Matters

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One of the more hotly debated topics about Muay Thai in the modern Mixed Martial Arts (MMA) era is how to preserve Thai boxing’s beautiful and gracious performance art ritual, the Wai Kru ceremony.

While practitioners and teachers alike feel confident that it will not be disappearing anytime soon, maintaining authenticity and accurately that showcase its fascinating historical evolution is extremely important.

Wai Kru Muay Thai Ritual Why It Matters-pix from event in 2016 (2)
The memorable scene at the 12th World Wai Kru Muay Thai Ceremony in 2016 as Muay Thai boxers from around the world show deep gratitude and paying homage to their mentors (TAT Newsroom’s photo file)

Historical & Cultural Significance

Wai Kru is much more than a ceremonial kick boxing ritual, performance art or just paying respect to one’s teacher. It is an important part of Thailand’s cultural and martial history, with origins that are traced back to ancient battlefield where Thai soldiers fought to keep their country from being colonised centuries before it developed into a sport.

In its earliest incarnations, Wai Kru reportedly dates to the first independent Thai Kingdom of Sukhothai (1240–1438).

In Thailand, martial arts (in addition to dance, theatre and performance arts) are regarded as a kind of spiritual activity. Fighters training for competition are expected to show deep gratitude and paying homage to their mentors or gurus, who through successive generations give them an opportunity to learn the art of Muay Thai.

Hence, the Wai Kru is a way of worshipping past instructors and their animist spirit entities that remain on earth.

This devotional reverence that pupils show their teachers manifests itself even today in modern 21st century Thailand via the Wai Kru ceremony.

Wai Kru Muay Thai Ritual Why It Matters-pix from event in 2016 (3)
International Muay Thai boxers performed the wai kru ritual at the 12th World Wai Kru Muay Thai Ceremony in 2016 (TAT Newsroom’s photo file)

Ritualistic Performance Art

A Muay Thai fighter performs the Wai Kru

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