Economy

Dr. Bimal Mawandia (L), chairman of the Indian Silk Export Promotion Council, introduces Indian silk products to representatives of Vietnamese businesses at the Buyer-Seller Meet held in HCM City on May 21. — VNS Photo The visitors were from companies producing silk, fabrics, ready-made garments, silk scarves, stoles, Pareo shawls evening wear, beachwear, fashion accessories, tops, bottoms, trousers, jackets, kaftans, bags, embroidered shawls, silk blended products, natural silk carpets and others. Dr. Bimal Mawandia, chairman of the Indian Silk Export Promotion Council, said, “India is promoting exports of all textiles. We are presenting the silk sector in India and as per the guidance of the Government of India, we want to increase exports and we are exploring different markets worldwide. “We come here to promote export of not only silk but also other fibers in this market.” The trip was the first to Vietnam for all of the participating companies, he said. … [Read more...] about India and Vietnam enhance co-operation in silk sector

The Hanoitimes - VNPT, which is one of the largest mobile carriers in the country, is preparing tender documents for privatization consulting to submit to the Commission for the Management of State Capital at Enterprises. Deputy PM urges Agribank, VNPT to launch IPO by end-2019 VNPT to start equitization process in 2019 Due to the group’s large scale as well as its complex operation fields, Vietnam Posts and Telecommunications Group (VNPT)’s bidders for the privatization consulting will be one of the five biggest consulting firms such as KPMG, Deloitte, EY and some others, a VNPT representative was quoted by VnEconomy as saying.   VNPT is preparing tender documents to invite international audits to consult its privatization. These top consultants have prestige and available networks of customers including a number of large financial investors around the world that can facilitate  investment in VNPT. According to VNPT, international consultants are … [Read more...] about VNPT to pick leading world consultants for privatization plan

The Hanoitimes - Total steel and iron import of Vietnam in the four-month period reached 4.67 million of tons worth US$3.12 billion, up 9% in volume and 3.4% in value year on year. China keeps its position as the leading exporter of iron and steel to Vietnam in the first four months this year, with 1.95 million tons worth US$1.22 million, accounting for about 42% in volume and nearly 40% of import value of these products.   China remains the largest iron and steel supplier to Vietnam. Illustrative photo. Between January and April, the amount of imported iron and steel from the largest market of China went up by 7.3% in volume but dropped by 7.4% in value  over the same period, according to statistics from the General Department of Vietnam Customs. Total steel and iron import of Vietnam in the four-month period reached 4.67 million of tons worth US$3.12 billion, up 9% in volume and 3.4% in value  year on year. Particularly in April 2019, iron and steel import … [Read more...] about China remains Vietnam’s largest steel and iron provider

The Hanoitimes - The Vietnamese president has made such firm statements about the role of non-state sector in the economy. Vietnam holds economic forum to support private sector development Vietnam to prosper with private sector capable of competing globally: PM Private sector makes up 40% of Hanoi’s economy Vietnam’s top leaders have asserted the strategic role of the domestic private sector in some statements as many privately-run conglomerates have shown their superiority to state-owned ones.   Vietnam's President Nguyen Phu Trong said that it should have some wise guidance in running the economy. Illustrative photo That private sector must be treated fair without any discrimination, Secretary General of the Communist Party of Vietnam and President Nguyen Phu Trong said at the 10th plenary session of the Party Central Committee on May 16.  There must have noteworthy rewards and titles for good private enterprises, the president said, noting … [Read more...] about Vietnam’s top leaders signal path for private sector to thrive

The anti-money laundering department under the State Bank of Vietnam says that the laundering that is happening in the banking sector could be related to embezzlement by high-profile people, gambling and tax evasion. A central bank report says that criminals often use bank accounts of different people to receive illegal money and to conceal the origins of illegal incomes. There is also a high risk of money laundering happening in the real estate and unofficial remittance channels, the report says. Criminals often ask family members to acquire and transfer properties to launder money. These transactions could be made with cash or direct banking transfers without going through real exchange trading floors, creating more challenges for authorities to track illegal money, the report adds. Unofficial remittance is another popular method, as criminals do not have to state the purpose of the transfer and this procedure could be done easily. All these factors mean that Vietnam has a high … [Read more...] about Banks used to launder black money