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E-hailing apps rush to add payment apps to their services

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E-hailing apps, after a period of focusing on their core business field of carrying passengers, have begun seeking other business opportunities, Thoi Bao Kinh Te Sai Gon reported. Most of them are offering an e-payment service.

On August 5, the Gojek app became officially operational in Vietnam, which also marked the end of the mission of GoViet brand in Vietnam after two years of presence in the market.

E-hailing apps rush to add payment apps to their services

On this occasion, CEO of Gojek Vietnam Phung Duc Tuan revealed that Gojek would focus on three major services in the time to come – passenger transport, goods delivery and payment. Of this, online payment (integrating e-wallet into the app), which is still lacking in Gojek’s ecosystem, will be the center of development.

Grab, the biggest rival of Gojek, began integrating the payment function into its app – Moca e-wallet – in late 2018.

In the home market of Indonesia, Gojek provides more than 20 services on the same app platform. However, the integration of services into GoViet was relatively slow, which made it difficult to compete with rivals.

Gojek, which was one step behind Grab, decided to speed up the process by joining hands with PayPal to provide services instead of developing an e-wallet itself.

Analysts say that this is a key strategy for foreign e-hailing brands such as Gojek and Grab, and domestic brands such as Be and FastGo to consolidate their service ecosystems.

In the home market of Indonesia, Gojek provides more than 20 services on the same app platform. However, the integration of services into GoViet was relatively slow, which made it difficult to compete with rivals.

However, after receiving investments from a series of big companies, including Facebook, Paypal, Tencent and Google, Gojek decided that integrating payment service must be done after the restructuring in Vietnam.

Gojek’s major rivals in the e-hailing sector in Vietnam such as Grab, Be and Fastgo all have integrated e-wallet into their services.

Two years ago, Grab began its payment method via Moca e-wallet which quickly helped the brand to be among six e-wallets with largest market share in Vietnam.

Earlier this year, Be joined forces with SmartPay e-wallet, while FastGo began giving support in non-cash payment via Vimo. Meanwhile, food ordering apps such as Baemin and Now offer other non-cash payment options.

A report from Standard Chartered Bank on cash digitization in ASEAN published in 2019 says that the Southeast Asian market has ideal conditions to deploy e-payment services. The average cash use rate in the region, not including Singapore, was 47-65 percent before Covid-19.

A report from Adsota released last February also pointed out that Southeast Asia has two countries listed among the world’s biggest smartphone markets – Vietnam and Indonesia. This helps Southeast Asia become busier with investments in fintech in general and digital payment in particular.

Translated by Mai Lan 

Source: https://vietnamnet.vn/en/business/e-hailing-apps-rush-to-add-payment-apps-to-their-services-666003.html

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Vietnam lacks chefs to serve tourism boom

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Vietnam lacks chefs to serve tourism boom

A cook fries eggs at a restaurant in central Da Nang City. Photo by Shutterstock/PJiiiJane.


Demand for chefs is constantly rising with growing tourism, but supply cannot keep up due to lack of training.

The tourism industry requires around 40,000 workers a year, 8 percent of them for F&B, according to the Vietnam National Administration of Tourism.

Le Mai Khanh, vice chairwoman of the Vietnam Hotel Association, said but for a small number of professional chefs at four- and five-star hotels, most chefs in other hotels lack professional expertise and cannot cook a wide range of dishes or meet customers’ demands.

“Hotels and kitchens [therefore] intensely compete for skilled workers.”

Nguyen Xuan Minh, executive chef at the five-star Hanoi Daewoo Hotel, told local media: “Large hotels mostly have foreigners, who cannot make Vietnamese cuisine well, as head chefs. This results in slow development of the culinary field and a lack of diversity in tourism products.”

There are 9,000 hotels and restaurants in the country but only 190 institutions that offer hospitality training, including universities, colleges, technical schools, vocational schools, and short-course training establishments.

According to a survey by the HCMC Professional Chefs Guild, only 30 percent of chefs in Ho Chi Minh City have formal training.

“Traditional cooks are limited in terms of knowledge of culinary culture, food preservation, processing methods, and food safety and hygiene. They are also not proficient in the use of chemical additives and seasoning, and often cook by instinct,” Minh said.

“So, to make cuisine a tourism product, we need to focus on developing human resources for the kitchen,” he added

The big demand for chefs offers huge opportunities for young people, according to industry insiders.

The Hanoi Center for Employment Services said the monthly salary for commis starts at VND7 million ($303). The average monthly income of head chefs in hotels and restaurants is VND15 – 20 million, but could rise to hundreds of millions of dong (VND100 million = $4,334) in large hotels.

Deputy Chairman of the Vietnam Tourism Association, Vu The Binh, said there are over 50,000 chefs currently working in large hotels and restaurants, and over 100,000 others working for other establishments.

Source: https://e.vnexpress.net/news/business/industries/vietnam-lacks-chefs-to-serve-tourism-boom-4197546.html

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Interest rate for home loans forecast to stay low in 2021

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The interest rate for home loans is expected to be kept low next year in a bid to stimulate demand for the real estate market. — Photo openstock.vn

HÀ NỘI — Interest rates for home loans are expected to be kept at a low level next year to stimulate demand for real estate, which coupled with macro-economic recovery and an increase in supply is hoped to promote the housing market’s development, according to a report from the securities company VNDirect.

Since the outbreak of the COVID-19 pandemic in January, the State Bank of Việt Nam (SBV) has slashed rates three times, in March, May and October to aid economic recovery, which helped ease the pressure of provision cost for banks and interest expenses for customers and enabled lenders to introduce stimulus packages for home purchases.

According to Trần Khánh Hiền, deputy head of Investment Analysis at VNDirect, the rate for home loans was reduced by about 1.8 percentage points to 9.5 per cent, the lowest rate in the past decade.

“In the context of cooling inflation pressure, we expect the SBV to maintain an adaptive monetary policy in 2021. Although we do not expect further rate cuts, we believe the SBV will not raise rates in 2021 to aid the economy through maintaining loose monetary policies,” Hiền said.

“Thus, the interest rate for home loans will be maintained at low levels in 2021 to stimulate demand for the housing market.”

VNDirect also predicted a robust recovery of the housing market next year fuelled by the country’s macro-economic recovery.

The global production shift expected to drive investment flow into Việt Nam will benefit the real estate market, especially industrial property. The Government’s efforts to hasten public investment disbursement with a focus on infrastructure development have also aided the real estate market.

The report also forecast that new supply would skyrocket due to the expectation that the amendments to Law on Construction and the Law on Investment 2020 which take effect from the beginning of next year will tackle legal bottlenecks.

With a number of projects set to resume construction in 2021, VNDirect forecast new supply in HCM City would increase by 10-15 per cent to reach 17,000 apartments.

In Hà Nội, the supply was predicted to increase by 50-60 per cent in 2021 to reach 23,000 apartments, mainly from mega-projects like Vinhomes Smart City, Vinhomes Ocean park, Sunshine Empire and Gamda City.

Regarding housing prices, VNDirect said that the trend was to rise, driven by improved demand and low-interest home loans.

Still, there would be no market bubble in the short term, VNDirect stressed. The market was now different from 2009-10 when inventories were high and prices were inflated, leading to the market collapse in 2013.  

Now, the market has limited supply and high demand while the cash flow continues to be pumped in the market.

Việt Nam’s real estate market had a cycle of seven years and the market could enter a strong growth period in 2021 if legal bottlenecks were tackled properly, VNDirect said.

The M&A activities are predicted to be robust next year as a number of small developers have fallen into difficulties due to the legal bottlenecks and impacts of the COVID-19 pandemic, creating opportunities for those with financial capacity. —

Source: https://vietnamnews.vn/economy/820113/interest-rate-for-home-loans-forecast-to-stay-low-in-2021.html

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Over 120,000 firms newly established in Jan-Nov

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Residents carry out procedures for business establishment at the Department of Planning and Investment of Binh Duong Province. Some 124,300 firms were newly established between January and November – PHOTO: VNA

HCMC – Some 124,300 firms were newly established between January and November, pledged capital of over VND1,870 trillion, inching down 1.9% in number and up 19.3% in capital year-on-year, according to the General Statistics Office.

During the 11-month period, the newly established companies had an average registered capital of VND15.1 billion, up 21.7% year-on-year. They also registered to recruit a total of 970,000 employees, down 14.7% year-on-year.

Besides, the number of firms that resumed operations rose by 10.7% year-on-year at 40,800. However, the period also witnessed a 15.6% rise in the number of enterprises suspending their operations, reaching some 93,500. Of the total, 15,400 companies completed procedures for dissolution, a year-on-year rise of 3.1%.

In addition, operational companies registered an additional VND3,086 trillion to fund their expansion plans, raising the total newly pledged capital to more than VND4,965 trillion during the period, up 35.1% year-on-year.

In November, the country saw some 13,100 newly-established firms with total pledged capital of VND284 trillion, up 7.3% and 72%, respectively, month-on-month. The new enterprises registered to employ 119,000 people, up 65.3% compared with the previous month.

Each new firm reportedly registered an average of VND21.8 billion in capital in November, a month-on-month increase of 60%, VietnamPlus news site reported.

Last month, over 5,310 firms returned to the local market, up 5.4% month-on-month and 59.8% year-on-year, while over 1,940 companies completed the procedures for dissolution, a year-on-year rise of 30.6%.

Source: https://english.thesaigontimes.vn/79651/over-120000-firms-newly-established-in-jan-nov.html

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