In August, the State Audit Office of Vietnam reassessed the corporate value of Vinalines as well as other assets before the corporation’s equitisation.In late November, the State Audit released the value of Vinalines. Accordingly, Vinalines’ corporate value, which was determined at December 31 last year, was reassessed at VND18.09 trillion ($790.5 million) with the state-owned capital of VND11.95 trillion ($526.1 million).According to Le Anh Son, chairman of the Vinalines Board of Directors, after being reassessed, almost all statistics saw increases compared to this June.Son added that this was the third time that Vinaline had to reassess its corporate value. In December 2014, the former Minister of Transport approved the corporate value of Vinalines, which is a compulsory process for the equitisation progress. Accordingly, Vinalines was valued at VND21.29 trillion ($937.4 million) determined on December 31, 2013, with the state-owned capital of VND8.96 trillion ($394.5 … [Read more...] about Vinalines corporate value estimated at $800 million
Corporate
Experts support corporate deposit interests tax
Many experts have backed the Ministry of Finance's controversial proposal to levy taxes on corporate deposit interest. In an act to amend the corporate income tax law, the ministry has expanded the list of taxable income. According to the proposal, the government will levy tax on the deposit interest and even the lending interest of corporations. The proposal has been met with strong opposition from enterprises. The owner of one company said, "The Ministry of Finance should reconsider their decision because a lot of that interest goes to pay wages and bonuses for employees." Meanwhile, several experts said it is reasonable to levy tax on interest. Economist Nguyen Minh Phong said that the proposal might even prevent corporations from delaying paying salaries, taxes or investments to upgrade member companies to make profits from bank saving accounts. Nguyen Tri Hieu, who has worked for 30 years in the banking sector also agreed. "Many other countries in the … [Read more...] about Experts support corporate deposit interests tax
Ministry of Industry and Trade to publish member corporation salaries
The Ministry of Industry and Trade has asked all leaders of groups and companies under the ministry to declare their total incomes for 2016. Ministry of Industry and Trade to publish member corporation salaries The move aims to improve transparency to prevent corruption in accordance with government's Resolution 73 issued in 2013, the Government Inspectorate's Circular 8 in 2013 and the ministry's Document 10575 in 2014. The ministry's inspectors will collect, review and report the data. The Human Resource Department is assigned to direct and monitor the process. The leaders of the ministry, offices, departments and representatives at joint-stock companies must all report their incomes. Statistics from the Ministry of Industry and Trade in 2014 show that the monthly wages of the leaders at companies under the Ministry of Industry and Trade were from VND38m (USD1,600) to VND74m. This rate is similar to the wages of most leaders of state-owned companies according to recent … [Read more...] about Ministry of Industry and Trade to publish member corporation salaries
Largest corporate bond issue sold out
Largest corporate bond issue sold out By Hong Phuc - The Saigon Times Daily HANOI - The foreign-owned Australia-New Zealand Banking Group Ltd. (ANZ) and EVN Finance Joint Stock Co. under the Electricity of Vietnam Group (EVN) on Thursday successfully completed the issuance of VND3.5 trillion worth of EVN's bonds in Vietnam dong. This successful corporate bond issue can be considered a positive signal for the recovery of the market for enterprise bonds in the domestic currency. Enterprises nationwide have suspended such issuances in the past seven months due to the global financial crunch. ANZ and EVN Finance are co-managers and issuers of those bonds. … [Read more...] about Largest corporate bond issue sold out
E-commerce sites attract more corporate clients
E-commerce sites attract more corporate clients Chi Thinh By Chi Thinh - The Saigon Times Daily HCMC – Local e-commerce websites have reported transactions of higher value thanks to the participation of more enterprises. More business to customer (B2C) deals have been carried out via popular e-commerce sites such as vatgia.com, chodientu.vn, 5giay.vn and enbac.com this year. Previously, trading on those sites was mainly customer to customer (C2C) oriented. Phan Quy Long, head of the goods management department of chodientu.vn, said the e-commerce site has more than five million accounts and more than one million accounts have posted products for sale on the site. On chodientu.vn, the number of C2C transactions is higher than those for B2C. However, the trading value registered by B2C deals has increased strongly and accounted for more than half of the total, he said. The number of enterprises selling products on other sites, including 5giay.vn, vatgia.com, enbac.com have … [Read more...] about E-commerce sites attract more corporate clients