Danang calls for investment in 10 projects in next five years Tien Sa Port in Danang City. The city wants to call for investment in Lien Chieu Port and make the Tien Sa Port the cruise port Six of the projects have had their scales determined, with a combined investment capital of more than VND100 trillion, while the four remaining projects depend on proposals from investors. The project of building the city subway system will be the largest, with an amount up to VND54.5 trillion. The city wants to call for investment into this massive project under the Public - Private Partnership (PPP) mode. The system will follow two directions. One of them is on the East-West way, connecting the Nam O region in the Northwest, adjacent to Hai Van Pass, going through the downtown area to the An Hai Dong area (My Khe beach). Meanwhile, on the North-South way, the subway will start from the Son Tra Tinh Vien area (in Son Tra peninsula) to the vicinity of Danang airport. Reportedly, in the Northwest region, there are many large investment projects, including Japan’s Mikazuki hospitality complex and new residential areas named Golden Bay, Thuy Tu, Golden Hills and the cluster of the Danang High-tech Park and the Information Technology Park. In addition, Danang is also calling for investment for Lien Chieu Port in this area. This project has a total investment capital of nearly VND7,400 billion (including State and private investment), developing two initial berths, capable of receiving general ships, bulk cargo with 100,000 tons and container ships from 6,000 to 8,000 TEUs, ensuring throughput of goods from 3.5 to 5.0 million tons a year. When these projects are constructed synchronously, they will be the driving force for Danang's economic development in the Northwest region. Among the 10 projects, there are also some prominent projects such as the railway station relocation and urban development project worth VND12,636 billion and the tunnel going …
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Fraudulent UAE firms pose threat to Vietnamese businesses
Six businesses in United Arab Emirates (UAE), Abdul Aziz Abdul Gaffar Foodstuff Trading LLC, Green Light Foodstuff Trading LLC, Climax General Trading LLC, Loyalpur General Trading LLC, Choice Global FZC/Vital Fresh General Trading LLC and International Dragon Food Trading LLC (IDP), are said to have conducted numerous activities last year that have been reported as showing signs of fraud, according to the Office. Fraudulent signs include ordering without paying, document forgery and cyber hacking, the office said. For example, hackers could compromise the email addresses of two businesses to monitor negotiations. When a deal is about to be reached, they would either use compromised email addresses or create fake ones to trick buyers with fake account information. Once buyers transfer money into the fake accounts, believing them to be the genuine accounts of sellers, hackers would take the money instead. Some Vietnamese businesses have also been careless with their conduct, creating opportunities for fraudulent activity to occur. For example, they may not verify info about their business partners, the quality of products before shipment or send someone from the Vietnamese side to monitor business deals, resulting in cases where they only receive back wrong, damaged or low-quality goods, or are falsely accused of delivering damaged goods and billed for compensation. Signs of fraud Vietnamese businesses need to look out for include suspiciously easy and quick negotiations, requests for deposits to complete document procedures in the UAE, or soon-to-be expired business licenses, the office stated. To minimize risks and ensure secure transactions, Vietnamese businesses need to request their partners to provide letters of credit (L/C) at creditworthy banks, first verified by Vietnamese banks. For transactions regarding documents against payment (D/P), businesses need to have proper deposit rates to ensure the safety of their orders, ideally 50 percent or above, …
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New regulation on minimum trading lot at HOSE aims to keep small investors away
Around $200 billion is now in tumult after a succession of days of network congestion and the news about the required increase in minimum trading lot from 100 to 1,000 shares on the HCM City stock market. Nguyen Giang, owner of The Way Coffee, completed the procedure to open an account at SSI Hanoi Branch after hearing that the HCM CIty Stock Exchange (HOSE) was planning to increase the required minimum trading lot from 100 shares to 1,000 shares. The reason behind the plan, as explained by Le Hai Tra, HOSE’s CEO, was to ease the overload. However, this was not good news for many investors, including Giang. Because of Covid-19, he no longer can work as an outbound tour guide, which he did for 10 years. In 2020, he opened a street coffee shop. However, the third Covid-19 outbreak once again affected his business. Giang then decided to make financial investments as he has confidence in the bright prospects of the stock market. However, the calculations of the investor may fail because of HOSE’s tentative policy. If the tentative policy takes effect, Giang will have to spend VND100 million at least for every purchase transaction of VIC (Vingroup), VJC (Vietjet), VCB (Vietcombank) and VNM (Vinamilk). If buying SAB (Sabeco), he would have to spend VND180 million at least, and ifor VCF (Vinacafe Bien Hoa), he would have to spend VND240 million. These are very large amounts of money compared with Giang’s investment plan. However, Tra said the policy, once applied, would bring benefits. It would not only help ease congestion thanks to the reduction of 40-50 percent in number of transactions, but would also better protect small investors. Nguyen Duy Hung, president of SSI, also commented that this is the best choice for now to maintain the system’s operation. However, many experts and securities companies don’t share the same view. They have warned that the policy isn't in line with stock market development and discriminates against small and …
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