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Defendants at the court (Photo: VNA) Hanoi (VNA) – The People’s Court of Hanoi on May 5 opened a first-instance trial of a case related to smuggling and violations of accounting regulations which occurred at the Nhat Cuong Technic Co Ltd. This is one of the five major cases which the Central Steering Committee for Corruption Prevention and Control has required to be tried as early as possible. At the opening session on May 5, the trial jury announced a decision to cancel the trial against Mai Tien Dung, 38, head of Nhat Cuong Company ’s used mobile business line, who died due to fatal illness. Among 14 defendants put on trial, there are three women. All of the defendants have been held in custody. Two defendants are charged with violating accounting regulations, causing serious consequences, who are Nguyen Bao Ngoc, the firm’s finance director, and Nguyen Thi Bich Hang, its chief accountant. The 12 other defendants, along with Ngoc, are prosecuted for smuggling . Regarding the charge of smuggling, the indictment said from January 2014 to May 2019, Bui Quang Huy, Nhat Cuong General Director, personally directed the company’s staff to conduct 2,502 illegal transactions involving the purchase and sale of more than 255,000 mobile phones and electronic equipment worth over 2.92 trillion VND in total (126.7 million USD) with 16 suppliers in Hong Kong (China). Huy then contacted and hired smuggling rings to transport the products from Hong Kong to Vietnam and hand over to the Nhat Cuong Company for selling, with a total of 52,811 products sold at a total value of 307 billion VND. As for the violations of accounting regulations that cause serious consequences, the indictment said in 2014, Huy instructed the firm’s employees to set up two different accounting systems, one for internal use and another fake one for public reporting. The procuracy said that this is a banned act under Article 13 of the law on accounting, which caused a loss …

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The current ongoing pandemic is also providing the time to ease pressure on Vietnamese trade as restructuring of the Global Supply Chain is being dealt with. Only those countries that are well-prepared and have successfully controlled and contained the pandemic will be able to see a good outcome and macroeconomic stability in the future by an improved marketing strategy. Break in supply chain The repeated closure of the border, and immigration restrictions during the current pandemic have caused trade activities and global value chains to be disrupted or broken, especially the important supply chains to the US, China, Japan, Germany, and the European Union (EU). All these countries are reeling under the havoc being caused by the Covid-19 pandemic. At the same time, manufacturing and business facilities of 1,000 of the world's largest suppliers have upto 12,000 units in Covid-19 quarantined areas, most of which are located in China. This explains why there is a breakdown in the Global Value Chain (GVC) that is seriously affecting trade activities for almost 50% of international trade. In addition, the application of digital transformation in manufacturing and business activities has made countries increase automation, in order to improve production capacity and withdraw from the GVC, so as to localize the economy. The disruption of Global Supply Chains is also due to sanctions inflicted during the US-China trade war, along with rise of protectionism. The industries in the world are overly dependent on China, so the leading countries tend to withdraw from what is considered the factory of the world. Closer linking of the supply chain with the value chain is essential for ease of control. The US-China trade war had partially initiated and spurred this process when China thought it needed a strategy to undermine America's leading role in global trade. The pandemic is not the only reason that has caused a change in the structure of the Global Value Chain, …

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Hydrogen fuel cell maker Plug Power will expand its operation in Vietnam, South Korea, and China through a joint venture with SK Group US-based Plug Power is planning to co-operate with South Korean behemoth SK Group through a joint venture to expand to these countries. According to Nikkei Asia , the two sides will set up a factory in South Korea by 2023 to produce fuel cells and electrolysers that extract "green hydrogen" from water using renewable energy. Such products would be used "especially in South Korea, but we also believe, based on SK Group's partnerships, in China and Vietnam", said Andrew Marsh, president and CEO of Plug Power. Marsh also noted that Asia would be an important part of their target of achieving revenue of $1.7 billion by 2024, from $337 million in gross billings in 2020, wrote Nikkei. In February, SK Group has invested $1.6 billion in Plug Power. The partnership is part of a long-term, multi-billion dollar plan by SK Group to help lead the global transition to a hydrogen economy and make meaningful progress toward a more sustainable energy system. Recognising the importance of hydrogen as a clean alternative to traditional energy sources, SK Group has heightened its focus on building the infrastructure and developing the technology to make hydrogen energy a reality for global markets. SK Holdings, the holding company of SK Group, has established a Hydrogen Business Development Center taking the lead of the group's long-term hydrogen project that is comprised of members from SK's energy companies. SK Group expects its investments in hydrogen to create $2.7 billion of net asset value by 2025. On the other hand, last month, SK Group confirmed its purchase of 16.26 per cent stake in VinCommerce, one of Masan’s subsidiaries, for a cash consideration of $410 million. The transaction accordingly values VinCommerce at $2.5 billion. Plug Power is now accelerating its environmentally-friendly investment, following an …

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