Listed companies in india

Fifth phase of local elections underway in India’s West Bengal

April 17, 2021 by en.nhandan.org.vn

In the ongoing phase, voting is going on in 45 constituencies spread over six districts. According to officials, the polling started at 7:00 a.m. amid tight security and would go on until 6:30 p.m. local time.

“Polling is going on peacefully and no major untoward incident has been reported so far,” an official said.

Authorities have put in place special facilities including mandatory sanitization of the polling stations, thermal checking of voters at the entry point to prevent the spread of COVID-19.

In view of the prevailing COVID-19 pandemic, the option of postal ballot facility has been extended to those who are COVID-19 positive or suspected cases and are in quarantine, along with those marked as persons with disabilities and above the age of 80 years.

Officials said people in large numbers were seen standing in queues from morning outside polling stations.

“Urging all those voting in today’s fifth phase of the West Bengal elections to vote in large numbers. First-time voters, in particular, should exercise their franchise,” Indian Prime Minister Narendra Modi wrote on social media.

Reports said the Election Commission of India has deployed 853 companies of paramilitary troopers in the poll-bound areas to ensure security.

Elections in the state would be completed in eight phases and the last phase is scheduled on April 29.

India’s ruling Bharatiya Janata Party (BJP) wants to unseat the local All India Trinamool Congress (TMC) in West Bengal. Both parties have been engaged in a tough fight for the electoral battle in the state.

The counting of votes is scheduled for May 2.

Leaders grapple with core function of SOEs

April 18, 2021 by www.vir.com.vn

Leaders grapple with core function of SOEs

Despite major phases of attempted reform, state-owned enterprises (SOEs) continue to exist in large numbers and have grown in global economic significance in recent years.

In many countries, reform efforts are often never completed or are wound back. In addition, countries with a large state enterprise presence – such as Brazil, China, India, South Korea, and some countries in Southeast Asia – have grown dramatically in the past few decades.

Consequently, the proportion of SOEs among the Fortune Global 500 list grew from 9 per cent to 23 per cent between 2005 and 2014 alone, and the most profitable company worldwide in 2019 – Saudi Arabia’s Aramco – is an SOE and not a private company like Apple or Amazon. And in some sectors, such as energy, SOEs account for a bigger portion of the sector than private corporations.

In Vietnam, the economy has witnessed major structural changes in recent decades, using private investment and trade as drivers of growth. After Vietnam joined the World Trade Organization in 2007, registered foreign direct investment increased substantially with net inflows hitting $28.53 billion in 2019. Compared to portfolio investments like bonds, such funding is a more stable and long-term form of inward capital.

But according to Southeast Asian trade and economic development expert James Guild, Vietnam’s success with foreign investment and trade is only one part of a bigger story. For many years the state has been trying to reverse direct ownership in various sectors, with efforts that have been critical to Vietnam’s market-friendly development model.

Yet, Guild said, the state’s track record of divesting from key industries has been a case of two steps forward and one step back.

“Compared to Indonesia, where many state-owned assets were sold off in a fire sale to raise capital during the Asian financial crisis, Vietnam has proceeded more methodically and gradually,” he explained. “It first converts state-owned companies into joint-stock companies where the state remains the sole or majority shareholder.”

After that, there begins a lengthy process of gradually selling some shares. “It is not a process designed for speed,” he said.

Plagued by mismanagement

A turning point was expected in 2017 for the state’s divestment efforts as a list of 375 firms was finalised for equitisation by 2020, and was headlined at by Thai drink giant ThaiBev acquiring 54 per cent in major beer company SABECO. Previously owned by the Ministry of Trade and Industry, the investment was valued at $4.8 billion with the hopes it would kick off a slew of SOEs making it big on the stock market.

The dream nevertheless failed to materialise. As 2020 came to a close, only 37 of the 179 SOEs that had their schemes approved actually carried out the plans. According to Guild, this is due partly to cumbersome procedural requirements and partly to vested interests within the state. In other cases, SOEs have simply been badly run and hold little market appeal.

But the same can be said for other countries when it comes to reform over the years. For example, Indonesia’s massive SOE sector has long been beset by corruption and mismanagement. The sheer number of state firms has spiralled out of control, with 142 state firms creating another 800 or so subsidiaries – and nobody seems to know the exact number, according to global risk management group Risk Advisory.

But while the pandemic has slowed the pace of change, the country’s reform plan now appears to be making tangible progress, Risk Advisory noted. The first step was removing underperforming directors, reducing the size of boards, and promoting reform-minded individuals.

The Indonesian government also pledged policies to strengthen the quality of management, while ditching a large number of inefficient SOEs and subsidiaries. Last year a series of SOE mergers or liquidations resulted in a reduction from 142 to 107. The country plans to go further still, reducing the number to 70.

Elsewhere, in countries like Thailand and Malaysia, active plans for regulatory reforms may not successfully fulfil the aims in terms of the efficiency of SOEs, with challenges being faced regarding the political economy, regulatory barriers for sectoral restructure, and regulatory intervention approaches in both countries. This is according to a paper on SOE reform in the two nations released last year by the Asian Development Bank Institute (ADBI).

Writing for non-profit organisation the Asia Society, graduate fellow of Stanford University Arjuna Dibley explained that historically, SOEs were created to respond to major economic shocks like the Great Depression and oil issues in the 1970s, as well as geopolitical shocks like war.

“These government-owned companies went out of fashion in Western liberal democracies in the 1970s, as politicians sought to shrink the size of government,” Dibley said. “In Asia, where SOEs were particularly prevalent, multilateral financial institutions such as the World Bank and the International Monetary Fund began to encourage privatisation too.”

The ADBI paper explained that patterns can be seen from the early days of reform across many countries. In the initial stage of reform, countries paid more attention to privatisation in the form of increasing efficiency of SOEs. This was initially prevalent in the UK, and others adopted policy in the UK’s footsteps, especially elsewhere in Europe.

Overlapping ambitions

However, policy on privatisation was later transformed to liberalisation. The aim of its adoption was to ensure that new enterprises were able to enter the market, which had previously been monopolised by the SOEs. The trend of liberalisation tended to mix with privatisation during the period of 1990‒2010.

“Privatisation of the infrastructure of SOEs is a policy dealing with ownership rather than control. In contrast, the liberalisation policy aims to facilitate further improvements in performance compared to privatisation alone,” the report explained.

Overlapping from 2000 up to the present day, reforms of SOEs have mostly maintained their path of liberalisation directed at a restructuring towards market competition.

The ADBI paper notes that regulatory frameworks for equitisation were an important initial step in both Thailand and Malaysia for building up possible changes in the energy, telecommunication, and airlines sectors in particular, and this plays a part in the recommendations it offered for SOE reform that could be applied to nations such as Vietnam in many areas. The recommendations include establishing regulatory frameworks; involving public scrutiny; use of regulatory impact assessments; ensuring a fair level playing field for all market participants; and removal of mismanagement.

“The experience from Thailand and Malaysia shows that SOEs remain vital economic entities under socioeconomic development. However, SOEs also undermine economic efficiency with their uncompetitive circumstances. Reforms should focus on building up market competition, which indirectly forces SOEs to improve their operation towards efficiency,” the paper concluded.

For Vietnam in particular, expert Guild noted that its path towards a more liberal and market-friendly economy has lurched forward in fits and starts, with its dreams only partially realised. But the economic structure is nevertheless gradually shifting away from state ownership, especially in competitive sectors like textiles and retail. “While the state may only partially, if ever, relinquish its hold on sectors such as energy and telecommunications, the overall effect has been to signal that Vietnam is open for business,” Guild said.

By Quang Bao

Vaccine passports just the beginning

April 18, 2021 by vietnamnews.vn

by Nguyễn Mỹ Hà

Much has been said and written about vaccine passports around the world and in Việt Nam too, with the new Minister of Culture, Sports and Tourism being interviewed on the subject by vnexpress.net , the country’s most-read online news site.

“Vaccine passports will be key to us opening our doors,” Minister Nguyễn Văn Hùng was quoted as saying. His top priority for now, though, is promoting domestic travel, and he suggested that the government allow international tourists to visit certain destinations.

“Has this been carefully considered?” asked a Western-trained virologist who preferred to remain anonymous. “Have they read the news? All countries are implementing new restrictions in anticipation of a new wave of the pandemic. Look at India, Europe, and the US.”

The New York Times ran a video clip showing police in Brussels firing water cannons at crowds of people gathered peacefully in public parks on April Fool’s Day, just over a week ago. While viewers denounced the brutal policing of regular citizens, who were only trying to enjoy some sunshine after a year of pandemic and lockdowns, there is also a brutal truth to be recognised: COVID is a killer and social distancing is no joke.

As the Minister of Culture, Sports and Tourism, Hùng oversees not only cultural issues but also travel restrictions and regulations as well as tourism promotional campaigns; quite a challenging task during these troublesome days.

“Tourism is a difficult issue at the moment, with the pandemic resulting in heavy losses being posted across the board,” he said. “Our approach must be carefully calculated. We need to weigh up all domestic tourism solutions, promotional packages, and tourism products, and be ready to welcome international visitors when circumstances permit.”

Since Việt Nam shut its borders in the early months of 2020, the number of international visitors has reached just 3.7 million, representing a hefty fall of 80 per cent compared to the previous year.

International commercial flights were also suspended, so those arriving on our shores over the last year or so have been experts, high-tech workers, and investors with existing projects in the country.

There were 56 million domestic tourists travelling around the country last year, who spent a total of VNĐ312,000 billion (US$14 billion), which was still down by about $19 billion compared to 2019.

Somewhere between 40 and 60 per cent of tourism workers lost their jobs or saw their hours cut, while 95 per cent of international tour companies closed their doors. Room occupancy at hotels fell to between 5 and 15 per cent.

There were some dark days in 2020, but because Việt Nam was able to exert control over the virus, domestic tourism was in a position to slowly come back to life, with local people travelling to destinations such as Đà Nẵng, Quảng Ninh, Đà Lạt, Nha Trang, and, last but not least, Phú Quốc Island.

Regarding international visitors, Hùng said that “We need to carefully prepare pilot programmes and select certain tourism products and markets to put vaccine passports into use, so that we can host visitors while ensuring safety.”

“Why the hurry?” the virologist pressed. “Taxpayer money should go to help those who lost their jobs. Social distancing in Việt Nam worked, and we have not seen people dying in large numbers. But if we let visitors in, even after they’ve been vaccinated, they could still pose a threat to the community.”

The virologist was right, though his criticism is nonetheless hard to swallow. It’s true that even those vaccinated can be a threat, and many nearby countries have been marked by a lack of pandemic control. Việt Nam is already wide open in some respects, with viruses and disease entering through leaky borders.

Still, we undoubtedly need to hear from experts voicing concern about matters of public health.

The minister went on to say that Việt Nam should be ready to welcome visitors from countries that have been proven to have brought the pandemic under control or those who have vaccinated their populations and reached herd immunity. Destinations in Việt Nam will be restricted to compounds and resorts, where people coming in and out can be monitored, while all must follow each and every health procedure during their visit.

He called on the government to give early consideration to welcoming international visitors. With proper regulations in place that are implemented fully and without exception, international visitors would give a much-needed boost to the economy and create or restore jobs in the tourism sector.

“We are well aware that if the government is not kept abreast of developments, then Việt Nam may be late to the game in terms of opening its doors to international visitors,” Hùng said. “But any proposals must take a safe and reliable path, with pilot programmes being a necessity.”

He also said that destinations would be checked and reviewed under the direction of the government and the National Steering Committee for COVID-19 Prevention and Control, to ensure the success of pilot programmes before they are introduced elsewhere.

“We need to stay a step ahead regarding the return of international tourism, especially by having people in the service sector vaccinated,” he added.

Welcoming international tourists is an ambitious plan, and one that would need concerted efforts from the Ministry of Health in checking all who arrive. It would involve all prospective visitors being vaccinated and testing negative to a realtime-PCR kit. They will also need to respect Việt Nam’s health regulations and stay within locations defined by health authorities.

For example, visitors to Phú Quốc Island could move between designated locations on the island or remain only on the island. The truth is, people who have been vaccinated can still carry the virus, and so can spread it in the community.

We call such measures a “Green Fence”, and international visitors must stay behind this green fence. Much has been done already. The Việt Nam National Administration of Tourism has begun to work with relevant government agencies and is to report to the government between now and the end of the month on all matters deemed relevant.

“The vaccines developed by Pfizer, AstraZeneca and Spunik V all have a certain degree of risk,” the virologist pointed out. “And vaccines can only help prevent a pandemic, not quench a pandemic raging out of control. Look at how many people were infected after being vaccinated. Look at how Chinese officials readily accepted that their Sinovac vaccine was only 50 per cent safe! Only accurate scientific knowledge can help governments identify and adopt policies that save lives.”

More than 60,000 health staff in Việt Nam have been vaccinated, and they are still being monitored closely for any unexpected symptoms. If our health workers become infected, then treating patients becomes truly problematic. They are the ones we all rely on.

“Have you been vaccinated?” I asked a close friend who lives near Brussels but who doesn’t work in the health sector.

“I will have to,” she replied. “If I don’t, I can’t go to Việt Nam. Every medication has side-effects. Have you heard of vaccine passports?” VNS

Old Da Lat monasteries get second life

April 17, 2021 by vietnamnet.vn

The Central Highlands city of Da Lat is famous for its cool climate, pine-scented air and mountain views. Often referred to as a “city in a forest”, “fog city” or “city of flowers”, it is also home to many old religious buildings.

A redemptorist monastery with a typical French colonial architecture that is one of the ancient religious buildings in Da Lat.

Most of them were built during the French colonial period after the French founded the city as a resort town to get away from the humid, hot climate in the south.

Monasteries with arched windows and balconies with large glass doors are European in design, but are also in harmony with the gentle rhythm of the city.

Some monasteries are still places of prayer, while the rest have been assigned to state units for maintenance and repair or have been changed to become tourist attractions.

New life

The most typical of these is the Redemptorist monastery, which is now being used as a biological museum managed by the Tay Nguyen (Central Highlands) Biological Institute.

The former monastery, built in 1952, is located in the middle of a pine forest on Tung Lam Hill, seven kilometres from Da Lat.

The building was constructed with the typical symmetrical French architecture. At the centre of the building stands a cross with the Latin inscription “Copiosa Apud Eum Redemptio”, often translated as “With Him is plentiful Redemption”.

The monastery is built of solid stone. Each wall and brick is imprinted with time and from the back of the building, you can see a panoramic view of the city.

At the time of its construction, the monastery was only the second stone Catholic building in the country after Phat Diẹm Church in the northern province of Ninh Binh.

It served as a place for Redemptorists, a Catholic congregation of missionaries, to worship and fulfill their missions.

Walking inside the monastery you can see classrooms arranged side by side along the corridors of the building.

The building consists of five floors with 120 rooms. The second floor now serves as the biology museum, which has seven display rooms and six storage rooms. Each room is divided into areas for displays of stuffed mammals, birds, reptiles, plants and others.

The collection of the museum includes 58 species of animals, including 38 rare species listed in Vietnam’s Red Book.

The former Redemptorist monastery now serves as a biology museum with seven display rooms of stuffed mammals, birds, reptiles, plants and others. VNS Photo Xuan Dang

Thanks to the beauty of the monastery, it imparts a nostalgic and mysterious feeling. It seems that at any angle or location in the monastery is a wonderful scene for a photo.

“This is my first time visiting this place. I’m very impressed with the architecture. I also took some great photos here with my family. It’s good to see that abandoned monasteries like this are maintained and used as a tourist destination,” Phuong Thanh, 21, a tourist from Nha Trang City, told Việt Nam News.

The architecture of the monastery impresses visitors. VNS Photo Xuan Dang

Hidden gem

Some old monasteries in Da Lat with significant architectural values have been repaired to change their purpose of use.

An abandoned monastery located between Tran Quang Dieu and Hung Vuong streets is one.

The dirt path leading to the monastery makes it quite a hidden gem. Located in the north of the city and covering more than seven hectares, the chapel and residential quarters of the Franciscan monastery sit on a hill about 7 kilometres from the city centre.

For years, the iconic chapel has been an inspiration for Vietnamese artists and photographers, appearing in countless works of art.

An abandoned Franciscan monastery is one of the oldest and most valuable religious buildings in Da Lat. Photo Baolamdong.vn

Le Tu, head of Lam Dong Province’s Association of Architects, said that even though the monastery is not classified as a heritage, architects appreciate it for its historic architectural value.

The monastery complex was designed by French architects Alexandre Leonard and Paul Veysseyre in the late 1930s and early 1940s, marking the onset of Benedictine missionaries from the West making their way to Vietnam.

The architectural style of the chapel has a combination of the West and East with an Eastern-style tiled roof, and windows and main door bearing the typical Western Gothic architecture.

In 1954, the missionaries left the complex in the hands of Franciscan nuns before moving to Hue in the central region to set up the Thien An Monastery.

In the following years, the nuns enlisted the help of Vietnamese architect Pham Khanh Chu to design additional classrooms behind the existing complex, known as the Viet Nu Commercial School, in 1969.

In 1979, the seven-hectare complex was handed over to the government. It was eventually abandoned for several years before becoming the campus for the HCM City University of Architecture in Da Lat.

At one point, nearly 20 families illegally occupied the chapel but were eventually moved out by local authorities.

Restoration plan

The complex is now under restoration to become a campus of the HCM City University of Architecture.

The project, co-headed by Huy Hoang Company and the university, started by the end of February.

The former ancient monastery is currently under restoration. VNS Photo Xuan Dang

A representative of HCM City University of Architecture told Tuổi Trẻ (Youth) newspaper that the university has plans to restore the site.

“We see the complex as a meaningful and valuable heritage site. Restoration costs are much more than rebuilding, but we must protect this significant landmark.”

Associate Professor Le Van Thuong, rector of the university, said the chapel area and the dorm for monks will be preserved in their original state. Damaged parts such as doors and the roof will be repaired or replaced but will be consistent with the overall structure.

“We will keep the original architecture and materials of the building as much as possible. Only damaged and deteriorated places will be replaced with new materials. The paint will be the original colours,” Thuong said.

When the work is completed, the chapel will become the university hall, while the dormitory area of the monastery will remain as the residential function. The classroom area will become a lecture hall for students, Thuong said.

Ninh Viet Anh, teacher at HCM City University of Architecture, said that for works with historical architectural significance, conservation must be carefully considered.

With conservation projects such as these, the city can keep its unique architectural features from the French colonial period and continue to be a popular tourist destination.

VNS