Saturday January 18, 2020

Twelve India-Vietnam agreements signed, Construction of Patrol boats being one of them

One agreement was signed with L&T for utilising $100 million of the $500 million defence line of credit India offered to Vietnam to build patrol boats

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Hanoi, September 03, 2016: From health to defence, 12 agreements were signed on Saturday by India and Vietnam following delegation-level talks headed by Prime Minister, Narendra Modi and his Vietnamese counterpart, Nguyen Xuan Phuc here.

“12 for togetherness! India & Vietnam sign a dozen agreements for further strengthening the Strategic Partnership,” External Affairs Ministry spokesperson Vikas Swarup tweeted.

One agreement was signed with L&T for utilising $100 million of the $500 million defence line of credit India offered to Vietnam to build patrol boats.

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MoUs were signed for cooperation in the field of health, mutual recognition of standards, cooperation between the Vietnamese Academy of Social Science and the Indian Council for World Affairs, cooperation in the field of cyber security, and cooperation in information technology.

An agreement was signed on cooperation in exploration and use of outer space for peaceful purposes.

Another agreement was signed on sharing of white shipping information while another called for setting up a sustainable IT infrastructure for advanced IT training.

One agreement on cooperation in UN peace-keeping operations.

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Agreements were also signed on double taxation avoidance and celebrating 2017 as the “Year of Friendship” to mark 45 years of India-Vietnam diplomatic ties.

Modi arrived here on Friday ahead of his visit to China to attend the G-20 Summit to be held on September 4-5.

This is the first bilateral prime ministerial visit from India to Vietnam in 15 years since the visit of then Prime Minister Atal Bihari Vajpayee in 2001. (VOA)

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Investors in Vietnam to be More Cautious While Investing in Tech Startups

Vietnamese Investors More Cautious with Tech Startups

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Investors and entrepreneurs in the communist nation are taking a more critical look at their businesses after seeing others get burned overseas. Pixabay

Vietnamese startups are heading into the new year looking to avoid the mistakes of such companies as Uber and WeWork, which disappointed investors in 2019 for failing to turn a profit after so much buildup.

Investors and entrepreneurs in the communist nation are taking a more critical look at their businesses after seeing others get burned overseas. WeWork, which rents out shared workspaces, was seen as a cautionary tale of a startup that did not live up to expectations and was not profitable.

For years, investors were willing to back losing businesses to gain market share. But now, there is more scrutiny of new investments.

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Ho Chi Minh City is the business hub of Vietnam, where fast economic growth has attracted startup investors. VOA

Benchmarks set

The Vietnam Innovative Startup Accelerator (VIISA) requires its technology startups to meet a list of benchmarks throughout their time in the program.

“Apart from very intuitive selection criteria that all applying startups have to go through, the program has introduced a new development measurement method, which helps us to capture the progress of startups that are accepted into VIISA,” Hieu Vo, a board member and chief financial officer at VIISA, said. “I think this process will bring out the best in each person for the particular business they have founded and committed to.”

Vo said his colleagues sit down with startups when they join the accelerator to discuss key performance indicators, or KPI, that will be set as goals. VIISA also does training for the young businesses so they have quantifiable skills, such as how to structure a business deal, or how to set up their accounting system.

Having metrics and ratings, Vo said, supports “both business performance, as well as personal transformation of founders.”

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Uber was one among those companies that left investors disappointed in 2019. Wikimedia Commons

Founder scrutiny

The founder as an individual has become a point of scrutiny for investors, who used to be more forgiving of an eccentric or aggressive founder, seen as part of the package to have a tech genius head an innovative business. But there has been a backlash among those who think too much permissiveness can damage a business, from the sexual misconduct amid the workplace culture of Uber, to the conflicts of interest in business decisions at WeWork.

It helps to not just think short term and to have an outside perspective, according to Pham Manh Ha, founder and chief executive officer of Beekrowd, an investment platform in Ho Chi Minh City.

“As a first-time founder, it seems impossible for us to look beyond the first six months to a year of our business,” he said, adding that experienced third parties can help businesses take the long view. “They stand outside the trees that are blocking us from seeing the forest.”

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To see the forest, Vietnamese businesses like his are taking a more measured approach. Vietnam has seen an escalation of tech startups, as investors have rushed to put their money to work and take advantage of the economy’s fast growth.

They also remember the dot-com bubble in the United States, and the more recent global tech bubble, two reminders for caution. (VOA)