Here's what's going on this morning:
- PetroVietnam expects profits to increase by 29% in 2013 ( Bloomberg )
- New book explains how to travel across Vietnam with no money ( Tuoi Tre )
About the Contest
We are now accepting submissions for the Vietnamese Language Garden photo contest.
Use your creative eye to shoot photos that capture nature in Saigon - tree-lined streets, a day in the park, overgrown weeds swallowing the skeletons of abandoned houses in Thu Thiem.
The winner will receive free, personalized Vietnamese classes at Vietnamese Language Garden and have their photo featured on Saigoneer.com.
Last week’s blackout was one of many across SE Asia in recent weeks, with large-scale power outages in Thailand, the Philippines, Cambodia and Vietnam. While the blackouts in Vietnam and Cambodia have been attributed to a crane accident, the circumstances in Thailand and the Philippines were less clear, causing some to suggest that they were politically motivated.
Once an international trading hub, ancient pottery from Hoi An has been found as far away as Africa . But a recent, local discovery has proved to be more impressive than the long distances some pieces have travelled. This week, a salvage company announced that they have successfully excavated a 15th century trading vessel containing 16,000, highly-prized artifacts.
Good morning, Saigon. Here's a roundup of what's making headlines:
- Vietnamese stocks at 5 year high ( Bloomberg )
- Authorities released 205,000 fish into newly cleaned Saigon canals ( Tuoi Tre )
- Vietnam's sea tourism has yet to be developed ( VietnamNet Bridge )
It’s been a bad week for the reputation of Chinese tourists. It started with a Chinese vice-premier lamenting the behavior of his countrymen abroad and culminated with news that a Nanjing teenager had defaced an ancient Egyptian temple.
Well, Saigon is really trying to cover all the bases for its 2020 rebirth. Another massive project has been proposed to redevelop Saigon’s 1,000km of rivers and canals at a cost of more than $500 million. The city hopes that this will boost tourism, and that its waterways will become Saigon’s main attraction.
Here's what's making news this morning:
- VietJet Air plans to open a Thai subsidiary ( Bangkok Post )
- Intel hesitant to expand in Vietnam due to power risks ( Tuoi Tre )
- The unemployment rate is growing in urban areas ( SaigonGP Daily )
- “Little PSY” welcomed back to HCMC ( Tuoi Tre )
Large markets have been the cornerstone of many Vietnamese neighborhoods for over a century. When Saigon was still a collection of small towns, central markets acted as vital commerce centers where locals sold everything from tomatoes to blankets. While the dynamics of shopping in Vietnam have changed a great deal over the last 20 years, these markets still serve as important commercial arteries, especially outside of District 1. In this series, we’ll take a closer look at the history of these important buildings starting with the big boy, Ben Thanh Market.
When Coca Cola announced a $300 million expansion plan for Vietnam last October, the company faced greater scrutiny of its local operations. Investigators found that by reporting losses since 2010, and questionable loan practices, Coke has avoided paying corporate income tax. The structure of the company’s loans and accusations that the company is taking advantage of transfer pricing has sparked outrage among Vietnamese with many calling for a boycott of the world’s most popular soda .
Here's the latest and greatest Vietnam news:
- Rich Vietnamese are into eating endangered species. ( VietnamNetBridge )
- According to a recent survey, energy security is a growing public concern. ( Viet Nam News )
- The investigation into the bribe-for-visa scandal has started. ( Tuoi Tre )
Two words: Real estate.
Citing an unnamed report, VietnamNetBridge found that nearly 30% of Vietnamese millionaires made their money from real estate investments and development.
As living standards began to raise in the early 1990’s, the first wave of local businessmen, who made money abroad, began investing in local properties. With Vietnam’s economic boom, real estate values skyrocketed.
It seems like everyone wants to be a little bit taller (and a baller) these days. A recent report revealed that Vietnam’s neighbors are not only taller, but enjoy a faster growth speed amongst their populations. To win the ‘war on short’, the Ministry of Culture, Sports and Tourism has announced a $287 million plan to raise Vietnam’s average height by 4cm.
Here are your morning links:
- Current business environment uninviting for foreign graduates ( Vietnamnetbridge )
- Criticism and confusion over recently announced TV laws ( ThanhNien )
- Vietnam to review its Visa exemption policies ( ThanhNien )
- Banks are starting to increase their loan rates ( Straigtstimes )
- Vietnam and Italy strengthen trade ties (businesstimes)
Whether it's building the world's tallest building or shadily acquiring a Russian aircraft carrier , the Chinese government, while facing many shortcomings, dreams big. But what about its people? Surely, in a nation of a billion people, there must be those who use ingenuity to address pressing issues or shortcoming in their day-to-day lives. An article in The Atlantic earlier this month, took a look at some of China's craziest/most brilliant DIY projects. We put our favourites in the slideshow below:
Nguyen Phan Chanh’s painting, entitled “La Marchand de Riz,” set a new record for Vietnamese art at Christie’s International in Hong Kong this past Saturday.
Originally valued at $75 due to a case of misidentification – a trainee labeled the piece as an unsigned Chinese work before experts identified Chanh’s signature – the winning bid was a record $390,000.
For history nerds like us, there's little better than an old map of Saigon. So here's an old map of Saigon, French street names and all. We're guessing it's from the late 1940s.
View the full size version here .
On the heels of a successful launch in Vietnam, Starbucks CEO, Howard Schultz, announced that the American coffee chain will open hundreds of stores in the country.
Before opening its 2-story flagship store on Le Lai St., many thought that Starbucks would face serious challenges due to Vietnam’s long and rich love affair with coffee.
The Chinese economy may be slowing down , but that’s not stopping Hunan developers from breaking ground on the tallest building in the world – Sky City. The project will not only be taller than the Burj Khalifa , but will be completed 5 years faster.
Just as in Saigon, Hanoi is a dense city where, outside of downtown, little attention was paid to details like infrastructure planning. This can result in some impactful visuals such as this video of a train traveling through a narrow alley.
The train makes its way through the tight path every day at 4pm and 7pm, barely clearing houses and motorbikes. As there have been accidents in the past, residents seclude themselves in their homes as the train passes by.
You know when you go to the café, and the barista draws a fancy leaf or heart in the foam of your cappuccino and you’re all like, “wow, that’s artistic!”? Well, after viewing the slideshow below, that might never happen again. Unless you go to Japan.
Tuoi Tre is reporting that a section of the 500 KV wire that connects the power grid between north and south, “fell apart,” cutting power to 22 provinces in southern Vietnam. While power has returned to much, if not all of Saigon, state energy company, EVN is still investigating the cause:
“According to Nguyen Anh Vu, an official at the national power supply corporation Vietnam Electricity (EVN). Vu said this is force majeure and EVN is trying its best to fix the situation as soon as it can. His firm is still examining the cause of the breakdown, the official said.
Huynh Minh Hai, director of EVN’s branch in the Mekong Delta province of Soc Trang, said that this was the first time such a huge incident had occurred in Vietnam over the last 100 years."
As “Gangnam Style” continues to pulsate from speakers all over the world, controversy surrounding Hwang Min-woo, or “little PSY,” has engulfed the Vietnamese and Korean online communities . Woo, seen performing the “horse dance” alongside the Korean megastar at the start of the music video, is half Vietnamese and half Korean. Derogatory comments stemming from Woo’s Vietnamese roots have flooded Star Zone Entertainment's website and have caught the attention of the Gangnam Police Department (no, they don’t dance. Yes, Gangnam is a neighborhood in Seoul).