Nguyen Ayi

FinanceNews
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Overseas Remittances Crucial To Vietnam Economy

Posted byNguyen Ayi

Overseas Remittances Crucial To Vietnam Economy

by Joe Fotalatte

According to data from the State Bank of Vietnam branch in the southern city, the number of overseas transfers coming into Ho Chi Minh City during the first nine months of the year is estimated at US$4.78 billion.

In nine months, HCMC received remittances worth $4.78 billion from abroad.
The bank noted that this is a remarkable figure despite the COVID-19 pandemic, high inflation, and the global economic downturn.

The number of remittances increased steadily through each quarter, and despite a slight decline year over year, they significantly boosted domestic investment, production, and consumption.

When the economy is recovering quickly, this source of funding is crucial for fostering socioeconomic growth locally, stabilizing the foreign exchange market, and luring foreign direct investment into the city.

Remittances to the city totaled US$6.6 billion last year, which was more than half the country’s total of US$12.5 billion.

New Briefs
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Children Attacked, Good Economic Growth, And Christina Aguilera

Posted byNguyen Ayi

By Joe Fotalattee

Christina Aguilera Performing In Hanoi

American singer Christina Aguilera will perform on December 20 at the Hanoi Opera House for The 2022 VinFuture Prize Award Ceremony. VinFuture will host a Science and Technology Week from December 17 to 21 that will include inspirational academic events for the scientific community, businesses, startups, and the general public.

Dog Attacks Toddler
A neighbor’s dog mauled a two-year-old boy in the northern province of Cao Bang, sending him to the hospital on Wednesday. According to hospital staff, the boy checked into Cao Bang general hospital with deep gashes on his head, face, and blood loss. The boy’s father said the dog attacked when the boy was playing outside. The youngster received rabies vaccinations along with having his wounds cleaned and stitched. His family has requested that he be moved to a hospital in Hanoi to receive more care there.

Alleged Sexual Assault At Middle School
Police in central Vietnam are investigating accusations in which three eighth-graders sexually assaulted a sixth-grade girl. According to the district’s chairman, it allegedly happened at Nghia Thang Secondary School in Tu Nghia District, Quang Ngai Province.

Asia Develop Bank Bullish On Vietnam Growth
In its Asian Development Outlook (ADO) 2022 Supplement, published on December 14, the Asian Development Bank (ADB) increased its prediction for Vietnam’s economic growth this year from 60.5 percent to 70.5 percent. Vietnam’s economy grew by 8.8% in the first three quarters of 2022 due to strong performance across all sectors.

News
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COVID And Booster Shots On The Rise

Posted byNguyen Ayi

by Joe Fotalattee

The Ministry of Health reported 389 new cases on December 15. The numbers have slowly increased in the past week. Most Vietnamese have been fully vaccinated, but public health experts worry the 65+ population has not yet been fully boosted as we enter cold, flu, and holiday travel season.

Fortunately, the number of COVID-19 vaccine injections is also on the rise with 33,946 doses given on December 14. There are currently 54 patients who require assistance breathing.

In the previous twenty-four hours, no COVID-19 fatalities were reported. There have been 43,179 fatalities in total as Vietnam managed locked downs prior to vaccine properly, and limited the fallout with quick administration and wide acceptance.

Scientists widely credit the vaccine for reducing fatalities and creating weaker strains. Experts urge adults to get booster shots to prevent the virus from mutating into a dangerous strain again, potentially endangering the world-wide population.

News
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Local Manufacturer Sues Amazon For $280 million USD

Posted byNguyen Ayi

By Joe Fotalattee

Mr. Le Hung, Chairman of the Board of Directors of Binh Thanh Import-Export Production and Business Joint Stock Company (Gilimex, stock code GIL), announced a lawsuit against Amazon. Gilimex produces textiles for things like clothing, bags, and backpacks.

Mr. Hung said Amazon has been a client since 2014, but has “violated the commitment that the two sides have agreed upon”.
The business is suing Amazon to safeguard its interests as stated in the agreement.

Gilimex reportedly sued Amazon in New York State Court (USA) on Monday for $280 million (more than VND 6,580 billion) in damages. This information was provided by Bloomberg News.

The news agency claims that in light of the company’s recent rapid expansion, this lawsuit offers a unique perspective on Amazon’s interactions with suppliers.

NewsOpinionReal Estate Crash
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Alibaba Fraud Not Unique

Posted byNguyen Ayi


By Joe Fotalattee

Alibaba Fraud Not Unique

Over 4,000 people lost money and accrued debt by investing in projects run by Ho Chi Minh City-based real estate developer Alibaba. These pie-in-the-sky development opportunities turned out to exist only on paper.

At the hearing on Monday, 300 victims attended and some testified to the false promises made and illegal land deals. It was one of several sessions that the Ho Chi Minh City People’s Court will hold until January to hear from the more than 4,000 victims of Alibaba, according to a report by VNExpress.

Nguyen Thai Luyen founded the HCMC-based business in 2016 and also formed 22 subsidiaries to invest in 58 projects in the provinces of Dong Nai, Ba Ria-Vung Tau, and Binh Thuan. The projects were all falsely advertised to customers and illegally laid out on agricultural land.

Investigators were able to get in touch with 4,065 of the customers who had invested VND2.1 trillion after Luyen instructed his staff to illegally collect nearly VND2.4 trillion from 4,560 clients.

Why This Case Is Important To The Beat Community:

As foreigners are not legally allowed to purchase land, many of those cases go unreported to authorities. Common tactics by fraudsters include selling a single plot to multiple investors and delaying red books or returns by using false promises of new roads, bridges, and infrastructure to lure more money out of unscrupulous investors.

Other tactics include agents returning the original investment after years of collecting interest or turning profits on a separate legitimate transaction. The agent will claim government problems with the investor’s particular land deal, and the buyer is often satisfied with recouping a fraction of the original amount.

Foreigners are also hesitant to report cases closer to home, involving friends or family members’ land they will inevitably … Read more

News
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Editor-in-Chief of Vietnam Law Newspaper Stripped Of Press Credentials

Posted byNguyen Ayi

Editor-in-Chief of Vietnam Law Newspaper Stripped Of Press Credentials

By Joe Fotalattee

The Ministry of Information and Communications has decided to revoke the journalist’s card of Mr. Dao Van Hoi, editor-in-chief of Law Vietnam newspaper. The journalist’s card for the 2021-2025 term is no longer valid.

According to Tuoi Tre, The Inspector of the Ministry of Information and Communications sanctioned the Vietnam Law Newspaper for 13 violations, suspended the publication for 3 months and issued a 325 million VND fine. Previously in June 2022, the Ministry of Justice issued a decision on disciplinary action against Mr. Dao Van Hoi for “failing to properly perform the duties and responsibilities of the head”.

The Ministry of Information and Communications assessed that the Vietnamese Law Newspaper violated journalism ethics in content, licenses, advertising, and in false articles causing serious defamation.

The Inspectorate of the Ministry of Information and Communications has requested the newspaper’s governing body to strictly abide by the contents of the inspection and take measures to rectify administrative violations. 

The Ministry Inspector also decided to revoke the right to use license number 303/GP-BTTTT issued by the Ministry of Information and Communications for three months.

 

Arts and Culture
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Saigon Opera House Christmas Festival On December 16 and 17

Posted byNguyen Ayi

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by Joe Fotalattee

The Ho Chi Minh City Ballet Symphony Orchestra and Opera (HBSO) announced that a Christmas concert would take place at the Saigon Opera House on December 16 and 17.

Conductor Tran Nhat Minh, who received training in Russia and Italy, will direct the performance and serves as the HBSO chorus master. Vietnamese performers Pham Khanh Ngoc, Dao Mac, and Duyen Nguyet will perform alongside the symphony orchestra and choir of the HBSO and the children’s choir from the Republic of Korea.

Ticket prices vary depending on seating location: 1.000.000 – 850.000 – 700.000 – 550.000  (150.000VNĐ For students only).

The concerts begin at 8pm.

The Schedule: 

  • Leroy Anderson, an American light music composer who lived from 1908 to 1975, is scheduled to open the Christmas concert with his well-known orchestral composition Christmas Festival.
  • International vocal competition winner Pham Khanh Ngoc will perform Mozart’s Exsultate Jubilate. Then, the chorus “For Unto Us a Child is Born” from Handel’s Messiah.
  • Soprano soloist Duyen Nguyet will belt out Max Reger’s German Christmas song Maria Wiegenlied.
  • Dao Mac, a baritone who has performed in a variety of roles for the HBSO operas, including Papageno in The Magic Flute and Doctor Falk in Die Fledermaus, will then perform a Christmas Scherzo by American arranger and keyboardist Don Sebesky and O Holy Night.
  • Leroy Anderson’s Sleigh Ride, played by the solo orchestra, will be followed by the HBSO chorus performing Variations on Jingle Bells.
  • For a finale, a group of Korean children who live in Ho Chi Minh City will then perform on stage while singing holiday songs from the movie Home Alone and Santa Claus is Coming to Town.

 

Travel
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China Kills Tracking App And Eases Covid Travel Restrictions

Posted byNguyen Ayi

by Joe Fotalattee

In the latest easing of some of the strictest anti-virus regulations in the world, people in China celebrated the withdrawal on Tuesday of a state-mandated app used to track whether they had traveled to COVID-affected areas.

In response to widespread protests against the restrictions last month, which was the largest display of public unhappiness in mainland China since President Xi Jinping took office in 2012, China began to eliminate components of its strict “zero-COVID” regime.

Further action included removing the requirement for testing before many public events, restricting quarantine, and shutting down an app called “itinerary code”. Critics worried “Itinerary Code” app could be used for widespread surveillance and societal control of the populace.