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The Customs Branch Area No. 1 at Cát Lái Port uses automatic procedures to process customs clearance documents. – Photo sggp.org.vn Viet Nam News HCM CITY — The Customs Department of HCM City on Wednesday said it would cut by half the amount of processing time to complete customs documents for import and export businesses. Đinh Ngọc Thắng, deputy head of the department, said the number of customs declaration documents at the city’s customs offices accounted for 40 per cent of the country’s total. The city has about 140,000 enterprises. The city’s budget revenue represents 45 per cent of the country’s budget, so the development of enterprises in the city plays an important role in national economic development, Thắng said. He said the time to complete customs declarations had been reduced, accounting now for about 28 per cent of customs clearance time, while other customs formalities take up the remaining 72 per cent. Processing does not exceed more than one workday. … [Read more...] about City to reduce customs’ paperwork time by half

Vietjet’s ancillary revenue ranks among Top 12 airlines in the world Vietjet's audited business results of H1/2019 showed the revenue of passenger transport stood at VND18,984 billion, a year-on-year increase of 17%. Accordingly, ancillary revenue of passenger transport reached VND5,429 billion, up 43% year-on-year thanks mainly to the growth of international passenger transportation. The proportion of ancillary revenue in total air transport revenue was 27%. The 2019 CarTrawler Ancillary Revenue YearBook (*), which comprises statistics from more than 100 airlines’ audited financial statements, showed that Vietjet is ranked 12th in terms of ancillary revenue to total air transport revenue ratio. According to the sustainable development model of low-cost carriers (LCCs), ancillary revenue is a decisive factor in the success of a carrier when its profit margin reaches over 90%. Aiming to expand its service ecosystem and continue on a path of sustainable development, … [Read more...] about Vietjet’s ancillary revenue ranks among Top 12 airlines in the world

Banks report hefty profits in 2018 The Saigon Times Daily An unidentified person checks Vietnamese banknotes at a bank – PHOTO: THANH HOA HCMC – Many Vietnamese banks have reported significant profits of trillions of Vietnam dong for last year, though local banks’ credit growth has been harnessed at a record low for the past four years, local newspaper Nguoi Lao Dong Online reported. Vietnam International Bank (VIB) recently released its financial report for 2018, posting consolidated pretax profit of VND2.7 trillion, which exceeds its target and almost doubles the figure of the previous year. VIB recorded a profit hike of nearly 100% for the second consecutive year. According to a VIB representative, the bank’s net interest margin and net revenues from other services picked up by 40% and 92%, respectively, resulting in the surging profit. The bank reaped these positive results as it had boosted the provisions of banking services and diversified incomes. The … [Read more...] about Banks report hefty profits in 2018

Huawei - next technology innovation leader By My Huyen Mr. Alex Lin, President, Asia Pacific Region, Huawei Consumer Business Group Mr. Alex Lin, President, Asia Pacific Region, Huawei Consumer Business Group, shared with the Weekly the vision of Huawei in global and Vietnam markets. The company will not only focus on its fast-growing plan but also follow the sustainability scenario based on tech investment to make the market fit and catch the trend toward 5G. Q: Huawei seemed to dominate the market in 2018 when its global shipment volume increased 33.6%. Would you please share how Huawei made this achievement? A: Last year, if we look into the volume, we achieved more than 200 million units of smartphones, not to mention other devices like personal computers, tablets and smart-home. Yet it is not only about volume as we care more for quality. In March 2018, we launched the P20 series and until now, the P series has achieved more than 17 million units globally. … [Read more...] about Huawei – next technology innovation leader

Mid-sized corporates need new strategies to capitalize on major shifts: Standard Chartered By Pham Nhat An employee is at work in a local firm. According to Standard Chartered, digitalization, regionalization and capital management are the key to realizing the country’s growth ambitions – PHOTO: THANH HOA HCMC – Mid-sized corporates in Vietnam and other ASEAN countries need to devise new strategies, from digitalization to partnerships and overseas ventures, to build growth against major shifts in their respective sectors, according to a thought leadership report by London-based Standard Chartered Bank. The report, called “ASEAN – a region facing disruption: positioning mid-corporates for growth in Southeast Asia,” also identifies talent, culture, technology and capital management as key pillars to support the development of these new strategies. This conclusion was reached after examining how transformational shifts, such as trade tensions and the rise of digital … [Read more...] about Mid-sized corporates need new strategies to capitalize on major shifts: Standard Chartered

Danang travel firms debate mandatory tour prices By Nhan Tam A Chinese tour guide instructs a tour group while visiting Danang Museum. Travel firms in the city will have to publish their tour prices from August – PHOTO: NHAN TAM DANANG – The central city of Danang has added tourism services to a portfolio of goods and services whose prices must be publicized to combat revenue losses and bring low-cost tour activities under control, according to travel companies. Over 270 local and international travel firms and 46 branches of international tour operators currently active in the city will have to issue price lists for their full or partial tour packages and provide them to the competent agencies, starting next month, following an announcement released on July 3 by the municipal People’s Committee. The Danang Department of Finance, which suggested the issuance of these lists, will team up with taxation and market surveillance agencies to enforce the requirement. Le … [Read more...] about Danang travel firms debate mandatory tour prices

Standing Deputy Minister of Foreign Affairs Bùi Thanh Sơn (r) receives Tanzanian Minister of Foreign Affairs and East African Cooperation Augustine Mahiga in Hà Nội on Thursday. — VNA/VNS Photo Lâm Khánh HÀ NỘI — Generations of Vietnamese leaders have attached importance to cooperative relations with Tanzania who supported Việt Nam during the struggle for national independence, said Standing Deputy Minister of Foreign Affairs Bùi Thanh Sơn. During a talk with Tanzanian Minister of Foreign Affairs and East African Cooperation Augustine Mahiga in Hà Nội on Thursday, Deputy FM Sơn spoke highly of his guest’s visit to Việt Nam, saying that this is a good opportunity for both countries to bolster bilateral collaboration and enhance coordination at multilateral forums, helping to deepen cooperative relations. The Tanzanian diplomat expressed his admiration for Việt Nam’s impressive achievements in national construction and development. Regarding the East Sea issue, Minister Mahiga … [Read more...] about Việt Nam treasures cooperative ties with Tanzania: Deputy FM

HCMC hotels suffer despite big discounts By Dao Loan Tourists cross the street in downtown HCMC. Hotels in HCMC are still unable to recoup from the Covid-19-induced losses - PHOTO: VGP HCMC – Despite the modest number of domestic guests and discounts of 30%-40% or higher on offer, hotels in HCMC are still unable to recoup from the Covid-19-induced losses and the subsequent travel restrictions around the world, as they mainly rely on international travelers. Although Vietnam has contained the coronavirus pandemic, multiple hotels are yet to reopen, while some chains have scaled down their businesses or are lowering prices to attract customers. A sales director of a five-star hotel in the city said the room rate is currently at US$90 per night, compared to the previous rate of over US$120. The regular room rate at four-star hotels is US$100 per night. Many hotels are offering services at lower prices to attract domestic guests, who mainly come to the city for … [Read more...] about HCMC hotels suffer despite big discounts

The tourism sector also needs to follow regulations to ensure accessibility for disabled persons.— Photo Vietnam Pictorial HÀ NỘI — When planning trips for business or pleasure, able-bodied people take certain things for granted — they assume that they’ll be able to easily and safely get around their destination, no matter where it is. For disabled people, tourism can require a bit more thinking ahead. Accessible tourism, which attempts to guarantee access to all tourist destinations and services for all people regardless of their disabilities or age, according to the World Tourism Organisation under the United Nations (UNWTO), remains a fairly new concept in Việt Nam but is gradually gaining momentum. Đỗ Cẩm Thơ, deputy head of tourism department under the culture ministry, says in most developed countries, public infrastructure includes features to ensure ease of use for people with disabilities, such as lifts in train platforms, grab rails in bathrooms and auditory … [Read more...] about Increasing participation of the disabled in tourism