Businesses

VietNamNet Bridge - The Ministry of Industry and Trade (MOIT) had promised to reduce business preconditions to pave the way for more companies to export rice. However, businesses have complained that barriers to their market entry still exist.Decree 109 on rice export management has been facing opposition from the business circle since the day it took effect six years ago.  The legal document is described as setting too many barriers that prevent businesses from exporting rice. The requirements on having storehouses with a minimum capacity of 5,000 tons and having at least one husking workshop with the capacity of 10 tons per hour at minimum cannot be satisfied by many enterprises, especially small-scale ones with limited financial capability.MOIT, which is drafting a decree to replace Decree 109, has promised that it will remove the barriers by easing requirements on storehouse capacity and setting no requirements on the minimum capacity of husking workshops. Meanwhile, … [Read more...] about Ministry promises to reduce business barriers for rice exporters

Around 7,500 businesses in Vietnam were dissolved in the first eight months of this year due to business difficulties, up 3.5% on-year, the General Statistics Office said in a report. According to the report, most of the dissolved businesses were limited and private firms which have an averaged registered capital of below VND10 billion (USD476,190). Around 7,500 businesses in Vietnam were dissolved in the first eight months of this year  Between January and August, up to 40,419 companies suspended their operations, representing an on-year increase of 3.5%. Among those, 14,924 firms reported a limited suspension, while the remainder appeared to have closed entirely. As many as 73,400 companies were set up in the eight-month phase with a total registered capital of VND567.9 trillion, up 19.7% in enterprise number and 50.9% in capital value against the same period of 2015. The office also said that Vietnam faced a budget deficit of VND112 billion since early this year, … [Read more...] about Dissolved businesses continue to rise

NDO - The renovation and development of State-run enterprises should be accelerated in a more practical manner with the focus on accelerating equitisation and avoiding capital losses.Deputy Prime Minister Vuong Dinh Hue made the statement at a recent meeting of the Steering Committee for Business Renovation and Development, in Hanoi, on November 30.Speaking at the meeting, Deputy PM Hue requested that the ministries, localities, economic groups and State companies continue to implement the resolutions of the Party, Politburo, and National Assembly, as well as the directions outlined by the Government and the Prime Minister on State-run firms.The Deputy PM urged them to revise, supplement and finalise the legal documents on equitisation and the sale of State capital.The Steering Committee for Business Renovation and Development should continue to be responsible for inspecting the arrangement, renovation and development of State business operations, he added.According to the report of … [Read more...] about Deputy PM urges equitisation of State-owned businesses

Transport ministry to restructure five large corporationsThe Ministry of Transport will submit plans to restructure five large corporations under its management to the Prime Minister for approval to ensure the effective operations of these concerns.The five are Vietnam Railway Corporation (VRC), Vietnam National Shipping Lines (Vinalines), Shipbuilding Industry Corporation (SBIC), Vietnam Expressway Corporation (VEC), and Cuu Long Corporation for Investment Development and Project Management of Infrastructure (Cuu Long CIPM).As for VRC, the ministry has plans to merge Saigon Railway Transport JSC and Hanoi Railway Transport JSC into a single concern.However, certain divisions will be separated from the consolidated firm, including employees, capital and assets, to set up a joint stock company trading in rail freight transport. When the company operates smoothly, all the State capital at this company will be divested while State ownership at VRC will be reduced to 51%.Regarding … [Read more...] about BUSINESS IN BRIEF 11/2