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 remained idle at this year's trade fair, which lessened the enthusiasm of consumers of distributors. Tens of enterprises, which always participated in previous years' trade fairs, refused to attend this year's event. Hung also did not have a booth at Vifa Home, though he is the chair of three enterprises in Tra Vinh, Ben Tre and HCM City. The revenue of all the three companies decreased sharply by 50 percent in the first nine months of the year in comparison with the same period of 2010. Hung … [Read more...]

Vinacomin seeks to add losses to power generation costs

The Saigon Times Daily Speaking at a meeting of the ministry in Hanoi on September 3, Vinacomin’s deputy general director Vu Anh Tuan said the group had incurred total losses of some VND1.2 trillion (around US$53.4 million) due to the exchange rate volatility. The group wants to add such losses to the costs of its electricity in line with the ministry’s Circular 56/TT-BCT. "We request the ministry to consider allowing us to either add the losses to the production costs of electricity or reduce or delay tax payments for us," Tuan was quoted by VietnamPlus as saying at the meeting. Vietnam National Oil and Gas Group (PVN) did not disclose how the group has been hit by the volatile exchange rate but said it had cut into its financial spending. The group has supplied more than 100 billion kWh to the nation’s power grid. Ngo Son Hai, deputy general director of Vietnam Electricity Group (EVN), acknowledged that the exchange rate volatility had dealt a blow to the … [Read more...]

Gasoline down VND1,200 per liter

minh tam Meanwhile, the retail price of diesel dropped by VND110 to VND13,310 per liter and that of kerosene by VND120 to VND12,280 per liter. Tran Minh Ha, deputy general director of Saigon Petro Co. Ltd, told the Daily that firms adjusted down fuel retail prices in line with a decision of the ministries of industry-trade and finance. In the decision, the ministries told fuel trading firms to lower retail prices as the base prices of fuels had declined compared to the 15-day average prices earlier. Currently, the base price of RON92 petrol is VND17,338 per liter, E5 bio-fuel VND16,843 per liter, diesel VND13,310 per liter and kerosene VND12,286 per liter. The fuel price reduction was prompted by the world oil price plunge. The retail price of RON92 gasoline slid a combined VND3,050 per liter, kerosene VND2,590 per liter and diesel VND2,480 per liter after five rounds of price declines. … [Read more...]

Hanoi inaugurates a German technology waste treatment plant

The plant has its total investment of VND 270 billion. It applies the Martin technology which originated from Germany and produced in China. This is the leading plant in incineration of domestic waste for electricity generation in Vietnam. The People’s Committee of Hanoi in collaboration with Thanh Quang Joint Stock Company has recently held an inauguration to start operating the Phuong Dinh waste treatment plant in Dan Phuong district, Hanoi. The advantage of the factory is that it is closed designed with its incineration system to handle with odor and biogas; modern technology to treat leaches; and low rate of landfill and without generation of secondary pollution. According to Mr. Vo Dang Son – Deputy General Director of Thanh Quang company, the capacity of the plant is up to 300 ton per day now and it will increase in the future. Speaking at the inauguration, Mr. Vu Hong Khanh – Vice Chairman of People’s Committee said that the Phuong Dinh plant will deal … [Read more...]

VN to raise funds through bond market

Staff at the Ha Noi Stock Exchange supervise an online G-bond auction in the capital.— VNA/VNS Photo Tuan Anh

HA NOI (VNS) — Viet Nam aims to have bonds outstanding worth 38 per cent of the gross domestic product by 2020, State Treasury's Deputy General Director Tran Kim Van said early this week. Van told local media that this would include 22 per cent of Government bonds or G-bonds, issued by the Ministry of Finance (MoF) through the State treasury; 8 per cent of Government-guaranteed bonds, which were bonds issued by authorised entities to mobilise capital for investment projects as appointed by the Prime Minister; 1 per cent of municipal bonds; and 7 per cent of corporate bonds. According to the data, from the beginning of this year to August 14, the bonds outstanding were worth VND867.8 billion (US$38.5 million) — including VND581.4 billion ($25.83 million) from G-bonds — accounting for about 22 per cent of the $186-billion GDP in 2014. Tran Van Dung, general director of the Ha Noi Stock Exchange (HNX), the only G-bond organiser in Viet Nam, said public investment … [Read more...]

Bustling operating-atmosphere at Ca Pass Tunnel work

Workers constructing the North Ca pass tunnel roof

Visiting Ca Pass tunnel in late August, we could see a very urgent working-atmosphere. More than 500 engineers and workers, along with hundreds of modern machinery, have tirelessly worked all of day and night to ensure finishing before the deadline. In spite of the extreme sunshine, workers are eagerly fulfilling their duties on the building site. The construction units have mobilized the qualified and experienced staff, along with the dedicated tunnel-drilling equipment operating 3 shifts one day, which reached the result of 600m per month for the drilling tunnel at some times. Captain Vu Tien Trung, the commander of the east tunnel of the company for Underground Construction, Lung Lo Construction Corporation, excitedly said, "On the occasion of celebrating the National Independence Day September 2nd, over 150 workers are still working continually 3 shifts to ensure completing the items on schedule". On the general volume, the project of Ca Pass Tunnel with two parallel tunnels … [Read more...]

Railway e-ticket and e-invoice system put into operation

Photo: nhandan.com.vn

PANO - As of 2am on September 1st, the railway e-ticket and e-invoice system was officially put into use, according to the Vietnam Railway Corporation. Meanwhile tickets will still be sold at stations along the railway route for passengers. According to Nguyen Van Binh, Deputy General Director of the Hanoi Railway Transport One Member Limited Company under the corporation, at a press conference held on August 31st in Hanoi, railway passengers can register, book, and purchase railway tickets at the following addresses: www.dsvn.vn, vietnamrailway.vn or vetau.com.vn. Payment can be made either online or at stations. After successful payment, passengers wanting to receive an invoice must fill in the requested information, so that the e-invoice system can create invoices for them. Translated by Ngoc Bich … [Read more...]

Vietnam introduces railway e-tickets to support passengers, even when they lose them

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The Vietnam Railways Corporation (VRC) has put a railway e-ticket system into use since early Tuesday, bringing a lot of convenience to passengers, even when they lose their tickets. The system also helps prevent the illegal speculation in tickets and brokerage that have previously occurred, said Nguyen Van Binh, deputy general director of the Hanoi Railway Transport One-Member Co. Ltd. Through this e-system, passengers can book seats, buy and print out tickets (boarding passes), pay their fares and receive e-invoices anywhere and anytime, without having to visit a railway station, Binh said. After passengers complete their online ticket booking and payment, they will have all the related information transmitted to their email addresses. With this information, passengers can either print the e-tickets via a normal printer using A4-size papers, or provide the codes of the tickets for a railway station to print them out when they arrive at the terminal. If passengers have no … [Read more...]

MOF, local inspectors disagree on tax arrears payment for Dai Nam Company

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VietNamNet Bridge - While the Binh Duong provincial tax inspectors concluded that Dai Nam Company broke tax laws and had to pay tax arrears of VND99 billion, the Ministry of Finance (MOF) said the company had not committed any violation. The Dai Nam Tourism Complex run by Dai Nam The Binh Duong provincial People’s Committee on August 19 organized a press conference announcing the result of the inspection conducted at Dai Nam Company. The owner of Dai Nam is Huynh Uy Dung, known as ‘Dung lo voi’ (Dung lime kiln) because he started his business with building materials. At the press conference, Nguyen Thi Tuyet Mai, chief inspector, stated that Dai Nam broke tax laws, which led to a lower tax amount it had to pay. The inspectors decided to impose a fine on Dai Nam and forced the company to pay the tax arrears of VND99 billion. Dung, Dai Nam CEO, paid the tax arrears of VND99 billion just within 24 hours after the decision was released to the Binh Duong … [Read more...]

DongABank chief accountant replaced

Customers transact at a DongABank office in HCMC. The bank has picked Bui Nguyen Bao Vi as new chief accountant - PHOTO: TUE DOANH

Thao Nguyen Meanwhile, board member Vu Thi Vang was picked as vice chairwoman in the 2010-2015 term on August 25 as part of a senior-personnel shakeup following the central bank’s decision to put the bank under special surveillance. DongA Securities Co. on August 26 announced the appointment of Nguyen Quoc Toan, DongABank’s deputy general director, as chairman of the brokerage replacing Nguyen Thi Kim Xuyen. The bank’s board last Thursday named Vo Minh Tuan, deputy head of the credit department at the State Bank of Vietnam (SBV), as new chairman of the ailing bank after its chairman Cao Sy Kiem’s resignation. The central bank approved DongABank’s deputy general director Nguyen An as caretaker general director after Tran Phuong Binh was suspended from the post of general director on August 20 over his role in the bank’s hefty losses. The bank’s board and major shareholders will have to propose some candidates for the post of general … [Read more...]

Japanese SMEs committed to Vietnam

Tran Thu Speaking at the seminar organized by the 2030 Businessmen Club under the Saigon Times Club and Japan Circle, Masashi Mochizuki, deputy general director of Vietnam Export-Import Bank (Eximbank), said investment data of the Japanese central bank showed Japanese investments in Vietnam soared in 2012 and 2013 but declined considerably last year. Japanese investments in Vietnam amounted to 317.7 billion yen in 2013 but dipped to 141.8 billion yen one year later. Explaining the decline, Mochizuki said Japanese Prime Minister Shinzo Abe’s economic policies had led the Japanese yen to fall and overseas investments by Japanese firms to drop. The yen fall could continue, thus affecting Japan’s offshore investments, he added. However, in the medium and long terms, Japanese enterprises will continue to invest offshore as the Japanese economy is dogged by a slew of problems like the fast aging population, he noted. The drop in Japanese investments results from smaller … [Read more...]

2,000 ready to fight possible flooding in Hanoi on National Day

A drainage company will put a large number of staffers and vehicles on standby to cope with any flood that may be caused by heavy rains in Hanoi on National Day (September 2), local media said. Preparations for dealing with inundation are essential to ensure continuous and safe traffic on the capital’s major routes, especially those where parades and marches will be organized to celebrate the important day, the Hanoi Water Sewerage and Drainage One-Member Company Limited said. According to the national committee on the organization of major anniversaries in 2014-15, about 30,000 soldiers, militiamen and civilians will take part in a grand program including a meeting, a military parade and some marches in Hanoi on September 2 to celebrate the August Revolution (August 19) and National Day. From August 31 to September 3, the northeastern and northern delta regions will have torrential rains, with rainfall totals of 200-300mm, which may even amount to 400mm in some areas, … [Read more...]

Banks, businesses sell dollars, forex market cools down

VietNamNet Bridge - Banks and businesses have begun selling dollars after an urgent meeting with the State Bank of Vietnam (SBV) which affirmed that it would not adjust the dong/dollar exchange rate until the end of the year, and it would sell dollars to intervene in the market when necessary. A local newspaper some days ago quoted a businessman as saying that he would try to buy dollars for early debt repayment because he anticipated the dollar price would rise. There have been more dollar buyers than sellers in the market since the day the central bank widened the forex trading band twice to 3 percent and devalued the dong by one percent. Bizlive some days ago quoted Nguyen Thanh Toai, deputy general director of ACB, as saying that commercial banks rushed to buy dollars for fear that the dollar price would increase further, while they were very cautious when selling dollars to businesses. The news website quoted a banker as saying that most of Vietnamese businesses bought … [Read more...]

Central bank expects stable forex

The forex market has begun to stabilize as the central bank has, once again, pledged that it would not devalue the dong any further for the rest of the year. "We have adjusted the USD/VND exchange rate quite enough, and there is no other reason to continue devaluing the dong," stated State Bank (SBV) Governor Nguyen Van Binh, in response to forex volatility in the market, during a government meeting on macro-economics last week. Binh stressed that the SBV would not devalue the dong for the remainder of the year, explaining that the volatility in the forex market in past weeks could be attributed solely to psychological factors, and that the monetary policy would introduce measures to stabilize the forex rate when needed. He has also met with leaders of commercial banks in Hanoi, urging them not to stockpile their dollar, but to sell the greenbacks to businesses according to demand. Binh assured them that the SBV was ready to pump dollars into the forex market should it prove … [Read more...]

SBV expects stable forex

The forex market has begun to stabilize as the central bank has, once again, pledged that it would not devalue the dong any further for the rest of the year. "We have adjusted the USD/VND exchange rate quite enough, and there is no other reason to continue devaluing the dong," stated State Bank (SBV) Governor Nguyen Van Binh, in response to forex volatility in the market, during a government meeting on macro-economics last week. Binh stressed that the SBV would not devalue the dong for the remainder of the year, explaining that the volatility in the forex market in past weeks could be attributed solely to psychological factors, and that the monetary policy would introduce measures to stabilize the forex rate when needed. He has also met with leaders of commercial banks in Hanoi, urging them not to stockpile their dollar, but to sell the greenbacks to businesses according to demand. Binh assured them that the SBV was ready to pump dollars into the forex market should it prove … [Read more...]

Running convenience store chains not an easy job

VietNamNet Bridge - 7-Eleven might have its own reasons to decide to enter the Vietnamese market in 2017. However, analysts warn it is not as easy to develop convenience store chains in Vietnam as many foreign investors think. Related news Small Vietnamese retailers fear 7-Eleven’s entry in market Two other foreign convenience store chains, Ministop and Family Mart, both from Japan, operate in the country. With many years’ experience in the retail sector, the two chains have experienced tough days in Vietnam. Ministop had to say split from G7, which belonged to the Vietnamese Trung Nguyen Group, to team up with Sojitz, while Family Mart split from the Vietnamese Phu Thai Group to build a convenience store chain with B’s Mart. Setting up the first convenience store in 2011, G7-Ministop thought it could develop rapidly by combining fast food sales and a grocery model. The G7 Mart large network with 460 shops was another reason business was expected to go … [Read more...]

Three new Deputy General Directors for Viettel

Viettel has appointed Colonel Nguyen Dinh Chien, Director of the Viettel Research and Development Institute (Viettel R&D), Senior Lieutenant Colonel Do Minh Phuong, CEO of Viettel Telecom, and Senior Lieutenant Colonel Tao Duc Thang, CEO of Viettel Global, as Deputy General Directors of the Viettel Group. Colonel Chien will be in charge of research and manufacturing at the group, Senior Lieutenant Colonel Phuong will take responsibility for business, and Senior Lieutenant Colonel Thang will take charge of foreign investment. CEO of the Viettel Group, Mr. Nguyen Manh Hung, said the appointment of the three new Deputy General Directors is to nurture talent in the group. Viettel is now in the process of becoming a multinational group after a period of building up its human resources amid a telecommunications boom. Leaders of the group must therefore have the ability to lead Viettel in competing with global giants. Colonel Chien joined Viettel in 2001 and has held positions such … [Read more...]

BSR signs $25.6m contract with British company

HA NOI (VNS)— The UK's Amec Foster Wheeler Energy Limited (Foster Wheeler) has been hired to outline a master plan for the project to expand and upgrade the Dung Quat Oil Refinery in the central coastal province of Quang Ngai, which is expected to increase its capacity to 8.5 million tonnes per year. The Management Board of the project, represented by the Binh Son Refining and Petrochemical Company Ltd (BSR), signed the front-end engineering design (FEED) contract with Foster Wheeler yesterday. Totalling US$25.6 million, the contract will be carried out within 15 months, starting from this August. Speaking at the signing ceremony in Ha Noi, Deputy General Director of Viet Nam National Oil and Gas Group (PetroVietnam) Le Manh Hung asked Foster Wheeler to strictly implement articles of the contract, saying he hopes the refinery will be able to operate at peak capacity by applying the most modern technologies and achieve its high competitiveness. Designed to process 100 per cent … [Read more...]

UK firm makes master design for Dung Quat oil refinery’s expansion

The UK’s Amec Foster Wheeler Energy Limited ( Foster Wheeler) has been hired to outline a master design for the project to expand and upgrade the Dung Quat oil refinery in the central coastal province of Quang Ngai, which is expected to increase its capacity to 8.5 million tonnes per year. The Management Board of the project, represented by the Binh Son Refining and Petrochemical Company Ltd (BSR), signed the front-end engineering design ( FEED) contract with Foster Wheeler in Hanoi on August 28. Totalling US$25.6 million, the contract will be carried out within 15 months, starting from this August. Speaking at the signing ceremony, Deputy General Director of the Vietnam National Oil and Gas Group (PetroVietnam) Le Manh Hung asked Foster Wheeler to strictly implement articles of the contract, saying he hopes the refinery will be able to operate at peak capacity by applying the most modern technologies and achieve its high competitiveness. Designed to process 100 percent of … [Read more...]

Nearly 11,500 smuggling cases discovered nationwide

Customs forces nationwide detected and handled nearly 11,500 cases of smuggling and trade fraud in the first seven months of this year, as heard at a press conference held by the General Department of Customs in Hanoi on August 28. According to Deputy General Director of the Department Nguyen Van Can, illicitly cross-border transported commodities, tax evasion, smuggling, and trade fraud—especially counterfeit goods—remained complicated in the period. Smuggled commodities included drugs, weapons, wild animals, wood, foreign currencies, imported wines, minerals and electronics. Localities with increases of smuggling and trade fraud in the period were Hanoi, Hai Phong, Cao Bang, Lang Son, Lao Cai, Quang Ninh, Ha Tinh, Quang Tri, Nghe An, Da Nang and Ho Chi Minh City. The General Department of Customs plans to apply modern technologies in its management and inspection activities in order to uncover and prevent smuggling and unlawful conveyance of goods immediately, … [Read more...]