Saturday September 19, 2009
The rise of digital marketing
By LEE KIAN SEONG
Online trading has grown in importance and companies want a piece of the action
THE World Wide Web helps self-proclaimed techno-geek Marcus Chong, 19, choose what brands to go for when he’s looking for the latest electrical and electronics goods in the market.
"It has changed as people connect and communicate in new ways across a multitude of new and uncontrolled channels" KU KOK PENG FH COMMUNICATIONS GM
Avid traveller Peter Dass, 32, surfs the Net regularly to find the best holiday destinations with the best value-for-money travel packages.
Razlan Mahmud, 37, and his wife prefer to do all of their banking online because it accommodates their hectic lifestyle.
They are among the 15 million Internet users in the country, largely within the 15-40 age group, who are increasingly being targeted by marketers through the digital space.
The popularity and growing penetration of the Internet have made online media an inevitable and essential part in many companies’ marketing plans.
Prashant Kumar, chief executive officer of media specialist Universal McCann, says Malaysia is one of the “youngest” countries in the world, with half of its population below the age of 25 and they make up the group that are using the Internet widely.
“These people will be the key decision-makers for 90% of brands in the next 10 to 20 years,” Prashant says.
He says digital media in Malaysia are poised for “explosive growth” and are finally gaining credibility as mainstream – as opposed to niche – media among the majority of advertising clients.
Prashant says digital marketing is already big enough to make other mainstream media niche, adding that most in the advertising industry concur that a good campaign would be incomplete if it lacks Internet presence.
"Digital spending is projected to grow at a compounded annual rate of 31% between 2008 and 2013" TAN SIANG LIN MEDIA SPECIALISTS ASSOCIATION PRESIDENT
“Today, a lot of advertisers who were initially resistant and skeptical to what digital advertising could do are turning into adopters. I cannot imagine a media agency today that is not providing digital advertising services because that is the future of advertising,” he says,
Agencies are striving to boost their digital marketing capability, driving up demand for talents with digital knowhow. Just prior to the economic downturn, headhunter Aquent, in its biennial report, had forecast that salaries of digital agencies’ creative staff in Malaysia were expected to grow by 15% on average, against 10% for advertising agency’s creative and account management staff.
Nielsen, the country’s top provider of media-related data for the ad industry, only monitors a few online sites and does not cover a myriad of ways marketers use to sell their products and services in the digital media, from YouTube to mobile marketing.
Based on Nielsen’s research, the Internet represented RM32mil, or just 0.5%, of the advertising spending in the country. In the first six months of this year, that figure was RM19mil and 0.6% respectively.
Prashant says the figure was likely to be bigger. He values Internet ad expenditure (adex) for the first half at RM100mil and says it would surpass the RM200mil mark in 2009.
"I cannot imagine a media agency that is not providing digital advertising services, as that is the future of advertising" PRASHANT KUMAR UNIVERSAL MCCANN CEO
“Only the adex of a few websites are captured (by Nielsen). Statistics for some of the big boys, like Google, are not captured,” he says.
“Also, a lot of Malaysian digital media are on international websites, which may not be captured.”
Tan Siang Lin, managing director of MediaCompete Sdn Bhd (a member of WPP Group’s media specialist arm GroupM), says GroupM forecasts digital media spending in Malaysia to account for 1.4% of total spending this year due to rapid Internet and mobile penetration.
Malaysia’s digital spending is projected to grow at a compounded annual rate of 31% between 2008 and 2013.
“The adspend monitored by Mobile Entertainment Forum (a global trade association of the mobile industry) for the year 2008 was US$3.04mil and is targeted to rise to US$20.5mil in 2013,” Tan says.
Opera Software reported that there is vast potential to tap into digital advertising on mobile devices. The report points out that Malaysian mobile Internet users are engaging more in mobile web offerings, with a 474.5% increase in page views since 2008, with each user averaging 11 page views.
Ogilvy & Mather Malaysia group managing director Zayn Khan says digital advertising is not something new. It has been deployed since the dotcom boom in 1998.
"Digital revolution has occurred and everything has become digital whether it is online or offline" TAN KIEN ENG LEO BURNETT/ARC WORLDWIDE MALAYSIA MD
However, it is only in the last two years that it has experienced accelerated uptrend or growth in South-East Asia, he says.
G2 Direct Interactive general manager Sam Chan says digital advertising has become more advanced and digital is as important as offline media.
“Marketers in general want to increase spending. Digital spending comprises mainly e-mail marketing, search, in-game advertising, digital out-of-home and social media,” he says.
Chan says in developed markets like Japan, Singapore and South Korea, the focus is on rich media and a wide array of content. All categories of brands can market online because of the mass audience covered.
“In developed markets, digital advertising is used for brand building and e-CRM (electronic customer relationship management) activities rather that just promotional campaigns,” he says.
In less developed markets, meanwhile, the focus is still on increasing penetration, especially for broadband – “the delivery of content rather than the content itself,” Chan says.
“And online is used to target urbanites, youth or white collars who have ‘always-on’ Internet connection in the office.”
Paradigm shift in communications
Tan Kien Eng, who heads marketing agencies Leo Burnett and Arc Worldwide Malaysia, says a digital revolution has occurred and everything has become “digital” whether it is online or offline.
"All categories of brands can market online because of the mass audience covered" SAM CHAN G2 DIRECT INTERACTIVE GM
“Offline can be interactive boards, kiosks or games, while online are those that exist in the Internet world. Digital advertising is the future and it is the present. If you don’t have a digital strategy, you probably aren’t aware of what is happening around the world,” he says.
Kien Eng says consumer “touch points” would evolve as a lot of marketers are already using this kind of media, such as blogs and Facebook, to reach consumers.
Like advertising agencies, public relations firms also need to move towards digital.
Public relations, which is traditionally used to influence non-paid, uncontrolled media (as opposed to advertising, which traditionally utilises paid media), can play a major role in digital space such as blogs and forums.
Ku Kok Peng, senior vice-president & partner and general manager of public relations consultancy FH Communications Sdn Bhd, says the means of communications have changed with the advancement of digital platforms.
“It has changed as people connect and communicate in new ways across a multitude of new and uncontrolled channels,” he says.
Rather than being just spectators, consumers become participants in whatever happens around them and they can become experts, broadcasters, reviewers and publishers in the digital space.
"It is only in the last two years that digital advertising has experienced accelerated uptrend in South- East Asia" ZAYN KHAN OGILVY & MATHER M’SIA MD
“Their comments on certain brands are impactful, and this digital evolution changes the whole communication landscape as they are acting like the media,” he says.
Ku notes that the inherent power of word of mouth has been amplified by the digital channels and information has been democratised, creating a dramatic shift in the balance of influence.
“It is much less about what you (the company) say; it is much more about what they say about you. What they say will shape your brand, mould your reputation and impact your business,” he says.
Ku says PR firms have to identify which blogs suit their clients’ needs and engage with the bloggers on a personal basis to establish a relationship.
“We need to know the blogger’s interest and create content that benefits the two parties,” he says.
Ku says it’s important to appoint PR agencies to design strategies for sending the company’s message to consumers through digital platforms and engaging with bloggers.
“You need to understand where they are coming from as the channels like YouTube, blogs, Facebook and Twitter have their own characteristics,” he says.
Ku says a blogger who is rational and analytical and suits the needs of the blog’s followers will gain popularity.
Benefits of going online
More companies have been shifting or re-distributing their advertising budgets into digital advertising. During the economic downturn, digital advertising is seen as one of the more effective ways for companies to communicate with their audience.
Prashant of Universal McCann says placing adverts online can be undertaken more quickly and it has great cost advantages.
Companies can also monitor click rates, lead generation, number of references or even registrations.
Digital media offers better accountability for companies wanting to track the value received for the money spent on ads, a notable attribute especially in an economic downturn.
Online advertising also allows ‘behavioural targeting,’ whereby a website would track a particular Internet user’s surfing habits and deploy ads that cater to his surfing preferences.
Further, online advertising is opening up a lot of opportunities for small businesses with cash-flow issues.
G2’s Chan says the effectiveness of the online channel depends heavily on the relevance, good understanding of the audience’s behaviours and the integration of the total communication package.
“This is no different from any form of brand communication, be it out-of-home, mainstream or shopper marketing. The fundamentals need not be over-analysed, as they are the same,” he says.
Chan says some marketers over-analyse the medium because the medium is still alien to them.
“The only difference is that with online media, messages or offers can be delivered in a more engaging, personalised, richer and measurable way, if done correctly,” he explains.
Digital-related issues
Prashant feels that the level of digital advertising in Malaysia is commendable. “I think there have been some good innovations. However, the quality of broadband is an issue, and this affects some of the innovations,” he says.
According to reports, the local broadband penetration rate was at 21% in 2008.
In terms of Internet usage behaviour, Malaysians are quite evolved. Malaysians are way ahead than many other countries with higher penetration levels, he says.
Since a lot of Malaysian consumers prefer to go to international websites, there is a need for more “powerful, engaging content,” Prashant says.
“The local options are fewer. Also, a lot of local sites are struggling with commercial viability.”
On mobile marketing, he believes Malaysia has “a far way to go.
“Because of the low penetration rate of 3G handsets, there is an insufficient amount of local mobile content.”
Tan of MediaCompete says the nation has a fairly sophisticated digital market, concentrated in highly connected urban areas such as the Klang Valley, but it is still weak in reaching rural consumers.
“Until the Internet-access (broadband) becomes more easily available to our rural population, advertisers will continue to be concerned that they are not reaching all of their audiences,” she says.
Other than the rural consumers, the older generation has also shown indifference towards the Internet, preferring the conventional media instead, she says.
With the increasing use of the digital space as a marketing channel, there are concerns on invasion of privacy as Internet marketers ride on behavioural tracking technologies to tailor messages towards specific groups of consumers.
G2’s Chan says that the nation should have a regulatory system to strictly monitor user’s data privacy.
The Government is in the process of introducing the Personal Data Protection Act, which aims to protect and regulate the use of private data.
Chan says the Act will not affect the mainstream and online advertising much, but marketing activities involving personal data collection like e-mail/SMS marketing and online contests.
He says companies that want to mail promotional messages to consumers who fill up contest forms should seek the consumers’ permission by creating a box in the contest form for the latter to tick.
Chan says there are guidelines imposed by the Malaysian Communication and Multimedia Commission (SKMM) regarding digital advertising, and the guidelines are quite similar to the do’s and don’ts of communication overall.
“There are no comprehensive regulations imposed simply because by the time one comes out, a new trend springs online,” he says.
He says beyond regulations, parties such as marketers, agencies and SKMM should have measurement standard guidelines to qualify and quantify the success of a digital campaign/activation.
“Otherwise, we should leave the Internet from being over-regulated, letting it be an open and free medium like it has always been, because that is one space where there are no boundaries of race, gender, borders and topics.
“It satisfies our need to connect, share, be in the know, be in control and be ourselves,” he says.
While most industry players concur that digital advertising is the way of the future, the same holds true for the belief that mainstream media are here to stay.
“It (Digital) will be part substitution, part complementary. Mainstream advertising will lose its dominance but it will always have a purpose,” says Prashant.
Radio did not kill the newspaper
Some have argued that digital advertising could eventually ‘kill’ mainstream media, but Prashant believes differently.
“If you look at the history of media, new media have never killed old media. Radio did not kill the newspaper. When radio made its debut, some evangelists would surely have said ‘Why read newspapers when you can hear it on radio? It’s so much more alive!’
“But when radio came, radio fit into people’s lives in one way and newspapers fit in another way. Both mediums found their place,” he says.
Radio still exists today, years after television came into the picture, Prashant adds.
“They have both co-existed. Both mediums fit into society quite well. Similarly, the Internet will find its own positioning in people’s lives,” he says. Many would agree that there just some things derived from mainstream media that cannot be replaced via the Web.
“Surfing the Web is an active thing. When I get home, tired from work, I would rather just relax, sit back and passively enjoy television,” Prashant says.
Ku from FH Communications does not see the evolution of digital will be at the expense of newspapers.
“We need a combination of the traditional and digital media, but traditional media has to change,” he says, adding that traditional media like print have to provide more in-depth analyses to add value to the content.
http://biz.thestar.com.my/news/story.asp?file=/2009/9/19/business/4725153&sec=business
Wednesday, 23 September 2009
Monday, 21 September 2009
Vietnam - News
ENERGY - Outlook looks into energy security
One of Viet Nam’s biggest challenges during the next ten years is ensuring energy security, and that means expanding power supplies to keep pace with the nation’s rapidly growing economy.
This month’s issue of our news magazine Outlook examines the Government’s plans on ensuring energy security. The magazine, which goes on sale in Ha Noi, HCM City and other major centres this morning, reports on new hydropower projects such as the massive Son La plant and moves to minimise reliance on imported fossil fuels by fostering biofuel production.
Our cover stories also take a look at development of clean renewable energy sources such as wind and solar power in Viet Nam. Our report on harnessing the sun shows how pioneering farmers are taking advantage of solar power in a cost-effective way, while our survey of wind power takes readers on a visit to the country’s first wind farm in Central Viet Nam.
Also in this issue, we visit a picturesque coastal community tipped to be the next tourism boom town, meet Viet Nam’s "dancing ambassador" and check out HCM City’s late night cafe scene.
Outlook’s regular news round-up summarises the major news developments locally and around the world. Readers can also catch up on what’s hot and not in the country’s culinary, sports and arts scenes - and check out our listings for everything from bars to embassies.
Outlook retails for VND15,000 at news-stands, major hotels and restaurants, at the head office of the Viet Nam News at 11 Tran Hung Dao, Ha Noi street, or at our HCM City office at 120 Nguyen Thi Minh Khai Street. — VNS
FINANCE - Need to improve Vietnam business environment
World Economic Forum (WEF) and World Bank differ on Vietnam's business environment, but the downgrade of Vietnam in world ranking list showed the country still suffers from many problems.
On September 9 in China, WEF announced the Global Competitive Index 2009-2010 in which Vietnam slid five grades from 70th to 75th position, marking the third consecutive year Vietnam was downgraded.
In WEF's 2006-2007 report, Vietnam stood 64th among 122 surveyed economies and then fell to 68/131, 70/134 and 75/133 in following years although the country marked achievements in all ranking standards. But in comparison with Vietnam itself in the past, these achievements did not matter much in the global race.
Macro-economy factors pulled down the grade of Vietnam in the global ranking lists. In terms of macro economy with high inflation, big trade deficit and budgetary overspending, changes in forex rate and interest rates while the country's infrastructure has not been improved, Vietnam dropped 42 grades from 70 to 112. This was the most serious downgrade making Vietnam's Global Competitive Index slump five grades in WEF's 2009-2010 report.
Generally, Vietnam's basic standards subject to WEF's ranking list were worse, especially the unsustainable macro-economy.
At the same time, World Bank also released its Doing Business 2010 report saying that Vietnam showed big progress in business environment after climbing seven grades from last year's 39th position to 32nd in aspect of contract implementation.
But in general through considering other nine standards, Vietnam declined two grades from 91st to 93rd among 183 ranked economies.
In fields of corporate establishment and tax payment, Vietnam slid from 109 to 116 and from 140 to 147 correspondingly.
Three standards seeing the 3-grade drop of Vietnam in the report are labour usage from 100 to 103rd, assets registration from 37 to 40, and credit access from 27 to 30 while the country's construction license standard plunged two grades from 67 to 69, investor protection from 171 to 172, cross-border commerce from 73 to 74 and corporate bankruptcy from 126 to 127.
Notably, all ranking standards of Vietnam are getting worse, especially procedures of liquidating and setting up companies, investor protection, tax payment, and labour.tuanvn
SHIPBUILING - Vinashin and Vinalines plan to build 40 ships
Prime minister has approved a plan of Vinashin and Vinalines to build 40 ships from the funding of Vietnam Development Bank (VDB).
First off, the two enterprises must comply with the Decision No 10/2009/QD-TTg dated January 16, 2009 ruling on the scheme of funding key mechanical product development and list of key machinery products in period of 2009 to 2015.TBKT
EDUCATION – Viet Nam aims to learn from the best overseas universities
HA NOI — Learning from the experience and success of well-known international universities was important for the renewal of Viet Nam’s education sector, Deputy Prime Minister Nguyen Thien Nhan said here yesterday.
Nhan, who is also the Minister of Education and Training, was speaking at the first Viet Nam-Japan Rectors’ Conference. The two-day function finishes today.
"The quality of tertiary education in Viet Nam is still low and has not met the demands of development,so we are working hard to find solutions for a total renewal for the sector," Nhan said.
He said the target for the coming academic year was a renewal campaign in training, managing and financing - and that to achieve it, international co-operation and experience played an important role.
The two-day conference aims at Vietnamese universities exchanging high quality education experiences and management with those in Japan.
About 50 representatives from Vietnamese universities and 40 from Japanese universities attended.
The Japanese Government has helped Viet Nam build 256 primary schools in 21 provinces. It has also helped improve training, science research and provided annual scholarships.
Up to date, more than 100 Vietnamese universities have co-operation programmes with Japanese universities.
"Such successful co-operation has helped Vietnamese universities improve their training to gradually meet international standards," said Tran Thi Ha, director of the Higher Education Department under the Ministry of Education and Training.
Also, she said, co-operation programmes had helped train high quality management staff, researchers and lecturers.
Viet Nam is one of Japan’s most important partners in education co-operation, according to Shigeharu Kato, deputy director general of the Higher Education Bureau at Japan’s Ministry of Education.
According to the rector of University of Da Nang, Bui Van Ga, co-operation with Japanese universities, as well as with other foreign universities, offered a great chance to quickly improve training and management.
However, according to Tran Thi Ha, there were still problems that needed tackling.
Lack of instructions from the Ministry of Education and Training led to co-operation in training courses or fields that did not meet the needs of Viet Nam’s urgent socio-economic development.
The conference also touched on the need for Viet Nam to establish international universities with help from local universities and foreign partners.
Viet Nam currently has no institution on the list of the world’s best 200 universities, according to Deputy Prime Minister Nguyen Thien Nhan.
However, he said it planned to have five international-standard universities by 2025. The Da Nang International University project is one among them.
He expected that Japan would become the partner for Da Nang International University. — VNS
POWER - Work on Upper Kon Tum hydropower plant project to start
Vinh Son-Song Hinh hydropower Joint Stock Co (coded VSH) announced that the company would start the construction work on Thuong Kon Tum hydropower plant project with designed capacity of 220MW on Dak Nghe River, Kong Plong Dist, Kon Tum province.
Thuong Kon Tum hydropower plant project was included in the general electricity development plan No 4 to be built in two provinces of Quang Ngai and Kon Tum. The plant with total investment value of over 5.7 trillion dong will supply annual electricity output of over one billion KWh. The plant is expected to start operation in 2014.
At present, Vinh Son-Song Hinh hydropower Joint Stock Co has prepared for capital raising methods for the project such as the company's available profit, preferential loans from Vietnam Development Bank, issuing shares to increase VSH's chartered capital, issuing corporate bonds, commercial loans via export credit.
The company has concentrated on carrying out construction work of provincial road No 676 from KonPlong, intersection and connection road from Son Lap-Ngoc Tem to the entry road of the hydropower plant, and upgrading work of 22KV electricity line from Son Ha to the construction site in order to supply electricity for the project.TBKT
RAILWAY – TRANSPORTATION - Capital raised from private sector for north-south express railway
The fourth workshop on North-South express railway was held in Hanoi on September 15 by Vietnam Railway Corp in cooperation with Japan Overseas Rolling Stock Association (JORSA).
According to a recent research by Japan International Cooperation Agency (Jica) on sustainable development of Vietnam's transport system, developing the north-south express railway system is very important. However, if the investment is up to $38 billion (that does not mention expenses for purchasing locomotives, standby expenses and tax), putting in use of this express railway is infeasible, said Jica.
Jica analysed that regarding people's incomes, if clients travel from Hanoi to HCM City for 5.5 hours instead of some 30 hours as currently, the ticket price for the express train is also as expensive as the air ticket while it takes only one hour and 45 minutes to travel from Hanoi to HCM City by airplanes. This demonstrates that the express railway can compete to the airlines in medium distances but as for the 1,500 kilometre distance, the airlines have more advantages.
Thus, building the express railway in a complete manner and putting into use will not be good. Jica suggested developing the project based on different routes; particularly the top priority should be given to the routes having a large number of clients so that the project will not run at a loss.
Sharing the same opinion, many people agreed that at first the project should build some priority routes such as Hanoi-Vinh ($7.2 billion), Hanoi-Thanh Hoa ($3.9 billion), HCM City- Nha Trang ($9 billion), HCM City - Phan Thiet ($3.7 billion), Da Nang – Hue ($2.2 billion). This is the five routes that are considered to have a large number of frequent travellers. A representative from Jica said that if the express railway is operated well, revenue from tickets may compensate for expenses of developing the above medium-distance routes.
In addition, some experts said that losses may be avoided by delaying the development of the north-south express railway. If the express railway is developed too early when the urbanisation has not yet met the development of the express railway properly, the project will find it hard to collect capital and will be vulnerable to big losses because the investment into infrastructures, machines, services is too high.
Many people said that at first, the above five routes should be run on a trial basis in 2020. The common ticket price should be a half of the air ticket price.
In a recent visit to Japan by prime minister Nguyen Tan Dung, Japan agreed to offer part of ODA to Vietnam's developing the north-south railway project. However, because of high investment of the project, experts said, raising private capital for the project is necessary.
Regarding the capital attraction for the project, representatives from Japan External Trade Organisation (JETRO), Ministry of Economy, Trade and Industry (METI) said that with such high investment, the project will be split into small packages so businesses, organisations can access.
Those organisations said that this is a national-level large project; hence, it will surely be attractive to individuals who are seeking good investment opportunities. (Regarding medium terms, the project will gain stable profits).
As planned, the private capital will focus on some sectors as trading inside train stations, operation, and maintenance and so on. Meanwhile, the state capital will concentrate into building infrastructure, rails, site clearance and others.
Additionally, METI's experts also mentioned both private and state sectors should share risks when developing the project such as incurred expenses, slow site clearance, economic, political, environmental risks and others.TBKT
INSURANCE - Bao Minh Insurance reports to gain 1.29tr dong of revenue in Jan-Aug
Bao Minh Insurance Joint Stock Corp (coded BMI) has announced the company's business reports in August and for the whole eight months of this year.
Up to August 31, the company's progressive revenue was reported at 1.291 trillion dong, equal to 66.4 percent of the year plant and down 1.8 percent year-on-year.
There was a reduction in maritime insurance, meanwhile the other types of insurance reported to increase.
In August only, the company's revenue was posted at 154 billion dong, over 4.5 billion dong higher than that in July.
In details, maritime insurance had a decrease in revenue by 4 percent against the same period of last year. The revenue from insurance for motored vehicles increased by 0.9 percent and assets insurance was up 12.9 percent. The group of re-insurance products was reported to reach the highest growth rate of 23.3 percent
The compensation rate in the first eight months of this year was estimated at 756 billion dong, counting for 58.5 percent of the revenue. Last year, the rate was 49.2 percent.
The accumulative fund management charge in Jan-Aug, salary fund inclusive, was 233 billion dong, equal to 18 percent of the company's revenue.CafeF
BOND MARKET - Maritime Bank finishes issuing long-term bonds valued 2.1tr dong in 2009
Pursuant to Decree No 52/2006/ND-CP dated May 19, 2006 by the government regulating about issuing corporate bonds, Document No 1353/QD-NHNN of the state bank of Vietnam dated June 3, 2009 about allowing Maritime Commercial Joint Stock Bank (Maritime Bank) to issue corporate bonds, Maritime Bank has lately reported to finish issuing long-term corporate bonds in 2009 of two-year term and five-year term, coded MSB Bond 2009.
The total value of the issued bonds was 2.1 trillion dong, which included 1.8 trillion dong of two-year bond and 300 billion dong of five-year bonds.
The bonds were issued under the individual issuing method, with floating coupon rate to be identified every year. The par value of the bond was one billion dong.
The principal will be paid once on maturity date and the coupon paid annually.
FPT Securities Joint Stock Co was in charge of providing consultancy services and issuing the bonds as well as the bonds depository and payment agent.CafeF
POWER - EVNFinance finances 130b dong to Thac Ba hydropower plant
EVN Finance Joint Stock Co (EVNFinance) yesterday signed a contract of providing a loan of nearly 130 billion dong for Thac Ba Hydropower Joint Stock Co (coded TBC) to overhaul the 108 MW turbine No 3 with an average electricity power output of 400 million kWh.
Currently, EVNFinance now holds 21 percent in TBC as one of the strategic shareholder of the power producer.
To date, EVNFinance has disbursed directly approximately 1.2 trillion dong of loans to the power companies.
Up to June 30, total assets of EVNFinance reached 8.641 trillion dong, total deposits of 5.418 trillion dong, total outstanding loans of 1.428 trillion dong, total revenue of 298 billion dong and a pre-tax profit fulfilling 56 percent of the full year's plan.TBKT
STOCK EXCHANGE - VN Index keeps increasing while HNX Index turns to dip
VN Index continued rising on the six consecutive session today Sep 17 while HNX Index reversed to decline.
Today, on the southern floor, VN Index marked its sixth increasing session with a jump of 4.21 points or 0.76 percent to close at 561.19 marks. The market liquidity remained high when the buyers still hoped for new peak to be conquered and the sellers tended to take profit. The total matching order trade was recorded at 73.34 million shares for over 3.636 trillion dong, up 9 percent in volume and 11 percent in value against the previous session.
Among 170 share codes and four fund certificates listed on the market, there were 69 codes accelerating, in which 18 codes rose to ceiling price, 75 codes dropping and 30 codes staying unchanged at the comparative price.
Among the large cap share codes, VNM recorded a ceiling rise of 8,000 to 172,000 dong per share. The other point-gainers included HAG +3,000 to 90,000; FPT +4,000 to 119,000; STB +1,100 to 32,700; and VCB +1,000 to 56,000 dong per share. Meanwhile, BVH, CTG, PVD, PVF and SSI dipped.
In terms of trading volume, STB's share volume increased by 10 times higher than the previous session with 15.85 million units being transferred. Ranking at the second place was SSI with 3.12 million, followed by VCB with 2.19 million, GMD with 2.16 million, VF1 with 1.91 million, HAG with 1.9 million and SAM 1.84 million shares changing hands.
On the northern market, HNX Index dipped by 0.19 point or 0.11 percent to end at 174.68 points with a total market trade of 40.84 million shares worth 1.492 trillion dong. HNX
AVIATION - Vietnam Airlines offers cheaper airfares
Vietnam Airlines plans to launch a cheaper airfare plan. The airline has decided to reduce airlines tickets by 60-70 percent within October 2009 in order to stimulate the travelling by air.
Nguyen Thi Minh Yen, director of Vietnam Airlines' southern region announced in the press conference to prepare for holding the fifth International Tourism Exhibition (ITE HCM City 2009) held in HCM City on Sep 16.
She added that Vietnam Airlines would offer 60-70 percent of reduction for all the airfares of international and domestic flights from October 1, 2009 to January 31, 2010. However, the air tickets would only be sold in promotion programme lasting from October 1-20.
There would be no limitation of the number of customers participating in the promotion programme in every flight. However, the customers cannot get the refund for the airfares they have bought if they cannot board in.
Yen added that this special promotion programme was to help the tourism demand stimulation programme in difficult economic situation at present.
It is considered the most attractive promotion programme that Vietnam Airlines has introduced to the public up to now. The customers may make reservations for buying air tickets in the exhibition or via online booking services in Vietnam Airlines' website.
The main theme of the fifth ITE HCM City 2009 is "Vietnam-Laos-Cambodia: three countries, one destination". This even will officially take place from October 1-3 at Phu Tho Gymnasium, Tan Binh Dist, HCM City with plentiful activities in order to create favourable conditions for domestic and foreign tourist to meet with the travel agents.
La Quoc Khanh, vice director of HCM City Department of Culture, Sports and Tourism said in the press conference that although Vietnam's tourism industry has suffered bad effects from the global economic recession, the total amount of foreign travellers to Vietnam in the past nine months was about 2 million people, down 11 percent year-on-year but that of domestic tourists increased by 13 percent, causing the industry's revenue jump by 9 percent.
There are 150 international tourism firms from 25 countries and territories to participate in the exhibition, together with over 300 domestic travel agents. Up to now, over 1,200 international tourists have booked for tours to Vietnam on the occasion.
In addition, ITE 2009 will attract the participation of foreign tourism promotion organisations of India, South Korea, Malaysia and Thailand.CafeF
DEEP SEA PORT - Van Phong international transit port starts up
17/Sep/2009 Intellasia | Saigon Giai Phong
Khanh Hoa provincial People's Committee has decided to start work on Van Phong international transit port by the end of this October through building two deep water ports in Dam Mon area (Van Phong Gulf of Khanh Hoa province).
After being built, the two deep-water ports can receive 9,000 TEU container vessels.
The total expense for the starting period is estimated at one trillion dong sourced from Vinalines. The started projects were designed by Nippon Koei and Port Coast.
One of Viet Nam’s biggest challenges during the next ten years is ensuring energy security, and that means expanding power supplies to keep pace with the nation’s rapidly growing economy.
This month’s issue of our news magazine Outlook examines the Government’s plans on ensuring energy security. The magazine, which goes on sale in Ha Noi, HCM City and other major centres this morning, reports on new hydropower projects such as the massive Son La plant and moves to minimise reliance on imported fossil fuels by fostering biofuel production.
Our cover stories also take a look at development of clean renewable energy sources such as wind and solar power in Viet Nam. Our report on harnessing the sun shows how pioneering farmers are taking advantage of solar power in a cost-effective way, while our survey of wind power takes readers on a visit to the country’s first wind farm in Central Viet Nam.
Also in this issue, we visit a picturesque coastal community tipped to be the next tourism boom town, meet Viet Nam’s "dancing ambassador" and check out HCM City’s late night cafe scene.
Outlook’s regular news round-up summarises the major news developments locally and around the world. Readers can also catch up on what’s hot and not in the country’s culinary, sports and arts scenes - and check out our listings for everything from bars to embassies.
Outlook retails for VND15,000 at news-stands, major hotels and restaurants, at the head office of the Viet Nam News at 11 Tran Hung Dao, Ha Noi street, or at our HCM City office at 120 Nguyen Thi Minh Khai Street. — VNS
FINANCE - Need to improve Vietnam business environment
World Economic Forum (WEF) and World Bank differ on Vietnam's business environment, but the downgrade of Vietnam in world ranking list showed the country still suffers from many problems.
On September 9 in China, WEF announced the Global Competitive Index 2009-2010 in which Vietnam slid five grades from 70th to 75th position, marking the third consecutive year Vietnam was downgraded.
In WEF's 2006-2007 report, Vietnam stood 64th among 122 surveyed economies and then fell to 68/131, 70/134 and 75/133 in following years although the country marked achievements in all ranking standards. But in comparison with Vietnam itself in the past, these achievements did not matter much in the global race.
Macro-economy factors pulled down the grade of Vietnam in the global ranking lists. In terms of macro economy with high inflation, big trade deficit and budgetary overspending, changes in forex rate and interest rates while the country's infrastructure has not been improved, Vietnam dropped 42 grades from 70 to 112. This was the most serious downgrade making Vietnam's Global Competitive Index slump five grades in WEF's 2009-2010 report.
Generally, Vietnam's basic standards subject to WEF's ranking list were worse, especially the unsustainable macro-economy.
At the same time, World Bank also released its Doing Business 2010 report saying that Vietnam showed big progress in business environment after climbing seven grades from last year's 39th position to 32nd in aspect of contract implementation.
But in general through considering other nine standards, Vietnam declined two grades from 91st to 93rd among 183 ranked economies.
In fields of corporate establishment and tax payment, Vietnam slid from 109 to 116 and from 140 to 147 correspondingly.
Three standards seeing the 3-grade drop of Vietnam in the report are labour usage from 100 to 103rd, assets registration from 37 to 40, and credit access from 27 to 30 while the country's construction license standard plunged two grades from 67 to 69, investor protection from 171 to 172, cross-border commerce from 73 to 74 and corporate bankruptcy from 126 to 127.
Notably, all ranking standards of Vietnam are getting worse, especially procedures of liquidating and setting up companies, investor protection, tax payment, and labour.tuanvn
SHIPBUILING - Vinashin and Vinalines plan to build 40 ships
Prime minister has approved a plan of Vinashin and Vinalines to build 40 ships from the funding of Vietnam Development Bank (VDB).
First off, the two enterprises must comply with the Decision No 10/2009/QD-TTg dated January 16, 2009 ruling on the scheme of funding key mechanical product development and list of key machinery products in period of 2009 to 2015.TBKT
EDUCATION – Viet Nam aims to learn from the best overseas universities
HA NOI — Learning from the experience and success of well-known international universities was important for the renewal of Viet Nam’s education sector, Deputy Prime Minister Nguyen Thien Nhan said here yesterday.
Nhan, who is also the Minister of Education and Training, was speaking at the first Viet Nam-Japan Rectors’ Conference. The two-day function finishes today.
"The quality of tertiary education in Viet Nam is still low and has not met the demands of development,so we are working hard to find solutions for a total renewal for the sector," Nhan said.
He said the target for the coming academic year was a renewal campaign in training, managing and financing - and that to achieve it, international co-operation and experience played an important role.
The two-day conference aims at Vietnamese universities exchanging high quality education experiences and management with those in Japan.
About 50 representatives from Vietnamese universities and 40 from Japanese universities attended.
The Japanese Government has helped Viet Nam build 256 primary schools in 21 provinces. It has also helped improve training, science research and provided annual scholarships.
Up to date, more than 100 Vietnamese universities have co-operation programmes with Japanese universities.
"Such successful co-operation has helped Vietnamese universities improve their training to gradually meet international standards," said Tran Thi Ha, director of the Higher Education Department under the Ministry of Education and Training.
Also, she said, co-operation programmes had helped train high quality management staff, researchers and lecturers.
Viet Nam is one of Japan’s most important partners in education co-operation, according to Shigeharu Kato, deputy director general of the Higher Education Bureau at Japan’s Ministry of Education.
According to the rector of University of Da Nang, Bui Van Ga, co-operation with Japanese universities, as well as with other foreign universities, offered a great chance to quickly improve training and management.
However, according to Tran Thi Ha, there were still problems that needed tackling.
Lack of instructions from the Ministry of Education and Training led to co-operation in training courses or fields that did not meet the needs of Viet Nam’s urgent socio-economic development.
The conference also touched on the need for Viet Nam to establish international universities with help from local universities and foreign partners.
Viet Nam currently has no institution on the list of the world’s best 200 universities, according to Deputy Prime Minister Nguyen Thien Nhan.
However, he said it planned to have five international-standard universities by 2025. The Da Nang International University project is one among them.
He expected that Japan would become the partner for Da Nang International University. — VNS
POWER - Work on Upper Kon Tum hydropower plant project to start
Vinh Son-Song Hinh hydropower Joint Stock Co (coded VSH) announced that the company would start the construction work on Thuong Kon Tum hydropower plant project with designed capacity of 220MW on Dak Nghe River, Kong Plong Dist, Kon Tum province.
Thuong Kon Tum hydropower plant project was included in the general electricity development plan No 4 to be built in two provinces of Quang Ngai and Kon Tum. The plant with total investment value of over 5.7 trillion dong will supply annual electricity output of over one billion KWh. The plant is expected to start operation in 2014.
At present, Vinh Son-Song Hinh hydropower Joint Stock Co has prepared for capital raising methods for the project such as the company's available profit, preferential loans from Vietnam Development Bank, issuing shares to increase VSH's chartered capital, issuing corporate bonds, commercial loans via export credit.
The company has concentrated on carrying out construction work of provincial road No 676 from KonPlong, intersection and connection road from Son Lap-Ngoc Tem to the entry road of the hydropower plant, and upgrading work of 22KV electricity line from Son Ha to the construction site in order to supply electricity for the project.TBKT
RAILWAY – TRANSPORTATION - Capital raised from private sector for north-south express railway
The fourth workshop on North-South express railway was held in Hanoi on September 15 by Vietnam Railway Corp in cooperation with Japan Overseas Rolling Stock Association (JORSA).
According to a recent research by Japan International Cooperation Agency (Jica) on sustainable development of Vietnam's transport system, developing the north-south express railway system is very important. However, if the investment is up to $38 billion (that does not mention expenses for purchasing locomotives, standby expenses and tax), putting in use of this express railway is infeasible, said Jica.
Jica analysed that regarding people's incomes, if clients travel from Hanoi to HCM City for 5.5 hours instead of some 30 hours as currently, the ticket price for the express train is also as expensive as the air ticket while it takes only one hour and 45 minutes to travel from Hanoi to HCM City by airplanes. This demonstrates that the express railway can compete to the airlines in medium distances but as for the 1,500 kilometre distance, the airlines have more advantages.
Thus, building the express railway in a complete manner and putting into use will not be good. Jica suggested developing the project based on different routes; particularly the top priority should be given to the routes having a large number of clients so that the project will not run at a loss.
Sharing the same opinion, many people agreed that at first the project should build some priority routes such as Hanoi-Vinh ($7.2 billion), Hanoi-Thanh Hoa ($3.9 billion), HCM City- Nha Trang ($9 billion), HCM City - Phan Thiet ($3.7 billion), Da Nang – Hue ($2.2 billion). This is the five routes that are considered to have a large number of frequent travellers. A representative from Jica said that if the express railway is operated well, revenue from tickets may compensate for expenses of developing the above medium-distance routes.
In addition, some experts said that losses may be avoided by delaying the development of the north-south express railway. If the express railway is developed too early when the urbanisation has not yet met the development of the express railway properly, the project will find it hard to collect capital and will be vulnerable to big losses because the investment into infrastructures, machines, services is too high.
Many people said that at first, the above five routes should be run on a trial basis in 2020. The common ticket price should be a half of the air ticket price.
In a recent visit to Japan by prime minister Nguyen Tan Dung, Japan agreed to offer part of ODA to Vietnam's developing the north-south railway project. However, because of high investment of the project, experts said, raising private capital for the project is necessary.
Regarding the capital attraction for the project, representatives from Japan External Trade Organisation (JETRO), Ministry of Economy, Trade and Industry (METI) said that with such high investment, the project will be split into small packages so businesses, organisations can access.
Those organisations said that this is a national-level large project; hence, it will surely be attractive to individuals who are seeking good investment opportunities. (Regarding medium terms, the project will gain stable profits).
As planned, the private capital will focus on some sectors as trading inside train stations, operation, and maintenance and so on. Meanwhile, the state capital will concentrate into building infrastructure, rails, site clearance and others.
Additionally, METI's experts also mentioned both private and state sectors should share risks when developing the project such as incurred expenses, slow site clearance, economic, political, environmental risks and others.TBKT
INSURANCE - Bao Minh Insurance reports to gain 1.29tr dong of revenue in Jan-Aug
Bao Minh Insurance Joint Stock Corp (coded BMI) has announced the company's business reports in August and for the whole eight months of this year.
Up to August 31, the company's progressive revenue was reported at 1.291 trillion dong, equal to 66.4 percent of the year plant and down 1.8 percent year-on-year.
There was a reduction in maritime insurance, meanwhile the other types of insurance reported to increase.
In August only, the company's revenue was posted at 154 billion dong, over 4.5 billion dong higher than that in July.
In details, maritime insurance had a decrease in revenue by 4 percent against the same period of last year. The revenue from insurance for motored vehicles increased by 0.9 percent and assets insurance was up 12.9 percent. The group of re-insurance products was reported to reach the highest growth rate of 23.3 percent
The compensation rate in the first eight months of this year was estimated at 756 billion dong, counting for 58.5 percent of the revenue. Last year, the rate was 49.2 percent.
The accumulative fund management charge in Jan-Aug, salary fund inclusive, was 233 billion dong, equal to 18 percent of the company's revenue.CafeF
BOND MARKET - Maritime Bank finishes issuing long-term bonds valued 2.1tr dong in 2009
Pursuant to Decree No 52/2006/ND-CP dated May 19, 2006 by the government regulating about issuing corporate bonds, Document No 1353/QD-NHNN of the state bank of Vietnam dated June 3, 2009 about allowing Maritime Commercial Joint Stock Bank (Maritime Bank) to issue corporate bonds, Maritime Bank has lately reported to finish issuing long-term corporate bonds in 2009 of two-year term and five-year term, coded MSB Bond 2009.
The total value of the issued bonds was 2.1 trillion dong, which included 1.8 trillion dong of two-year bond and 300 billion dong of five-year bonds.
The bonds were issued under the individual issuing method, with floating coupon rate to be identified every year. The par value of the bond was one billion dong.
The principal will be paid once on maturity date and the coupon paid annually.
FPT Securities Joint Stock Co was in charge of providing consultancy services and issuing the bonds as well as the bonds depository and payment agent.CafeF
POWER - EVNFinance finances 130b dong to Thac Ba hydropower plant
EVN Finance Joint Stock Co (EVNFinance) yesterday signed a contract of providing a loan of nearly 130 billion dong for Thac Ba Hydropower Joint Stock Co (coded TBC) to overhaul the 108 MW turbine No 3 with an average electricity power output of 400 million kWh.
Currently, EVNFinance now holds 21 percent in TBC as one of the strategic shareholder of the power producer.
To date, EVNFinance has disbursed directly approximately 1.2 trillion dong of loans to the power companies.
Up to June 30, total assets of EVNFinance reached 8.641 trillion dong, total deposits of 5.418 trillion dong, total outstanding loans of 1.428 trillion dong, total revenue of 298 billion dong and a pre-tax profit fulfilling 56 percent of the full year's plan.TBKT
STOCK EXCHANGE - VN Index keeps increasing while HNX Index turns to dip
VN Index continued rising on the six consecutive session today Sep 17 while HNX Index reversed to decline.
Today, on the southern floor, VN Index marked its sixth increasing session with a jump of 4.21 points or 0.76 percent to close at 561.19 marks. The market liquidity remained high when the buyers still hoped for new peak to be conquered and the sellers tended to take profit. The total matching order trade was recorded at 73.34 million shares for over 3.636 trillion dong, up 9 percent in volume and 11 percent in value against the previous session.
Among 170 share codes and four fund certificates listed on the market, there were 69 codes accelerating, in which 18 codes rose to ceiling price, 75 codes dropping and 30 codes staying unchanged at the comparative price.
Among the large cap share codes, VNM recorded a ceiling rise of 8,000 to 172,000 dong per share. The other point-gainers included HAG +3,000 to 90,000; FPT +4,000 to 119,000; STB +1,100 to 32,700; and VCB +1,000 to 56,000 dong per share. Meanwhile, BVH, CTG, PVD, PVF and SSI dipped.
In terms of trading volume, STB's share volume increased by 10 times higher than the previous session with 15.85 million units being transferred. Ranking at the second place was SSI with 3.12 million, followed by VCB with 2.19 million, GMD with 2.16 million, VF1 with 1.91 million, HAG with 1.9 million and SAM 1.84 million shares changing hands.
On the northern market, HNX Index dipped by 0.19 point or 0.11 percent to end at 174.68 points with a total market trade of 40.84 million shares worth 1.492 trillion dong. HNX
AVIATION - Vietnam Airlines offers cheaper airfares
Vietnam Airlines plans to launch a cheaper airfare plan. The airline has decided to reduce airlines tickets by 60-70 percent within October 2009 in order to stimulate the travelling by air.
Nguyen Thi Minh Yen, director of Vietnam Airlines' southern region announced in the press conference to prepare for holding the fifth International Tourism Exhibition (ITE HCM City 2009) held in HCM City on Sep 16.
She added that Vietnam Airlines would offer 60-70 percent of reduction for all the airfares of international and domestic flights from October 1, 2009 to January 31, 2010. However, the air tickets would only be sold in promotion programme lasting from October 1-20.
There would be no limitation of the number of customers participating in the promotion programme in every flight. However, the customers cannot get the refund for the airfares they have bought if they cannot board in.
Yen added that this special promotion programme was to help the tourism demand stimulation programme in difficult economic situation at present.
It is considered the most attractive promotion programme that Vietnam Airlines has introduced to the public up to now. The customers may make reservations for buying air tickets in the exhibition or via online booking services in Vietnam Airlines' website.
The main theme of the fifth ITE HCM City 2009 is "Vietnam-Laos-Cambodia: three countries, one destination". This even will officially take place from October 1-3 at Phu Tho Gymnasium, Tan Binh Dist, HCM City with plentiful activities in order to create favourable conditions for domestic and foreign tourist to meet with the travel agents.
La Quoc Khanh, vice director of HCM City Department of Culture, Sports and Tourism said in the press conference that although Vietnam's tourism industry has suffered bad effects from the global economic recession, the total amount of foreign travellers to Vietnam in the past nine months was about 2 million people, down 11 percent year-on-year but that of domestic tourists increased by 13 percent, causing the industry's revenue jump by 9 percent.
There are 150 international tourism firms from 25 countries and territories to participate in the exhibition, together with over 300 domestic travel agents. Up to now, over 1,200 international tourists have booked for tours to Vietnam on the occasion.
In addition, ITE 2009 will attract the participation of foreign tourism promotion organisations of India, South Korea, Malaysia and Thailand.CafeF
DEEP SEA PORT - Van Phong international transit port starts up
17/Sep/2009 Intellasia | Saigon Giai Phong
Khanh Hoa provincial People's Committee has decided to start work on Van Phong international transit port by the end of this October through building two deep water ports in Dam Mon area (Van Phong Gulf of Khanh Hoa province).
After being built, the two deep-water ports can receive 9,000 TEU container vessels.
The total expense for the starting period is estimated at one trillion dong sourced from Vinalines. The started projects were designed by Nippon Koei and Port Coast.
Saturday, 19 September 2009
Thirteen Networking Mistakes
Thirteen Networking Mistakes
By Dan Woog, Monster Contributing Writer
You wouldn't wear jeans to a job interview, but do you pay as much attention to job-hunting etiquette when networking? If you're approaching potential contacts in an offhand way, you may be putting them off entirely. Learn what the most common networking mistakes are so you don't have to make them.
Waiting
Many people start networking only after they've lost their jobs. Effective networking means creating contacts and relationships while you're still employed.
Being Clueless
If you're heading to a networking event, make sure you know why you're going. Do you want a job? If so, are you seeking something specific, or will anything do? Are you looking for contacts or a mentor to provide guidance? As soon as someone starts talking with you, you have to hold up your end of the conversation. If you don't know what you want, you can't do that.
Being Unprepared
Thinking you know what you want is not the same as knowing it. Treat networking the same way you would an appearance at Carnegie Hall. Practice your pitch as well as your answers to questions about your career goals that might arise.
Forgetting Business Cards
There is nothing more embarrassing than establishing a good relationship with someone, extracting a pledge of help and then searching around for a cocktail napkin to write on. Spend a few extra bucks to print professional-looking cards on good-quality paper.
Using a Silly-Sounding Email Name
Sure, your friends know you as "SexyMama4U" or "TimeForHemp," but when looking for work, stick to a serious email address, such as your real name.
Being Pompous
While you're networking, you need to listen to what everyone else is saying. People help by offering advice. They are not interested in hearing how much you already know.
Monopolizing Someone's Time
At a networking event, everyone wants to mingle. And if you're networking over the phone or by email, understand that the person you're speaking with has a life that extends beyond you.
Dressing Down
Look sharp at networking events. Mind your manners, shake hands firmly, stand up straight, make eye contact and show respect in any way you can. A networking event can be a dress rehearsal for a job interview, but no one will help you get your foot in the door if you give the impression that you'll slouch through it once it's open.
Being a Wallflower
Men and women with contacts and power meet many people; they remember only those who stand out from the crowd. Be assertive, and act like a leader. But don't go overboard. You want to convey self-assurance, not obnoxiousness.
Being Passive
If someone says, "Sorry, we don't have anything right now," take a minute or two to ask follow-up questions: "Well, what's the outlook for future possibilities? Do you know anyone else in the industry who might have something? Any thoughts on what my next step should be?" Persistence shows true interest on your part and may help the person you're networking with come up with ideas he might otherwise overlook.
Lying
It's tempting to say, "So-and-So gave me your name and told me to call." It might even get you a meeting. But eventually Such-and-Such will learn that So-and-So did not tell you to call. And you'll have burned not one, but two bridges.
Treating Your Networking Relationships as Short-Term Flings
No one likes to be used. Follow up every conversation with a thank-you note, email or call. Let your contact know whether his suggestions panned out or not. When your job search ends -- for whatever reason -- inform the person who has helped you. You may think your networking is over, but your paths may cross again.
Forgetting Where You Came From
Anyone who has ever networked, whether successfully or not, owes an obligation to all those who will network in the future. Return the favor and help someone else.
http://career-advice.monster.com/job-search/professional-networking/thirteen-networking-mistakes/article.aspx?WT.mc_n=CRMUS000096
By Dan Woog, Monster Contributing Writer
You wouldn't wear jeans to a job interview, but do you pay as much attention to job-hunting etiquette when networking? If you're approaching potential contacts in an offhand way, you may be putting them off entirely. Learn what the most common networking mistakes are so you don't have to make them.
Waiting
Many people start networking only after they've lost their jobs. Effective networking means creating contacts and relationships while you're still employed.
Being Clueless
If you're heading to a networking event, make sure you know why you're going. Do you want a job? If so, are you seeking something specific, or will anything do? Are you looking for contacts or a mentor to provide guidance? As soon as someone starts talking with you, you have to hold up your end of the conversation. If you don't know what you want, you can't do that.
Being Unprepared
Thinking you know what you want is not the same as knowing it. Treat networking the same way you would an appearance at Carnegie Hall. Practice your pitch as well as your answers to questions about your career goals that might arise.
Forgetting Business Cards
There is nothing more embarrassing than establishing a good relationship with someone, extracting a pledge of help and then searching around for a cocktail napkin to write on. Spend a few extra bucks to print professional-looking cards on good-quality paper.
Using a Silly-Sounding Email Name
Sure, your friends know you as "SexyMama4U" or "TimeForHemp," but when looking for work, stick to a serious email address, such as your real name.
Being Pompous
While you're networking, you need to listen to what everyone else is saying. People help by offering advice. They are not interested in hearing how much you already know.
Monopolizing Someone's Time
At a networking event, everyone wants to mingle. And if you're networking over the phone or by email, understand that the person you're speaking with has a life that extends beyond you.
Dressing Down
Look sharp at networking events. Mind your manners, shake hands firmly, stand up straight, make eye contact and show respect in any way you can. A networking event can be a dress rehearsal for a job interview, but no one will help you get your foot in the door if you give the impression that you'll slouch through it once it's open.
Being a Wallflower
Men and women with contacts and power meet many people; they remember only those who stand out from the crowd. Be assertive, and act like a leader. But don't go overboard. You want to convey self-assurance, not obnoxiousness.
Being Passive
If someone says, "Sorry, we don't have anything right now," take a minute or two to ask follow-up questions: "Well, what's the outlook for future possibilities? Do you know anyone else in the industry who might have something? Any thoughts on what my next step should be?" Persistence shows true interest on your part and may help the person you're networking with come up with ideas he might otherwise overlook.
Lying
It's tempting to say, "So-and-So gave me your name and told me to call." It might even get you a meeting. But eventually Such-and-Such will learn that So-and-So did not tell you to call. And you'll have burned not one, but two bridges.
Treating Your Networking Relationships as Short-Term Flings
No one likes to be used. Follow up every conversation with a thank-you note, email or call. Let your contact know whether his suggestions panned out or not. When your job search ends -- for whatever reason -- inform the person who has helped you. You may think your networking is over, but your paths may cross again.
Forgetting Where You Came From
Anyone who has ever networked, whether successfully or not, owes an obligation to all those who will network in the future. Return the favor and help someone else.
http://career-advice.monster.com/job-search/professional-networking/thirteen-networking-mistakes/article.aspx?WT.mc_n=CRMUS000096
Sunday, 1 March 2009
Pricewaterhouse Coopers - Circular 27 PIT Deadline Extension
Pricewaterhouse Coopers - Circular 27 PIT Deadline Extension
____________________________________________________________________
As part of its continuing efforts to stimulate the economy and promote consumer spending, the Ministry of Finance issued Circular 27/2009/TT-BTC on 6 February 2009. In our Newsbrief on 23 January we flagged the prospect of PIT initiatives being announced and this has now become a reality.
Circular 27 allows a temporary deferral of PIT payments for the months of January till May 2009.
However, it will be the decision of the National Assembly, who will meet in May, as to whether this initiative will constitute a deferral only or some form of permanent benefit (e.g. a partial or total exemption from PIT for this period).
Circular 27 applies to various types of income, specifically:
Income from Tax residents Tax nonresidents
Business activities Yes No
Salaries and wages Yes No
Capital investment (e.g. dividends) Yes Yes
Capital assignment (e.g. sale of securities) Yes Yes
Royalties and franchising Yes Yes
Transfer of properties No No
Winning prizes, inheritances and gifts No No
It is important to note that withholding organisations (e.g. employers, etc) are still required to calculate PIT during this period and report it to the tax authorities, in the same manner as usual.
However, no remittance of PIT need be made.
It is not clear whether the monthly PIT due should be withheld from payments to employees, or if they should instead be paid gross. Circular 27 suggests (but does not clearly state) that employees are entitled to the PIT that would otherwise have been withheld.
In the event that employers do not withhold PIT, questions then arise in relation to how such employers would recover the PIT due should the National Assembly not permanently exempt some or all of the PIT. Numerous HR issues would arise e.g. who would be responsible for unpaid PIT if an employee resigns, how to deal with employees on net packages, etc.
Circular 27 is effective 45 days from the date of signing (i.e. 23 March 2009) but applies to income derived from 1 January 2009.
____________________________________________________________________
As part of its continuing efforts to stimulate the economy and promote consumer spending, the Ministry of Finance issued Circular 27/2009/TT-BTC on 6 February 2009. In our Newsbrief on 23 January we flagged the prospect of PIT initiatives being announced and this has now become a reality.
Circular 27 allows a temporary deferral of PIT payments for the months of January till May 2009.
However, it will be the decision of the National Assembly, who will meet in May, as to whether this initiative will constitute a deferral only or some form of permanent benefit (e.g. a partial or total exemption from PIT for this period).
Circular 27 applies to various types of income, specifically:
Income from Tax residents Tax nonresidents
Business activities Yes No
Salaries and wages Yes No
Capital investment (e.g. dividends) Yes Yes
Capital assignment (e.g. sale of securities) Yes Yes
Royalties and franchising Yes Yes
Transfer of properties No No
Winning prizes, inheritances and gifts No No
It is important to note that withholding organisations (e.g. employers, etc) are still required to calculate PIT during this period and report it to the tax authorities, in the same manner as usual.
However, no remittance of PIT need be made.
It is not clear whether the monthly PIT due should be withheld from payments to employees, or if they should instead be paid gross. Circular 27 suggests (but does not clearly state) that employees are entitled to the PIT that would otherwise have been withheld.
In the event that employers do not withhold PIT, questions then arise in relation to how such employers would recover the PIT due should the National Assembly not permanently exempt some or all of the PIT. Numerous HR issues would arise e.g. who would be responsible for unpaid PIT if an employee resigns, how to deal with employees on net packages, etc.
Circular 27 is effective 45 days from the date of signing (i.e. 23 March 2009) but applies to income derived from 1 January 2009.
Pricewaterhouse Coopers - delayed remittance of PIT liabilities until May 2009
Pricewaterhouse Coopers - delayed remittance of PIT liabilities until May 2009
_________________________________________________________________________________
The Ministry of Finance has just issued Official Letter No.1823/BTC-TCT (OL 1823) and Official Letter No.1845/BTC-TCT (OL 1845) guiding the implementation of Circular 27.
Key points as they relate to employment income are as follows.
- All income paid in 2009, irrespective of whether it relates to 2008 or 2009 will be subject to the provisions of the new PIT Law and, to the extent it is paid in the period up till 31 May 2009, will be entitled to the deferral of PIT payments.
- Employers are not allowed to withhold PIT from income paid from 1 January till 31 May 2009.
If PIT has already been withheld but not yet paid to the tax authority, it must be returned to the employee by the last working day of February 2009.
- If 2009 tax receipts have already been issued to employees, these must be retrieved by the employer.
- If an employer has already remitted withheld PIT to the state budget, an application for refund should be made. Payments to employees must be made within 5 working days of receiving the refund.
- Non residents are not entitled to the deferral of PIT with respect to employment income. For this purpose, non-residents will include:
- Individuals not present in Vietnam.
- Individuals that depart Vietnam before 30 June 2009.
- Individuals who come to Vietnam from 1 January 2009 and it is not certain that they will become tax resident.
No further guidance has been provided in relation who will be responsible for paying PIT to the tax authority should the National Assembly not approve a PIT exemption in May.
_________________________________________________________________________________
The Ministry of Finance has just issued Official Letter No.1823/BTC-TCT (OL 1823) and Official Letter No.1845/BTC-TCT (OL 1845) guiding the implementation of Circular 27.
Key points as they relate to employment income are as follows.
- All income paid in 2009, irrespective of whether it relates to 2008 or 2009 will be subject to the provisions of the new PIT Law and, to the extent it is paid in the period up till 31 May 2009, will be entitled to the deferral of PIT payments.
- Employers are not allowed to withhold PIT from income paid from 1 January till 31 May 2009.
If PIT has already been withheld but not yet paid to the tax authority, it must be returned to the employee by the last working day of February 2009.
- If 2009 tax receipts have already been issued to employees, these must be retrieved by the employer.
- If an employer has already remitted withheld PIT to the state budget, an application for refund should be made. Payments to employees must be made within 5 working days of receiving the refund.
- Non residents are not entitled to the deferral of PIT with respect to employment income. For this purpose, non-residents will include:
- Individuals not present in Vietnam.
- Individuals that depart Vietnam before 30 June 2009.
- Individuals who come to Vietnam from 1 January 2009 and it is not certain that they will become tax resident.
No further guidance has been provided in relation who will be responsible for paying PIT to the tax authority should the National Assembly not approve a PIT exemption in May.
Pricewaterhouse Coopers - New Circular on Unemployment Insurance
Pricewaterhouse Coopers - New Circular on Unemployment Insurance
On 22 January 2009, the Ministry of Labour, War Invalids and Social Affairs issued Circular 04/2009/TT-BLDTBXH (“Circular 04”), providing guidance for implementing a number of Articles in Decree 127/2008/ND-CP (“Decree 127”), on unemployment insurance, dated 12 December 2008.
Under Circular 04, various provisions in Decree 127 are now clarified, including:
Circular 04 clarifies the rules for calculating the monthly unemployment allowance – the period prior to job loss need not now be a consecutive 6 month period – interruptions are now taken into account for these calculations.
Employers with 10 or more employees (including those under indefinite, definite and seasonal labour contracts) are required to participate in the scheme. Employers must participate in the scheme on the 1st day of the following month after this threshold is met.
If/when the number of employees falls below 10, employers who have previously
participated in the scheme must continue to contribute unemployment insurance for their remaining employees until the end of that year. The number of employees for identifying whether an employer will contribute unemployment insurance will be counted as at 1st January of each year.
Guidelines are also provided on the procedures for registering with, contributing to, and receiving benefits from the unemployment insurance fund.
Despite providing deadlines for employers to register new employees in the scheme, Circular 04 does not provide a deadline for registering existing employees (whose labour contracts were signed before 1 January 2009), nor the procedures for this.
Circular 04 is retroactively effective from 1 January 2009.
On 22 January 2009, the Ministry of Labour, War Invalids and Social Affairs issued Circular 04/2009/TT-BLDTBXH (“Circular 04”), providing guidance for implementing a number of Articles in Decree 127/2008/ND-CP (“Decree 127”), on unemployment insurance, dated 12 December 2008.
Under Circular 04, various provisions in Decree 127 are now clarified, including:
Circular 04 clarifies the rules for calculating the monthly unemployment allowance – the period prior to job loss need not now be a consecutive 6 month period – interruptions are now taken into account for these calculations.
Employers with 10 or more employees (including those under indefinite, definite and seasonal labour contracts) are required to participate in the scheme. Employers must participate in the scheme on the 1st day of the following month after this threshold is met.
If/when the number of employees falls below 10, employers who have previously
participated in the scheme must continue to contribute unemployment insurance for their remaining employees until the end of that year. The number of employees for identifying whether an employer will contribute unemployment insurance will be counted as at 1st January of each year.
Guidelines are also provided on the procedures for registering with, contributing to, and receiving benefits from the unemployment insurance fund.
Despite providing deadlines for employers to register new employees in the scheme, Circular 04 does not provide a deadline for registering existing employees (whose labour contracts were signed before 1 January 2009), nor the procedures for this.
Circular 04 is retroactively effective from 1 January 2009.
Friday, 27 February 2009
7 rules to become a master of interpersonal relationships
7 rules to become a master of interpersonal relationships
Be a rays of sunshine experience for others
If you want to move up the ranks of masterful communication, you have to watch what you say to others. Not just in the showpieces of communication such as a presentation, a memo, or a meeting, but in everyday interaction. Learn these 7 rules and you can quietly and unobtrusively become a master of interpersonal relationships.
1. Be kind. No matter what you say or how you say it, at bottom your communication will always reveal your true thoughts and attitudes. As such, you always have two choices. You can communicate from a standpoint of love or from one of fear. When your communication is laced with sarcasm, blame, threat, anger, anxiety, worry, and control, you are essentially communicating fear. When your communication is laced with respect, appreciation, acceptance, joy, delight, wonder, and acceptance, you are essentially communicating love. If you don’t quite understand the difference, there is an easy way to communicate love not fear: always be kind.
“Words are but pictures of our thoughts.” (John Dryden 1631 – 1700)
2. Be aware of your effect on others. We often use language to criticize and attack others. Some people are masters of doing this in disguise; others do it openly. For many, communication is a battle that they have to win and words are their chief weapons of war. Harsh words can cut people deep and leave their scars for days if not years. That’s why the mark of the true communicator is to know what effect their words have on others and to adjust them accordingly.
“Some words are like rays of sunshine, others like barbed arrows, or the bite of a serpent. And if hard words cut so deep, how much pleasure can kind ones give?” (Sir John Lubbock 1834 – 1913)
3. Emphasize the positive. Really masterful communication doesn’t just depend on getting your message across or even clarifying what someone else is trying to say to you. It goes much deeper. Great communicators leave people feeling better than they did. They said something of value to the other person. Or they appreciated what the other person was saying to them. This happens when the communication isn’t just about the words; it’s about the people.
“There is a subterranean emotional economy that passes amongst all of us. In every interaction, we can make people feel better or worse.” (Daniel Coleman)
4. Don’t assume you’ve been understood. The history of relationships is littered with the history of misunderstood communications. A word gone awry here, a meaning missed there: they all add up to distorting your message and being mis-received.
The story is told of the teacher who handed out a set of worksheets to the pupil at the front of her class with the words, “Please pass these around”. She then turned her attention to the next topic. A few minutes later, she looked up to see the pupil at the back of the room sitting with all the worksheets wondering what to do with them.
As Stephen Covey reminds us, “First, seek to be understood; then understand.”
5. Know when to shut up. If you’ve ever attended a workplace meeting, you’ll know how hard it is to say nothing. Many people attend business meetings with the sole intention of talking, even if it isn’t relevant, even if the point has already been made. Talking is a way to impress. As a result, many meetings waste time and are unproductive. The best communicators are those who are secure enough to admit when they have little to say or little to add. They know when to shut up.
“If A equals success, then the formula is: A = X + Y + Z, where X is work, Y is play and Z is keep your mouth shut.” (Albert Einstein 1879 - 1955)
6. Don’t interrupt. If you’ve ever eavesdropped on a conversation between two people, you’ll probably have noticed that, instead of there being a progression of ideas building one on top of the other, most people talk over one another. It resembles a contest more than a dialogue. It is rare to see people listening with openness and non-judgment until the other person has stopped speaking. And even rarer to hear people asking for clarification and help with understanding. But holding back while you listen to others is the mark of the real communications expert.
“There is no such thing as conversation. It is an illusion. There are intersecting monologues, that’s all.” (Rebecca West)
7. Don’t gossip. Gossip is a particularly pernicious form of communication. It is idle, often indulged in merely to pass the time, and serves no real purpose other than to make ourselves feel better at the expense of others. If you work with others who like to gossip, simply learn the trick of disengagement: don’t reply, don’t be drawn in, and never do it yourself.
“Great minds think and talk about ideas. Average minds think and talk about situations. Little minds think and talk about other people.”
Working on improving your communications is a broad-brush activity. You have to change your thoughts, your feelings, and your physical connections. That way you can break down the barriers that get in your way and start building relationships that really work. Communicate with others like rays of sunshine, not poisoned arrows.
–
Eric Garner is one of the foremost leaders in management and personal development with a personal guarantee to make you a better manager, trainer, and learner. His company, ManageTrainLearn, runs corporate training programmes in the UK and since 2002 has published a website at www.managetrainlearn.com that provides a wide range of exclusive digital learning products.
Eric Garner is one of the foremost leaders in management and personal development with a personal guarantee to make you a better manager, trainer, and learner. His company, ManageTrainLearn, runs corporate training programmes in the UK and since 2002 has published a website at www.managetrainlearn.com that provides a wide range of exclusive digital learning products.
http://tickledbylife.com/index.php/7-rules-to-become-a-master-of-interpersonal-relationships/
Be a rays of sunshine experience for others
If you want to move up the ranks of masterful communication, you have to watch what you say to others. Not just in the showpieces of communication such as a presentation, a memo, or a meeting, but in everyday interaction. Learn these 7 rules and you can quietly and unobtrusively become a master of interpersonal relationships.
1. Be kind. No matter what you say or how you say it, at bottom your communication will always reveal your true thoughts and attitudes. As such, you always have two choices. You can communicate from a standpoint of love or from one of fear. When your communication is laced with sarcasm, blame, threat, anger, anxiety, worry, and control, you are essentially communicating fear. When your communication is laced with respect, appreciation, acceptance, joy, delight, wonder, and acceptance, you are essentially communicating love. If you don’t quite understand the difference, there is an easy way to communicate love not fear: always be kind.
“Words are but pictures of our thoughts.” (John Dryden 1631 – 1700)
2. Be aware of your effect on others. We often use language to criticize and attack others. Some people are masters of doing this in disguise; others do it openly. For many, communication is a battle that they have to win and words are their chief weapons of war. Harsh words can cut people deep and leave their scars for days if not years. That’s why the mark of the true communicator is to know what effect their words have on others and to adjust them accordingly.
“Some words are like rays of sunshine, others like barbed arrows, or the bite of a serpent. And if hard words cut so deep, how much pleasure can kind ones give?” (Sir John Lubbock 1834 – 1913)
3. Emphasize the positive. Really masterful communication doesn’t just depend on getting your message across or even clarifying what someone else is trying to say to you. It goes much deeper. Great communicators leave people feeling better than they did. They said something of value to the other person. Or they appreciated what the other person was saying to them. This happens when the communication isn’t just about the words; it’s about the people.
“There is a subterranean emotional economy that passes amongst all of us. In every interaction, we can make people feel better or worse.” (Daniel Coleman)
4. Don’t assume you’ve been understood. The history of relationships is littered with the history of misunderstood communications. A word gone awry here, a meaning missed there: they all add up to distorting your message and being mis-received.
The story is told of the teacher who handed out a set of worksheets to the pupil at the front of her class with the words, “Please pass these around”. She then turned her attention to the next topic. A few minutes later, she looked up to see the pupil at the back of the room sitting with all the worksheets wondering what to do with them.
As Stephen Covey reminds us, “First, seek to be understood; then understand.”
5. Know when to shut up. If you’ve ever attended a workplace meeting, you’ll know how hard it is to say nothing. Many people attend business meetings with the sole intention of talking, even if it isn’t relevant, even if the point has already been made. Talking is a way to impress. As a result, many meetings waste time and are unproductive. The best communicators are those who are secure enough to admit when they have little to say or little to add. They know when to shut up.
“If A equals success, then the formula is: A = X + Y + Z, where X is work, Y is play and Z is keep your mouth shut.” (Albert Einstein 1879 - 1955)
6. Don’t interrupt. If you’ve ever eavesdropped on a conversation between two people, you’ll probably have noticed that, instead of there being a progression of ideas building one on top of the other, most people talk over one another. It resembles a contest more than a dialogue. It is rare to see people listening with openness and non-judgment until the other person has stopped speaking. And even rarer to hear people asking for clarification and help with understanding. But holding back while you listen to others is the mark of the real communications expert.
“There is no such thing as conversation. It is an illusion. There are intersecting monologues, that’s all.” (Rebecca West)
7. Don’t gossip. Gossip is a particularly pernicious form of communication. It is idle, often indulged in merely to pass the time, and serves no real purpose other than to make ourselves feel better at the expense of others. If you work with others who like to gossip, simply learn the trick of disengagement: don’t reply, don’t be drawn in, and never do it yourself.
“Great minds think and talk about ideas. Average minds think and talk about situations. Little minds think and talk about other people.”
Working on improving your communications is a broad-brush activity. You have to change your thoughts, your feelings, and your physical connections. That way you can break down the barriers that get in your way and start building relationships that really work. Communicate with others like rays of sunshine, not poisoned arrows.
–
Eric Garner is one of the foremost leaders in management and personal development with a personal guarantee to make you a better manager, trainer, and learner. His company, ManageTrainLearn, runs corporate training programmes in the UK and since 2002 has published a website at www.managetrainlearn.com that provides a wide range of exclusive digital learning products.
Eric Garner is one of the foremost leaders in management and personal development with a personal guarantee to make you a better manager, trainer, and learner. His company, ManageTrainLearn, runs corporate training programmes in the UK and since 2002 has published a website at www.managetrainlearn.com that provides a wide range of exclusive digital learning products.
http://tickledbylife.com/index.php/7-rules-to-become-a-master-of-interpersonal-relationships/
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