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...]

Chung-Ang University’s Voluntary Students Group receives Certificate of Merit

​On the morning of February 03, the provincial People's Committee held ceremony to grant Certificate of Merit to representatives of Chung-Ang University's Voluntary Students Group for their practical and meaningful activities in Quang Ngai province. Within two weeks from 29 January to 06 February 2015, 48 professors and students from Chung Ang University (CAU) of Seoul, South Korea in coordination with volunteers from Doosan Vina to implement their Corporate Social Responsibly (CSR) in districts of Ly Son, Nghia Hanh, Binh Son (Quang Ngai province). Activities included education supports, environmental sanitation and art performance. The CAU students and professors along with the Doosan Vina volunteers helped pupils to develop their creative and motor skills through art, with an emphasis on calligraphy, crafts and painting. Besides, Chung Ang University's students helped local people to build a drainage channel, field sanitation and clean up. Speaking at the ceremony, Vice … [Read more...]

Makers of high-quality goods win prizes

A representative of Mai Linh Taxi Group receives the Vietnamese High Quality Goods award in 2014. — Photo HCM CITY (Biz Hub) — The Vietnamese High Quality Goods award will be conferred on 520 firms this year, 42 of them being first-time winners but an equal number winning it every year since its inception 19 years ago. At a ceremony in HCM City next Thursday, the awardees will also include 339 firms who are winning for a third straight year. The winners were selected from a list of 668 companies based on surveys of more than 20,000 households, individuals, and retailers at markets, supermarkets and shops around the country by the Business Association of High Quality Vietnamese Products, which gives the annual awards. Most of the winners were makers of sauces, spices, electrical and household machines or construction materials, Hoang Trong of the association said. They also had to meet certain criteria with regard to product quality and origin; comply … [Read more...]

Chung Ang University’s Professors and students start their Corporate Social Responsibly

​48 professors and students from Chung Ang University, (CAU) of Seoul, South Korea landed on Vietnam's Lyson Island along with a contingent of volunteers from Doosan Vina to begin two weeks of Corporate Social Responsibly (CSR). The group will be supporting education, the environment and presenting Korean culture and art at six different venues in Central Vietnam's Quang Ngai Province. The educational support will take place at An Hai Primary School on Ly Son Island; Hanh Tinh Tay Primary School of Nghia Hanh district and the School for Disabled Children in Quang Ngai city. The CAU students and professors along with the Doosan Vina volunteers will focus on developing the student's creative and motor skills through art, with an emphasis on calligraphy, crafts, painting and more. At Duc Tan in the Mo Duc District and two sites in the Binh Hoa Village of Binh Son the Koreans and Doosan Vina volunteers will join forces with 100 Quang Ngai youth to build a drainage channel and a field … [Read more...]

Viettel sets 2015 revenue target at VND230 trillion

An office of Viettel. The telecom group targets a 20 per cent growth rate in 2015. — Photo HA NOI (Biz Hub) — Viettel is targeting a 20 per cent growth rate this year, with revenue of VND230 trillion (US$10.7 billion), and a 15 per cent jump in both profits and labour productivity. The military-operated telecom group also hopes to report a record revenue of VND500 trillion ($23.3 billion) by 2020. Nguyen Manh Hung, Viettel's General Director said at a conference held in Ha Noi on the weekend, where the company's performance during last year was reviewed, that it will commit to certain corporate social responsibility activities to further enhance its output. A Viettel report showed that last year, the group continued to achieve strong revenue growth of VND197 trillion ($9.2 billion), a rise of 20 per cent in comparison with the average rate reported by other enterprises, and a VND42 trillion ($1.9 billion) pre-tax profit, contributing over VND15 … [Read more...]

Viettel set to be a defence industrial complex

(CPV) - The Vietnam Military-run Telecommunications Group (Viettel) on January 24th hosted a conference to evaluate 2014 outcomes and work out 2015 goals and action plan. Attending the event were General Phung Quang Thanh, Politburo member, Deputy-Secretary of the Central Military Commission, Minister of National Defence; Nguyen Bac Son, CPVCC member, Minister of Information and Communications; representatives from the Ministry of National Defence, the Ministry of Information and Communications; and around four thousand Viettel employees from district level. General Phung Quang Thanh delivered his speech at the meeting. (Photo: ATP) Viettel report showed that in 2014, the Group has continued to achieve strong revenue growth of VND197,000 billion, a rise of 20% in comparison to the average rate of other enterprises, and a VND42,000 billion pretax profit, contributing over VND15,000 billion to the State budget. Besides, labor productivity increased 14%, employee income increased … [Read more...]

Social News 21/1

Trucks blamed for congestion on Hanoi Highway A nine-hour traffic jam on Hanoi Highway last Friday was due to a long line of container trucks heading for Truong Tho port complex while a road widening project has yet to get off the ground. Container trucks were moving inch by inch to Truong Tho port complex in Thu Duc District, causing serious congestion on other streets including Mai Chi Tho and Dong Van Cong in District 2. The Truong Tho port area comprises Phuoc Long 3, Transimex and Phuc Long inland container depots (ICD), and some steel and cement factories. At present, Hanoi Highway is the only way leading to the Truong Tho port area, so traffic often snarls this time of year as trading activity picks up in the lead up to the Lunar New Year holiday. Le Duy Hiep, general director of Transforwarding Warehousing Joint-Stock Corp. (Transimex-Saigon), told the Daily that Friday’s heavy traffic jam resulted from a narrow road leading to Truong Tho while an increasingly … [Read more...]

RoK hospital provides free medical check-ups in Hung Yen

As many as 100 doctors and medical workers from the Asan Medical Centre in the Republic of Korea are providing free medical check-ups for nearly 1,100 impoverished individuals and workers in the Phoi Noi A industrial park in the northern province of Hung Yen on January 19 and 20. The beneficiaries are receiving medical examinations and treatment in internal medicine, ophthalmology and dentistry. The activity is jointly organised by Asan Medical Centre and the Huyndai Aluminum Vina Joint Stock Company as part of a series of corporate social responsibility activities launched by the two firms. In addition to a number of charitable programmes, such as launching a campaign to repair houses for impoverished workers and granting scholarships for disadvantaged students, the company has also supported vocational training and created jobs for thousands of rural labourers in the province.-VNA … [Read more...]

Sunwah Foundation promotes community, creativity spirits in HCMC downtown

Nearly 1,000 people joined the Sunwah and Friends Social Services and Creativity Day, organized by Sunwah Foundation, in downtown Ho Chi Minh City on Sunday, January 11. The participants, including the Consul Generals of China, Japan and Indonesia, students who received Sunwah Foundation, employees of Sunwah Group, Sunwah Tower tenants as well as presidents, professors and students from various universities, took part in various social services and creative programs in Park September 23rd. The events, namely Give a Gift, Wish of Happiness, Wishes Fulfilled, Loving Meals, Art Contest and Exhibition with the theme of "Beauty Through The Eyes of Children", and Creative Marketing Competition, not only enriched social activities of the City but also showcases the corporate social responsibility of Sunwah Group, contributing to the HCMC’s modernization, civilization and humanity. Besides social activities, this year’s program also encourages students to express their … [Read more...]

Doosan Vina earned $ 356.5 m from exports in 2014

​His Excellency Jeon Dae Joo (left) Korean Ambassador to Vietnam presented Hang Ha Ryu, Senior Vice President of DHI and CEO of Doosan Vina with the Korean MOTIE 1st place CSR award. ​ Dung Quat Economic Zone-located Doosan Heavy Industries Vietnam (Doosan Vina) has released that its total exports in 2014 reached 25,000 tons of high-tech equipment "Made in Vietnam" with a value of nearly 7.6 trillion VND or $356.5 million. Production capacity reached 106% and the company exceeded the revenue plan by 14%. Doosan Vina's products were shipped to nine countries around the world including Chile, Germany, Thailand, Turkey, Libya, Malaysia, Algeria, India, Saudi Arabia. In Vietnam, Doosan Vina provided tons of Key Mechanical Products (KMP) to Vietnamese infrastructure projects like the Mong Duong II power plant, the Port of Da Nang and several others. In 2014, Doosan Vina signed 41 new contracts and also completed a total of 27 projects. Other achievement in the year was the completion … [Read more...]

CapitaLand and Ascott celebrate 20 years in Vietnam

The Saigon Times Daily Looking back, in 1994, CapitaLand was one of the first international developers to enter Vietnam with the development of Hanoi Tower and Sofitel Plaza in Hanoi. In addition, Ascott pioneered the first international standard serviced residence in Vietnam that year with the launch of Somerset West Lake Hanoi. In 1996, Ascott’s second property, Somerset Chancellor Court HCMC was operational, followed by the opening of Somerset HCMC, Somerset Grand Hanoi and Hanoi Towers. Mr Lim Ming Yan, CapitaLand’s President & Group CEO of CapitaLand Group In 2006, CapitaLand opened its Head Office in HCMC. The Vista received overwhelming response from the Vietnamese when it was launched in October 2007. Notwithstanding the challenging market, the project was completed in September 2011 according to schedule. The construction of Mulberry Lane commenced in September 2009 and conferred the Greenmark Award from the Building Control Authority of Singapore. In … [Read more...]

Institutional Reform Needs to Promote Roles of Civil Society Organisations and Anti-corruption

"Institutional reform must be based on law compliance, respect to the rights of workers, transparent environment protection, financial transparency, land law enforcement, and compliance with international standards and commitments of the Government of Vietnam," said a representative from an international non-governmental organisation at the Vietnam Development Partnership Forum (VDBF 2014) held recently in Hanoi. According to statistics, as of 2014, more than 900 foreign non-governmental organisations (NGOs) have established relations with Vietnam and nearly 500 NGOs are carrying out development and humanitarian projects in the country. Strengthening the role of civil society organisations by promoting transparency and accountability Domestic private economic sector and foreign investment sector, including non-profit social enterprises and pro-society investors, play an important role in the development of Vietnam. Civil society organisations may have a more significant and positive … [Read more...]

Sustainable Natural Rubber Development

This is the main theme of the seminar by the Vietnam Rubber Association (VRA) and the International Rubber Study Group (IRSG) held recently in Ho Chi Minh City. The event aims to help businesses in the rubber industry of Vietnam pay more attention to sustainability certificates and perform corporate social responsibility well to penetrate deeper into demanding markets. At the seminar, the experts say that the difference between the supply and demand in rubber industry is a problem that needs to be solved now. Demand for rubber has been slowed down due to the weak world economic recovery under the global crisis in 2008 and 2009. Either natural rubber or synthetic rubber is exceeding because China has built too many factories that produce synthetic rubber to catch up with demands of the world. Since 2013, the rubber industry is facing challenges due to the dropping price. Currently, rubber export price in the range of VND36 million to VND41 million per tonne, down 56 percent compared … [Read more...]

Vietnam’s Leading Enterprises: Doing Good or Doing Well?

On December 3, the workshop "Sustainability – A Business Proposition" was co-hosted by Vietnam Business Council for Sustainable Development (VBCSD), Vietnam Chamber of Commerce and Industry ( VCCI), and World Wildlife Fund (WWF)-Vietnam in Ho Chi Minh City. As many as 100 of Vietnam’s leading enterprises explored together the actionable recommendations to benefit both their business operations and the community, through strategic investment in green growth. Corporate Social Responsibility or business development? Doing good or doing well? Vietnam’s leading enterprises are called to action in meeting both needs with one deed. At the workshop, WWF-Vietnam in partnership with VBCSD discussed strategic vision and practical approaches for Vietnam’s leading enterprises to develop sustainable growth with contribution to society. While 63 percent of Vietnam’s companies do not have a thorough understanding on sustainability reporting, according to a recent survey … [Read more...]

Korean businesses honoured for corporate social responsibility in Vietnam

Korean businesses honoured with 2014 CSR Awards (Source: NDO – Eight Korean businesses running operation in Vietnam were honoured with Corporate Social Responsibility (CSR) Awards for their contributions to socio-economic development in Vietnam, at a ceremony held in Hanoi on December 4. The event was co-organised by the Korean Trade-Investment Promotion Agency (KOTRA), the Republic of Korea (RoK)’s Ministry of Trade, Industry and Energy (MOTIE), the RoK Embassy in Vietnam, and Vietnam’s Ministry of Planning and Investment. The awardees included Doosan Heavy Industries Vietnam Co., Ltd, Lock & Lock Vietnam, LS-Vina Cable and System JSC, Simone Accessories Collection Vietnam Co., Ltd, E-land Thanh Cong company, DK UIL Vietnam Co,.Ltd, Kumho Tires Vietnam Co. Ltd., and Hai Vina Co, Ltd. The businesses were acknowledged for their community activities in Vietnam’s localities, such as granting scholarships, constructing social houses, and … [Read more...]

Firms urged to adopt Women’s Empowerment Principles

Nguyen Thi Dieu Hong, speaking at a workshop on improving businesses' competitiveness by empowering women at workplaces held in HCM City on Tuesday, revealed that only 23 companies in the whole country apply them.— Photo cafebiz HCM CITY (Biz Hub)— Enterprises, especially those exporting their products, should apply the seven Women's Empowerment Principles to fulfill their corporate social responsibility in order to raise their competitiveness in international markets, a consultant on these principles said. Nguyen Thi Dieu Hong, speaking at a workshop on improving businesses' competitiveness by empowering women at workplaces held in HCM City on Tuesday, revealed that only 23 companies in the whole country apply them. The seven principles are: establishing high-level corporate leadership for gender equality; treating all women and men fairly at work, respecting and supporting human rights and non-discrimination; ensuring the health, safety and well-being of all women and … [Read more...]

Businesses unite to support children’s rights and business principles in Viet Nam

(CPV) - UNICEF together with partners hosted Viet Nam’s top business leaders and Government representatives during its first ZEROtalks event to formally support the Children’s Rights and Business Principles. Developed by UNICEF, the UN Global Compact and Save the Children – the Children’s Rights and Business Principles (the Principles) are a set of 10 principles to guide companies on the full range of actions they can take in the workplace, marketplace and community to respect and support children’s rights. Deputy Prime Minister Vu Duc Dam spoke at the ceremony. (Photo: UNICEF) Viet Nam’s Deputy Prime Minister Mr. Vu Duc Dam and the country’s most prominent Chambers of Commerce represented by Gaurav Gupta, Chairman of AmCham Hanoi, Brian O’Reilly, President of AusCham, Remco Gaanderse, Deputy Chairman of EuroCham, Mr. Hong Sun, Secretary-General of KorCham and Mr. Doan Khuong Duy, Vice Executive President of VCCI, joined in … [Read more...]

Vietnam, Asia’s Most Attractive Nation for Manufacturing

(VOV) -Vietnam won the title Asia's Most Attractive Nation for Manufacturing at Top Asia Corporation Ball 2014 held in Kuala Lumpur, Malaysia on November 22. The event is aimed at honouring Asian individuals, organizations, and countries which have outstanding achievements in many fields including arts, literature, culture, industry, personalities, lifestyle, innovation, and sports in the hope of encouraging more accomplishments in the future. The event attracted the participation of about 900 invited guests who are chief executive officers, business owners and diplomats from more than 20 Asian countries. Addressing the ceremony, Minister in the Malaysian Prime Minister’s Department Wee Ka Siong stressed that it is necessary to highlight excellent performances of individuals and organizations in Asia to encourage them to gain greater achievements in all fields. Vietnamese pop singer My Tam received the "Asia's Music Legend" award at the event. Maldives was honoured as … [Read more...]

Vietnam pop star named ‘Asia’s Music Legend’

Vietnamese pop singer My Tam received the "Asia's Music Legend" award at an event titled "Top Asia Corporate Ball 2014" held Friday in Kuala Lumpur, Malaysia. In its second year, the event was organized by the Kuala Lumpur-based English language magazine "Top 10 of Asia" which introduces Asia’s excellence in many fields including arts, literature, culture, industry, personalities, lifestyle, innovation, and sports. The event, supported by Malaysia’s Ministry of Culture and Tourism and Ministry of International Trade and Industry, is intended to honor Asian individuals, organizations, and countries which have outstanding achievements in numerous aspects in the hope of encouraging more accomplishments in the future. The Vietnamese singer was presented with the award based on a survey conducted by the magazine to find the best singers in Asia. This is also the first time a Vietnamese singer has won the title. In May, My Tam was given the "Best-Selling Artists from … [Read more...]