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Tag: Vietnam

  • Telco giant Viettel named biggest tax payer in Vietnam

    Telco giant Viettel named biggest tax payer in Vietnam

    A list of the 1,000 businesses that paid the most tax last year in Vietnam has been released, and includes three foreign firms in the top 10.

    Military-run telco giant Viettel topped the list after earning a pre-tax profit of nearly VND40 trillion ($1.76 billion), followed by Japanese motorbike and automobile producer Honda and state-owned energy group PetroVietnam, according to a report by the General Department of Taxation.

    Viettel is Vietnam’s largest telecom firm in terms of earnings, and operates mobile networks across 10 countries in Southeast Asia, South America and Africa with further plans for expansion. UK-based Brand Finance ranks its brand value seventh in Southeast Asia and 93rd globally.

    Japanese automobile maker Toyota and Dutch brewery Heineken were also named among the top 10 biggest tax payers in Vietnam last year.

    The rest of the top 10 was made up of state-owned enterprises: telecom firm MobiFone, major lenders Vietcombank and VietinBank, dairy giant Vinamilk and the Airports Corporation of Vietnam.

    Details of how much tax each company paid were not released, but the report said that the 1,000 biggest payers contributed more than VND90 trillion (nearly $4 billion) to the state budget in 2016, up 12 percent from the previous year.

    The top 10 accounted for nearly 75 percent of that figure, it said.

    Vietnam imposes a corporate tax rate of 20 percent.

  • Vietnam’s stock capitalization rockets to $132 billion

    Vietnam’s stock capitalization rockets to $132 billion

    Vietnam’s total stock market capitalization in the first 10 months reached $132 billion, up 83 percent from the end of last year and equal to 61 percent of Vietnam’s gross domestic product, the National Financial Supervisory Commission reported on Wednesday.

    During the first 10 months, the benchmark VN-Index on the Ho Chi Minh Stock Exchange increased by 20 percent from the last day of trading last year.

    Notably, on Wednesday, the VN-Index closed at 859.7 points, marking a 10-year high.

    On the bond market, funding raised from government bonds also witnessed an improvement. In October, the State Treasury of Vietnam issued $307 million worth of government bonds, an on-month increase of 41 percent.

    According to the commission, demand for short-term government bonds (five-year and seven-year terms) increased, but demand for long-term bonds (more than 10-year terms) declined.

    As of October, the State Treasury had completed 85 percent of its bond issuance target for 2017, which has been set at $8.03 billion.

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  • Vietnam’s richest woman wants a Walmart connection on her airline

    Vietnam’s richest woman wants a Walmart connection on her airline

    The founder and CEO of Vietnamese budget carrier VietJet has said she wants to sell products from the world’s biggest retailer Walmart on her airline.

    Nguyen Thi Phuong Thao, the first and only female billionaire in Vietnam according to Forbes magazine, presented the idea to Scott Price, executive vice president of Global Leverage for Walmart International, at the ongoing Asia Pacific Economic Cooperation (APEC) Summit in Vietnam’s central city of Da Nang.

    “We call ourselves a consumers’ airline,” Thao said on Thursday at the APEC CEO Summit.

    “The idea to work with Walmart is an example of VietJet’s customer-oriented approach, emphasizing our philosophy of providing more convenient services for Vietnamese clients in the near future,” she said.

    She also spoke about the role of technology in trade and business, suggesting a tech connection with Walmart for VietJet’s passengers.

    Price said the company is willing to work with VietJet as it has yet to open any stores in Vietnam, providing there is demand for its products.

    “We plan to expand further,” Thao said. “Vietnamese airlines play an important role in connecting Southeast Asia. In the near future we’ll collaborate with more airlines, such as Korea’s ASIANA.”

    Vietjet already has deals with Quatar Airway and Japan Airlines, and is in talks with an airline in the U.S. and another in Europe.

    “Thanks to the connections that VietJet is building, passengers can fly anywhere they want to around the world,” Thao said.

    The CEO Summit has gathered more than 2,000 local and foreign businesses and is one of the most important events at the APEC Summit. It is hosting leaders from the 21 Pacific Rim nations and thousands of businesspeople, including Facebook COO Sheryl Sandberg, UPS CEO David Abney, and chairman and CEO of J.P. Morgan Asia Pacific Nicolas Aguzin.

    Last week, Thao secured 55th spot on the World’s 100 Most Powerful Women 2017 ranking, jumping seven places from the previous year, and was the only Vietnamese national named on the list compiled by Forbes.

    According to the magazine, Thao has an estimated net worth of $1.93 billion, eclipsing the figure of $1.2 billion it calculated in March.

    Thao launched VietJet in 2011. Her “bikini” airline, nicknamed after its unique yet controversial promotion scheme of putting female crew in bikinis on some flights, now offers 300 flights a day, or more than 40 percent of the country’s flights, with a fleet of 45 jets.

    In May, It is reported that the Hanoi-based VietJet Aviation Joint Stock Co. was in talks to become the first Vietnamese company to list on an overseas stock exchange.

    “We’ve been approached by some foreign stock exchanges including London, Hong Kong and Singapore, which expressed their interest in our stock,” Thao was quoted as saying in the report.

    According to Bloomberg, VietJet reportedly received shareholder approval in April to boost its foreign ownership limit to 49 percent from 30 percent.

    She told Bloomberg in an interview a year ago that she has plans to make VietJet a global airline. “We want to make VietJet the Emirates of Asia.”

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  • What Justin Trudeau does in Vietnam in spare time?

    What Justin Trudeau does in Vietnam in spare time?

    Canadian Prime Minister Justin Trudeau capped a hectic day in Ho Chi Minh City by jogging along the Nhieu Loc-Thi Nghe Canal on Thursday evening, catching locals off-guard and setting the media abuzz.

    The charismatic prime minister was on an official visit to Vietnam’s biggest city before going for a jog along the canal, which is considered an example of smart urban development.

    According to media reports, he started jogging at around 7 p.m. With his cap on, Trudeau, flanked by several of his guards, ran past many locals who were exercising outdoors.

    “He looks so handsome and gentle,” an elderly woman who was working out along the canal said.The surprise appearance of the Canadian prime minister attracted widespread attention.

    “When I realized he was the Canadian prime minister, I was in awe of such a young, handsome and down-to-earth leader,” Nguyen Thi Thanh, 61, said.

    Last May, another photo of Trudeau jogging past a group students taking prom photos in Vacouver, Canada, also went viral, creating a made-for-meme internet sensation.

    But after it was pointed out that the shot was snapped by his official photographer, his critics blasted the media for continuing to fall for what “seems to be a constant stream of PR stunts”, The Guardian reported in May.

    The report cited Robyn Urback, a columnist for the Canadian Broadcasting Corporation, as saying that in politics, even the most spontaneous run-ins are carefully set up. “And public photobombs by politicians in their Sunday sweats usually involve some sort of prior coordination,” she said.

    in-vietnams-biggest-city-justin-trudeau-concludes-official-visit-by-jogging-past-locals-1
  • Trump to sell new Asia policy at regional summit

    Trump to sell new Asia policy at regional summit

    President Donald Trump is expected to bill a new policy for Asia during his two-day stay in Vietnam this week, but the U.S. administration needs to follow through with concrete actions to restore waning confidence in a region weary of his erratic diplomacy.

    At the Asia Pacific Economic Cooperation (APEC) this week in the central Vietnamese city of Da Nang and his state visit later on in Hanoi, Trump will promote the concept of a “free and open Indo-pacific region”. Japan first floated this idea, tailored to push the U.S. to coalesce three other maritime democracies — Japan, Australia, and India. According to American officials, this sales pitch is aimed at demonstrating America and the Trump administration’s commitment to the Indo-Pacific region.

    But political rhetoric only will not be enough to reassure a region increasingly anxious about U.S. commitment, analysts say.

    A survey in March by the Iseas Yusof Ishak Institute in Singapore that polled government officials, business representatives, academics and journalists in Southeast Asia found that around 75 percent of the respondents saw China, not the U.S., as the most influential player now and in the next decade. Two-thirds of respondents also viewed the U.S. less favorably than four months ago, according to the survey.

    “Some of Trump’s statements and actions since he came to power have undermined the U.S. strategic position in the region, but most regional countries would like to see Washington’s continued engagement with the region,” Le Hong Hiep, a research fellow at the Iseas Yusof Ishak Institute, said.

    “As such, his concept of a ‘free and open Indo-Pacific’ is likely to be welcomed by most regional countries,” Hiep said. “But again, at this stage, it is just a policy concept. Washington needs to follow up with concrete actions aimed at maintaining and strengthening economic and strategic engagement with the region to restore its strategic position in this part of the world.”

    His attendance at the APEC Summit is part of his 13-day five-nation Asia tour, the longest tour of Asia by any U.S. president since George Bush in late 1991. Trump had planned to skip the East Asia Summit, a key gathering of Southeast Asian leaders in the Philippines on November 13. He only made a last-minute change to attend apparently at the request of other leaders.

    “It is still not too late for the U.S.,” Dennis C. McCornac, an economics professor at Loyola University Maryland in Baltimore, said, “to come to its senses and understand that this so-called ‘American first’ policy is really a disguised form of isolation – a policy that will and has never really worked for any country,”

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  • Precita flagship store in Ho Chi Minh City

    Precita flagship store in Ho Chi Minh City

    Emerging jewellery brand, Precita, has opened a stylish flagship in the centre of Ho Chi Minh City in Vietnam, designed by a Hong Kong company.

    With its traditional focus being on monetary value, the Vietnamese jewellery market is proving a challenge for international brands. With that in mind, Stefano Tordiglione, chief designer for the company bearing his name, sought to create a balance between sensitivity and boldness, introducing fashionable jewellery pieces in a modern and chic light with an eye on the classic vogue. His client was Ben Thanh Jewelry JSC.

    Stefano Tordiglione Design - Precita 10

    Visitors to the bright, 150sqm store are drawn in by the jewellery cabinets with smooth lines of subtle blue edging. The grandeur and the historical structure of the Vietnamese building is softened by soft stucco white walls and large wall cabinets reminiscent of windows, where a sense of contemporary feel is highlighted in a touch of sky blue – the brand’s colour.

    Stefano Tordiglione Design - Precita 5

    The feature wall behind the circular display unit highlights a geometric pattern reinterpreting the word ‘Precita’ in oak and glass, a unique expression of the brands identity created by the designer.

    Stefano Tordiglione Design - Precita 2

    A VIP area displays higher-value items in a secluded area inside the boutique.

    “Here transparent cabinets and mirrors are accompanied and differentiated by wooden lines, which descend to hold them suspended in an atmosphere of lightness and curiosity,” explains Tordiglione.

    “The floor is a deliberately open space that looks out over the entryway, inviting a breath upon entry and exit with an ample double-height space over the 8m-high facade.”

    The materials were chosen to represent the character of the brand. The cabinets are off-white, with subtle recalls of the Precita pattern in relief, rose-gold coloured metal edging the glass and brand pattern and colour.

    Stefano Tordiglione Design - Precita 11

    “The brand logo frame is given modern assurance by a scraped concrete background, while clean grey stone flooring is surrounded by oak to add warmth. Wood also holds the legs of the cabinets where they meet the floor, giving a sense of lightness. The store lights marry form and function, illuminating the precious pieces and also forming a starry night from the exterior.”

    Stefano Tordiglione Design - Precita 3

    The facade, inspired by American 1950s style, stands unique and clean.

    Explains Tordiglione: “It expresses the defining elements of the store in layers – the cool blue lines against clean beige stone, the unique Precita pattern that forms the visual identity of this new brand.

    Stefano Tordiglione Design - Precita 7

    Together with the repeated light fixtures, they all combine to create a tone of graceful dynamism.

    “At night the LED lights come on, framing and confirming the presence of a new brand, and a refreshed way of thinking about jewellery.”

    Stefano Tordiglione Design Ltd completed the project in May of this year. Precita currently has three stores in Ho Chi Minh City.

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  • New store for Zara Vietnam

    New store for Zara Vietnam

    Zara Vietnam opens its first Hanoi store tomorrow in Vincom Centre Ba Trieu.

    According to an announcement on the Spanish fashion brand’s website, the three-storey store will face Doan Tran Nghiep street and offer styles for women, children, teens, and men. It will feature hoodies and coats as the capital faces winter.

    Zara arrived in Vietnam two months ago, launching at Vincom Centre Dong Khoi in Ho Chi Minh City, covering 2400sqm over two levels.

    Swedish fast-fashion brand H&M, which also entered Vietnam with a store in Vincom Centre Dong Khoi, will follow on Saturday with its first Hanoi store at Vincom Mega Mall Royal City Thanh Xuan.

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  • Celebrate the Year-End Holidays with Vietjet’s 500,000 Promotional Tickets

    Celebrate the Year-End Holidays with Vietjet’s 500,000 Promotional Tickets

    Fancy a winter holiday in the heart of Seoul or basking in the Phuket sun? Well wait no longer as Vietjet is offering 500,000 promotional tickets priced from USD0* in celebration of the upcoming year-end holidays!

    Available from 8-10 and 14-16 November 2017 during the golden hours of 1 – 3pm (Malaysian time), eager travelers will be able to purchase tickets to a whole host of destinations on Vietjet’s network at affordable prices. These include all international routes to Kuala Lumpur (Malaysia); Seoul, Busan (South Korea); Hong Kong; Kaoshiung, Taipei, Taichung, Tainan (Taiwan); Singapore; Bangkok, Phuket, Chiang Mai (Thailand); Yangon (Myanmar); Siem Reap, Phnom Penh (Cambodia).

    The offer is applicable on flights to the listed destinations from 1 December 2017 to 31 May 2018**. However, the travel period for the Ho Chi Minh City to Chiang Mai and Phuket route begins on 12 and 15 December 2017 respectively.

    Nothing beats counting down the days to your long awaited holidays. With Vietjet’s latest promotion, customers will be able to add to the excitement of visiting loved ones or exploring unchartered territories with these super saver deals.

    With its high-quality services, special low-fare tickets and diverse ticket classes, Vietjet offers its passengers new flying experiences with aircrafts equipped with comfy seats, delicious hot meals, friendly in-flight service crews, entertainment activities and special in-flight surprises during the holiday season. To be part of Vietjet’s fun and innovative travel experience simply visit the Vietjet’s website and make your booking today!

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  • Vietnam retail sales already faced a growth with 10 per cent

    Vietnam retail sales already faced a growth with 10 per cent

    Vietnam has seen a surge in retail sales, which topped VND 3258 trillion (US$106.9 billion) for the first 10 months of this year.

    This was year-on-year growth of 10.7 per cent, says the General Statistics Office (GSO) in releasing statistics of retail sales of consumer goods and services. Excluding inflation, the increase evens out at 9.4 per cent.

    These sales make up 74.9 per cent of the total for the sector.

    Accommodation, restaurant and catering services raked in an estimated $18 billion, accounting for 12.5 per cent of the total as well as being a 12.5 per cent improvement on the same period last year.

    Spending on travel for the 10 months reached about $1.3 billion, 15.2 per cent more than the same period a year ago, and making up 0.9 per cent of the total.

    Sales of textiles and garments rose 9.8 per cent, home appliances by 8.8 per cent, and transport services by 8.4 per cent.

    Other services totalled $16.8 billion to be 11.7 per cent of the total and 9.2 per cent up from last year.

    During the 10 months, international arrives rose by 28.1 per cent year on year to reach nearly 10.5 million, according to the Vietnam National Administration of Tourism.

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  • Vietjet launches Golden Day Promotions with 500,000 HKD0 ticket offers

    Vietjet launches Golden Day Promotions with 500,000 HKD0 ticket offers

    To welcome the upcoming travel and most beautiful festive season in the year, Vietjet offers 500,000 tickets priced from only HKD0 (*) with two 3-Golden Days Promotion. The sensational promotion will be available from November 8 to 10 and November 14 to 16, during the golden hours of 13:00 to 15:00 daily.

    The promotional tickets will be applied for all international routes to Hong Kong, Seoul, Busan (South Korea)/ Kaohsiung, Taipei, Taichung, Tainan (Taiwan)/ Singapore/ Bangkok, Phuket, Chiang Mai (Thailand)/ Kuala Lumpur (Malaysia)/ Yangon (Myanmar)/ Siem Reap, Phnom Penh (Cambodia) with the flight time being from December 1, 2017 to May 31, 2018. Except for the travel period for Ho Chi Minh City – Chiang Mai route which runs from December 12, and Ho Chi Minh City – Phuket route from December 15, 2017.

    The super seasonal offer follows the opening of the routes from Ho Chi Minh City to Phuket and Ho Chi Minh City to Chiang Mai (Thailand), which serve the traveling, trading demands between these well-known destinations in Vietnam and Thailand.

    Considered as the ideal traveling season for the cool and dry weather which is suitable for most entertaining activities and outdoor excursions, the travel cost for this period which is also lower than the summer vacation makes the offer even more attractive. It is also a good opportunity for tourists to combine the enjoyment of natural beauties with shopping, spiritual tourism or relaxation in the year end.

    With high-quality services, diverse ticket classes, special low-fare tickets, Vietjet offers its passengers flying experiences on new aircraft, comfy seats, delicious hot meals, beautiful and friendly flight attendants and other interesting added-on services.

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  • Faulty Takata airbags force Mitsubishi to make car recall in Vietnam

    Faulty Takata airbags force Mitsubishi to make car recall in Vietnam

    The defective airbag inflators have been linked to 19 deaths and more than 180 injuries worldwide. Mitsubishi is recalling 2,519 of its Pajero models in Vietnam to replace potentially deadly defective airbag inflators.

    All cars imported between 2007 and 2016 should be taken to the company’s showrooms to receive free replacement inflators, it said. The service can take more than two hours.

    The cars were installed with parts from Japanese supplier Takata, which announced that there were faults with its products in April 2013.

    Takata said that propellant chemicals were mishandled and improperly stored during assembly, which supposedly caused the metal airbag inflators to burst open due to excessive pressure inside. It also blamed humid weather for making the situation worse.

    The announcement came in the wake of massive global recalls, including those made by Toyota in June and October.

    The defective inflators have touched off the largest automotive recall in U.S. history, involving 42 million vehicles. The fault has been linked to 19 deaths and more than 180 injuries worldwide, it said.

    Takata, which filed for bankruptcy protection in June, expects 125 million vehicles fitted with the faulty parts to be recalled worldwide by 2019.

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  • Made-in-China scandal plunges top Vietnamese silk brand deeper into hot water

    Made-in-China scandal plunges top Vietnamese silk brand deeper into hot water

    Widespread public backlash. A raft of looming investigations. What’s next for the once-posh Vietnamese garment brand? Garment firm Khaisilk is poised to face a series of investigations after a made-in-China scandal triggered widespread calls for a boycott of the once-posh Vietnamese silk brand last week.

    On Monday, the Ministry of Industry and Trade said it had transferred all relevant documents to the police who are set to launch a criminal probe into Khaisilk after an inspection last week uncovered fake products made in China at one of the brand’s Hanoi outlets.

    Trade minister Tran Tuan Anh also on Monday set up a joint task force charged with launching an independent probe into the case.

    “Khaisilk’s actions have violated the law, damaging the value of Vietnamese brands and deceiving Vietnamese consumers,” Anh said at a meeting on Monday.

    The scandal came to light on October 23 when a businessman in Hanoi took to Facebook to rail against products his company had bought from the brand, saying they were actually made in China.

    According to the post, the company bought 60 Khaisilk-branded scarves at the Hang Gai shop in Hanoi for VND644,000 ($28) each, but one scarf had two tags: “Khaisilk Made in Vietnam” and “Made in China.”

    The company said it had checked the rest of the scarves and found signs that “Made in China” tags had been removed.

    The brand’s owner Hoang Khai later admitted that half of the silk used by Khaisilk came from China, while the rest came from Vietnamese craft villages. But he was adamant that his company always used high-quality material.

    Khai has apologized to customers and offered compensation. However, the public has started questioning whether Khaisilk had been receiving help from market watch authorities as its shops have allegedly been selling Chinese silk for years without being detected.

    Khaisilk is a renowned high-end brand with a history of over 30 years, famous for its supposedly high-quality “made in Vietnam” products.

    The scandal has triggered widespread calls to boycott its products. Vietnamese lawyers have also weighed in, saying aside from denting public confidence, Khaisilk Group, which owns the eponymous brand, could face legal action.

    Khaisilk’s outlets in both Saigon and Hanoi have been closed since Friday.

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  • Tealive says “Hi” to Vietnam

    Tealive says “Hi” to Vietnam

    Bubble-tea brand Tealive has made its debut in Vietnam with two stores in one month.

    The first one is located in Vincom shopping centre while the second one is a standalone store on Le Thanh Ton Street, near Ben Thanh market.

    To mark its debut in Vietnam, Tealive introduced five exclusive drinks.

    Bryan Loo, founder and CEO of Tealive, is confident the brand will win over local millennials.

    Tealive Vietnam plans to open three more stores before the end of this year, targeting 20 next year.

    Tealive, owned by Loob Holdings, rebranded from Chatime after a dispute with outlets.

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  • Bitcoin transactions remain illegal in Vietnam

    Bitcoin transactions remain illegal in Vietnam

    The only payment methods allowed in the country are issued or controlled by the State Bank. Cryptocurrencies such as Bitcoin remain illegal in Vietnam, the State Bank affirmed in a statement released on Saturday.

    “From January 1, 2018, the act of issuing, supplying or using illegal means of payment may be subject to prosecution in accordance with the provisions of Article 206 of the Penal Code 2015,” the statement said.

    The only payment methods allowed in the country are issued or controlled by the State Bank.

    People who attempt to use illegal means of payment will be subject to a fine ranging from $6,600-9,000.

    Earlier this week, Vietnam’s top technology university FPT announced plans to allow students to pay for their tuition fees using Bitcoin.

    Some service providers have already started accepting Bitcoin and other cryptocurrencies in Vietnam, but they are mostly used for trading and speculation on the free market.

    The central bank has warned organizations and individuals in Vietnam not to invest in Bitcoins or conduct transactions in the currency, saying they would be taking a huge risk with no legal protection.

    “Bitcoin transactions are anonymous and can be used for money laundering, drug trafficking, tax evasion and illegal payments,” the bank claimed.

  • Microsoft tops forecasts with 16 percent profit growth

    Microsoft tops forecasts with 16 percent profit growth

    The tech giant saw growth in its ‘productivity and business process’ and ‘intelligent cloud’ units.

    Microsoft on Thursday delivered stronger-than-expected earnings for the past quarter, lifted by gains in cloud computing and other business services.

    For its first fiscal quarter to September 30, the tech giant said profit was up 16 percent from a year ago to $6.6 billion.

    Revenue meanwhile rose 12 percent to $24.5 billion for the one-time tech sector leader which has shifted its focus away from consumer software to a range of enterprise services.

    Shares in Microsoft jumped 3.2 percent to $81.35 for in after-hours trade following the release.

    Microsoft chief executive Satya Nadella said: “Our results reflect accelerating innovation and increased usage and engagement across our businesses as customers continue to choose Microsoft to help them transform.”

    Microsoft’s “more personal computing” division which produces the ubiquitous Windows operating system, saw revenues virtually unchanged from a year ago at $9.4 billion.

    But it showed sharp growth of 28 percent from its “productivity and business process” unit, which brought in revenues of $8.2 billion.

    The “intelligent cloud” unit that delivers artificial intelligence to a wide range of products saw its revenues grow 14 percent to $6.9 billion in the quarter.

    LinkedIn, the professional social network acquired by Microsoft last year, contributed revenue of $1.1 billion during the quarter.

    Microsoft said its “cloud technologies” operations now accounts for some $20 billion annualized and is a key to the company’s future.

    “Across major industries — from finance and energy sector to retail and professional sports — organizations are betting on Microsoft to help them transform their customers’ experiences, employee productivity, operations and products,” said executive vice president Judson Althoff.

    “In fact, 96 percent of Fortune 500 companies have at least one of our cloud offerings, and 90 percent have at least two.”

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