Deutsche Bank appoints new chief country officer for Vietnam Deutsche Bank has just announced the appointment of Hans-Dieter Holtzmann (49) as chief country officer and head of Global Transaction Banking (GTB) in Vietnam, effective from August 16, 2018. In his capacity as chief country officer, Holtzmann will report to Werner Steinmueller, member of the Management Board and APAC Head of Deutsche Bank, and in his GTB capacity, to Kaushik Shaparia, head of Global Subsidiary Coverage, GTB Foreign Exchange and Corporate Cash Management for Asia. Announcing the appointment, Steinmueller said, “We are pleased to have a colleague of Hans-Dieter’s caliber in this role. As one of our key markets in Southeast Asia, our Vietnamese franchise has shown profitable growth and we are excited about the country’s outlook. This is why last year we significantly increased our capital base in this market, providing the bank with more resources to support our clients’ … [Read more...] about BUSINESS NEWS IN BRIEF 20/8
Online betting offers
Friday's Tale Gambler-in-chief Son Nguyen Friday, Mar 16, 2018,21:48 (GMT+7) Gambler-in-chiefSon Nguyen The news came as a tsunami, sending shockwaves throughout the country when police busted a huge gambling ring this week, detaining a former major general at the Ministry of Public Security plus scores of others including entrepreneurs, and taking hold of trillions of Vietnam dong evidenced as gambling money. The case, now under extensive investigation, points to huge damages a high-ranking corrupt official can inflict on society, although it also mirrors the determination of national leaders to fight crimes. As widely covered in local media, Phu Tho Province’s police on Sunday arrested Nguyen Thanh Hoa accused of running a protection racket for a transnational online gambling ring. Before the ring was busted, Hoa served as head of the Department for Anti-High-Tech Crimes under the Ministry of Public Security, shortly known as … [Read more...] about Gambler-in-chief
Digital media firm Yeah1 Group hit the VND300,000 ($13.12) ceiling at its first trading day yesterday, despite the on-going debate about its sky-high pricing. Pricing controversy shrouds the market debut of Yeah1 Group Yeah1 Group made history by becoming the first digital media company to float shares on Vietnam’s public market, which is usually dominated by banks, real estate developers, and manufacturers. Approximately 27 million shares of Yeah1 Group, under the ticker YEG, started trading on the Ho Chi Minh City Stock Exchange this morning with the sky-high listing price of VND250,000 ($10.94). The shares soon climbed 20 per cent to hit the peak at VND300,000 ($13.12). This record pricing made Yeah1’s shares the most expensive debut in Vietnam’s history, topping other high-profile transactions in recent years such as Vietjet Air, Vinhomes or Vincom Retail. All of these sellers priced their stock below VND100,000 ($4.38) per share upon debut. That … [Read more...] about Yeah1 Group holds big market debut amid pricing controversy
Bui Mai Phuong is an avid online shopper, ordering anything from clothing to personal-care products from her smartphone. But she prefers to pay with cash. She is among hundreds of millions of people whom firms such as Softbank Group-backed Grab and China’s Tencent want to win over as they try to tap into Southeast Asia’s burgeoning internet sector. More than 70 percent of the region’s 600 million-plus people do not use banks - higher than the global average of about 30 percent - and e-commerce is projected to hit $88 billion by 2025. But convincing consumers like Phuong, who lives in Hanoi, could be tricky. “I have never tried using mobile payments because I don’t know how to use it and it seems a bit complicated to use,” said Phuong, 36, a manager at a construction material supplier in Vietnam. Mobile payments are ubiquitous in China; a consumer can spend a day without using cash at all in Beijing or Shanghai, and even some beggars accept mobile … [Read more...] about Mobile payment firms struggle to dethrone cash in Southeast Asia
Nguyễn Thanh Hoá. — Photo tuoitre.vn By Khánh Vân Given their frequency, we should not be surprised, but we continue to be shocked each time an instance of corruption in high places comes to light. The latest such instance is the arrest of a former senior public security police officer on suspicion of involvement in one of the country’s biggest online gambling and money laundering cases. Nguyễn Thanh Hoá, former head of the Public Security Ministry’s Hi-tech Crime Police Department, was placed under arrest on Sunday for allegedly organising gambling, a crime under the Penal Code. Hóa’s hi-tech department was in charge of tackling illegal activity on the web, including online fraud and illegal betting. But now the Major General is in the dock for the very crime he was required to fight. Hóa, 60,was a very high ranked officer who’d gained repute for busting many cases of illicit online gambling, both … [Read more...] about Is our corruption glass half full or half empty?