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The Czech Republic last week joined Germany and Spain in denying new visas related to Vietnam’s new passport, with all three citing a lack of birthplace information. They said the new passport model does not meet the technical standards of International Civil Aviation Organization (ICAO) parameters. Outbound tours to Europe rocked by passport tangle, illustration photo “The Czech Republic agrees with other member states of the EU and will stop recognising the new passports. The decision is effective from this moment,” said a notice posted on the website of the Czech Embassy in Vietnam on August 2. The moves have damaged the plans of some travellers who had already booked tours with specialised travel agents. Nguyen Van Tai, director of Vietsense Travel, told VIR that the company has cancelled the tours of five customers who bought tickets to visit Eastern Europe in September. “The company has been heavily affected, losing hundreds of millions of VND (equivalent to … [Read more...] about Outbound tours to Europe rocked by passport tangle

Vietcombank’s consumer credit balance alone climbed by 14.6 per cent at the end of June. Including existing bond investments, the bank’s loan growth is projected at about 14.4 per cent, well surpassing the central bank’s (SBV) temporary 10 per cent cap. Squeeze in allotted credit room for commercial banks, source: TNCK Likewise, MBBank’s parent bank’s individual increase in client loans was 14.25 per cent at the end of June, which is close to the 15 per cent credit ceiling set by the SBV. However, as MB is rumoured to be a potential acquirer of one of three struggling local institutions, the bank is likely to be awarded a greater credit limit thanks to any deal. Over the same time, customer loan growth at ACB surpassed 9.8 per cent, although the rise in total credit outstanding for the whole year was just 10 per cent. Vietcombank’s deputy general director Nguyen Thanh Tung said that the bank was temporarily given a credit growth limit of 10 per cent this year, but … [Read more...] about Squeeze in allotted credit room for commercial banks

The eighth edition of the biennial World Cities Summit returned to a fully in-person conference format at the Sands Expo and Convention Centre in Marina Bay Sands after a largely virtual summit last time out. At the event, numerous examples were outlined of global cities responding to urban challenges in terms of how to be more resilient, sustainable, and cohesive. The theme of this year’s summit, “Liveable and Sustainable Cities: Emerging Stronger”, was crafted to reflect the urgent and important imperative that economic growth can no longer be pursued at the expense of climate change and environmental degradation. Maimunah Mohd Sharif, executive director of the UN Human Settlements Programme said at the summit that the world has had enough policies, strategies, and innovations. “What we are lacking are actions and we need to act now. This is the time to support multilateralism,” Sharif said. “The pandemic woke us up to really look at the design and focus on housing, climate … [Read more...] about Building cities fit for human needs

Clevai, a Vietnamese after-school tutoring platform for K-12 students, last month was the first edtech startup in Vietnam to be selected as an emerging giant in Asia-Pacific 2022 by HSBC and KPMG, based on estimated company value, total venture capital received, and future growth potential. The joint report highlighted 10 emerging giants in Vietnam that will make a lasting impact on the regional and global landscape over the next decade. Last September, Clevai raised $2.1 million in a pre-Series A funding round led by Singapore-based Altara Ventures. In the same year, English-learning platform Educa raised $2 million from Redefine Capital Fund. After-school learning app Marathon also reported securing $1.5 million in pre-seed from numerous funds and angel investors, including Singapore’s Forge Ventures. Educational cooperation has always been one of the highlights of the relationship between the two countries, with active participation from both the private and public … [Read more...] about Education investment dips increasingly into edtech

BM PLASCO is the only group in the sector of building materials specialising in plastic pipes and plastic pipe fittings to be included in this year's list. This is a remarkable milestone for the company's 45-year effort, manifesting its relentless commitment to creating a better living environment for Vietnamese people through sustainable approaches. Top 50 Listed Firms is a prestigious award by Forbes Vietnam magazine, in which 50 companies listed on Ho Chi Minh Stock Exchange and Hanoi Stock Exchange have been selected based on a ranking methodology from Forbes US. The award assesses the firm’s performance over five years – from 2016 to 2021 – in the aspects of both financial achievement and sustainability. While facing many challenges such as the pandemic, rising material costs, and the global downturn, BM PLASCO has successfully stabilised its operations and developed steadily. In 2021, the company achieved revenue of $192.4 million and a profit of around $9.2 million. In … [Read more...] about Binh Minh Plastics honoured by Forbes Vietnam

More Vietnamese businesses understand the importance of digital transformation. What are your observations on the current digital landscape? Dwayne Ong, founder and CEO of Singaporean certification body CASUGOL It is heartening to see that more small- and medium-sized enterprises (SMEs) in Vietnam has started adopting digital solutions in their businesses and serve their customers. This covers digital payments, creating online presence, and using data to customise products/services to enhance customer experience. Recent research has also shown that the number of Vietnamese connected to the internet has also increased to nearly 85 per cent. However, the majority of the digital transformation initiatives are largely congregated in major cities like Hanoi, Danang, and Ho Chi Minh City. With over 90 per cent of businesses in Vietnam made up of SMEs and micro-businesses, there are still a lot of opportunities to improve digital adoption among them. The main challenge that … [Read more...] about The key challenges ahead for a digital economic boom