Vietnam Morning News For August 15

Gov’t approves strategy for bank expansion by 2025
Việt Nam aims to have at least 2 or 3 banks in Asia’s top 100 largest banks in terms of assets by 2025.
— Viet Nam News

Only 15% of administrative reforms completed
Only 15 per cent of business and investment conditions have been cut or simplified since the start of the year despite the fact that a deadline set by Prime Minister Nguyen Xuan Phuc is approaching.
— Bizhub

Preventing fraudulent trade in retail market
The presence of many international retail brands in Vietnam shows that the shopping demand in the country is increasing.
— Nhan Dan Online

Editor of Vietnam’s Tuoi Tre News Facing Sanctions For ‘Undermining Unity’ in Facebook Post
The executive editor of Vietnam’s official Tuoi Tre newspaper, which was recently suspended for publishing “fake news,” is facing punishment after he posted an article on social media said to promote divisions between the northern and southern halves of the country.
— Radio Free Asia

Vietnam limits minimum wage hike to 5.3%
Vietnam decided Tuesday to raise minimum wages by 5.3% next year, the lowest margin yet, amid fierce competition with other Southeast Asian countries to attract foreign business.
— Nikkei Asian Review

Sophisticated cybercrime on the rise in Vietnam
As reliance on information technology becomes ever more pervasive in society, cybercrime has grown rapidly both in quantity and sophistication in Vietnam, experts said.
— The Nation

To build a smart city, learn from the best
Vice-chairman of the Ho Chi Minh City People’s Committee, Mr Tran Vinh Tuyen, meets Chairman of Enterprise Singapore, Mr Peter Ong, to learn about building a smart city.
— OpenGov Asia

VN’s technology startup raises $860,000 from investment funds
Vietnamese technology startup JAMJA Joint Stock Company has raised VND20 billion (US$858,369) from international investment funds in the pre-Series A round.
— Bizhub

Central bank requests control on foreign currency loans
Governor of the State Bank of Vietnam (SBV) Le Minh Hung has recently directed the entire banking industry to strictly control foreign currency lending to better minimise dollar speculation and fight against dollarisation in the economy.
— VietnamPlus

Priority Vietnam transport projects receive approval
Approval has been given for 10 key road projects in Vietnam. A portion of the funding required will be sourced via an allotted budget for the 2016-2020 period.
— World Highways

Vietnam pushes for development of domestic private sector
For decades, Vietnam’s economic growth has been largely dependent on export-oriented manufacturing, where the foreign direct investment sector plays a critical role.
— Channel NewsAsia (video)

Investors race in opening convenient stores
Foreign investors are racing to bring convenience stores to Vietnam’s nearly untapped market and battling to modernize the chains in a move to find a firm foothold in the potential outlet.
— The Hanoi Times

Vietnam Prime Minister orders review of existing recycling import quotas
A review into existing recycling import quotas is about to be undertaken by the Vietnamese Government.
— REB News

Vietnam Super Committee to manage fewer state firms
The committee will not manage SOEs` performance, but only look after state capital and assets.
— The Hanoi Times

Vietnam’s top coffee maker posts US$34.4 million profit per year despite leadership crisis
The company remains one of the leaders in Vietnam`s food and beverage industry, despite its reputation being drowned in the conflict between the chairman and his wife for more than three years.
— The Hanoi Times

Branding and scale vital for fast-food brands in Vietnam
Fast-food outlets have proliferated in Vietnam over the past decade but profitability has eluded many as they have yet to achieve the necessary scale in a 92-million strong market.
— WARC

Thailand B.Grimm Power okays investment in Vietnam solar project
The equity internal rate of return (EIRR) of the project shall be not less than 12%, stated B.Grimm Power.
— The Hanoi Times

Vietnam’s new action plan to facilitate Japanese investors
Vietnam will take new actions according to the Vietnam-Japan Joint Initiative (VJJN) to further ease foreign investors, including those from Japan, in the country in the time ahead, Minister of Planning and Investment (MPI) Nguyen Chi Dung said.
— The Hanoi Times

PropNex strikes master franchise deal in Vietnam, with 25% stake in franchisee
Real estate agency PropNex has entered into a master franchise agreement with PropNex Realty (Vietnam) Co to grow its business in Vietnam.
— The Straits Times

Foreign fast food giants defy losses in Vietnam
Fast food giants are still betting big on the Vietnamese market, despite ongoing losses and sluggish performance.
— VietnamNet Bridge

Embassies enhance Vietnam’s economic links with other nations
Efforts by Vietnam’s overseas representative agencies over recent years have helped to strengthen the country’s trade and investment ties with partners around the globe, senior diplomats have said.
— VietnamPlus

Vietnam’s tourism growing strongly
Through 58 years of formulation and development, the tourism industry in Vietnam has begun to see many fruitful achievements.
— VietnamNet Bridge

Vietnam’s mooncakes shipped abroad for traditional festival
A large volume of Vietnamese mooncakes will be shipped to foreign markets in the next few weeks as the traditional Mid-Autumn Festival is on the horizon.
— Nhan Dan Online

Foreign investment into Ba Ria-Vung Tau soars 30%
The southern province of Ba Ria – Vung Tau has attracted US$2.15 billion of foreign direct investment (FDI) since the beginning of this year, up 30.6 per cent over the same period last year.
— Bizhub

Soft opening for new course at Stone Valley in Vietnam
Stone Valley Golf Resort near Hanoi, Vietnam, is in the final stages of grow-in of a new eighteen-hole golf course designed by Brian Curley.
— Golf Course Architecture

Southern Vietnam reports one more H1N1 death
A 82-year-old woman from Vietnam’s southern Tra Vinh province has died after infected flu virus H1N1, becoming the second H1N1 death in the province so far this year, the provincial Department of Health said Tuesday.
— Xinhua

Vietnam investigates abnormal HIV outbreak in northern province
An unlicensed clinic is the main suspect after 42 residents of a commune in northern Vietnam tested HIV positive.
— VnExpress

VN-Australia defence consultation to boost cooperation
The 12th Việt Nam – Australia defence cooperation consultation, which will cover a wide range of issues, is expected to boost ties between the two defence ministries, said Deputy Defence Minister Nguyễn Chí Vịnh.
— Viet Nam News

Feature photo Travis Hawk

Find our previous morning news feature photos in the AEC News Today Morning News Feature Photos gallery where you will find a pictorial display of daily life throughout the Asean Economic Community (AEC).

Vietnam morning news by AEC News Today is your one stop source for Vietnam news on matters of governance and policies affecting Asean business communities. It is published M-F by AEC News Today: Governance, not government; policies, not politics.