17:37 (GMT +7) - Tuesday 12/12/2017

PRESS WATCH

December 7

Released at: 15:13, 07/12/2017 PRESS WATCH

December 7

VET's round-up of news from Vietnamese media for December 7.


FPT links with Daiwa Institute

Vietnamese tech firm the FPT Corporation and Japan’s Daiwa Institute of Research Holdings Ltd have struck a strategic cooperation agreement on research and development of new technology solutions. The two will work together to study, develop, and offer value-added solutions and services based on artificial intelligence, robotic process automation, image identification, and real-time data analytics, as well as blockchain, the world’s leading software platform for digital assets. The two sides will also develop chatbot services for Japanese corporations. FPT will provide chatbot platforms while the institute will dispatch its technology experts to Vietnam to support the development of chatbot tools and procedures in the Japanese language.

Masan Beverage sets sights on Vinacafé Bien Hoa

Masan Beverage, a subsidiary of Vietnam’s fast-moving consumer goods giant the Masan Group Corporation, intends to offer a bid to buy out Vinacafé Bien Hoa JSC, according to a notice sent to the State Securities Commission. Masan Beverage is expected to spend VND202,000 ($8.9) per share to increase its ownership from 68.46 per cent to 100 per cent in the coffee processing business. If the plan comes to fruition, Masan’s profit is expected to soar and it would boost cash flow to Masan and streamline its consolidated balance sheet and the group’s ownership structure to reduce its earnings before interest, tax, depreciation and amortization (EBITDA) in the next three years.


OCB implements Basel II

The Orient Commercial Joint Stock Bank (OCB) has become the first Vietnamese bank to complete the implementation of a Basel II project, equipping it with the infrastructure of a modern and safe bank that meets capital, supervisory review, and transparency requirements. 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. Basel II comprises minimum capital requirements, supervisory review, and market discipline, and aims to enhance competition and transparency in the banking system and make banks more resistant to market changes.

US DOC announces finding on certain steel imports

The US Department of Commerce (DOC) has announced its preliminary affirmative ruling on corrosion-resistant steel (CORE) and certain cold-rolled steel flat products imported from Vietnam and produced from substrate originating in China. Cash deposits will be collected on imports of CORE and cold-rolled steel produced in Vietnam using Chinese-origin substrate. Such imports were found to circumvent existing antidumping and countervailing duty orders on products imported from China. The US ruling provided that DOC may find circumvention of antidumping or countervailing duty orders when merchandise that was the same class or kind as merchandise subject to existing orders is completed or assembled in a third country prior to importation into the US.


Employment program signed between Vietnam and ILO

A national cooperation program on sustainable employment for 2017-2021 between Vietnam and the International Labor Organization (ILO) has been signed in Hanoi. The five-year program, the third of its kind since 1992, gives priorities to poverty reduction by expanding social welfare coverage for all and building a working environment that offers sustainable business opportunities. It also aims to reduce unacceptable forms of employment, especially for vulnerable people, and to design an effective workforce management mechanism that respects basic principles and rights in labor.

RoK high-tech investment encouraged

The government encourages investors from the Republic of Korea (RoK) to continue investing in high-tech manufacturing, support industries, information technology, energy, and high-quality agriculture, Deputy Prime Minister Trinh Dinh Dung told the Vietnam-RoK Maekyung Forum held in Hanoi on December 6. The forum was jointly held by the RoK-based Maekyung Media Group and the Vietnam Chamber of Commerce and Industry (VCCI) to mark the 25th anniversary of diplomatic ties between Vietnam and the RoK. Deputy Prime Minister Dung said the strategic partnership between Vietnam and the RoK has seen impressive development in all areas, particularly in regards to trade, investment, and official development assistance (ODA) cooperation.



Tek Experts Vietnam opens second Hanoi office

Tek Experts Vietnam will launch its second office in Hanoi on December 7 as part of its business expansion strategy to maintain the robust and sustainable development of the firm’s operations in the information technology (IT) sector. Located at a prime location on Nguyen Chi Thanh Street, the second office is spectacularly accommodating, with large open spaces and a panoramic view of the city. The IT firm also provides all staff with an Xbox 360 gaming station and software test areas with the intent of delivering in-depth product experiences and supporting soft skills in customer service. The IT firm launched its first office, in the Lotte Center Hanoi, on August 9, which is one of the company’s three largest in the world.

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