Myanmar has built a new companies law to secure more investment. (Photo: AFP/VNA) Hanoi (VNA) - Myanmar has built a new companies law after amendment of its outdated Companies Act-1914 to adapt to the current age, registering an important milestone with its efforts to promote foreign investment. The new Myanmar Companies Law 2017 came into effect on August 1, 2018, enabling a company's registration process to be done electronically now. All companies are set to re-register within six months from August and the re-registration process is to be completed through the Myanmar Companies Online (MyCO) system. Under the previous Myanmar Companies Act 1914, restrictions were imposed on foreign companies, leading to hesitation of investors and obstacles to foreign capital flows, thus hindering economic development. According to the new Myanmar Companies Act 2017, foreigners are permitted to own up to 35 percent of stake in local companies, which facilitates business undertakings and … [Read more...] about Myanmar launches new corporate law to attract foreign investment
Law firm online marketing
President’s order on promulgation of seven laws
The Office of the President held a press conference on June 28 to announce President Trần Đại Quang’s order on the promulgation of seven new laws. — VNA/VNS Photo HÀ NỘI — The Office of the President held a press conference on June 28 to announce President Trần Đại Quang’s order on the promulgation of seven new laws – including the new cybersecurity law and six other revised laws on national defence, denunciation, competition, planning, mapping, and physical education and sports. These seven bills were adopted by the National Assembly, the country’s legislative body, during their recent sitting earlier this month. Freedom not restricted “The cybersecurity law does not restrict people’s freedom. Citizens’ actions, that which are not forbidden by the penal code and other laws, will be protected by the State,” Lieutenant General Hoàng Phước Thuận, head of … [Read more...] about President’s order on promulgation of seven laws
Online counterfeit goods trap consumers
Online panacea Some traditional medicines labeled as "Ethno medicine" for various illness including joint treatment, cough, diabetes, and even gynecology are advertised widely on Facebook, said the Dong Nai province Department of Market Management. Without prescribing or consulting with doctors, consumers can click through to purchase and receive folk medicines at home with a guarantee of "a full refund if they do not work" offered by "online pharmacists". However, not only is it hard to check the origin and use of these drugs but also they pose a lot of potential health risks. For example, some mothers have recently passed on the use of a cough medicine for kids which was widely advertised on Facebook. It was said to be an application for pain relief, swelling, cough, cold, healing, burns, insect bites, acne, and itchy rash. The online pharmacists also asserted that the drug was 100 percent natural, formulated by the Dao, and safe for all ages, including infants. However, the medicine … [Read more...] about Online counterfeit goods trap consumers
Map of technology-driven taxi market likely to be redrawn as Uber pulls out
Ride-hailing firm Uber Technologies Inc recently agreed to sell its Southeast Asian business to bigger regional rival Grab, marking its second pull-out from an Asian market.— Photo tuoitre.vn Ride-hailing firm Uber Technologies Inc recently agreed to sell its Southeast Asian business to bigger regional rival Grab, marking its second pull-out from an Asian market. Uber will take a 27.5 percent stake in Singapore-based Grab and Uber CEO Dara Khosrowshahi will join Grab’s board. Grab was last valued at around US$6 billion. Grab provides transportation, food delivery, mobile payments and financial services and operates in 195 cities across Southeast Asia. The company claimed to have a 95 percent market share of the ride-hailing market last year when it announced plans to raise more than $2.5 billion from SoftBank and other investors. Uber’s withdrawal from the Asian market is expected to redraw the ride-hailing market including in Viet Nam. “What are the gains and … [Read more...] about Map of technology-driven taxi market likely to be redrawn as Uber pulls out
Textile firm sees profit down 1.3%
The Thành Công Textile Garment Investment Trading Joint Stock Company saw both revenue and profit down 1.3 per cent in 2018, due to poor business performance and foreseeable difficulties and challenges ahead.— Photo cafef.vn HÀ NỘI — The Thành Công Textile Garment Investment Trading Joint Stock Company saw both revenue and profit down 1.3 per cent in 2018, due to poor business performance and foreseeable difficulties and challenges ahead. During the company’s 2018 Annual General Meeting of Shareholders held on April 6, the company, listed on the Ho Chi Minh Stock Exchange under code TCM, announced a 2018 target pre-tax profit of VNĐ189.5 billion (US$139 million) in pre-tax profit in 2018. It also revealed plans to earn VNĐ3.1 trillion in revenue this year. TMC shares down 17.8 per cent compared to the beginning of this year and down 20.2 per cent compared to its highest peak ever recorded on January 15, 2018. TCM … [Read more...] about Textile firm sees profit down 1.3%