Businesses struggle to earn money in year-end sale season

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Businesses have geared up to boost sales in the year-end sales seasons. They have also changed the product structure to satisfy the taste of customers. Business results bad Dang Quoc Hung, Chair of Kim Boi Fine Arts and Handicrafts Company, spent the whole morning visiting Vifa Home, a wooden furniture and interior decoration trade fair held in HCM City. A trade fair was also held one year ago, where all the booths of the exhibition center was fully occupied. Meanwhile, a lot of booths … [Read more...]

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Tax talks highlight policy deficiencies

Customs officers check goods at My Thoi Port, An Giang Province. - VNA/VNS Photo Hoang Hung

HA NOI (Biz Hub) - Difficulties in tax and customs policies topped the agenda of the dialogue that the Ministry of Finance (MoF) and Viet Nam Chamber of Commerce and Industry (VCCI) conducted with enterprises yesterday. … [Read more...]

Property Market: Supporting Package Gets Mixed up

In an effort to "warm up" the real estate market, a series of packages have been introduced from the government to banks. Recently, a new credit package is mentioned by many people, accordingly, subjects of this new credit package will be public officials, armed forces who may borrow up to VND2 billion with the estimated maximum time of 10 years with interest rates ranging from 6 -7 percent / year. The question is whether the real estate market may "take off" with the launching of many credit … [Read more...]

Press digest – October 29

PM: Public debt remains within limit PM Nguyen Tan Dung announced that public debt remains below the safety limit of 65% of gross domestic product (GDP), and will sink to 60.2% by 2020. Up to 98% of public debt is spent on development projects, which is entirely in line with the national public debt strategy, the PM told cabinet members at their monthly meeting in Ha Noi. To pay off debt, the Government will set aside just under 25% of the total spending budget. By 2020, 19.5% of the budget … [Read more...]

Customs mechanism in spotlight

HA NOI (VNS) - Viet Nam should widen the application of its pre-classification customs mechanism, as it could serve as a foundation for the country to promote international trade. At a press conference on the mechanism which was held here yesterday, Adrian Ball, ASEAN Tax Managing Partner for EY, also said pre-classification customs mechanisms helped businesses to classify the codes, taxation values and origins of imported goods before allowing them into Viet Nam. Under the mechanism, issued … [Read more...]

Vietnam, UK sign WTO trade facilitation agreement

(VOV) -Deputy General Director of the General Department of Vietnam Customs (GDC) Vu Ngoc Anh and head of Prosperity of the British Embassy, Andrew Holt signed a grant contract on WTO trade facilitation agreement between the two countries in Hanoi on October 29. The GBP45,429 sponsorship agreement under the framework of the South East Asia Prosperity Fund Programme will be implemented in the form of technical assistance from October 2014 to March 2015. Accordingly, main activities of the … [Read more...]

Transport charges unchanged after fuel price cuts

Le Anh and Nguyen Quyen Ta Long Hy, deputy general director of Vinasun Corporation, told the Daily that the leading taxi operator in HCMC did not raise fares when fuel prices went up in the first months of this year. Moreover, as the average minimum salary rose at the beginning of this year, Vinasun now has to spend more on social insurance for its taxi drivers. Ho Huy, chairman of Mai Linh Group, said his company is considering whether to adjust down taxi fares or not after eight rounds of … [Read more...]

Banking sector in quagmire as SOEs can’t sell their shares in banks

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VietNamNet Bridge - Investors have been reluctant to buy shares of banks, and as a result, state-owned enterprises (SOEs) cannot withdraw the capital they had previously invested. The government has asked them to focus on core businesses and sell their stake in other businesses like banks by the end of 2015. The movement of withdrawing capital began in 2013, but SOE activity has not progressed well. A report by the Ministry of Finance shows that the total investment capital of SOEs in the … [Read more...]

Social News 28/10

President Obama thanks Vietnamese American nurse Nurse Nina Pham - the first person to catch Ebola on US soil has been declared free of the deadly disease 13 days after testing positive, clearing the way for President Obama to give her a big hug in the oval office. "I feel fortunate and blessed to be standing here today. Throughout this ordeal, I have put my faith in God and my medical team." Pham said on October 24 at a press conference. "The Ebola experience was a very stressful and … [Read more...]

Tests completed at 10th ASEAN Skills Competition

Preparation for the 10th ASEAN Skills Competition (Photo: VNA)

(VOVworld) - 293 competitors have completed their tests in 25 skills at the 10th ASEAN Skills Competition. Cao Van Sam, Deputy General Director of General Department of Vocational Training of the Ministry of Labor, Invalids and Social Affairs, and Deputy Head of the event's organizing board, said: "All the competitors have done their tests strictly in line with the competition's regulations. There is not much difference in the qualifications of competitors of different countries. Vietnam is … [Read more...]

Vietnam to form working group to spur state firms’ share sales

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A man walks past the Hanoi Stock Exchange in Hanoi, Vietnam, on May 30, 2014. Photo credit: Bloomberg Vietnam plans to set up a working group to help spur share sales of state enterprises as the government takes steps to bolster a flagging privatization program and drive economic growth. "It will help state companies sell stakes more successfully," Dang Quyet Tien, deputy general director of the finance ministry's corporate finance department, said in an interview on Oct. 24. "What's the … [Read more...]

Central Bank suspends Ocean Bank’s chairman

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Former Chairman of the Ocean Commercial Joint Stock Bank's Board of Directors Ha Van Tham (Photo: VNA) The State Bank of Vietnam (SBV) has suspended Chairman of the Ocean Commercial Joint Stock Bank's Board of Directors Ha Van Tham for serious violations of Vietnam's laws. In a report released on its website on October 24, SBV said that the violations were discovered during its inspection of the legal status and credit quality of credit institutions, which is part of the project on … [Read more...]

SBV suspends Ocean Bank’s chairman

HA NOI (VNS)- The State Bank of Viet Nam (SBV) has suspended Chairman of the Ocean Commercial Joint Stock Bank's Board of Directors Ha Van Tham for serious violations of Viet Nam's laws. In a report released on its website on October 24, SBV said that the violations were discovered during its inspection of the legal status and credit quality of credit institutions, which is part of the project on restructuring credit institutions, as approved by the Politburo and the Government. The case will … [Read more...]

Retailers support tomato growers

HCM CITY (VNS)- Retailers in HCM City, including Big C and Saigon Co.op, are offering farmers in Lam Dong Province higher prices for tomatoes, which have plummeted in price to VND500-VND1,000 a kilo. Since late last month, when the harvest season for tomatoes began, many farmers have incurred losses because of an oversupply. An agricultural official in the province said the oversupply had been due to an increase in Chinese tomato imports and favourable weather conditions had allowed other … [Read more...]

Second Exchange-Trade Fund launched in Hanoi

Saigon Securities Inc (SSI) officially launched its exchange-traded fund (ETF) at the Hanoi Stock Exchange in the city on October 23. The ETF SSIAM HNX30 is the second domestic ETF fund and the first to simulate the domestic HNX30 index set, said Nguyen Khac Hai, Deputy General Director of SSI Asset Management Company (SSIAM). According to Hai, the ETF is a new product that was launched to help investors balance the risk and profitability of their investment channels, consisting of banks and … [Read more...]

Feedback collected on implementation of customs law

The General Department of Vietnam Customs (GDC) is collecting comments provided by businesses and customs officials on its three draft circulars guiding the implementation of the Law on Customs. The draft circulars regulate customs procedures, customs inspections and oversight, and export-import duties, as well as the management of duties for exported and imported goods, commodities produced for international firms and raw materials imported for the production of export products. They … [Read more...]

Second ETF launched in capital

Staff work at Ha Noi Stock Exchange. Saigon Securities Inc officially launched its exchange-traded fund on the HNX yesterday. - VNA/VNS Photo Tuan Anh

HA NOI (VNS) - Saigon Securities Inc (SSI) officially launched its exchange-traded fund (ETF) at the Ha Noi Stock Exchange in the city yesterday. … [Read more...]

Refinery set for expansion

QUANG NGAI (VNS) - A 108.2ha site has been earmarked for the expansion of the Dung Quat Oil Refinery, which is estimated to be worth US$1.8 billion to $2 billion. Viet Nam National Oil and Gas Group (PetroVietnam) deputy general director Le Manh Hung made the announcement at a working session with authorities of this central province last October 22. According to VnExpress online, work on the project is expected to begin early next year and be completed by 2021. PetroVietnam will submit a plan … [Read more...]

Simplification of Specialised Management Procedures for Exports and Imports

"Electronic customs is highly appreciated by businesses and the society. However, simplifying procedures for imports and exports is a nonstop process. And, in reality, this process is exposing shortcomings needed to be resolved," heard Workshop "Implementing Resolution 19 of the Government: Simplification of specialised management procedures for imports and exports" held by the Central Institute for Economic Management (CIEM) in Hanoi. Speaking at the conference, CIEM Director Nguyen Dinh Cung … [Read more...]

VN steel exporters oppose Indonesia decision

The Government of Indonesia has imposed an anti-dumping tax on imports of Vietnamese cold rolled steel sheets without consulting the Government of Viet Nam. The imposition of the tax from July 7, 2014 to July 7, 2017 has created difficulties for Vietnamese steel exporters. Vu Van Thanh, deputy general director of the Hoa Sen Group, explains the issue and suggests solutions in an interview with Cong thuong newspaper. What are your opinions regarding this issue? We are a steel sheet producer … [Read more...]