With a young population producing more than 100,000 engineers per year, Vietnam has endeared itself to tech companies looking to establish a long-term hub for software development and hardware manufacturing. The government is in the process of framing policies for the future, especially in the context of the Fourth Industrial Revolution. Will they be successful in bringing in more foreign investment as Vietnam looks ahead? By Manfred Otto - Senior associate, Duane Morris Vietnam LLC Industry 4.0 is driven by technological innovation, much like the industrial revolutions of the past that brought us steam, electricity, computers, and the internet. The core technologies of Industry 4.0 include artificial intelligence (AI), the Internet of Things, blockchain, Big Data, and robotics. These technologies have revolutionised our lives and brought about a host of new business opportunities. For instance, Big Data analytics and intelligent machinery have helped … [Read more...] about Better regulations for higher FDI flows
Anz vietnam internet banking
ANZ executive accused of appropriating VND91.3 billion
ANZ executive accused of appropriating VND91.3 billionThe Saigon Times Daily A teller holds a stack of Vietnamese banknotes. An ANZ executive has been accused of appropriating VND91.3 billion - PHOTO: THANH HOA HCMC – Nguyen Pham Gia Tho, head of the Customer Relations Department at the Sai Gon South branch of ANZ Vietnam Bank, has been charged with abusing his position to appropriate VND91.3 billion (US$3.9 million), reported Phap Luat newspaper. On January 20, investigators at the HCMC Police Department announced that they had transferred the case to the municipal People's Procuracy, proposing to prosecute Tho and his relative Nguyen Tuong Vi for swindling. The police’s investigation showed that Tho was in charge of mobilizing deposits, providing consultancy services on money transfers for customers who want to settle abroad and proposing loans with savings books being used as mortgages. Abusing his position, Tho forged the signature of an ANZ client to register … [Read more...] about ANZ executive accused of appropriating VND91.3 billion
New overseas policies ignite fresh FDI wave
Neighbours South Korea, Japan and Singapore, along with the US, remain Vietnam’s biggest foreign investors Photo: Le Toan Just a few days ago Travelport, a tech company on the New York Stock Exchange providing solutions for the travel and tourism industry, worked with the Vietnamese Ministry of Transport (MoT) on business opportunities for its global distribution system (GDS) in the sector. “Having a presence in Vietnam for 16 years, Travelport sees huge business potential in not only tourism but also other areas. Thus we are planning to expand operations to other sectors in Vietnam, including in transport,” said Martin Herbert, managing director in Asia for Travelport. Being one of the world’s leading GDS providers, Travelport’s new move is in line with growing demands for technology applications in the tourism and aviation industries to increase competitiveness in the digital age. New policies to the south Travelport’s step is in … [Read more...] about New overseas policies ignite fresh FDI wave
Local banking appeal broadens
Public Bank Vietnam (PBVN), a wholly-owned subsidiary of Malaysia’s Public Bank Bhd, secured approval from the State Bank of Vietnam (SBV) in early July to open three additional branches and two more transaction offices this year in Hanoi, Ho Chi Minh City, and Da Nang, bringing its branch numbers in the country to 19. The move is in line with its aim of expanding its network and customer reach in Vietnam, and a growing number of other foreign players are also looking to capture the wealth of opportunities in the country’s banking sector, with South Korean banks leading the charge. South Korean lenders have been eagerly expanding their foothold in the country. Woori Bank received licenses from the SBV in June to open five more branches in northern and southern cities together with a transaction office in Ho Chi Minh City’s District 7. Shinhan Bank, meanwhile, opened four branches and transaction offices in Ho Chi Minh City and Hanoi in May, beefing up its … [Read more...] about Local banking appeal broadens
Saigon restaurant owner jailed for overcharging Australian diner $30,000
A court in Ho Chi Minh City sentenced a restaurant owner to seven years in prison for property appropriation on Friday as he made his staff swipe an Australian customer’s cards eight times and charge him $30,000 for a meal. Tran Tuan Minh, 23, the owner of Nightfall restaurant, was charged with “using computer networks, telecommunications, the internet or digital devices in order to appropriate property.” Tran Tuan Minh at the trial in Ho Chi Minh City on Friday. Photo by VnExpress/Hai Duyen The crime he committed was considered serious, but as he had returned all the money to the victim, who agreed to dropped his complaint, the court gave him a commuted sentence. Caracciolo had dinner at the restaurant on August 11 last year and received a bill of VND23 million ($1,000), according to a complaint filed by a Vietnamese woman on Caracciolo's behalf. The waiter in question claimed the credit card machine was experiencing "technical errors", so he eventually had to … [Read more...] about Saigon restaurant owner jailed for overcharging Australian diner $30,000