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C.T Group receives ‘Best Companies to Work For in Asia’ award

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C.T Group was honored as one of the best companies to work for in Asia at the 2020 HR Asia Awards ceremony held in downtown Ho Chi Minh City on July 1.

The ceremony was organized to present theHR Asia Best Companies to Work For in Asia awards.

Each workplace was judged on several criteria including the work environment, personnel-related policies, training programs, benefits offered, and activities that bring about commitment and satisfaction among the staff.

The awards ceremony is held annually by HR Asia Magazine, an Asian publication for human resource professionals, aimed at surveying and honoring enterprises with the best places to work.

Addressing the awards ceremony, Tran Van Thai, C.T Group’s human resource and community director, said that the group has been sticking to its goal of creating a dream workplace where staff can enjoy scores of benefits, as human resources are considered as the firm’s success and most valuable asset.

The group also made it to a list of the Top 10 Employers of Choice by CareerBuilder Vietnam, in addition to receiving multiple awards for its work environment and recruitment activities.

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Source: https://tuoitrenews.vn/news/business/20200703/ct-group-receives-best-companies-to-work-for-in-asia-award/55402.html

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The “Win-Win-Win” formula of branded residences has proven successful

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Branded residences are most easily defined as a residential project that is designed, built, managed and operated according to the quality standards of a super luxury brand. Those living in branded residences will enjoy all super-luxury services meeting five-star hotel standards or higher.

The first branded residential development appeared in the 1920s on New York’s Fifth Avenue, where the Sherry Netherland Hotel operated successfully alongside its own serviced apartments. The branded residence concept did not catch on until the mid-1980s, when Four Seasons sold out its hotel condominiums in Boston.

Following Four Seasons, the Ritz-Carlton Hotel Company also entered the market. Currently, Marriott International is the world’s leading developer with projects in 17 countries and territories. Marriott is expanding its overseas investment portfolio.

It is worth noting that the branded residence projects are located in prime locations. According to the report “Branded Residences: An Overview” by property experts Chris Graham and Muriel Muirden, the formula for branded residences is “Win-Win-Win”. The tie-up between the property developer owning the prime location, and a luxury hotel brand is the first “Win-Win” step. When a homebuyer decides to invest in branded residences, they will be the third party in the formula. It is clear that homebuyers will be the winners.

The expression “Location, location, location!” is commonly used in the real estate industry, which highlights an important factor of property investment. What is a prime location? The question is not difficult to answer: right in the middle of downtown, in the heart of financial centers and surrounded by shopping malls. In this location, property prices likely never fall.

According to a Knight Frank report in 2019, prices in prime locations in the world’s top cities for property such as London, Hong Kong, New York, Los Angeles, Singapore, and Sydney were increasing before the COVID-19 pandemic. The report predicted that these locations would not be affected in 2020 and will continue to appreciate by 5 percent in 2021.

How do luxury properties in prime locations retain its value even amidst a crisis? The main reason is that these areas have set the standard for a top-notch living environment and guarantee the most luxurious amenities, making people feel safe and secure. A crisis like the COVID-19 pandemic will only push propery prices in these areas higher.

In Ho Chi Minh City, Vietnam’s most developed city, prime locations are at the heart of District 1 with a view of the Saigon River. People can enjoy the fresh air and vibrancy of one of Southeast Asia’s most dynamic cities. Many people assume that the area should be allocated for offices and mixed-used shopping mall developments. If there are luxury residential projects such as branded residences in that area, it will become a hotspot for wealthy Vietnamese.

The “win-win-win” formula has been proven according to Savills’ statistics in 2019. Prices in the sector have nearly tripled in the last decade and are forecast to grow by a further 27 percent in the next three years. Savills research reveals that there are 435 branded residence schemes. The projects are located in developed economies like Dubai, New York and Singapore, among others.

Masterise Homes has teamed up with Marriott International to develop branded residences, the first of its kind in Vietnam. This development offers Vietnamese consumers the ownership and benefits of an asset class akin to mature markets around the world. More importantly, it also sets a new milestone for the Vietnamese economy, creating a unique position for the country to be on par with other developed markets globally.

Grand Marina Saigon – The largest Marriott branded residence in the world, developed by Masterise Homes.

 

Source: https://english.thesaigontimes.vn/80610/the-win-win-win-formula-of-branded-residences-has-proven-successful.html

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Retired deputy minister becomes bank president

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VietBank’s president has unexpectedly resigned and his position has been transferred to a former government official.

Retired deputy minister becomes bank president

VietBank’s chair of the board of directors Bui Xuan Khu

VietBank has announced that Duong Ngoc Hoa resigned from the post of chair of the board of directors on February 23 and the office has been taken by Bui Xuan Khu, who was Deputy Minister of Industry Trade.

Khu became a member of the bank’s board of directors in 2011 after he retired. Later, he acted as deputy chair of the board of directors until he was appointed president of the bank.

Khu is the next former high-ranking official to become a bank president. Le Thi Bang Tam, former Deputy Minister of Finance, is now president of HDBank and president of Vinamilk.

Tam joined Vinamilk in 2013 as an independent member of the board of directors. She has been president of the nation’s leading dairy producer since 2015 and president of HDBank since 2010. She is also a senior advisor to some foreign financial institutions.

A lot of former government officials became businessmen after their retirement. Tran Xuan Gia, former Minister of Planning and Investment Tran Xuan Gia, became the president of ACB in 2008-2012. Gia, together with a lot of former senior managers of the bank, including Ly Xuan Hai, Le Vu Ky and Trinh Kim Quang, were investigated in a case related to Nguyen Duc Kien, or ‘Mogul Kien’.

Kieu Huu Dung, former director of the Banks and Non-bank Credit Institutions Department, served as president of Sacombank in 2014-2017. He later became president of ACB Securities and president of Sacombank Securities.

The other officials included Pham Viet Muon, who was Vice Chairman of the Government Office, Cao Sy Kiem, former Governor of the State Bank of Vietnam (SBV) and Truong Van Phuoc, former head of SBV’s Foreign Exchange Management Department.

Former Deputy Minister Bui Xuan Khu, who joined VietBank in 2011, also has a lot of business experience as he was general director of the Vietnam Textile and Garment Corporation (Vinatex), the largest garment producer in Vietnam, general director of Viet Tien Garment and deputy president of the Global Petroleum Investment JSC.

In mid-2019, VietBank put VBB shares into transactions on the bourse.

VietBank was established in December 2006 as a rural bank with charter capital of VND200 billion. Its founding shareholders have relations with Hoa Lam Group, ACB and Dieu Hien Company. The bank now has charter capital of VND4.19 trillion after five capital increases.

ACB has divested from VietBank, while Dieu Hien is no longer mentioned in documents and information about the bank. The shareholders from Hoa Lam Group still maintain their stake with Duong Ngoc Hoa as the representative. Duong Nhat Nguyen is now deputy chair of the bank. 

V. Ha

Source: https://vietnamnet.vn/en/business/retired-deputy-minister-becomes-bank-president-715484.html

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Shares recover on the back of banking and energy stocks

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A customer at a branch of Military Bank (MBB). Shares of MBB rose 1.1 per cent on Thursday. Photo courtesy of MBB

HÀ NỘI — Shares bounced back on Thursday on the back of large-caps, banking and energy stocks.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange gained 0.29 per cent to close at 1,165.43 points.

It had lost 1.33 per cent to close Wednesday at 1,162.01 points.

More than 510.4 million shares were traded on the southern bourse, worth VNĐ13.5 trillion (US$589 million).

Market breadth was neutral with 220 gainers and 214 losers.

“The VN-Index is still in a consolidating span at the 1,160-1,200-point range,” said BIDV Securities Co.

“Liquidity declined compared to the previous session, market band was narrowed and market breadth was positive, showing that investor sentiment is stabilising.

“Foreigners continued to be net sellers on the HoSE while they were net buyers on the HNX.

“BSC recommends mid and long-term investors to open positions in some good fundamental stocks in this short-term consolidating span,” it said.

Foreign investors net sold VNĐ460.80 billion on HOSE, including dairy firm Vinamilk (VNM) (VNĐ233.40 billion), Vietnam National Petroleum Group (PLX) (VNĐ47.4 billion), and real estate company Khang Điền House (KDH) (VNĐ36.2 billion). They were net buyers on the HNX with the value of VNĐ10.44 billion.

The oil and gas sector index gained 2.4 per cent, becoming one of the best-performing sectors in Việt Nam on Thursday, data on vietstock.vn showed.

Vietnamese oil and gas stocks grew well, including PetroVietnam Gas JSC (GAS), Viet Nam National Petroleum Group (PLX), PetroVietnam Drilling & Well Services Corporation (PVD), PetroVietnam Power Corp (POW), and PetroVietnam Technical Services (PVS).

Besides the petroleum industry, financial stocks also performed well with the banking and industry indices rising 0.3 per cent and 0.3 per cent, with gainers including Vietcombank (VCB), Military Bank (MBB), HDBank (HDB), Bảo Việt Securities Co (BVS), MB Securities Co (MBS), Ho Chi Minh City Securities Corporation (HCM), Saigon-Hanoi Securities Co (SHS) and VNDirect Securities Co (VND).

The large-cap tracker VN30-Index gained 0.23 per cent to stay at 1,169.82 points.

Fourteen of the 30 large-cap stocks in the VN30 basket increased while thirteen lost ground.

On the Hà Nội Stock Exchange, the HNX-Index rallied 3.49 per cent to end Thursday at 246.20 points.

The northern market index had dropped 0.38 per cent to end Wednesday at 237.89 points.

More than 115.4 million shares were traded on the northern market, worth VNĐ1.9 trillion. —

Source: https://vietnamnews.vn/economy/887216/shares-recover-on-the-back-of-banking-and-energy-stocks.html

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