Why mindfulness is important to develop cultural intelligence
The event will take place from April 14 to 18 at the tennis courts of the provincial Party Committee and the Bank for Agriculture and Rural Development – Dak Nong branch.
The tournament is seen as an opportunity for the Vietnam Tennis Federation to select hopefuls for the national tennis team to participate in the upcoming Sea Games 31 in Bac Ninh province, as well as in international and national tournaments.
More than 80 tennis players from 11 clubs across the country will compete in the tournament.
The event also saw the participation of Vietnamese tennis star Ly Hoang Nam – the player who was sponsored by PV GAS.
With a total prize value of up to VND 150 million, the male and female winners will receive VND 40 million and VND 30 million, respectively.
Moreover, the matches of the tournament and the opening and closing ceremonies will be broadcast live on national and local television channels.
Translated by Chung Anh
Vicostone Joint Stock Company, member of Phenikaa Group, is targeting 20.1 per cent and 15.1 per cent in net revenue and pre-tax profit respectively to nearly VND6.8 trillion (US$292 million) and VND1.9 trillion ($83 million) in 2021.
These figures were announced at the company’s Annual General Shareholders’ Meeting 2021 held in the capital late last week. The shareholders attending the meeting hold more than 143 million shares, representing 89.64 per cent of the total voting shares.
The company will focus on enhancing research and development activities to create new products, improving market competitiveness based on the advantage in science and technology while expanding production and better control expenses.
Top priority will also be given to connecting other members in the Phenikaa Ecosystem for added values and benefit and broadening the culture and values as well as balancing the interests among all stakeholders.
Vicostone earned VND5.66 trillion worth of total net revenue and VND1.67 trillion worth of pre-tax profit tax in 2020.
Last year, it sought further penetration in new markets in addition to existing ones such as North America, Europe and Asia. The exploration of new markets helped strengthen the presence of Vicostone in more than 50 markets across the world.
In 2020, Vicostone became the third largest engineered countertop supplier to the global market, according to the US research firm Freedonia, and that was a strong confirmation and recognition of VICOSTONE® in both domestic and international markets.
Thanks to the postive business performance, Vicostone planned to distribute a 40 per cent dividend for 2020, including cash and bonus shares, to fulfill its commitment to the shareholders. — VNS
|Fresh CEO rush shakes up Vietnam’s banking arena, photo Le Toan|
In February, Shinhan Bank Vietnam named Lee Taekyung, former CEO of Shinhan Bank Cambodia, as new CEO of the local franchise. With 29 years of experience under his belt, Taekyung has been in charge of various positions of strategy, planning, risk management, and marketing, among others.
He previously took the helm as head of the Global Business Division of Shinhan Bank Korea and gained working experience at Shinhan Bank America and Shinhan Bank Cambodia. In the latter, Taekyung doubled the size of the bank, including assets, profits, the number of branches, and employees in just two years.
“In the ever-evolving financial landscape, customers’ needs will change quickly. We must be a bank that keeps pace with customer changes with customer-oriented value as the top priority,” he noted. “Vietnam is the most important country globally for Shinhan Financial Group, and we sincerely appreciate all of the customers. Shinhan Bank Vietnam will continue to expand corporate social responsibility activities in Vietnam and contribute more to society.”
Standard Chartered Vietnam also appointed a new CEO in February. Michele Wee, a seasoned banker with over 25 years of industry experience, joined Standard Chartered in 2011 as global head of E-commerce Sales to build a business distribution channel for the bank’s Financial Markets (FM) clients.
Prior to her appointment as CEO in this country, she was the head of FM for Singapore, Australia, and Brunei, in which she was responsible for the development and execution of these markets’ FM strategy.
“Vietnam is an important market for our global network with significant opportunities to develop our businesses with universal banking capabilities. My key focus will be on providing valuable support and benefits to our clients, regulators, and the communities, building on our unrivalled local knowledge and international expertise,” Wee said.
She takes over the reins from Nirukt Sapru who was appointed as CEO for Vietnam, Laos, and Cambodia in 2013, and in 2015 took on the expanded role as the regional CEO for ASEAN and South Asia cluster markets including Australia, Brunei, Nepal, the Philippines, and Sri Lanka.
Last year, the Vietnamese subsidiary of Deutsche Bank appointed Huynh Buu Quang, former CEO of Maritime Bank (MSB), as its acting CEO. Quang had served as the CEO of locally-invested bank MSB for four years. He has 25 years of experience in the banking and financial sector and had previously held senior positions at HSBC.
Deutsche Bank’s Asia-Pacific CEO Alexander von zur Muehlen said, “With Vietnam a key growth market for our bank in ASEAN, we are delighted to have an individual of Quang’s calibre and experience leading the next phase in the expansion of the local franchise.”
In the region, Deutsche Bank AG has a long track record in providing corporate finance and advisory solutions to Vietnamese corporates, leading a number of notable capital market transactions. The bank’s expertise in loans and structured finance is also well known. Since 2017, Deutsche Bank has raised more than $1 billion in debt, loan and equity capital annually for Vietnamese corporates. The German lender confirmed its commitment in Vietnam to support higher trade flows from Europe, which are expected to increase following the recently ratified EU-Vietnam Free Trade Agreement.
Specifically, major Thai bank Kasikornbank received approval from the State Bank of Vietnam to open its Ho Chi Minh City branch in February. Kasikornbank aims to serve Thai business customers and clients of all shapes and sizes who have invested in Vietnam, as well as local retail customers. It targets lending of 10 billion baht ($318 million) in its first year of operation while also investing in startups with the aim of scouting advanced digital technologies for increased business opportunities.
“Kasikornbank has used the knowledge gained from services offered at its two representative offices in Hanoi and Ho Chi Minh City in order to upgrade the representative office in Ho Chi Minh City to a bank branch. It will focus on offering services to Thai, Chinese, Japanese, and South Korean companies wishing to expand their businesses in Vietnam for international trade and investment, as well as local entrepreneurs, especially those conducting business with Thai corporate customers of Kasikornbank,” the bank stated.
Elsewhere, Mizuho Financial Group, one of Japan’s largest financial groups, appointed managing executive officer of its banking unit Masahiko Katoas the new CEO of the bank in February.
By Celine Luu
|Chubb Life Vietnam always stands ready to provide timely and practical support to the community|
Since opening its first office in the country in 2005, Chubb Life Vietnam has focused on creating a positive impact and sustainable development for the communities in which it operates. The company now employs over 40,000 employees and agents, in over 140 offices across Vietnam and makes an important contribution to the development of the country’s education system.
To date, Chubb Life Vietnam and the Chubb Charitable Foundation have contributed over VND30 billion ($1.3 million) to the construction of nine new schools in Central Vietnam. The company has also funded new educational equipment to schools and awarded scholarships to support thousands of underprivileged students in their schooling.
|To date, Chubb Life Vietnam and the Chubb Charitable Foundation have contributed over VND30 billion ($1.3 million) to the construction of nine new schools in Central Vietnam.|
“We are proud to receive the Certificate of Merit from the Minister of Education and Training of Vietnam as part of our continuous effort to support the communities we live and work in,” said Lam Hai Tuan, chairman and country president of Chubb Life Vietnam. “With our goal of sustainable development, Chubb Life Vietnam not only focuses on maintaining exceptional business performance but also strives to create long-term value for our customers and their communities. This award is a great recognition and encouragement to our employees’ unwavering effort to support Vietnam’s future generation.”
Lam Hai Tuan added: “I want to take this opportunity to thank the Ministry for their support and recognition of our work helping to ensure a brighter future for the younger generation.”
Chubb Life Vietnam always stands ready to provide timely and practical support to the community. When a series of rainstorms hit Vietnam’s central region in October 2020, the company donated 15,000 warm coats to children in the affected area through the “Chubb Life Vietnam – Am Tinh Mien Trung ” initiative. Not only did this provide much needed material aid, but it also comforted students and allowed them to get back to their study with ease.
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance to a diverse group of clients.
Chubb Life is the international life insurance division of Chubb. In Vietnam since 2005, Chubb Life launched its fund management company (Chubb Life Fund Management Co., Ltd.) in 2013. The company offers a range of life protection, health, savings, and investment-linked insurance solutions through its agents and its wide network of offices.
By Anh Duc
According to the Ministry of Industry and Trade, in the first two months of 2021, the export value of nine groups of products exceeded US$1 billion each, accounting for 73.8 percent of Vietnam’s total export value. Of these, the export value of phones and components reached US$9.3 billion, accounting for 19.2 percent of the total, a year-on-year increase of 22.8 percent.
Computers, electronic and optical products also significantly contributed to export growth. In the first two months of 2021, the production index of these products grew 21.2 percent compared with the same period last year. The manufacturing of communication devices, mostly phones and components, grew 22.9 percent. Specifically, 35 million mobile phones were manufactured, up 1.2 percent; phone component production reached VND95.4 trillion, up 55.7 percent. Major export markets of these products include the EU, the US, and China. Exports to China in the first two months of this year reached nearly US$2.5 billion, a year-on-year increase of 103.9 percent.
In 2010, phones and components accounted for 3.2 percent of Vietnam’s total export value. This increased six-fold to 19.5 percent in 2016 and has been maintained around 20 percent since then. In the first two months of 2021, these products topped the list of Vietnam’s exports to the United Arab Emirates (UAE), with value reaching US$551 million, a year-on-year increase of nearly 108 percent, accounting for two thirds of total export value.
|Mobile phone manufacturing at VinSmart|
Opening way for domestic firms?
Foreign investment in Vietnam in manufacturing phones and components has been increasing. While Apple’s major suppliers such as Foxcon, Luxshare, GoerTek, and Compal already have factories in Vietnam, the mobile giant keeps encouraging its suppliers to shift manufacturing from China.
The export value of Samsung’s phones and components grew sharply in the first two months of 2021. By the end of 2020, about 50 Vietnamese companies had become Samsung’s tier-1 suppliers. However, foreign firms keep importing input components for phone manufacturing in Vietnam.
In the first two months of this year, Vietnam imported US$3.64 billion worth of phones and components, a year-on-year increase of 74.6 percent. Domestic companies are expected to contribute to a resurgence in phone and component exports.
Do Thi Thuy Huong, member of the Executive Board of the Vietnam Electronic Industries Association, said that in the post-Covid-19 period, additional electronics companies with foreign direct investment (FDI) will move their manufacturing facilities to Vietnam, creating opportunities for Vietnamese businesses to supply them with components and accessories. “We want FDI projects in the electronics sector to create breakthroughs for Vietnamese companies to create domestic value added in exports to benefit Vietnamese consumers,” she said.
In February 2021, VinSmart, a member of Vingroup, launched three made-in-Vietnam smart phone models on the website of the leading US conglomerate AT&T. This development has encouraged Vietnamese companies to invest in manufacturing phones and components for export and boosted their confidence in their global competitiveness. Nguyen Thi Hong, General Director of the Mobile Division of the VinSmart Research and Manufacture Joint Stock Company, said that in 2021, VinSmart will concentrate on creating high-quality products for sale to the US market.
|Economists forecast global consumption of mobile phones will grow well in 2021 and until 2024.|