A woman walks out of closing down sale at a Sears store in New York. Photo by Reuters/Shannon Stapleton U.S. lawyers believe Vietnamese textile company Thanh Cong can only recover part of the $4 million bankrupt U.S. retailer Sears Holdings owes it. Tran Nhu Tung, a director at Thanh Cong Textiles (TCM), said Sears’ debt of VND95 billion ($4.1 million) accounts for 3 percent of his company’s total assets. "U.S. lawyers say we can recover 40-50 percent of this debt, but when is still not known," he said at a recent conference. His firm is still awaiting a decision from a U.S. court on the bankruptcy proceedings the retail filed in October 2018. "We have also been trying to negotiate with Sears to switch from pay-after-delivery to a letter of credit," he said. TCM expects to make a provision for bad debts to reduce its tax burden. According to Tung, Sears Holdings had ordered for certain fabrics to create fashion products, and because they … [Read more...] about Vietnamese textile firm could lose over $2 million in Sears bankruptcy
Bankruptcy 7 years credit report
Agribank squashes bankruptcy rumors
Agribank squashes bankruptcy rumorsThe Saigon Times Daily Clients transact at an Agribank office – PHOTO: AGRIBANK HCMC – Vietnam Bank for Agriculture and Rural Development (Agribank) said in a statement on November 11 that recent rumors about its bankruptcy in some localities are untrue. Agribank also confirmed that the insolvency of its finance leasing company ALC II does not affect the operations of the bank or its clients’ deposits. After the former general director of Vietnam Social Security (VSS), Le Bach Hong, was arrested on November 9, some news websites mentioned that Agribank guaranteed ACI II’s loans from VSS, and concluded that Agribank must be accountable for repaying debts on behalf of ALC II. Some false rumors then spread that Agribank has gone bankrupt. Consequently, a large number of workers at some industrial parks rushed to the bank’s offices to withdraw their money, according to the bank. The bank said that while … [Read more...] about Agribank squashes bankruptcy rumors
BUSINESS NEWS IN BRIEF 21/8
Digital transformation imperative for Viet Nam and its neighbours “Digital transformation or lose?” is a key message raised during the second-day of the Cambodia, Laos, Myanmar, Viet Nam, and Thailand (CLMVT) Forum 2018, held in Bangkok from August 16 to 17. The session features senior policy makers and representatives from some of the most remarkable tech startups and successful SMEs from CLMVT and non-CLMVT countries who share their experiences on how to successfully integrate new technologies into their businesses and production networks. Digital transformation is an inevitable trend that start-ups and small-and-medium enterprises (SMEs) in the CLMVT region have to embrace sooner rather than later to remain in the race, said Oudet Souvannavong, President of Lao National Chamber of Commerce and Industry. “If business are not linked to technology, they will definitely lose,” Souvannavong said, adding that digital transformation is the key for business to move … [Read more...] about BUSINESS NEWS IN BRIEF 21/8
PM praises positive economic performance in Jan-May
PM praises positive economic performance in Jan-May Prime Minister Nguyen Xuan Phuc - PHOTO: TTXVN HCMC – Prime Minister Nguyen Xuan Phuc lauded ministries, agencies and localities for their efforts to achieve high economic growth while reviewing the socio-economic performance in the first five months of the year at a regular cabinet meeting in Hanoi yesterday, the Government news website reports. In May and the first five months as a whole, the economy reported positive results in all major economic indicators. The average consumer price index (CPI) in January-May grew 3.01% year-on-year, which is still well under control, while the index of industrial production (IIP) grew 9.7% and processing and manufacturing sectors 11.8%. The domestic consumer spending improved significantly as total retail sales of goods and services climbed 10.1% in the period. Meanwhile, export value surged 15.8% to an estimated US$93.1 billion. The country enjoyed trade surplus of US$3.4 … [Read more...] about PM praises positive economic performance in Jan-May
SMEs’ access to credit: Better, but not enough
Small- and medium-sized enterprises (SMEs) have been highly conducive to economic development in Viet Nam as they significantly contribute to job creation, export promotion, growth generation and poverty reduction. However, despite accounting for some 98 per cent of the country’s enterprises, SMEs’ performance is still constrained by many factors, including both “internal capacity” and “unfriendly external factors”, such as shortage of qualified human resources and little access to technology, besides administrative red-tapism. Among the detrimental external factors, lack of credit accessibility is seen as the major obstacle to the sustainable development of SMEs. Therefore, one of the most important measures to support SMEs is to improve their access to credit. In an economy like Viet Nam whose financial system relies heavily on banks, access to credit is even more critical. Vo Tri Thanh In fact, Viet Nam has made great efforts in this regard, and … [Read more...] about SMEs’ access to credit: Better, but not enough