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Chairman of Vietnamese property giant Tan Hoang Minh arrested in corporate bond scam

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Do Anh Dung, chairman of Vietnamese real estate giant Tan Hoang Minh Group, was arrested on suspicion of fraud and property appropriation on Tuesday.

Officers under the Ministry of Public Security arrested and initiated legal proceedings against Dung and six other people, including his son Do Hoang Viet, who is deputy general director of Tan Hoang Minh Trading and Hotel Service Company, a subsidiary of Tan Hoang Minh Group.

The arrests had been approved by the Supreme People’s Procuracy.

Aside from his position as the chairman of Tan Hoang Minh Group, Dung has also been the chair of Minh Viet Securities Investment Fund Management JSC since 2015.

Lieutenant General To An Xo, chief of staff and spokesperson of the Ministry of Public Security, confirmed to Tien Phong (Youth) newspaper that the agency is verifying several violations related to the issuance of bonds and investment mobilization by Tan Hoang Minh Trading and Hotel Service Company and its member firms.

Preliminary investigations showed that Dung and many individuals in the group used three companies, namely Ngoi Sao Viet Real Estate Investment LLC., Soleil Hotel Investment and Hotel Services JSC, and Cung Dien Mua Dong JSC, to distribute unlawful bonds totaling VND10.3 trillion (US$450 million) in nine sessions from July 2021 to March 2022.

Do Anh Dung and six other suspects are held at the police station. Photo: Ministry of Public Security

Do Anh Dung and six other suspects are held at the police station. Photo: Ministry of Public Security

On Monday, the State Securities Commission announced it had canceled the bond issuance of these three companies within this period, stating that the firms had disclosed false information and concealed information in private bond issuance.

Tan Hoang Minh Group made headlines in late 2021 after its Ngoi Sao Viet Real Estate Investment Company won the auction for a 10,000-square-meter land lot in Ho Chi Minh City’s Thu Thiem New Urban Area.

The firm bought the land plot at VND24.5 trillion ($1.07 billion), over eight times higher than the initial offer.

In January, Dung sent a letter to leaders of the Party, the state, the government, and the Ho Chi Minh City People’s Committee regarding Tan Hoang Minh Group’s decision to withdraw from the land purchase contract, citing the negative effects that his company’s winning bid might have had on the real estate market.

Founded in 1993, Tan Hoang Minh Group specializes in various fields including real estate, financial investment, building materials, and furniture, among others, according to its website.

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Source: https://tuoitrenews.vn/news/society/20220406/chairman-of-vietnamese-property-giant-tan-hoang-minh-arrested-in-corporate-bond-scam/66506.html

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S.Korea tops list of foreign visitors to Vietnam in first month of 2023

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South Korea is the country accounting for the highest number of international visitors to Vietnam in the first month of this year, according to the General Statistics Office (GSO).

The number of international tourist arrivals in Vietnam in January 2023 amounted to more than 871,000, making an increase of 23.2 percent compared to December last year, the GSO reported recently.

Among the total, some 259,000 travelers were from South Korea, placing the Northeastern Asian country in the first position on the list of international arrivals to Vietnam last month.  

Ranking second was the U.S. with nearly 77,900 tourists and the third place went to Thailand with some 55,000 travelers.

The fourth and fifth positions belonged to Australia and Japan with about 44,000 and 34,000 visitors, respectively.

This image shows a member of the group of 120 South Korean tourists being offered flowers by a local receptionist when they arrived in Khanh Hoa Province, in south-central Vietnam, on January 1, 2023. Photo: Minh Chien / Tien Phong

This image shows a member of a group of 120 South Korean tourists getting flowers when they arrived in Khanh Hoa Province, south-central Vietnam, January 1, 2023. Photo: Minh Chien / Tien Phong

International travelers to Vietnam by air occupied the largest portion, at 91.9 percent, while those by road and by sea represented 7.5 percent and 0.6 percent, respectively, the GSO said.

The figure of foreign arrivals to Vietnam in January 2023 rose 44.2 percent from a year earlier, but it fell 42 percent compared to the same period of 2019, when the COVID-19 pandemic had yet to hit the Southeast Asian country. 

Last month saw numbers of visitors to Vietnam from China and Russia, two of Vietnam’s major sources of tourists, reach nearly 47,000 and 12,000, respectively, far lower than over 660,000 and 36,000 in the same period in 2019, said the Vietnam National Administration of Tourism (VNAT), under the Ministry of Culture, Sports, and Tourism.

Total tourism revenue in January neared VND46 trillion (US$1.96 billion), lower than the expected monthly average of VND54 trillion ($2.3 billion) for 2023.

The tourism sector has set a goal of welcoming about eight million international visitors in 2023, equal to 45 percent of the 2019 target, the VNAT said.

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South Korea is the country accounting for the highest number of international visitors to Vietnam in the first month of this year, according to the General Statistics Office (GSO).

The number of international tourist arrivals in Vietnam in January 2023 amounted to more than 871,000, making an increase of 23.2 percent compared to December last year, the GSO reported recently.

Among the total, some 259,000 travelers were from South Korea, placing the Northeastern Asian country in the first position on the list of international arrivals to Vietnam last month.  

Ranking second was the U.S. with nearly 77,900 tourists and the third place went to Thailand with some 55,000 travelers.

The fourth and fifth positions belonged to Australia and Japan with about 44,000 and 34,000 visitors, respectively.

This image shows a member of the group of 120 South Korean tourists being offered flowers by a local receptionist when they arrived in Khanh Hoa Province, in south-central Vietnam, on January 1, 2023. Photo: Minh Chien / Tien Phong

This image shows a member of a group of 120 South Korean tourists getting flowers when they arrived in Khanh Hoa Province, south-central Vietnam, January 1, 2023. Photo: Minh Chien / Tien Phong

International travelers to Vietnam by air occupied the largest portion, at 91.9 percent, while those by road and by sea represented 7.5 percent and 0.6 percent, respectively, the GSO said.

The figure of foreign arrivals to Vietnam in January 2023 rose 44.2 percent from a year earlier, but it fell 42 percent compared to the same period of 2019, when the COVID-19 pandemic had yet to hit the Southeast Asian country. 

Last month saw numbers of visitors to Vietnam from China and Russia, two of Vietnam’s major sources of tourists, reach nearly 47,000 and 12,000, respectively, far lower than over 660,000 and 36,000 in the same period in 2019, said the Vietnam National Administration of Tourism (VNAT), under the Ministry of Culture, Sports, and Tourism.

Total tourism revenue in January neared VND46 trillion (US$1.96 billion), lower than the expected monthly average of VND54 trillion ($2.3 billion) for 2023.

The tourism sector has set a goal of welcoming about eight million international visitors in 2023, equal to 45 percent of the 2019 target, the VNAT said.

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Source: https://tuoitrenews.vn/news/society/20230201/skorea-tops-list-of-foreign-visitors-to-vietnam-in-first-month-of-2023/71250.html

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Work starts on operation building for Ho Chi Minh City’s first metro line

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The groundbreaking for the operation and management building of Ho Chi Minh City’s first metro line was held on Tuesday.

Upon completion, the operation and management (O&M) building will be the headquarters for Ho Chi Minh City No.1 Urban Railway Company with the primary function of operating the entirety of metro line No. 1.

The facility is located at Long Binh depot in Thu Duc City under Ho Chi Minh City.

The construction of the city’s first metro line is about 94 percent complete, Nguyen Quoc Hien, an official from the municipal Management Authority for Urban Railways (MAUR), the project developer, said at the ceremony.

The developer, contractor, and consulting team are working hard to complete the remaining categories and prepare for technical test operation of the metro route in 2023, Hien continued.

The groundbreaking of the operation and management building of Ho Chi Minh City’s first metro line, January 31, 2023. Photo: Quang Dinh / Tien Phong

The groundbreaking of the operation and management building of Ho Chi Minh City’s first metro line, January 31, 2023. Photo: Quang Dinh / Tien Phong

The O&M building covers an area of more than 1,500 square meters, has two stories, and has a lifespan of 100 years.

The construction is expected to last for nine months.

This year marks an important phase of the project as it will be the transition from the construction of the metro line to the official operation of the route in 2024, according to Hien.

Vice-chairman of the Ho Chi Minh City People’s Committee Bui Xuan Cuong stated that 2022 marked many memorable milestones of metro line No. 1, especially the trial operation of the elevated section from Suoi Tien Terminal to Binh Thai Station.

Vice Chairman of the Ho Chi Minh City People's Committee Bui Xuan Cuong greets workers at the construction site, January 31, 2023. Photo: Quang Dinh / Tien Phong

Vice-chairman of the Ho Chi Minh City People’s Committee Bui Xuan Cuong greets workers at the construction site, January 31, 2023. Photo: Quang Dinh / Tien Phong

The O&M building is a very important ‘piece’ for the whole project, Cuong stressed.

The official requested that relevant units ensure the progress of the project and put it into operation in 2024.

The city’s first metro line is 19.7 kilometers long, including 2.6 kilometers of underground railway and 17.1 kilometers of elevated track.

It runs from Ben Thanh Market in District 1 to Suoi Tien Theme Park in Thu Duc City through three underground stations and 11 stops above the ground.

The project broke ground in August 2012 at a cost of VND43,700 billion (US$1.86 billion), most of which comes from Japan’s official development assistance loans.

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The groundbreaking for the operation and management building of Ho Chi Minh City’s first metro line was held on Tuesday.

Upon completion, the operation and management (O&M) building will be the headquarters for Ho Chi Minh City No.1 Urban Railway Company with the primary function of operating the entirety of metro line No. 1.

The facility is located at Long Binh depot in Thu Duc City under Ho Chi Minh City.

The construction of the city’s first metro line is about 94 percent complete, Nguyen Quoc Hien, an official from the municipal Management Authority for Urban Railways (MAUR), the project developer, said at the ceremony.

The developer, contractor, and consulting team are working hard to complete the remaining categories and prepare for technical test operation of the metro route in 2023, Hien continued.

The groundbreaking of the operation and management building of Ho Chi Minh City’s first metro line, January 31, 2023. Photo: Quang Dinh / Tien Phong

The groundbreaking of the operation and management building of Ho Chi Minh City’s first metro line, January 31, 2023. Photo: Quang Dinh / Tien Phong

The O&M building covers an area of more than 1,500 square meters, has two stories, and has a lifespan of 100 years.

The construction is expected to last for nine months.

This year marks an important phase of the project as it will be the transition from the construction of the metro line to the official operation of the route in 2024, according to Hien.

Vice-chairman of the Ho Chi Minh City People’s Committee Bui Xuan Cuong stated that 2022 marked many memorable milestones of metro line No. 1, especially the trial operation of the elevated section from Suoi Tien Terminal to Binh Thai Station.

Vice Chairman of the Ho Chi Minh City People's Committee Bui Xuan Cuong greets workers at the construction site, January 31, 2023. Photo: Quang Dinh / Tien Phong

Vice-chairman of the Ho Chi Minh City People’s Committee Bui Xuan Cuong greets workers at the construction site, January 31, 2023. Photo: Quang Dinh / Tien Phong

The O&M building is a very important ‘piece’ for the whole project, Cuong stressed.

The official requested that relevant units ensure the progress of the project and put it into operation in 2024.

The city’s first metro line is 19.7 kilometers long, including 2.6 kilometers of underground railway and 17.1 kilometers of elevated track.

It runs from Ben Thanh Market in District 1 to Suoi Tien Theme Park in Thu Duc City through three underground stations and 11 stops above the ground.

The project broke ground in August 2012 at a cost of VND43,700 billion (US$1.86 billion), most of which comes from Japan’s official development assistance loans.

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Source: https://tuoitrenews.vn/news/society/20230201/work-starts-on-operation-building-for-ho-chi-minh-citys-first-metro-line/71248.html

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4 undersea Internet cables face problems, affecting Vietnam’s international connections

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Four out of the five submarine Internet cable systems connecting Vietnam to the world are facing problems, with the latest failure recorded on Saturday, seriously affecting users’ international connections, an Internet service provider (ISP) said.

The Intra Asia (IA) cable system encountered problems on January 28 when a cable breakage happened about 130 kilometers from a shoreline station in Singapore, leading to a total loss of international data from Vietnam to the city-state, the ISP said.

This system, with a total length of 6,800 kilometers, has been in operation since November 2009 to connect Internet users in Singapore, the Philippines, Hong Kong, Japan, and Vietnam. 

It also served as an important route for Internet data transit to the Americas and Europe from users in Vietnam and other regional countries.

On January 21, the APG cable system faced an incident on its S9 branch connecting to Singapore, interrupting the connection between Vietnam and Singapore and Japan.

This line runs about 10,400 kilometers underwater across the Pacific Ocean, linking Vietnam with mainland China, Hong Kong, Japan, South Korea, Malaysia, Taiwan, Thailand, and Singapore.

Two other undersea cable routes, AAG and AAE-1, have had troubles since the end of 2022 and have not been fixed yet. 

In addition to these five lines, Vietnam is hooked up to two other submarine Internet cables, SJC2 and ADC, but they are not yet officially operational, Thanh Nien (Young People) newspaper reported. 

The latest incident means that Vietnam currently has only one undersea cable line left, the SMW3, to link the country to the world.

However, this system is outdated and is about to be discarded, according to ISPs.

The failure of the four cable systems has seriously affected the speed of Vietnam’s international Internet connections.

ISPs said they have deployed routing solutions to overland cable lines, as well as implementing other contingency plans, to minimize the impacts on domestic users.

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Four out of the five submarine Internet cable systems connecting Vietnam to the world are facing problems, with the latest failure recorded on Saturday, seriously affecting users’ international connections, an Internet service provider (ISP) said.

The Intra Asia (IA) cable system encountered problems on January 28 when a cable breakage happened about 130 kilometers from a shoreline station in Singapore, leading to a total loss of international data from Vietnam to the city-state, the ISP said.

This system, with a total length of 6,800 kilometers, has been in operation since November 2009 to connect Internet users in Singapore, the Philippines, Hong Kong, Japan, and Vietnam. 

It also served as an important route for Internet data transit to the Americas and Europe from users in Vietnam and other regional countries.

On January 21, the APG cable system faced an incident on its S9 branch connecting to Singapore, interrupting the connection between Vietnam and Singapore and Japan.

This line runs about 10,400 kilometers underwater across the Pacific Ocean, linking Vietnam with mainland China, Hong Kong, Japan, South Korea, Malaysia, Taiwan, Thailand, and Singapore.

Two other undersea cable routes, AAG and AAE-1, have had troubles since the end of 2022 and have not been fixed yet. 

In addition to these five lines, Vietnam is hooked up to two other submarine Internet cables, SJC2 and ADC, but they are not yet officially operational, Thanh Nien (Young People) newspaper reported. 

The latest incident means that Vietnam currently has only one undersea cable line left, the SMW3, to link the country to the world.

However, this system is outdated and is about to be discarded, according to ISPs.

The failure of the four cable systems has seriously affected the speed of Vietnam’s international Internet connections.

ISPs said they have deployed routing solutions to overland cable lines, as well as implementing other contingency plans, to minimize the impacts on domestic users.

Like us on Facebook or  follow us on Twitter to get the latest news about Vietnam!

Source: https://tuoitrenews.vn/news/society/20230131/4-undersea-internet-cables-face-problems-affecting-vietnams-international-connections/71241.html

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