Plastics industry confident of achieving 3.2 billion USD export target The local plastic industry, with solid growth in shipments, will surely meet its yearly export target of 3.2 billion USD, according to the Vietnam Plastics Association. According to Ho Duc Lam, its chairman, said exports saw impressive growth last year to 3 billion USD while overall revenues jumped to 12 billion USD. “Exports in the first nine months of the year increased by 5 percent and will continue to enjoy good growth in the rest months of the year. “The US-China trade war has offered opportunities to Vietnamese plastics firms to boost exports.” According to the association, exports go to more than 150 countries and territories, with the US and Japan being key markets. In the domestic market, some industries, even those such as aerospace which use high-grade materials, are shifting to plastic products, and as a result sales have grown rapidly, Lam said. Locally-made plastic products are … [Read more...] about VIETNAM BUSINESS NEWS HEADLINES OCTOBER 16
Small business struggle
All banks in the country have to adopt the standard version of Basel II and then switch to the advanced version by 2025. — Photo baokiemtoannhanuoc.vn In 2016 the State Bank set a deadline of January 1, 2020, for 17 banks to meet Basel II norms under a national banking sector development strategy. Also, by 2025 all banks in the country have to adopt the standard version of Basel II and then switch to the advanced version. Basel II is the second edition of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on banking supervision. It comprises minimum capital requirements, supervisory review and market discipline to enhance competition and transparency in the banking system and make banks more resistant to market changes. Basel II requires banks to have a capital adequacy ratio (CAR) of at least 8 per cent. However, the SBV has allowed 10 banks to adopt Basel II standards earlier than the 2020 deadline. They are Joint Stock … [Read more...] about Basel II deadline rapidly approaching, are banks on course to meet norms?
A number of high-profile tourism and ecotourism projects have transformed some of the country’s most famous tourism destinations. As a result, many local people, who previously struggled to make ends met, are also thriving. Madam Dưỡng The steady rise of Đà Nẵng Twenty years ago, the Hàn River, which runs through the heart of Đà Nẵng, separated the rich from the poor. The city’s ramshackle neighbourhoods were clearly visible along the eastern riverbank, where Mrs. Lai runs her hugely popular Bánh Xèo Bà Dưỡng (Madam Dưỡng's Bánh Xèo). “In 1980s and 1990s, there was nothing much to do in Đà Nẵng. Even at the turn of the century, the greatest joy for many residents was to cross the bridge over the Hàn river. On weekends, some families would go for a picnic to the top of Ba Na Mountain by the some old ruined French … [Read more...] about Local communities flourish in Vietnam’s leading tourism destinations
TREAD CAREFULLY: Nguyễn Văn Phúng is pictured with a clock tower made from discarded tyres. — Photo danviet.vn Lương Thu Hương A castle made from discarded tyres? One might find it hard to believe, but that’s what an old man in the central province of Khánh Hòa is trying to finish by the end of this year. Nguyễn Văn Phúng, 58, from Phước Đồng Commune has also turned the used car and bike tyres into hundreds of works of art and furniture, which wow visitors to his house, like fashionable dresses, decorative clocks, belts or even bonsai trees. As the creator of over 500 products made from discarded tyres, he has recently been granted with Việt Nam Book of Records’ certificate of possessing the biggest collection of products made from used tyres in Việt Nam. Phúng said he used to work removing big tyres and recycling them into tyres for … [Read more...] about Artist never gets tired of tyres
Tùng poses for a photo with his prize after his performance in Salzburg. By Nguyễn Bình For many parents, introducing their children to the piano at a young age is a chance for their children to begin to learn about music. Most parents hope their kids will be able to enjoy classical music when they are older, but few can expect their children to embrace music as fully as Nguyễn Sơn Tùng. He may still be a few months away from his sixth birthday, but little Tùng has already participated in four international competitions this year, including the American Protégé Spring International Music Talent Competition, the Berlin Grand Fix International Online Music Competition Stars, the Salzburg Grand Prize Virtuoso in Austria, and the Amsterdam Grand Prize Virtuoso in the Netherlands. The American Protégé Music Talent Competition is one of the most … [Read more...] about So young, yet so successful