Social News 17/12

Six farmers drown as fishing boat overturns Six farmers were drowned when their boat suddenly overturned this morning in Nam Thinh Commune of the northern Thai Binh Province's Tien Hai District. The accident occurred when the farmers were on their way to catch clams. According to the local people, the farmers were in a small boat. The accident was blamed on strong winds and the fact that the small boat was overcrowded. The local rescue team has salvaged the boat after retrieving the victims' bodies. The People's Committee of the district visited the victims' families and gave each VND3 million (US$140) as aid. Court starts hearing former VietinBank execs’ appeals agement department at the Vietnam Bank for Industry and Trade (VietinBank), and other defendants. On January 27, 2014, Nhu was sentenced to life in jail by the HCMC People’s Court for swindling nearly VND4 trillion out of three banks, nine companies, and three individuals. To steal the deposits of customers … [Read more...]

Poor health blamed for overtime cap

MoLISA spokespeople have cited spurious health reasons for expanded overtime

VietNamNet Bridge – Proposals from foreign employers to extend the overtime limit for their Vietnamese workers have been again disagreed by the local authorities. At last week’s Vietnam Business Forum (VBF) in Hanoi, Deputy Minister of Labour, Invalids and Social Affairs (MoLISA) Nguyen Thanh Hoa made no comment on the VBF’s Human Resource Sub-Working Group chairman Colin Blackwell’s proposal that overtime caps be raised to compete with regional averages. Foreign businesses made the proposal as far back as the VBF in June 2013, but at that time MoLISA Deputy Minister Pham Minh Huan rejected it, saying that it was "infeasible," due to Vietnamese workers not being healthy enough to work longer hours. At the VBF 2014, Colin Blackwell said "the current overtime limit is significantly below global averages, and as shown previously, is way below that of regional ASEAN countries." Under the existing Labour Code, the maximum overtime is 200 hours per year, which … [Read more...]

Vietnam, UAE enjoy growing partnership: Deputy PM

Vietnam and the United Arab Emirates (UAE) have seen remarkable progress in bilateral partnership over the past two decades, especially in politics, diplomacy, economics and culture, Deputy Prime Minister Nguyen Xuan Phuc has stated. Vietnam, a big market and a top exporter of many agricultural products, is a promising and safe destination for regional and international investors, including those from the UAE, he said at a gala dinner in Abu Dhabi as part of his ongoing visit to the country. At the same time, the UAE has become one of the leading economic partners of Vietnam in Middle East-North Africa, with two-way trade hitting 4.46 billion USD in 2013, a rise of 80 percent over the previous year and 63 times higher that that of 2002, he noted. Currently, many UAE giants have been present in Vietnam, including DP World, IPIC, Emirates Investment Gate, Mubadala, Borouge, Sama Dubai, Dubai Holdings and Limitless Tamouh. By November this year, UAE investors had had eight … [Read more...]

“Accelerating economic institutional reform, strengthening resilience and enhancing the competitiveness of Vietnam’s economy”

It was the main theme of the Vietnam Development Partnership Forum (VDPF 2014) covering the period 2013-2015 "Establishing new partnerships towards competitive, inclusive and sustainable growth".

VDPF is a high-level policy forum with more substantive, action-oriented and wide-ranging participants. The forum offers the chance for policy discussion between Vietnamese government, donor countries, private sectors, civil societies at home and abroad, Vietnamese institutes and others to enhance comprehensive socio-economic development and welfare for all Vietnamese people. Two main topics of the forum this year are: reforming market institutions to increase competitiveness and private sector development; and developing private sector to build a sustainable and autonomous economy. Speaking at the forum, Prime Minister Nguyen Tan Dung welcomed the topic of the forum this year focusing on the development policy of the Vietnamese government, that is mobilizing and using most effectively all resources; reforming administrative formalities, improving business environment to create all necessary conditions for the people and businesses to develop, especially encouraging the strong … [Read more...]

Big Firms Confident in Business Results in 2014

"The economy and business have many positive signs in 2014 and 2015," said the VNR500 Report - a list of the 500 biggest companies in Vietnam in 2014 - recently released by Vietnam Report Joint Stock Company in cooperation with online newswire VietNamNet. While preparing the VNR500 Report 2014, Vietnam Report also conducted a survey with VNR500 firms since 2007 to depict an overall picture of business in 2014 and forecast economic outlook for 2015. The survey, carried out in November, collected more than 300 replies. Significant growth in revenue and orders According to the survey results, big companies are confident of their business results in 2014 when the majority of respondents (50 percent) said that their revenue, profit, labour productivity and orders are higher than the previous year. 64.3 percent of respondents said their business performances in 2014 are better than in 2013; 28.6 percent saw stability and only 7.1 percent said their business situations are worse than in … [Read more...]

Many social security activities

Since early this year, agencies, units, and enterprises have supported the construction of schools, health care stations, etc. with VND49.4 billion. Since early this year, through the Hai Duong Provincial Fatherland Front Committee, agencies, units, and enterprises have supported VND49.4 billion for construction of schools, health care stations, and houses for poor households in the provincial localities and medical equipment purchase. The greatest supporter is Him Lam Group with VND25 billion, followed by PetroVietnam with VND14 billion and Joint Stock Commercial Bank for Investment and Development of Vietnam with more than VND10.4 billion. * Since 2012, with the funding from the Spanish Red Cross's Project of Socio-economic and Employment Assistance for Disabled People, 215 disable people in the province have been entitled to free learning of sewing, hair cutting, hammering and welding, bicycle and electronic stuff repair, etc. After the apprenticeship, 90 of them have got stable … [Read more...]

Foreign Trade University HCMC wins CFA Institute Research Challenge Vietnam Final

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A team from Foreign Trade University Ho Chi Minh City last week was named the winner of the fourth CFA Institute Research Challenge in Vietnam, the national final of the annual international competition considered as the "Investment Olympics" for university students. The team will represent Vietnam at the Asia-Pacific final in Manila, Philippines on March 11-12, 2015. "The students from Foreign Trade University Ho Chi Minh City have demonstrated that they have what it takes to become professional research analysts. The finance industry is a challenging environment, and we need young people like them who possess the skills and knowledge as well as persistence, commitment, and ethical responsibility," said Nguyen Hoai Phuong, CFA, representing CFA Institute members in Vietnam who organised the competition. "We wish them all the best in the regional final in Manila," Phuong added. Competing in the shortlist round were 75 students from 15 university teams, but only four advanced to … [Read more...]

Banking tycoon still faces 30-year jail term

High-profile banker Nguyen Duc Kien, former Vice Chairman of the Asia Commercial Bank (ACB) Founding Council still faced a sentence of 30-year imprisonment as declared by the Hanoi Court of Appeals on December 15. In June 2014, Kien, 50, was sentenced to 30-year imprisonment by the Hanoi People's Court on four counts of illegal trading, fraud for appropriation of assets, tax evasion, intentional violations of the State’s economic management regulations causing serious consequences. In addition to being jailed, Kien was fined over 75 billion Vietnamese dong (3.55 million U.S. dollars) for tax evasion. During the first hearing of the case, the judging council ruled that Kien used six of his own companies between May 2007 and August 2012 to conduct financial and gold trading valued at more than 21.4 trillion VND (over 1 billion USD) without the proper licences. The businesses involved are Thien Nam Production and Import-Export JSC, B&B Trade and Investment JSC, Asia … [Read more...]

Second Robins store opens in Vietnam

The Robins store at Crescent Mall in HCMC’s District 7 - PHOTO: HUNG LE

Hung Le The second Robins store covers over 10,000 square meters on four floors and occupies a quarter of the area of Crescent Mall in HCMC’s District 7. Savills Vietnam has acted as a consultant for Robins to lease space at the shopping center in Phu My Hung Urban Area. Like the store in Hanoi, Robins in HCMC was designed by Dubai-based Zebra Group. It stocks thousands of products of leading foreign and local brands. The new store sells cosmetics on the first floor; women’s clothes, accessories and shoes on the second floor; fashion products for men on the third floor; and home appliances, products for children, bags and suitcases on the fourth floor. Robins Department Store Pcl. said its first store in Hanoi has been operating quite well and expected the second store will attract a large number of customers. Central Group has earned a reputation for its Robinson store brand in Thailand but it has decided to develop Robins brand for its facilities on the … [Read more...]

Mekong Delta to see wind power plants

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Illustrative Image (Photo: VNA) The Ho Chi Minh City-based Phu Cuong Corporation has unveiled plans to invest 436 million USD in building a 170MW wind power plant in the Mekong province of Soc Trang. Speaking on the sidelines of a wind-power conference held by the Swedish consulate in HCM City last week, Nguyen Viet Cuong, President of Phu Cuong Group, said work on the plant is scheduled to start in 2016 and it would start generating power in 2017. Initially 15 turbines with a total capacity of 30MW will be built in the coastal town of Vinh Chau at a cost of 75 million USD. He said Phu Cuong Group has plans to build wind power plants with a total capacity of 800MW. At the conference, Vestas Wind Systems, a Danish company producing wind power equipment and parts, signed an agreement to supply equipment for the Vinh Chau plant. A master plan for the development of wind power in Soc Trang has been approved by the Ministry of Industry and Trade, and the provincial People's … [Read more...]

Foreign Trade University Ho Chi Minh City wins CFA Institute Research Challenge Vietnam Final

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A team from Foreign Trade University Ho Chi Minh City has been named the winner of the fourth CFA Institute Research Challenge in Vietnam, the national final of the annual international competition considered as the "Investment Olympics" for university students. The team will represent Vietnam at the Asia-Pacific final in Manila, Philippines on March 11-12, 2015. "The students from Foreign Trade University Ho Chi Minh City have demonstrated that they have what it takes to become professional research analysts. The finance industry is a challenging environment, and we need young people like them who possess the skills and knowledge as well as persistence, commitment, and ethical responsibility," says Ms. Nguyen Hoai Phuong, CFA, representing CFA Institute members in Vietnam who organized the competition. "We wish them all the best in the regional final in Manila." Competing in the qualifying round were 75 students from 15 university teams, but only four advanced to final. The four … [Read more...]

Handbag, suitcase and umbrella exports to exceed $2.5 billion

Workers produce handbag at TBS Group in the southern province of Binh Duong. Viet Nam's exports of handbag, suitcase and umbrella are expected to exceed $2.5 billion in 2014. — Photo dna.com.vn

HA NOI (Biz Hub) — Viet Nam's handbag, suitcase and umbrella export values amounted to US$2.3 billion in the first 11 months of this year, up 34 per cent over the same period last year. Citing the Ministry of Industry and Trade's data, Dau tu (Vietnam Investment Review) reported that the export rates of these items had reached $210 million in November alone. The ministry attributed the strong growth to contributions from foreign direct investment companies, which accounted for 70 per cent of the overall revenues. Domestic firms mainly took part in the processing phases, it added. The Viet Nam Leather, Footwear and Handbag Association predicted that the current growth rate could propel the export values to exceed $2.5 billion this year, which is approximately $100 million higher than the figure previously expected for 2014. In 2013, the exports of these goods reached roughly $1.8 billion. — VNS … [Read more...]

Handbag, suitcase and umbrella exports exceed $2.5 billion

Workers produce handbag at TBS Group in the southern province of Binh Duong. Viet Nam's exports of handbag, suitcase and umbrella are expected to exceed $2.5 billion in 2014. — Photo dna.com.vn

HA NOI (Biz Hub) — Viet Nam's handbag, suitcase and umbrella export values amounted to US$2.3 billion in the first 11 months of this year, up 34 per cent over the same period last year. Citing the Ministry of Industry and Trade's data, Dau tu (Vietnam Investment Review) reported that the export rates of these items had reached $210 million in November alone. The ministry attributed the strong growth to contributions from foreign direct investment companies, which accounted for 70 per cent of the overall revenues. Domestic firms mainly took part in the processing phases, it added. The Viet Nam Leather, Footwear and Handbag Association predicted that the current growth rate could propel the export values to exceed $2.5 billion this year, which is approximately $100 million higher than the figure previously expected for 2014. In 2013, the exports of these goods reached roughly $1.8 billion. — VNS … [Read more...]

Bosses of five Vietnamese enterprises among Top 100 Asean Enterprises

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VietNamNet Bridge - Nikkei Asian Review recently selected the Top 100 largest enterprises in ASEAN, including five Vietnamese companies. Who are the bosses of these firms? … [Read more...]

Masan Consumer raises US$98 million from bond sale

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Masan Consumer Holdings, a subsidiary of Masan Group (MSN), has successfully sold VND2.1 trillion (US$98.3 million) worth of 10-year bonds with an annual coupon of 8%. … [Read more...]

Social News 13/12

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

IFC helps local banks finance energy-saving projects

Tran Thu Anh told a seminar in HCMC on Wednesday that IFC, a private sector lending arm of the World Bank Group, would provide financial and technical support for the banks participating in the program in Vietnam. As for financial assistance, IFC will offer seven-year loans with a grace period of two years for local banks to lend to individual and corporate customers wanting to buy and invest in energy-saving houses and buildings. IFC can also set up a fund to share lending risks with local banks. The corporation will cover part of the debts for energy-saving projects that borrowers are unable to repay to the lenders if the banks and the corporation can agree on criteria for lending and risk evaluation. … [Read more...]

Real estate warms up as foreigners permitted to buy houses

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VietNamNet Bridge – By ratifying the revised Housing Law, allowing foreigners to buy houses in Vietnam, the National Assembly has helped the rich in Vietnam, which will in turn receive big benefits. … [Read more...]

Saigon VRG to build $56-million industrial park

The first Le Minh Xuan IP cover 100 ha in Binh Chanh district, 18 km from the downtown of HCM City.— Photo hepza.hochiminhcity.gov.vn

HA NOI (Biz Hub) — The HCM City People's Committee has decided to establish the Le Minh Xuan 3 industrial park in Binh Chanh District. … [Read more...]

Vietnamese, Danish firms co-operate in wind-power project

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Wind turbines of Bac Lieu Wind Power Plant … [Read more...]