Malaysia News Gazette

Hanoi: With its positive achievements in 2023, the railway sector is working to enhance service quality, improve passenger support policies, and adjust business strategies for better performance in 2024 and following years.

Due to high air fares lingering from 2023 to the first months in 2024, many travelers have switched their choice to trains, resulting in a high rise in railway passengers and strong increase in revenue of the railway sector.

According to the Vietnam Railway (VNR), last year, it earned 8.5 trillion VND (344 million USD), reaching 101.7% of its yearly plan, with 6.1 million tickets sold. The firm’s direct revenue from transportation reached nearly 4 trillion VND.

Notably, VNR’s after-tax profit hit 94.8 billion VND in 2023 compared to a loss of 11.9 billion in 2022. During the Lunar New Year (Tet) festival 2024, the sector sold 720,000 tickets for 436 billion VND.

For the low season from March to May, the sector has rolled out various measures to attract passengers.

Since March 16, the
Saigon Railways has sold tickets on daily trains operating during the National Reunification Day (April 30) and May Day (May 1) through May 15.

Meanwhile, discounts from 5%-90% have been applied to various groups of passengers, including policy beneficiaries, the elderly, children, students, persons with disabilities, trade union members, and group passengers.

The sector has also partnered with the tourism one to provide special offers to passengers, and cooperated with the central province of Thua Thien – Hue and Da Nang city to organise a transport-tourism services from March 19.

Accordingly, Hue-Da Nang trains will stop in Lang Co, one of the best bays in the world, enabling passengers to enjoy the beauty of the bay. Meanwhile, local cultural programmes and dishes will be provided in the trains.

VNR Chairman Dang Sy Manh said that in the time to come, the sector will develop a train schedule suitable to infrastructure and vehicle capacity, while completing service price plans and exploiting and trading
infrastructure and support services.

Meanwhile, it will enhance the service quality and offer more promotions to compete with other forms of transportation, and coordinate with the tourism sector to develop more services, he said.

Manh added that the sector will engage more deeply into the logistics chain and increase the transport of containers./.

Source: Vietnam News Agency

Sydney: The revised Land Law, which was passed by the Vietnamese National Assembly in January 2024, is expected to lure capital from overseas Vietnamese (OV), said Chairman of the Vietnamese Business Association in Australia (VBAA) Tran Ba Phuc.

Talking to the Vietnam News Agency’s resident correspondents in Australia, Phuc hailed the amended law, saying it provides greater assurance for OVs by explicitly guaranteeing their rights. This serves as a motivation to encourage them to return to the home country and invest more boldly.

Phuc, who is also Vice Chairman of the Business Association of Overseas Vietnamese (BAOOV), noted that the law has been revised towards greater transparency and more beneficial to OVs.

It is a step in the right direction, adding that it is relevant to the current situation of the country as well as the Vietnamese community abroad, aiming to stimulate economic breakthroughs and create favourable conditions for domestic enterprises and OVs.

Phuc viewed these changes as a reflection
of the Vietnamese government’s open policy in attracting capital and resources from abroad, as well as fostering connections between OVs and the homeland.

Many OVs want to contribute to the development of the homeland through remittances and reinvestment. Real estate offers a particularly attractive avenue for them to do so.

The revision also underscores the Vietnamese Party and State’s consistent policy of considering OVs an inseparable part of the nation, he stressed.

Phuc suggested that the Vietnamese Government should intensify the dissemination of information about the revised Land Law and show its earnest and active implementation of the law in line with the outlined spirit to instill motivation and confidence among residents as well as the Vietnamese community and foreign businesses abroad who will prepare plans in the coming time and encourage their involvement.

He predicted that the real estate market in Vietnam will recover positively, becoming more vibrant in the coming years, thereby bringing
benefits to the people and domestic businesses as well as OVs who are living and working in countries and territories around the world./.

Source: Vietnam News Agency

London: Eight Vietnamese enterprises are showcasing their food and beverage products at the International Food and Drink Expo (IFE) 2024 in London, the UK from March 25 – 27.

Considered the most successful event in the UK for connecting businesses operating in the hospitality; restaurant services; and wholesale, retail, distribution, and import – export of food, the expo serves as a venue for enterprises to explore new business opportunities, directly meet potential customers, assess demand and consumer trends in the food industry in the UK and international markets.

Vietnam’s booths at the expo attracted visitors with a variety of products including fresh fruit, frozen seafood, dried noodles, different kinds of coffee and tea, and products from cononut and ginger.

Hoang Le Hang, First Secretary at the Vietnamese Trade Office in the UK, said that the UK is a highly promising market for Vietnamese exporters, evidenced by the continuous growth in Vietnamese exports to the UK over the past three years, with p
rojections indicating that this growth trend will persist. She stressed that Vietnamese firms should seize opportunities to take part in expos like IFE to affirm their capability to supply stable, high-quality, environmentally friendly products.

Marina Stewart, International Sales Manager at the IFE’s organising board said for companies looking to penetrate the UK market, IFE is an essential destination as it acts as a crucial link between manufacturers and retailers, distributors, including major UK supermarket chains.

IFE is also the only trade fair where participating businesses cover the entire food supply chain, from raw material production and product manufacturing to packaging and food service, creating opportunities for firms to find partners in every sector of the food industry, she noted.

Stewart expressed her hope that in the future, Vietnamese products will have a stronger presence at IFE, given the increasing demand for Vietnamese goods in the UK, especially products sourced from plants, organ
ic products, and healthy items.

Nguyen Thi Hanh Huong, CEO of Ben Tre Betrimex said that IFE is an opportunity for her company to access potential customers, including large retail chains in the UK.

Huynh Van Tan, General Director of Camimex – a seafood export company in the Mekong Delta province of Ca Mau said he hopes to receive additional support from the Vietnamese Trade Office in the UK in connecting Canimex in particular and firms in Ca Mau in general with distributors in the UK.

In January, Vietnam’s export turnover to the UK reached nearly 780.5 million USD, up over 57% year-on-year. Most export items experienced stable growth, particularly agricultural products, with coffee increasing by 218.5%, cashew nuts (nearly 61%), pepper (over 60%), fruits and vegetables (over 56%), and seafood (over 26%).

As the largest annual international F and B trade fair in the UK, IFE 2024 attracted nearly 1,000 exhibitors from 102 countries worldwide, along with 27,000 domestic and international business visitors./
.

Source: Vietnam News Agency

Hanoi: The State Bank of Vietnam (SBV) has issued a directive, demanding commercial banks to review their procedures in issuing and managing bank cards.

The central bank said its top priority is to ensure that security measures are up to standards and the rights of both consumers and banks are protected under existing laws and regulations.

Banks must take all necessary steps to make their fees, interest rates and interest calculation methods available to the public and strictly follow the central bank’s rules. They must also make sure customers are informed about their rights and obligations, especially for credit cards.

Banks were told to review the entire process of handling complaints and reconciliations to ensure customer cases are resolved promptly. The banks are held responsible for contacting their customers about unusual activities, as well as non-activities, regarding their cards. They were also told to work together with Governmental agencies in security matters.

The central bank asked commercia
l banks to implement communication measures, through mass media, communication channels that customers can easily access, to keep them informed of their rights and obligations and to advise them on security measures to protect personal data and bank card information./.

Source: Vietnam News Agency

Bangkok: At the Bangkok International Motor Show (BIMS) 2024, VinFast Auto has introduced a diverse range of green mobility solutions to Southeast Asia’s leading auto market, including electric scooters, cars and electric pickup truck concept – VF Wild.

The Vietnamese auto maker has also introduced its industry-leading after-sales policy, reaffirming its ambitious determination to expand in Thailand.

Vu Dang Yen Hang, General Director of VinFast Thailand, said the modern and intelligent, green mobility solutions VinFast has brought to BIMS 2024 include the mini-SUV VF 3; the VF 5, VF e34, VF 6, VF 7, VF 8, and VF 9, spanning from A-SUV to E-SUV segments.

The VF Wild, an electric pickup truck concept that has garnered global attention upon its debut at CES 2024, is also on display.

Among these vehicles, the VF 5, VF e34, VF 6, VF 7, VF 8, and VF 9 are all right-hand drive (RHD) versions, tailored for the Thai market. Additionally, VinFast displays its entire range of electric scooters, from entry-level to
premium options, including Evo200 and Evo200 Lite, Feliz S, Klara S, Vento S, and Theon S.

By introducing a green mobility ecosystem of high-quality EVs with modern design and innovative technology to the leading electric vehicle market in the region, VinFast strongly affirms its global manufacturing capability and ability to fully cater to the diverse demand for sustainable mobility.

To make green mobility more accessible to Thai customers, VinFast also has introduced its unparalleled after-sales policy. Specifically, VinFast’s electric vehicles will be covered by a 7-10 year or 160,000-200,000 km warranty (whichever comes first), and an 8-10 year warranty with unlimited miles for the battery.

Hang asserted that with outstanding after-sales service, VinFast will bring exciting electrified experiences, committing to accompany Thai consumers in the green transport revolution.

Addressing the launching ceremony on March 26, Temmy Wiradjaja, a representative of VinFast’s distribution network in Asia, stated t
hat VinFast has signed letters of intent with 15 dealerships across Thailand, demonstrating the company’s dedication to providing comprehensive sales and service support to Thai consumers, ensuring a smooth and convenient customer experience.

He also mentioned that the newly established global charging station development company V-Green of VinFast, will serve as a partner in expanding VinFast’s charging network worldwide, including Thailand.

Expressing her pleasure at the presence of another Vietnamese brand in Thailand, Charge d’Affaires of the Vietnamese Embassy in Thailand Bui Thi Hue stated that the embassy will always act as a bridge to connect and accompany domestic businesses in general and VinFast in particular, to bring more Vietnamese products to the Thai and international markets.

As scheduled, VinFast will expand its operations to at least 50 countries worldwide in 2024. In addition to key markets such as the US, Canada, and Europe, VinFast vigorously makes inroads into neighbouring countries
in Asia such as India, Indonesia, Thailand, the Philippines, as well as the Middle East and Africa./.

Source: Vietnam News Agency

Hanoi: Visa, a global leader in digital payments, has provided its insights into Vietnam’s payment landscape with its latest Consumer Payment Attitudes study that highlights the surge in cashless transactions among Vietnamese consumers.

According to the study, 56% of Vietnamese respondents surveyed are now carrying less physical cash than they did a year ago, signaling a progressive mindset towards embracing new financial technologies. Particularly, young consumers are playing a pioneering role in the shift towards cashless payment, with 89% of the surveyed having successfully adopted cashless methods.

Visa also delves into the prevailing trends that shape up the non-cash economy in Vietnam, including the ascendance of mobile wallets. It said Vietnam is among the top Southeast Asian markets with rapid adoption of mobile wallets as the preferred method for making payments, contributing to accelerating the growth of digital finance. The country is poised to emerge as one of the regional leaders in mobile fina
nce as four in every five Vietnamese consumers utilise mobile wallets.

Meanwhile, real-time payments (RTPs) have gained significant momentum in Vietnam, an illustration for the nation’s embrace of cutting-edge financial technologies. The RTPs offer unparalleled convenience and efficiency, driving further digitisation of the economy. In Vietnam, RTPs are growing in popularity, with at least two in five consumers having used them. Application of the RTPs has been diversified, comprising cross-border transactions, peer-to-peer transfers, merchant/retailer payments, and bill payments.

Furthermore, buy now pay later (BNPL) is a popular service availed by Vietnamese consumers, offering flexible payment options and driving consumer engagement. Visa’s strategic partnerships with leading Vietnamese retailers for Visa Instalment Solutions demonstrate the transformative impact of such solutions in fostering financial inclusion and driving business growth.

Credit cards, although less utilised for wallet top-ups and fu
nding, are the preferred choice for BNPL plans in Vietnam. Easy to use apps, free vouchers, rewards points, and the ease of tracking payments were the key drivers for the uptake of BNPL offers.

Vietnam’s cashless payment revolution presents unprecedented opportunities for economic growth and innovation, unlocking opportunities for consumers and businesses alike in the continued shift to a cashless society.

Visa Country Manager for Vietnam and Laos Dang Tuyet Dung said Visa remains committed to driving innovation and enhancing digital payment experiences for consumers.

The findings from the Visa study affirm the growing trend towards contactless transactions, exemplified by a significant 53% increase in contactless transactions made on Visa cards, a 19% surge in purchases made on Visa cards, along with a substantial rise in the total value of cross-border transactions, she added.

Statistics from the State Bank of Vietnam (SBV) revealed that non-cash payment and digital banking activities have shown positiv
e results. As of the end of 2023, the number of individual payment accounts reached more than 182.88 million, up 21.8% year-on-year.

In January 2024, non-cash transaction surged 63.3% in volume and 41.45% in value as compared to the same time last year. Meanwhile, transactions through internet rose 57.85% in volume and 32.43% in value, and through QR codes shot up 892.95% in volume and over 1,062% in value.

The SBV has encouraged credit institutions to carry out digitalisation, promote cooperation with different sectors to form and expand the digital ecosystem, while completing legal framework, mechanisms and policies on non-cash payment./.

Source: Vietnam News Agency

Hanoi: A Vietnam – Canada business forum was held in Hanoi on March 25, aiming to enhance the bilateral economic relations via the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

In his opening remarks, Vice Chairman of the State Committee for Overseas Vietnamese (OV) Affairs under the Ministry of Foreign Affairs Nguyen Manh Dong highlighted that OVs and OV businesses have unceasingly developed and affirmed their positions in foreign countries over the past time.

The Vietnamese entrepreneur community, which has been present in 130 countries and territories across the globe with 30 associations, has worked as bridges promoting economic-trade ties between Vietnam and other nations, he said, laying a stress on the contributions made by Vietnamese enterprises in Canada to consolidating and boosting the Vietnam – Canada Comprehensive Partnership in all areas, especially when both nations are members of the CPTPP.

He went on to point out that the Vietnam – Canada Business Associati
on (VCBA) has organised various trade and investment promotion activities in both nations.

Dong expressed his hope that the forum would create opportunities for competent quarters to contribute to delivering on the goals of the two nations under their comprehensive partnership as well as the trade pact.

At the event, participants discussed and introduced potential and opportunities of Vietnamese exports in the fields of construction, garment and textiles, footwear, furniture, steel and machines, among others to Canada and the North American market as a whole.

They held that Vietnam has effectively capitalised on the CPTPP to bolster shipments to Canada where Vietnamese goods are entitled to the Most Favoured Nation (MFN) tariff and Generalised System of Preferences

However, several businesses described stringent requirements and trade barriers in Canada and the North American market as challenges for Vietnamese exporters.

The VCBA was set up in October 2022 under the direction and accompany of the Vietna
m Consulate General in Vancouver. The association has connected Vietnamese and Canadian entrepreneurs with a desire to run business and land investments in the two countries, helping enhance the bilateral economic ties./.

Source: Vietnam News Agency