[Round-up] Honda Vietnam under Scrutiny for Alleged Massive Layoffs, Banks Cut Deposit Rates

Tuan Minh

07:34 27/09/2016

BizLIVE - The Ministry of Labor, War Invalids and Social Affairs has asked the government of Vinh Phuc province to verify media reports of massive layoffs that allegedly happen frequently at Honda Vietnam. A number of major banks have reduced deposit interest rates.

[Round-up] Honda Vietnam under Scrutiny for Alleged Massive Layoffs, Banks Cut Deposit Rates

The Ministry of Labor, War Invalids and Social Affairs has asked the government of Vinh Phuc province to verify media reports of massive layoffs at Honda Vietnam.

Air New Zealand to Fly Dreamliner for Second Vietnam Season
Air New Zealand has confirmed it will operate a second season of non-stop services between Auckland and Vietnam from June to October next year and this time passengers will be carried by Dreamliner aircraft, according to New Zealand media.
For the 2017 season, Air New Zealand will operate two non-stop services a week from Auckland to Ho Chi Minh City using the 302-seat Boeing 787-9 Dreamliner. 
SCC Links Arms with Vietnamese Software Giant
Vietnam’s largest software company, FPT Software, has entered into an exclusive deal with SCC to help it break into Europe, according to Channelweb.co.uk.
SCC will initially focus on pushing FPT's software development and cloud migration services in the UK, France and Spain.
Dentsu Unveils Media Laboratory to Speed up Vietnamese Startups
Dentsu Media Vietnam, a member of Dentsu Aegis Network, has announced the launch of Dentsu Media Laboratory (dmLab) to harness the latest technologies and create new digital experiences for the market.
The platform enables its partners to access Dentsu’s pool of knowledge, consult with business professionals, and tap into new revenue streams, according to Thailand-based The Nation. 
Vietnam’s Labor Ministry Request Probe into Honda’s Alleged Massive Layoffs
Vietnam’s Ministry of Labor, War Invalids and Social Affairs has asked the government of Vinh Phuc province to verify media reports of massive layoffs that allegedly happen frequently at Honda Vietnam, the largest motorcycle producer in the country.
Vinh Phuc authorities will check if Honda Vietnam’s action is legitimate and how it has affected the local workforce, Vietnamplus reported, quoting Deputy Labor Minister Pham Minh Huan.
Heineken Would Like to See Formula 1 Race in Vietnam
Heineken senior global brand director Gianluca di Tondo would like to see Formula 1 stage a race in Vietnam as part of its expansion in the Asia-Pacific region, according to NBC Sports.
“We are very present in Vietnam through a local partner and they were our guests in Monza and they were over the moon. So why not have a race in Ho Chi Minh City?” he said.
Vietnam Banks Lower Deposit Interest Rates
A number of major banks in Vietnam have lowered their interest rates for short-term deposits as from September 26, the banking authority said in a statement Monday.
The new interest rates applied to demand accounts or below-one-month deposits are at 0.3%-0.5% a year, while the rates for one-to-below-three-month deposits at 4.2%-4.3% per year. The annual interest rate of 4.8% is applied to deposits of three to less than five months.
China’s Taiwan to Boost Investment in Vietnam
Investment from China’s Taiwan in Vietnam is expected to surge in the coming time with the territory’s “Look South” policy, the Vietnam News Agency reported, citing Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vo Tan Thanh. 
China’s Taiwan is one of the leading investment partners of Vietnam with 2,500 projects worth more than $32 billion. 
Vietnam’s consumer confidence index increased 0.7 points from the previous semi-annual survey to 94.9 points in the first six months of this year, making Vietnam one of the four extremely optimistic countries in the Asia-Pacific region, according to Mastercard. 
The gain in the country’s overall score was backed by a significant improvement in the Stock market component, the U.S. technology company said in a recently-released survey. 
Foreign-invested enterprises operating in Vietnam pocketed $91.16 billion from export in the first nine months of this year, while spending $74 billion on imports, resulting in a trade surplus of $17.15 billion, according to the Ministry of Planning and Investment. 
South Korean enterprises won approval to invest nearly $5.6 billion in Vietnam in the year to September 20, accounting for 34% of total foreign direct investment pledges in the period, according to the Ministry of Planning and Investment. 
FDI from South Korea is approximate to the combined amount of the next four largest investors in the Southeast Asian country, which are Singapore, Japan, Taiwan and Hong Kong. 
State Capital Investment Corporation (SCIC), the Vietnamese government’s sovereign wealth fund, will unload a 9% stake in Vietnam Dairy Products JSC or Vinamilk, where it holds a 44.7% interest, before the end of this year.
SCIC will sign a consultancy contract and prepare for the divestment within this month, the corporation’s Chairman Nguyen Duc Chi told local press last weekend. 

TUAN MINH

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