Sacombank cuts interest rate by up to 2 percentage points on loans to individual and corporate customers directly affected by storms and floods as a measure to support them. — Photo courtesy of the bank

HCM CITY — Sacombank will cut interest by up to 2 percentage points this year on existing and new loans to individual and corporate customers directly affected by storms and floods as a measure to support them.

It has also cut service fees by 50 per cent and waived early repayment penalty interest.

The recent typhoon Yagi and its aftermath have caused severe damage in many places in the north, impacting the livelihoods and business activities of thousands.

“The bank has instructed branches and transaction offices in the northern, central and Central Highlands regions to proactively review, assess and report the extent of damages and propose support measures to alleviate the difficulties of borrowers,” a Sacombank spokesperson said.

The lender had earlier donated relief goods worth VNĐ500 million (US$20,328) to people in Lào Cai and Thái Nguyên provinces and contributed another VNĐ500 million to a charity programme Tuổi Trẻ newspaper is running to provide relief to people affected by the storm.

Its trade union has called on all employees to make voluntary donations for the affected people. The funds collected from them will be handed over to the Vietnam Fatherland Front Committee in HCM City.— VNS

Source: Vietnam News/ Vietnam Insider

Many traders join the Shopee Enables SMEs programme to improve their skills in doing e-commerce. — Photo Courtesy Shopee Vietnam

HCM CITY — E-commerce company Shopee has launched a corporate social responsibility initiative called “Shopee Enables SMEs” to support micro, small, and medium-sized enterprises (MSMEs) in Việt Nam. 

The programme, carried out in collaboration with the Việt Nam E-commerce Association (VECOM), aims to engage 100,000 MSMEs by enhancing their e-commerce capabilities and implementing e-commerce applications. 

It seeks to improve livelihoods through targeted e-commerce skills training and leveraging technology.

The company said “Shopee Enables SMEs” is not a one-time effort but a long-term commitment to advancing Việt Nam’s digital economy and helping businesses grow and contribute to the economy. 

It foresees the programme as a significant step towards achieving Việt Nam’s digital economy objectives and fostering digital cooperation between Việt Nam and Singapore.

Jason Bay, the SEA Limited country head, said: “Instead of charging high fees for third-party training, Shopee and its partners are offering these training sessions for free as we are devoted to serving the underserved and utilising technology to enhance everyone’s lives.”

The first “Shopee Enables SMEs” training course has commenced with the assistance of the Hà Nội Department of Industry and Trade and involved over 200 businesses and 100 students in the city.

Shopee also collaborates with the Government to provide e-commerce training to SMEs, having assisted nearly 10,000 sellers last year through national and provincial workshops. 

Over 90 per cent of products sold on Shopee in Việt Nam originate locally.

More than 350,000 Vietnamese SMEs and 1,000 local brands have received support from the company for expanding into ASEAN markets leveraging its international platform.

In recent years e-commerce has witnessed rapid growth, attracting numerous small enterprises and individual entrepreneurs.

Shopee’s market studies reveal that individual entrepreneurs and MSMEs in Việt Nam encounter various hurdles in navigating and understanding e-commerce, and so training and assistance play a pivotal role in supporting them.

With “Shopee Enables SMEs,” 100,000 businesses across all 63 provinces and cities will acquire fundamental skills and insights to comprehend consumer shopping patterns to help expand. — VNS

Source: Vietnam News/ Vietnam Insider

A yarn production line at Vinatex Hồng Linh Co – a member of Vinatex. — VNA/VNS Photo

HÀ NỘI — Vietnam National Textile and Garment Group (Vinatex) will export its first shipment of fire-resistant fabrics in the latter months of 2024.

This move is a new step in production, escaping the increasingly competitive conventional textile and garment production sector, and expanding opportunities from niche markets, bnews.vn cited Vinatex as saying. 

In March, Vinatex and Coats Group from the UK inked a strategic contract to develop fire-resistant fabrics and garments. Under the contract, Vinatex leveraged Coats’ closed-loop technology process to produce fire-resistant textiles, meeting stringent industry standards.

These fabrics serve sectors such as welding and mining which have great demand for robust protective gear.

Coats, in turn, oversees technology copyrights, product design, and global distribution to ensure competitive offerings. 

CEO of Vinatex Phạm Xuân Trình told bnew.vn that fire-resistant fabrics are one of the key products in the Coats Group’s development strategy in the next five years, so the partner  carefully prepared for product research and development, and taken advantage of the business advantages of this product that Coats had deployed in Mexico and India.

For Vinatex, throughout the past time, the group had focused on developing based on its strengths of the supply chain from fibre, weaving, and dyeing to sewing to meet the demand of all customers globally.  Therefore, the cooperation was established thanks to the strengths of both sides, as well as the scale and potential of the market, Trình said. 

According to experts, the demand for fire-resistant fabrics and clothing has been increasing thus the market potential for these products remains huge. — VNS

Source: Vietnam News/ Vietnam Insider

Kim Min-hyuk (left), head of SK C&C’s global business, and Tran Deuk Chi-kwang, vice president of FPTIS, sign a business agreement at the “2024 Vietnam-Korea Digital Forum” held at Nuri Dream Square in Mapo-gu, Seoul. (Photo: fpt-is.com)

SEOUL — SK C&C, an information technology service provider in the Republic of Korea (RoK), has signed a Memorandum of Understanding (MoU) on cooperation with the FPT Information System (FPT IS) of Việt Nam’s leading IT company FPT Corporation in expanding the global digital Environment – Social – Governance (ESG) business.

Based on the carbon management and monitoring integrated platform ‘Vertzero’, it provides ESG consulting and solutions in Việt Nam.

The two companies plan to develop integrated digital ESG services for global customers. They will share digital ESG answers and technology capabilities to develop customised digital ESG solutions and conduct joint marketing activities.

SK C&C will use its ‘digital carbon passport platform’ to help European manufacturers comply with EU carbon regulations such as the mandatory carbon emissions declaration system, carbon footprint and digital battery passports. The Digital Carbon Passport Platform is a system that automatically generates carbon emissions reports based on actual carbon data and evaluates the environmental impact throughout the life of the product.

FPT IS will supply carbon accounting management software that tracks and manages carbon emissions on a business-by-business basis.

The two companies will also push for SK C&C’s Net Zero Factory, a factory to achieve carbon neutrality, to enter Southeast Asia. It plans to form a joint business task force and launch a Net Zero Factory cooperation project, starting with a new plant in Việt Nam.

Kim Min-hyuk, head of SK C&C’s global business division, said that the cooperation has expanded opportunities to showcase SK C&C’s digital ESG technology capabilities, including carbon passport platforms, in Europe and Southeast Asian markets as well as the RoK and Việt Nam. — VNS

Source: Vietnam News/ Vietnam Insider

The signing ceremony in HCM City on Monday. — Photo courtesy of ManpowerGroup Vietnam

HCM CITY — Việc Làm Tốt and ManpowerGroup Vietnam will coordinate to provide employment opportunities for workers in Việt Nam, following a memorandum of understanding inked between the two sides in HCM City on Monday. 

Under the MOU, workers looking for jobs on Việc Làm Tốt (www.vieclamtot.com) can easily access the latest job opportunities from ManpowerGroup Vietnam with competitive salaries and benefits and stay updated with professional career advice from ManpowerGroup Vietnam experts, such as improving their application and interviewing skills.

Meanwhile, Việc Làm Tốt – a job search platform launched and developed by Chợ Tốt Company Limited – connects millions of workers to businesses with solutions to improve recruitment productivity such as flexible application and candidate information reception systems, candidate management systems and smart features to shorten the screening process to support fluctuating production and business plans.

Other collaborations include partnering to release market reports on the latest recruitment and job search trends and implementing a series of programs to promote long-term and meaningful employment.

Nguyễn Thanh Hương, Country People & Culture Manager, ManpowerGroup Vietnam said through the cooperation with Việc Làm Tốt, ManpowerGroup Vietnam hoped to introduce more job opportunities from partners to workers nationwide, helping them find jobs to better meet their needs and expectations, while providing a better income and greater purpose.

Hoàng Thị Minh Ngọc, Chief Growth Officer of Chợ Tốt Company Limited said this strategic partnership aimed to connect reliable and sustainable job opportunities from ManpowerGroup Vietnam with millions of job seekers on the Việc Làm Tốt platform, collaborate with businesses to effectively solve recruitment challenges and directly contribute to the development of the labour market.

A recent report by Jobs_that_makesense Asia and Manpower Vietnam found that 99 per cent of Vietnamese workers surveyed said that having meaning at work was important to them, but only about 11 per cent feel “very satisfied” with the level of purpose in their current role, the lowest rate among Southeast Asian countries.

The report also revealed that 49 per cent were considering a career transition.

According to Việc Làm Tốt data, the number of recruitment ads in the second quarter of 2024 increased by 30 per cent compared to the first quarter of 2024.

Recruitment demand increased across certain job types. There was a 40 per cent increase in jobs on offer for retail sales staff, logistics workers and white-collar workers, a 30 per cent increase in adverts for sales staff and housemaids, job vacancies for manufacturing workers were up 24 per cent and jobs in delivery and logistics were up 15 per cent.

Job search demand in the second quarter of 2024 recorded a positive signal, increasing by 18 per cent compared to the first quarter of 2024. — VNS

Source: Vietnam News/ Vietnam Insider

A launching ceremony of the country digital acceleration (CDA) programme in Việt Nam by Cisco, a worldwide leader in technology, in Đà Nẵng City on Thursday. The programme aims to advance the nation’s digitisation agenda, aligning with the government’s National Digital Transformation Programme by 2025, vision 2030. Photo courtesy of CISCO

ĐÀ NẴNG — Cisco, a world leader in technology, has launched its country digital acceleration (CDA) programme in Việt Nam to advance the nation’s digitisation agenda, aligning with the Government’s National Digital Transformation Programme by 2025, vision 2030.

Cisco said the CDA programme, which was announced at the Cisco CXO Symposium in Đà Nẵng City on Thursday, would see the collaboration from CISCO with public and private enterprises in Việt Nam, aiming at elevating the country’s technological capabilities.

It would focus on promoting economic growth, technological innovation, and cybersecurity resilience through improvements to the country’s communication and information infrastructure, it said.

“The CDA programme is a bridge connecting a country’s digital ambitions to the benefits of a digital society. The model is based on high degrees of trust and deep engagement across ecosystem partners in the public and private sectors,” said Dr. Guy Diedrich, Senior Vice President and Global Innovation Officer, Cisco.

“We are thrilled to bring this highly successful global programme to Việt Nam and look forward to working with the Vietnamese Government and local enterprises to build sustainable, secure, and inclusive communities through co-investment in digital skills training and innovation.”

According to CISCO, the CDA programme in Việt Nam will undertake several initiatives, focusing specifically on three key pillars including digital transformation in National Infrastructure; Digital Transformation in Enterprises and Digital Transformation in the Public Sector.

Cisco will work with local service providers to co-develop 5G capabilities and equip these companies with the necessary skills and best practices for network development and innovation.

The 5G network is critical infrastructure in Việt Nam’s digitisation agenda and its development will boost data transmission, accelerate business productivity, and enhance connectivity within communities.

Dr. Guy Diedrich, Senior Vice President and Global Innovation Officer, Cisco shares about the  digital acceleration (CDA) programme in Việt Nam at a ceremony in Đà Nẵng City. Photo courtesy of CISCO

Under the framework of CDA programme, Cisco will equip the financial services industry and manufacturing sectors with industry-leading technology and invest in the co-development of innovative digital solutions to accelerate industry-wide digital transformation. This will increase the competitiveness of Việt Nam’s financial services and manufacturing industries, propelling economic growth.

Cisco said it would partner with local public sector entities to advance national digital infrastructure for the Vietnamese Government. The initiatives within this pillar would support the establishment of a digital government, enhancing municipal management and fostering more inclusive communities. It was committed to securely connect everything and bridge the digital divide as initiatives of nurturing the next generation of digital talents in Việt Nam.

Alongside the delivery of new technologies and sharing of expertise, Cisco said it would also upskill local talent through Cisco Networking Academy, one of the world’s longest-running IT skills-to-jobs programs, to drive an inclusive, sustainable, and resilient digital economy in the country.

The programme has trained over 90,000 students in Việt Nam since its inception through partnerships with 30 higher-learning institutions. In the Asia Pacific region, Cisco trained a record number of one million students in its fiscal year 2023, the highest in its 26-year history and aims to train an additional 6.7 million people in the region by 2032.

“Việt Nam’s economy has demonstrated strong and consistent performance in recent years with digital interactions and cloud-first models rapidly becoming the default for businesses across the country,” said Jason Kalai, Interim Country Leader, Cisco Vietnam, Cambodia and Laos.

“Alongside the government’s National Digital Transformation Plan, there has never been a better time for public-private partnership to accelerate the country’s digitisation agenda. At Cisco, we are committed to working together with all stakeholders in Việt Nam to drive a new era of growth, tackle cybersecurity threats and power an inclusive future for all.” VNS

Source: Vietnam News/ Vietnam Insider

The launching ceremony for the new Melbourne-Hà Nội route took place in Melbourne (Australia) on June 4. — Photo courtesy of Vietjet

MELBOURNE — Vietjet’s inaugural flight from Hà Nội to Melbourne, Australia, landed at the Melbourne Airport on Tuesday.

The Melbourne-Hà Nội route is Vietjet’s sixth connecting Việt Nam and Australia. With two round trips every Tuesday and Saturday, the route is expected to facilitate travel between Australia and Hà Nội.

Vietjet’s Vice President Nguyễn Thị Thúy Bình said: “Since Vietjet’s first flight to Australia in April 2023, we have continuously expanded our network connecting the five largest cities in Australia.” 

Bình said the new route proves Vietjet’s commitment to development by continuing to expand the company’s network and providing quality services between the two countries, meeting the demand of locals and tourists. 

Melbourne Airport Chief of Aviation Jim Parashos said the growth of the Vietnamese market had been one of the silver linings coming out of the pandemic.

“The increased capacity in the market delivers benefits to passengers in the form of cheaper fares, but also provides exporters with access to high-value markets,” he said, adding that Vietjet’s routes will give Australians new connections into other Asian destinations with the airline’s flight network.

Vietjet said it would launch a Sydney-Hà Nội route on June 8, following the Melbourne-Hà Nội route. Vietjet currently operates 58 flights weekly connecting Australia and Việt Nam.

For the occasion, Vietjet is offering a 50 per cent discount on business fares from now until June 14 with the promo code SBJUNE50. 

Meanwhile, passengers will get a chance to book one-way economy tickets priced from zero đồng on routes between Việt Nam and Australia until June 10, with an additional 20kg of checked baggage and a hot meal. — VNS
 

Source: Vietnam News/ Vietnam Insider

Vietnam Airlines aircraft on the tarmac. The national carrier has been named among the most punctual airlines in Asia-Pacific in April. — VNA/VNS Photo Huy Hùng

HÀ NỘI — National carrier Vietnam Airlines has been named in the top five most punctual airlines in the Asia–Pacific region in April, according to an on-time performance (OTP) monthly report from Cirium, a leader in aviation analytics.

With an OTP of 81.85 per cent out of 11,108 total flights, a nearly three-point increase over March (78.98 per cent), Vietnam Airlines secured the fifth spot in April. 

The top spot in the region belongs to Japan Airlines with an OTP of 88.17 per cent, closely followed by Japanese carrier ANA with an OTP of 87.21 per cent.

Malaysian airline AirAsia secured the third-place position with an OTP of 85.48 per cent, while Japanese carrier Peach Aviation took fourth place with an OTP of 84.19 per cent.

According to the report, the number of flights cancelled in the region increased by 20 per cent in April, reaching 33,592, compared to 27,821 in March. Airlines and airports in the region took advantage of the limited operations to improve their on-time performance.

Globally, Aeromexico, a Mexican airline, regained its position as the worldwide leader with an OTP of 88.83 per cent in April.

In January, Vietnamese Airlines was also named among the top 10 most punctual airlines in the Asia-Pacific region in 2023 by Cirium.

According to the report of the Civil Aviation Authority of Việt Nam in 2023, Bamboo Airways was the most punctual airline in Việt Nam with an OTP of 92.5 per cent, followed by VASCO with an OTP of 92 per cent. Vietnam Airlines ranked third with an OTP of 86.9 per cent.

OTP is defined by Cirium as arriving/departing within 15 minutes of the scheduled time. — VNS

Source: Vietnam News/ Vietnam Insider

FE Credit’s headquarter in HCM City. Moody’s decision to maintain the B1 rating demonstrates their active recognition of FE CREDIT’s recent recovery efforts.Photo courtesy of the firm

HCM CITY — International credit rating organisation Moody’s, has announced it will maintain the rank of B1 for VPBank SMBC Finance Company Limited (FE CREDIT).

Moody’s has also confirmed that FE CREDIT’s Corporate Family Rating (CFR), which is based on its correlation with other members within the same corporation, will remain at B1.

According to Moody’s assessment, FE CREDIT has still faced several challenges. However, the strong support from its parent bank, VPBank (which holds a Ba3 credit rating with a stable outlook), and SMBC will help compensate for these difficulties. Moody’s has maintained FE CREDIT’s outlook based on its recent assessment.

Amid a fluctuating economy, Moody’s decision to maintain the B1 rating demonstrates their active recognition of FE CREDIT’s recent recovery efforts.

The year 2023 marked a significant milestone for FE CREDIT as the company underwent a process of restructuring and refining its entire system. Through timely adjustments in business operations, optimisation of operating costs, and strengthening of risk management controls, the largest consumer finance company in Việt Nam achieved initial successes. In the second half of 2023, FE CREDIT recorded positive developments in its business activities.

By the end of the first quarter of 2024, FE CREDIT experienced positive growth in its disbursement scale compared to the average of 2023. With a more cautious lending strategy that focuses on low-risk customer profiles, the loan quality of FE CREDIT has improved consistently each quarter.

Furthermore, the implementation of a corporate model has helped FE CREDIT optimise its operating costs. In the first quarter of the year, the company achieved a 10.5 per cent reduction in operating expenses, and the cost-to-income ratio (CIR) decreased significantly by 27.7 per cent compared to the same period last year.

In 2024, FE CREDIT will undertake specific action programmes that involve focusing on optimising the existing business model, enhancing the risk control framework, and improving the customer experience. Simultaneously, the company will drive digital transformation initiatives with the goal of reaching a wide range of customers.

Additionally, FE CREDIT will strengthen its collaborations with reputable retail chains in the market to offer diverse and flexible products that cater to different customer segments, aiming to boost sales.

VPBank is one of Việt Nam’s earliest established joint-stock commercial banks, with a 30-year history of sustainable development. Currently, it holds the position of the bank with the largest charter capital in Việt Nam. In 2023, VPBank will rank 173rd among the 500 most valuable banking brands globally.

As a pioneer in the field of consumer finance in Việt Nam, FE CREDIT offers a wide range of consumer financial products and services. These include personal consumer loans, instalment plans for purchasing phones and electronics, instalment plans for purchasing motorbikes, credit card services, and insurance solutions.

FE CREDIT serves over 14 million customers nationwide, providing easy access to consumer loans through various platforms. Customers can apply for loans through the FE Online application, the company’s website, or by visiting any of the 13,000 FE CREDIT transaction points across the country.

In 2022, FE CREDIT received recognition for its outstanding performance. It was voted as the “Best Consumer Finance Product Việt Nam 2022” and recognised as the “Fastest Growing Consumer Finance Company Việt Nam 2022” by The Global Economics Magazine. — VNS

Source: Vietnam News/ Vietnam Insider

A Sacombank branch office in the central province of Khánh Hòa. Photo Sacombank

HÀ NỘI – Sacombank has denied a rumour that started on April 1 on social media that the bank’s chairman of the board Dương Công Minh was banned from leaving the country for his alleged involvement in a high-profile criminal case that has been on trial since last week.

“Sacombank categorically rejects the groundless rumour. We have taken the necessary measures, following legal regulations, to prevent the dissemination of false, distorted and defamatory rumour that will hurt Sacombank’s reputation and image, as well as those of the bank’s leadership.” 

Sacombank confirmed the chairman has been and will remain the bank’s chairman. Sacombank reassured the public that the bank will continue providing financial services to customers, maintaining effective business operations and ensuring safe operations. 

Sacombank urged investors, shareholders and customers to be cautious of baseless rumours and to rely on information from credible media channels and news sources.

“Sacombank appreciates the trust and support of investors, shareholders and customers. We confirm that Sacombank’s operation remains stable and efficient. We will continue to implement strategies to develop products, strengthen and expand the market,” the bank said in a statement. VNS

Source: Vietnam News/ Vietnam Insider