Stocks lose ground on both exchanges

Shares recorded substantial losses on December 16 following the trials of former baking officials. Huyen Nhu, a former official of Vietinbank (CTG) admitted on December 16 that she had misappropriated 4 trillion VND (187.8 million USD) from several institutions and individuals. Meanwhile, former co-founder of the Asia Commercial Bank (ACB) Nguyen Duc Kien was sentenced to 30 years in imprisonment on December 15 due to illegal business activities, tax evasion and misappropriation of property. However, these cases were exposed quite a long time ago and have already made their impact on the market. Analysts contended that the December 16 slump was caused by herd psychology, which was fueled by some investors who lost patience waiting for a rally. Pham Anh Tu, Director of MB Securities, predicted that the market will soon decline to where the VN-Index reached 520 points and then pick up. On the HCM City Stock Exchange, the VN-Index slumped by 2.3 percent to 535.14 points. The … [Read more...]

Authorities mitigate impact of falling oil price to State budget

The government will implement comprehensive measures to meet next year's annual state budget collection target of VND911.1 trillion (US$42.774 billion), notwithstanding the insignificant effect of the global oil price decline. Some experts are concerned about the reduction of the state's budget next year as the export value of crude oil, which has fallen by 30% to a four-year low of roughly $60 per barrel, contributes significantly to the nation's coffee. However, Deputy Finance Minister Do Hoang Anh Tuan said that as of 2014, the state coffer has not been heavily dependent on the fluctuation of the world's oil price due to a shift in the state's budget collection sources. Tuan explained that the oil export revenue is estimated to account for only approximately 10.2% of the total state budget in 2014 compared with the previous 20–25% rate. State budget collection from domestic production makes up more than 70% of the total budget, which diminishes the gravity of the impact of … [Read more...]

Swimmer Anh Vien wins all gold medals at National Sports Games

VietNamNet Bridge – Nguyen Thi Anh Vien from the Mekong Delta City of Can Tho took 18 individual gold medals in the women's swimming category at the National Sports Games 2014, which was held in Nam Dinh City on December 11-15. Vien took part in 20 categories for individual and team events at the Games. The 18-year-old soldier won 18 of them, setting three national records and 11 Games records. She finished second in the other two races. Vien’s achievement was anticipated by experts and fans. She won 12 individual gold medals for women’s 50m breaststroke, 200m backstroke, 200m mixed, 50m butterfly, 100m freestyle, 100m breaststroke, 400m freestyle, 100m backstroke, 100m butterfly, 1,500m freestyle, 50m backstroke, 200m butterfly, 50m freestyle and 200m freestyle. Under the guidance of American expert Anthony Teeters, Vien proved to be too strong compared to the other swimmers. The Olympic champion also broke two national records and seventh record of the National … [Read more...]

Young golfer Anh wins silver in world championships

1606990-20141215182143-1

Young golfer Anh wins silver in world championships Andy Dang Quang Anh of Viet Nam won a silver medal at the Kids Golf World Championships that concluded in Malaysia last week. Anh came second in the Allamanda U9 Boys category, with a result of 13-over 229 after three days of competition. Pongsapak Laopakdee of Thailand was ranked first with a 9-over 225 score, while Daryl Low Meng Tiang of Singapore took the bronze, scoring 26-over 242. It is the second time that Andy has ended in the top three in a world tournament for children. In last year's tournament, he finished second in the U8 category. Andy is one of the 10 Vietnamese competitors in Malaysia. Ngo Le Hoang Nam Phuong ranked sixth in the girls' U14 and Dang Minh Anh was placed 10th in the boys' U10 event. The competition, which is being held for the third consecutive year in Malaysia, is the international edition of the US Kids Golf tournament, and provides an excellent opportunity to young players to compete and … [Read more...]

MOF to raise taxes to offset losses from oil export revenue

1606677-20141215114559-tax-oil

VietNamNet Bridge – The Ministry of Finance (MOF) has sharply raised the tariff on petrol imports in order to cope with plummeting crude oil prices. The Ministry of Industry and Trade (MOIT) reported great success in crude oil exports for 2014, estimating an export volume of 7,549 tons and export turnover of $6.802 billion. MOF has reported a 12 percent increase over the estimated collection for the state budget, and a 14-15 percent higher collection rate from oil exports alone. However, if the oil price keeps falling, according to Do Hoang Anh Tuan, MOF Deputy Minister, the State will lose VND1 trillion in 2015 budget revenue for every one dollar in the drop in oil prices. If the oil price hovers around $80 per barrel, Vietnam would lose VND20 trillion in taxes, including 10 percent crude oil export tax, natural resource tax, corporate income tax and other kinds of fees and charges. The oil price plunge has reminded people of the 2009 oil crisis. The oil price has … [Read more...]

Viet Nam to perfect tax and customs policies

Representative from Ministry of Finance and European Chamber of Commerce in Vietnam at the event. — Photo mof.gov.vn

HA NOI (Biz Hub) — Viet Nam is in the process of implementing reforms in its tax and customs administration, Deputy Minister of Finance Do Hoang Anh Tuan said in a meeting here last week. The reforms are expected to create a transparent business environment for European investments in Viet Nam. The meeting was themed "Dialogue on tax, customs and transfer pricing." Participants discussed the issues encountered by European businesses in Viet Nam. The event was jointly organised by the Ministry of Finance (MOF) and the European Chamber of Commerce in Vietnam (Eurocham). Thomas McClelland, Eurocham's chairman of taxation and transfer pricing sector committee, raised five issues faced by European businesses, including accounting, taxation preferential measures and value added tax on export services. McClelland disclosed that European businesses in Viet Nam were concerned about the issue of foreign contractor taxes being paid on warranty services. Meanwhile, Deputy Minister Tuan … [Read more...]

PM demonstrates strong resolve to improve business environment

PM Nguyen Tan Dung (R) meets with voters in Hai Phong to brief the outcomes of the 8th session of the 13th National Assembly, December 13, 2014 - Photo: VGP

VGP – Viet Nam can absolutely improve its business environment by reforming administrative procedures, said PM Nguyen Tan Dung during his meeting with voters in Hai Phong. Earlier on September 10, PMDung had a working session with the Ministry of Planning and Investment (MoPI) on how to speed up the reform of administrative procedures relating to business establishment and dissolution, and investment operation. … [Read more...]

Market rebounds on blue chips

Stocks rebounded on the two exchanges on December 12 after plunging to psychological support levels, led by blue chips. On the Ho Chi Minh Stock Exchange, the VN-Index recouped 0.69 percent to close the session at 553.93 points after dropping to the daily low of 550 points. Recovery of blue chips like Hoang Anh Gia Lai Co (HAG), Kinh Do Corp (KDC), Saigon Securities Inc and Vietcombank (VCB) helped lift the market, with advancers doubling decliners. The VN30, which tracks the top 30 shares by market value and liquidity, also climbed 0.75 percent to finish at 609.33 points. … [Read more...]

Social News 13/12

1605801-20141212185342-1

Vietnam climbs 16 notches in transport infrastructure: WEF … [Read more...]

PVN extracts more crude despite falling prices

An offshore oilrig operated by Vietnamese-Russian oil firm Vietsovpetro. PVN has extracted more crude oil than the target although oil prices have kept falling on global markets - PHOTO: TTXVN

Ngoc Lan A source from PVN said the group has realized the target to pump 16.21 million tons of crude oil from domestic and foreign fields as assigned by the Government and 9.5 billion cubic meters of gas as of December 9. The volume from the oil fields within Vietnam was 14.37 million tons. … [Read more...]

Quyet is Southeast Asia Player of the Week

1605428-20141212114931-1

Quyet is Southeast Asia Player of the Week … [Read more...]

Social News 12/12

1605265-20141211120259-1

Crackdown on smugglers creates border control turmoil A crackdown on smugglers has created turmoil at Vietnam-China border crossings, notably at Mong Cai Border Gate in Quang Ninh Province, which is being flooded with people going back and forth between the two countries as gangs probe for weak spots in border control. Officials said Mong Cai Border Gate processed 10,000 people on December 6. The crowdness has been going on over the past month following the arrest of a smuggling gang on November 2, which prompted an increase of inspections by border gate security along the border. … [Read more...]

Bai Dinh pagoda- a tourist destination

1604946-bai-dinh-2

(VOVworld) - Located in Ninh Binh province, 95 km south of Hanoi, Bai Dinh pagoda has become a popular tourist destination in recent years. The pagoda complex holds several Vietnamese records. The ancient Bai Dinh pagoda sits 187m above sea level on top of Dinh Mountain. Dating back over a thousand years, it is oriented towards the west and flanked by two caves. The pagoda nestles into one cave, which is not uncommon among old pagodas in Vietnam. To get to the pagoda, you have to climb 300 steps. Do Ngoc Anh is a tour guide: "There’s a cave called Enlightened Cave. King Le Thanh Tong engraved ideograms there praising the beauty of the site. The ceiling of the cave forms the solid roof of the pagoda which is dedicated to the Buddha and the Mother Goddess. The altar in the cave is decorated with traditional Buddha statues". … [Read more...]

Social News 11/12

1604568-20141210103349-2

One killed, 17 injured in highway accidents … [Read more...]

Irresistible old Vespa scooters

Old Italian Vespa scooters - PHOTO: TAN PHU

Tan Phu Italian Vespa entered Vietnam in the 1950s and immediately caught the interest of the local people. At that time, only upper-class and high-income people were able to afford these luxury scooters. However, fewer and fewer riders used such Vespa some 30 years later, or in the 1980s, due to the poor fuel efficiency and the country’s economic difficulties. Besides, many Japan-made smaller motorbikes that were more fuel-efficient were imported. As a result, Vespa scooters were easily outclassed by these Japanese vehicles. … [Read more...]

Social News 9/12

1603249-20141208143313-1

ADB urges use of ICT in healthcare … [Read more...]

Ha Noi win four golds, continue to lead National Sports Games

Hanoi won their 61st gold medal on December 8 in the indoor sepak takraw (rattan ball kicking) event during the National Sports Games played on their home turf. The Hanoian beat rivals from Soc Trang 2-0 in the women's team category at Hoang Mai Gymnasium. Earlier, the capital city team won three titles in gymnastics events at the Quan Ngua Sports Palace. Veteran Pham Phuoc Hung had no difficulty in triumphing in the men's all-round category with 82.950 points. He was followed by HCM City's Le Thanh Tung and teammate Dinh Phuong Thanh. … [Read more...]

Hanoi win four golds, continue to lead National Sports Games

Hanoi won their 61st gold medal on December 8 in the indoor sepak takraw (rattan ball kicking) event during the National Sports Games played on their home turf. The Hanoian beat rivals from Soc Trang 2-0 in the women's team category at Hoang Mai Gymnasium. Earlier, the capital city team won three titles in gymnastics events at the Quan Ngua Sports Palace. Veteran Pham Phuoc Hung had no difficulty in triumphing in the men's all-round category with 82.950 points. He was followed by HCM City's Le Thanh Tung and teammate Dinh Phuong Thanh. … [Read more...]

Sir Nick Faldo revisits his own golf course

1601752-20141205155422-3

Sir Nick Faldo revisits his own golf course … [Read more...]