True to course

Mr John Howell, Chief Executive Officer of Prudential Vietnam Assurance PLC, spoke with VET as it celebrates 10 years in Vietnam. Over the last decade Prudential has received over 15 recognitions and awards. Among these is a Golden Dragon Award for last six years in succession. 2008 was a difficult year for all sectors due to the global financial crisis. How do you view its effect on Vietnam's insurance sector and on Prudential Vietnam Assurance? There is no question that we are now operating in a tougher and more complex economic environment. Last year Vietnam's economy experienced high inflation, while the end of the year saw a global economic decline with the collapse or near-collapse of some world renowned financial institutions. Despite the challenges, Prudential Vietnam has managed to stay true to our course and continue to build its fantastic organisation. Our product and distribution strategies, underpinned by our capable and experienced employees and agents and … [Read more...]

Bucking the trend

Unlike many, insurers in Vietnam remain optimistic about the continued growth of their local market despite the events of here and elsewhere. Local people may feel reluctant to use life insurance as a saving or investment vehicle. When insurance giant American International Group Inc. (AIG) imploded last autumn, many of its policyholders and the media in Vietnam wondered to what extent its business in Vietnam was going to be affected. But the General Directors of AIG Life and AIG non-life in Vietnam confirmed they were doing well, given they were established as stand alone companies and were not directly affected by what may be happening to their parents company.According to Mr Jamie Rains, General Director of AIG Life Vietnam, the company far exceeds the regulatory requirement, with solvency at 267 per cent of that required. More than 80 per cent of the company's investment portfolio is in government bonds, with the remainder in corporate bonds, term deposits and policies. AIG … [Read more...]

PATA Announces 2015 Grand and Gold Award Winners

The Pacific Asia Travel Association (PATA) is pleased to announce the winners of the 2015 PATA Grand and Gold Awards. Proudly supported and sponsored by the Macau Government Tourist Office (MGTO) for the last 20 years, this year’s awards recognise the achievements of 25 separate organisations and individuals. PATA will present 29 Grand and Gold Awards to such organisations as Accor Asia-Pacific, Cox and Kings Ltd, Hong Kong International Theme Park Ltd, Hong Kong Tourism Board, Jetwing Hotels Ltd, Korea Tourism Organization, Taiwan Tourism Bureau and Taylor’s University. The awards luncheon and presentation takes place at the Bangalore International Exhibition Centre (BIEC) on Tuesday, September 8, 2015 during the PATA Travel Mart 2015. Maria Helena de Senna Fernandes, Director of the Macau Government Tourist Office, said, "The list of PATA Gold Awards 2015 winners unveils once again the very best of Pacific-Asia tourism practices. The excellence and innovation … [Read more...]

Corporate social responsibility discussed in Hanoi

Representatives from Japanese enterprises shared their experience in carrying out social responsibility during a workshop held in Hanoi on July 14. According to Yoshiro Kudo, Vice Chairman of the Japanese Council on Life-Innovation, being socially responsible means making business decisions based on the sustainable growth of other companies and people’s wellbeing; not for quick profit. Hence, a healthy market economy will be built through self-improvement of business ethics. Japanese firms are contributing to economic development in Vietnam based on the mutually beneficial ties between the two countries, he said. A representative from Japan’s Ministry of Economy, Trade and Industry shared that if enterprises include responsibility in their strategies, it will become their strength. He continued to note that the duty ought to be part of business management, not just humanitarian activities. The Central Institute for Economics Management (CIEM) organised the … [Read more...]

EU-Vietnam FTA: turning challenges into development opportunities

(VOVworld) – The EU-Vietnam free trade agreement is in the negotiation stage and likely to be signed this year, promising many opportunities for Vietnam in tax slashing, commercial advantages, investment attraction, and market expansion. In addition to benefits will come challenges which both the Vietnamese government and businesses should pay more attention to and make necessary changes in regulations, policies, and production activities. With the Vietnam - Eurasian Economic Union free trade agreement, Vietnam’s garments and textiles products will benefit the most. Up to 82% of all kinds of tariff are committed to be slashed and 42% of items to be imposed with a tax rate of 0%. (Photo: Van Nam) The EU-Vietnam free trade agreement is a new deal with more commitments to cut tariffs, create commercial advantages, and improve investment, business environment, competition, and sustainable development. The agreement is expected to boost Vietnam’s GDP 8% and its … [Read more...]

Social News 4/7

Police seize 387kg of smuggled elephant tusks Police at Ha Tien International Border Gate and Kien Giang Province seized 387kg of elephant tusks smuggled into Viet Nam on Tuesday. The border police found a suspected truck travelling from Cambodia to Viet Nam through Ha Tien International Border Gate. The soldiers asked Tran Minh Chien, the driver of the truck, to pull over for random inspection and found 387kg of elephant tusks inside. The goods were seized. The case is being investigated further. On the same day, customs officers at Noi Bai International Airport seized two ivory statues weighing 2.31kg each. The statues had been smuggled from France. Construction begins on Orange Village The HCM City Association for Victims of Agent Orange/Dioxin on Wednesday began construction of the Orange Village in Hoc Mon District. The 49,000sq.m centre will provide treatment, vocational training and rehabilitation for victims of Agent Orange (dioxin). The project with a cost of VND100 … [Read more...]

Firms should join disaster management

HA NOI (VNS) — Disaster preparedness needed co-operation between government, businesses and humanitarian organisations, according to a forum held here yesterday by Corporate Social Responsibility (CSR) Asia and the Prudence Foundation. The forum, titled Creating Value Through Strategic Partnership, aims to increase awareness of people and enterprises about being ready for disasters. Participants said co-operation was necessary to reduce losses and hasten recovery. Richard Welfort, CSR Asia's chairman, said it was no longer about whether the business sector should play a role in building preparedness, but about how to best collaborate. The most successful collaborations involved using each sector's unique capabilities, he said. Identifying these capabilities would allow each partner to contribute what they do best. Participants recognised that Asian-Pacific countries, in recent years, had suffered many natural calamities, from typhoons and floods, to droughts and … [Read more...]

Over ten typhoons in 2014 cause VND2.83 trillion in damage

More than two million people in Vietnam are continually affected by typhoons and tropical depressions each year NDO - More than ten typhoons hit Vietnam in 2014 leaving 133 people dead or missing, and caused an estimated damage of VND2.83 trillion (US$130.18 million). In addition, more than two million people in Vietnam are continually affected by typhoons and tropical depressions each year. The figures were announced at the Disaster Preparedness Forum 2015 held in Hanoi on July 2 by the Prudence Fund and Corporate Social Responsibility (CSR) in Asia. The forum focused on the process of preparation and response to disasters and solutions to promoting co-operation between governments, enterprises and organisations to reduce losses caused by disasters and recovery costs. The Asia Pacific region is frequently hit by disasters with increasing losses to the economy and society which require urgent investment in the prevention and response to disasters, heard the forum. The … [Read more...]

Asia Pacific works together to address natural calamities

More than 2 million Vietnamese people are directly affected by natural disasters (Photo: VNA) More than 100 delegates from across the Asia Pacific region gathered at a regional forum held in Hanoi on July 2 to discuss a cooperation model among governments, businesses and charities in coping with natural disasters. The Asia-Pacific region suffers from frequent natural disasters which cause great losses in both human lives and properties, heard the conference, with the outstanding example of the earthquake in Nepal recently. In Vietnam, more than two million people are affected by storms each year. Richard Welford, Chairman of Corporate Social Responsibility in Asia (CSR), stated that major attention should be shifted from enterprise involvement in preparing for response to disasters to sound coordination through the model. The best results will be reached once the capability of each side is utilised to the best, he noted. According to Prudence Foundation Executive Director Marc … [Read more...]

Prospects of Vietnam Leather & Footwear Export with FTAs

The free trade agreements (FTAs) that Vietnam has signed, or will sign, will reach most of Vietnam’s major leather and footwear export markets. That has created two-side effects on Vietnam’s export prospects. Confident on larger playgrounds The leather and footwear industry accounts for 8-10 percent of Vietnam’s exports and is the third largest export after garment - textile and telephone and parts. The sector’s export turnover was US$8.764 billion in 2012, US$8.4 billion in 2013 and US$10.3 billion in 2014. In 2015, the value is estimated to climb to US$13.5 - 14 billion and the localisation rate will reach 65-70 percent, a very high rate, as leather and footwear exporters have now signed contracts for full operations until the end of the third or even the fourth quarter of the year. Its export prices to the US, Japan, Australia and South America are stable or even slightly higher due to higher minimum wage increase in Vietnam. Vietnam is the fourth largest … [Read more...]

Asia Pacific works together to address natural disasters

Delegates discuss co-operation model among government leaders, businesses and charities in coping with natural disasters. NDO/VNA – More than 100 delegates from across the Asia Pacific region gathered at a regional forum held in Hanoi on July 2 to discuss a co-operation model among government leaders, businesses and charities in coping with natural disasters. The Asia-Pacific region suffers from frequent natural disasters causing great losses in both human lives and property, heard the conference, highlighting the recent earthquake in Nepal as an example. In Vietnam, more than two million people are affected by storms each year. Richard Welford, Chairman of Corporate Social Responsibility in Asia (CSR), stated that attention should be shifted from enterprise involvement in preparing for responses to disasters to sound co-ordination through the model. The best results will be seen once the capability of each side is fully utilised, he noted. According to Prudence … [Read more...]

4 students selected to represent Vietnam at the 13th Hitachi Young Leaders Initiative

The Hanoitimes - ​Hitachi Asia Ltd. have just announced 4 university students selected to represent Vietnam at the 13th Hitachi Young Leaders Initiative (HYLI). The event, which will be held in Manila, the Philippines from 27 - 30 July 2015, will bring together prominent regional opinion leaders from the private, public and academic sectors to discuss regional transportation issues and engage in dialogue with the student participants. The students will work together to present their ideas about how these issues can be addressed. They were selected after passing a rigorous application and evaluation process that included a panel interview chaired by Madam Pham Chi Lan, Former Secretary General & Vice President, Vietnam Chamber of Commerce and Industry and Former Senior Adviser to Prime Minister, Prime Ministerial Research Committee. All of them possess academic excellence, good extra-curricular activities record, displayed strong leadership qualities, keen interest in regional and … [Read more...]

Sir Nick Faldo to promote Laguna brand

VietNamNet Bridge – Sir Nick Faldo has been appointed brand ambassador of Laguna Lang Co, the Banyan Tree Group said on Tuesday. Figure head: Laguna Lang Co has appointed six-time Major winner Sir Nick Faldo as its brand ambassador. — Photo billionaire.com A series of upcoming events, including the inaugural Laguna Golf Classic in November and 11th Faldo Series Asia Grand Final for young golfers in March 2017 at Laguna Lang Co Golf Club, shall follow suit. Sir Nick Faldo will play in his final Open Championship at the home of golf – St Andrews – in July 2015, where he will represent Laguna Lang Co as its brand ambassador. The six-time tournament winner has won the Claret Jug thrice, including in 1990 at St Andrews, the venue for this year's competition. The Banyan Tree Group developed the first and largest world-class integrated resort in Viet Nam. "I am looking forward to a prolific partnership. Having collaborated with Laguna Lang Co to create its … [Read more...]

Faldo to promote Laguna brand

Figure head: Laguna Lang Co has appointed six-time Major winner Sir Nick Faldo as its brand ambassador. — Photo billionaire.com THUA THIEN-HUE (VNS) — Sir Nick Faldo has been appointed brand ambassador of Laguna Lang Co, the Banyan Tree Group said on Tuesday. A series of upcoming events, including the inaugural Laguna Golf Classic in November and 11th Faldo Series Asia Grand Final for young golfers in March 2017 at Laguna Lang Co Golf Club, shall follow suit. Sir Nick Faldo will play in his final Open Championship at the home of golf – St Andrews – in July 2015, where he will represent Laguna Lang Co as its brand ambassador. The six-time tournament winner has won the Claret Jug thrice, including in 1990 at St Andrews, the venue for this year's competition. The Banyan Tree Group developed the first and largest world-class integrated resort in Viet Nam. "I am looking forward to a prolific partnership. Having collaborated with Laguna Lang Co to create its … [Read more...]

Dong Nai province: Over VND50 billion to build pre-school for workers’ children

TaeKwang Vina Company in the Bien Hoa industrial zone in the southern province of Dong Nai has recently inaugurated the construction of "TaeKwang pre-school" to serve workers’ children. The inauguration of the school construction. (Photo: LDO) This is a large construction belonging to the corporate social responsibility project that has been carried out since 2012 by the company. Costing nearly VND50 billion, the Japanese style-designed construction was built to international, environmentally friendly standards on an area of over one hectare. The school has over 30 classrooms, playground and other supplementary buildings. Dinh Sy Phuc, President of the company trade union, said that the company leaders understand the difficulties of workers in sending children to private foundations. Therefore, the company decided to build the pre-school to deal with workers’ difficulties. Speaking during the inauguration ceremony, Chung Joo Kyung, the company general director, … [Read more...]

Building Sustainable ASEAN Economic Community

In his opening remarks at the Vietnam Corporate Sustainability Forum 2015, ASEAN General Secretary Le Luong Minh, stressed the role of business in building a sustainable ASEAN economic community, adding that through social responsibilities, businesses could contribute to and enhance sustainable development, social welfare, social equality and environment sustainability. Many challenges After years of impressive and sustained growth, ASEAN has reached a new stage of development. As a collective outfit, ASEAN is now the 3rd largest economy in Asia and the 7th largest in the world, projected to be the 5th largest by 2030 and the 4th largest by 2050. In fact, it has been the fastest growing economy in Asia after China for the past ten years, with a combined 2014 GDP of approximately US$2.8 trillion and a large consumer base of 625 million. Yet, the region is now at a crossroad. Its continued economic progress cannot be taken for granted. While peace, stability and security is … [Read more...]

Over 16M VND raised by Doosan Vina Flea Market for Charity

Doosan Vina's employees spent more than a month rummaging through their homes looking for things they could donate to the upcoming Charity Flea Market that raised over 16M VND. ​ During the month long collection they gathered more than an 1,000 items that were brought in for sorting, cleaning and categorizing. The goods ran the gambit from cookware to computers and bicycles to blouses. Hosted by the Organizational Culture (OC) Department of Doosan Vina the items began flooding in soon after the Flea Market was announced. The three day event, which was held in the Main Office between 12:00 and 1:00 PM, drew a frenzy of interest and as the doors opened a throng of eager shoppers rushed in to have first chance at the bargains. The fixed price items ranged from 10,000 VND to 400,000 VND or between $0.50 and $20.00. The Charity Flea Market was the latest in a series of charity and Corporate Social Responsibility (CSR) projects that have been supported by Doosan Vina. Since opening … [Read more...]

Vietnam – Belgium Master Programs: 20 years of excellence

The Solvay Brussels School and its Vietnamese partners have commemorated 20 years of successful joint business master's programmes. The Vietnam - Belgium Master Programs (VBMP) were founded in 1995 by the Solvay Brussels Business School (under the Université libre de Bruxelles), in partnership with the Vietnam National Economics University and Ho Chi Minh City Open University. The programme was initiated by an agreement between the Vietnamese and the Wallonia - Brussels government of the Kingdom of Belgium, with an aim to nurture business leaders in Vietnam after the start of the doi moi policy in 1986. The five masters programmes offered at VBMP focus on diverse business fields, including business administration, marketing and advertising, banking and finance and public management. All courses are conducted in English by international professors. "After 20 years in Vietnam, VBMP has granted master's degrees of global standards to 2,200 students. The majority of our … [Read more...]

Mr Philanthropy

Nicknamed ‘Dom the Rescuer’ by the Wildlife At Risk Organisation, Dominic Scriven, OBE, is a prime example of a socially responsible businessman in Vietnam. Nam Phuong spoke to him about his philanthropic values and how they affect his investment decision. In 1994, Dominic Scriven founded Dragon Capital, one of the largest and longest-running foreign investment firms in Vietnam, and he continues to lead the firm to this day. Having called Vietnam home for the past 21 years, he has held senior positions on the boards of many leading Vietnamese corporations and contributed to the growth of the domestic stock market. Besides, a long-standing financial career, Scriven is well known for his philanthropy, and in 2004 he founded Wildlife At Risk (WAR), a non-profit organization based in Ho Chi Minh City which works to conserve Vietnam’s threatened biodiversity. "At the time, most of the non-profit organizations for conservation were located in the Northern area of … [Read more...]

VCCI’s Missions in Renovation Process

The Vietnam Chamber of Commerce and Industry (VCCI) has creatively endeavoured to uphold its role as a national agency representing and protecting the rights, supporting and promoting the Vietnamese business community in all aspects of economy, business and labour relations. Dr Vu Tien Loc, VCCI President, said Vietnam now has over 300 business associations, of which about a third have nationwide operations. In addition to 4.6 million individual business households, the business sector is employing about 11 million workers, including more than 60 percent generated by private sector. Over half a century of construction and development, VCCI has a proud history but its development attachment to national renovation and development is the most special thing. Inspiring entrepreneurship VCCI has tirelessly endeavoured for the development of the business and community and the entrepreneur force. VCCI has evoked entrepreneurial spirits and egged on private economic development. VCCI not … [Read more...]