Vietnam Morning News For January 23, 2020

In Vietnam, economic success underpins literary boom
Against the colorful backdrop of Vietnam’s Tet (Lunar New Year) holidays in late January, there is plenty of evidence of rising consumerism among the country’s burgeoning middle class.
— Nikkei Asian Review (paywall)

Vietnam eyes 5G equipment sale to US
Vietnam hopes to sell locally-made 5G equipment to the U.S. as it prepares commercial launch of the telecom technology this year.
— VnExpress

Vietnam’s proposed foreign ownership limits would put domestic fintech firms at a disadvantage
The State Bank of Vietnam has proposed implementing foreign ownership limits in the country’s fintech sector. This would inhibit growth in one of the nation’s most promising industries.
— Asean Today

Vietnamese Activist’s Bank Account Frozen After Collecting Donations for Dong Tam
Le Dinh Kinh, 84, was eliminated onJan 9 as farmers in Hanoi’s Dong Tam neighborhood tossed explosives and also gas bombs at authorities in the current flare-up of a long-running conflict over an armed forces flight terminal building and construction website near the resources.
— The union journal

New Security Plan Puts Vietnam-Cambodia Defense Ties in the Headlines
The agreement spotlighted how both sides are managing the security aspect of their relationship.
— The Diplomat

State-run Vietnam rubber firm plans expansion in Kingdom
The Vietnam Rubber Group (VRG) is planning to expand its current plantations in the Kingdom.
— Khmer Times

HCM City to implement e-Tax system from February 10
The Ho Chi Minh City Department of Taxation will implement the e-Tax system from February 10 to improve tax service quality in the city.
— NDO

Resolution seeking EP’s ratification of EVFTA, EVIPA approved
The European Parliament Committee on International Trade (INTA) on January 21 approved a resolution asking for the European Parliament (EP)’s ratification of the European Union – Vietnam Free Trade Agreement (EVFTA) and the EU – Vietnam Investment Protection Agreement (EVIPA).
— NDO

Sabeco reports record profits
Post-tax profits surged 22 percent year-on-year for Vietnam’s largest brewer Sabeco, reaching VND5.37 trillion ($231.96 million), its highest annual profit ever.
— VnExpress

Vietnam confident towards securing a place in Tokyo 2020 Olympics, says Huynh Nhu
After concluding 2019 with two championship titles (AFF Cup and SEA Games), the entire Vietnamese squad are now in a confident mood heading into round three of the Tokyo 2020 Olympics Asian qualifiers, says captain Huynh Nhu of the women’s national football team.
— NDO

MEPs give first green light to Vietnam trade deal
MEPs gave their initial backing on Tuesday to a free trade agreement with Vietnam in the parliament’s trade committee.
— EU Observer

Soc Trang agricultural engineer and huge love for Vietnamese fragrant rice
Hero of Labour, engineer Ho Quang Cua – the “father” of ST25, the fragrant rice variety which was recognised as the World’s Best Rice at the Rice Trader World Rice Conference Philippines 2019 – has expressed his huge love for Vietnamese rice.
— NDO

Hanoi salons overrun by festival rush
With people keen on looking their best for Tet and willing to pay premium prices for the service, hairdressers are making a killing.
— VnExpress

Saltwater intrusion in Mekong Delta to ease by April
The water level at Cambodia’s great lake Tonle Sap is low so the ability to discharge much water for the delta is not high.
— Viet Nam Net

Rohas Tecnic wins RM58m water supply job in Vietnam
Rohas Tecnic Bhd has bagged a water supply system contract worth 332 billion dong (RM58.4 million) in Vietnam.
— The Edge Markets

Environment Minister opposes Vietnam coal-fired project involving Japan firm
apanese Environment Minister Shinjiro Koizumi expressed opposition Tuesday to the planned construction of a coal-fired power plant in Vietnam involving a major Japanese trading firm, saying it is at odds with measures to mitigate global warming and subject to international criticism.
— Mainichi

Techcombank makes pre-tax profit of VNĐ12.8 trillion
The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) earned pre-tax profit of VNĐ12.8 trillion and revenue of VNĐ21.1 trillion, marking increases of 31.5 per cent and 24.7 per cent year on year, respectively.
— Viet Nam News

Japanese firms increase investments in advanced technologies in Việt Nam
Japanese investment in Việt Nam has strongly developed in both quality and quantity as investors are applying the most advanced technologies in production, experts have said.
— Viet Nam News

Only 20% of Vietnam’s fund managers profitable
Despite a 20% increase in assets under management, only one in five of Vietnam’s fund managers are profitable, according to statistics from the State Securities Commission (SSC).
— Funds Global Asia

Vietnam to Tighten Bond Issuance Rules Amid Overheating Market
The draft rules require that separate bond issuances be at least six months apart, and that issuers limit their issuances to three times capital.
— Regulation Asia

Efforts to maintain Vietnam’s leading position in cashew export
Vietnam stood out as the world’s largest cashew exporter last year but there remains many challenges ahead for the country to retain its leading position in the future.
— VietnamPlus

Vietnam, Middle East-African nations boost relations
Deputy Prime Minister and Foreign Minister Pham Binh Minh has said Vietnam pays special attention to its relations with Middle East and African countries, which have progressed in various areas over the past years.
— VietnamPlus

SSI shrugs off market volatility to achieve targets
SSI Securities Corporation achieved consolidated revenues of VNĐ3.3 trillion (US$142.8 million) last year, or 112 per cent of the target it had set, and its pre-tax profit target of VNĐ1.01 trillion ($43.7 million).
— Viet Nam News

Deputy PM okays national plan to respond to oil spills
The move aims to help promptly deal with oil spills, minimise the number of oil spills and reduce the damage by oil spills on the environment, economy and society.
— Viet Nam Net

Remittances to Việt Nam through banks grow by 12 per cent in 2019
Remittances into Việt Nam in 2019 exceed US$2.5 billion, up by 12 per cent compared with the previous year.
— Viet Nam News

Twelve SOEs have losses in 2019: report
The Ministry of Finance has revealed that twelve of 136 wholly state-owned enterprises had posted losses of VNĐ720 billion (US$30.9 million) in the first half of last year, and six others faced warnings regarding financial security.
— Viet Nam News

PM Phúc has working session with economic advisory group
Prime Minister Nguyen Xuân Phúc put emphasis on the need for long-term solution to create new drivers of growth and economic impetus to help the country escape the middle-income trap, especially as ageing population has already been underway.
— Viet Nam News

Beer sale drops remarkably ahead of Tet
Beer is often a best seller during the Lunar New Year (Tet) festival but many retailers have been forced to lower their prices to encourage customers to buy.
— VietnamPlus

High demand for rare fruits in Mekong Delta
In the Cửu Long (Mekong) Delta, traders and consumers scour for unique fruits such as purple longan, red-flesh orange and jabuticaba and do not mind paying high prices for them.
— Viet Nam News

Viet Capital Bank unveils excellent 2019 results
Viet Capital Bank met most of its business targets in 2019, with pre-tax profits rising by 36 per cent.
— Viet Nam News

Rohas Tecnic wins RM58m water supply job in Vietnam
Rohas Tecnic Bhd has bagged a water supply system contract worth 332 billion dong (RM58.4 million) in Vietnam.
— The Edge Markets

Brokerages appoint new CEOs to boost performance
Securities firms are shaking up their leadership ranks at the beginning of the year as they want to lift performance amid fiercer market competition.
— Viet Nam News

Beer sale drops badly in Tết
Beer is often a best seller during Tết but many retailers have been forced to lower their prices to encourage customers to buy.
— Viet Nam News

Tết specialities from all over the country available in HCM City
Specialities from all parts of the country are being transported to HCM City ahead of Tết (the Lunar New Year).
— Viet Nam News

Bạc Liêu approves $4b LNG-fired thermal power plant
The People’s Committee of Bạc Liêu Province on Tuesday granted an investment certificate to Singapore’s Delta Offshore Energy Pte Ltd Co to develop a liquefied natural gas (LNG)-fired thermal power plant in the province.
— Viet Nam News

VPBank annouces record pre-tax profit in 2019
Việt Nam Prosperity Joint Stock Bank (VPBank) announced a record 2019 consolidated pre-tax profit of VNĐ10.3 trillion (US$445 million), exceeding 9 per cent of the yearly plan and up 12.3 per cent compared to 2018.
— Viet Nam News

Đang Nai pulls the plug on 531 tardy foreign projects
The southern province of Đang Nai last year scrapped the licences it had issued for 531 proposed foreign projects due to slow progress.
— Viet Nam News

Yeah1 Group reports losses in 2019
Local media firm, Yeah1 Group (YEG), recorded a loss of VNĐ158 billion (US$6.8 million) in the fourth quarter of last year, pushing 2019’s total losses to VNĐ372 billion.
— Viet Nam News

Feature photo Vietnam Tourism Portal

This week’s Vietnam morning news feature photo focus on Vietnamese (Lunar) New Year, January 25.

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).

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