Tag: Vietnam Post

Vietnamese and French post groups to offer direct mail

Posted by | Feb 21, 2008 | |

The Vietnam Post Corporation (VNPost) and the La Poste Group of France will jointly launch cost-effective Direct Mail service in Vietnam in April.

Responsible for the service will be these groups’ Post Media Joint Stock Company, which is participated by Smart Media, a joint stock company founded by the Vietnam Post and Telecommunications Group.

The Post Media company, which is undergoing final legal procedures for its official operation, is established under an agreement signed during Prime Minister Nguyen Tan Dung’s visit to France in September 2007.

At a recent working session with VNPost, La Poste Chairman Jean Paul Bailly said his group wants to expand cooperative ties with VNPost to other fields, including the supply of financial, insurance and banking services through postal system.

He also affirmed La Poste’s willingness to help VNPost link with electronic money transfer system of France and Europe.

According to VNPost General Director Do Ngoc Binh, VNPost and La Poste signed a memorandum of understanding on their cooperation in December 2005.

The two groups have by now collaborated in setting up the Post Media company, and providing express and electronic money transfer services, and personnel training for VNPost.

La Poste is interested in helping VNPost establish a joint stock bank and develop life insurance products, Binh said.

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Vietnam Post office goes it alone from New Year’s Day

Posted by | Dec 28, 2007 | |

The Viet Nam Posts and Telecommunication Group (VNPT) has been split into posts and telecommunication divisions.

The long-prepared divide was formally approved on Wednesday and the Viet Nam Postal Corporation will be launched next Tuesday, January 1, 2008.

It will retain all of its fixed assets and manage State post offices throughout Vietnam.

The corporation will provide public welfare services to remote Vietnam and manage the national postal network, including domestic and international postal services, and press publications.

The VNPT will manage the national communications network as well as information and communication services.

The split is intended to enable a better management of postal and telecommunications services and help both to develop.

Viet Nam Postal Corporation general director Do Ngoc Binh said the corporation would try to expand its business and balance revenue and expenditure by 2010, and then gradually turn a profit.

Vietnam’s prime-minister-approved five-year Postal Development Master Plan provides for an increase of postal-service sites to 13,500 by the end of 2010.

The plan requires the Postal Corporate to ensure that all communes, including remote and highland, have daily newspaper deliveries.

But it will get State help for its public-welfare work.

Postal services provided VNPT with only 5 pct of its to total revenue.

The new corporation intends to expand providing pension payments, insurance services and the collection of electricity, telephone and water fees.

The Government is seeking both domestic and international investment for the development of its transmitting services.

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Citibank, Vietnam postal savings firm in tie-up

Posted by | Sep 12, 2007 | |

Citibank signed a deal Tuesday with a subsidiary of the state-run Vietnam Posts and Telecommunications Group to provide local clients a range of banking products.
The deal will allow both corporate and individual clients of Vietnam Postal Savings Service Company make payments and transfers to firms banking with the US bank.

They can also carry out personal transactions like paying school and hospital bills using Citibank fund transfers and checks.

Citibank general director Charly Madan said there were plans to introduce an additional 800 desks to provide banking services in the country, adding that figure should eventually rise to 2000.

Citibank has branches in Hanoi and Ho Chi Minh City and a nationwide partnership network that covers all of Vietnam’s 64 provinces.

The bank offers a wide range of banking services, including currency transactions, hedging, cash management including access to ATMs, trade services, short and medium-term loans in foreign currency and Vietnamese dong to state-owned enterprises, multinationals, financial institutions and private sector borrowers.

Citibank has recently launched its maiden domestic offering in the Vietnamese debt market, expecting it will help expand and develop the local long-term debt market.

The inaugural issue was a VND 400 billion (USD 22 million) floating rate issue with a tenor of two years and one day.

The issue marks the debut long-term negotiable certificate of deposit to be issued in Vietnamese dong. Proceeds will be used for general corporate purposes.

The coupon resets every six months and will pay at a specified spread over a benchmark rate set by the bank. The issue is being targeted at local investors.

Citibank is a regular issuer in Asia’s debt markets, having issued in Hong Kong dollars, Singapore dollars and Thai baht in recent years.

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Vietnam bans strikes in key sectors

Posted by | Aug 1, 2007 | |

Vietnam has banned strikes in key public services and in sectors that are “of extreme importance to the national economy,” the communist government said on its website on Wednesday.

Industrial action will be prohibited in power stations, the oil and gas sectors, airports and train stations, the postal service, newspaper delivery, and water supply, irrigation and drainage services, it said.

The list of companies and state agencies, released in a decree by Prime Minister Nguyen Tan Dung, is subject to revision “depending on the socio-economic circumstances,” said the official government website.

Government ministers and local authorities would meet every six months with employers and trade unions in the sectors banned from strike action “to hear and handle legitimate requests from the workers,” the website said.

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Vietnam: Foreign investors sniff postal sector opportunity

Posted by | Jul 23, 2007 | |

Foreign companies are lining up as Viet Nam opens its post and telecommunications industry, which is expected to be one of the most lucrative sectors in the country.

Last June, Prime Minister Nguyen Tan Dung issued a new directive easing the way for more foreign investment.

The Ministry of Post and Telematics is required to come up with a plan to open up the domestic post and telecommunications market for foreign companies in line with Viet Nam’s World Trade Organisation commitments.

In the postal service field, foreign companies will be allowed to enter into a joint venture with a Vietnamese post partner and their capital contributions to these projects must be less than 51 per cent.

Deputy Minister Nguyen Duc Lai said that the telecommunications ministry is drafting a decree with specific regulations for foreign investors.

The new decree includes measures aimed at removing impediments to investment activities in the posts and telecommunications field. The draft may be submitted to the government by year’s end.

Pham Hong Hai, director of the Telecommunications Department, predicted that foreign investors will be most interested in partnerships involving mobile services and renting of network infrastructures.

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