China's crackdown on fake export invoices used to disguise money flows is probably cutting the nation's trade figures, revealing subdued global demand that will weigh on economic growth. Outbound shipments may have grown 7.1 percent in May from a year earlier, less than half the previous month's reported 14.7 percent, based on the median estimate of 34 economists ahead of data due June 8. Import growth probably slowed to 6.9 percent from April's 16.8 percent, a Bloomberg News survey showed. Successful deterrence of fraudulent data through regulatory scrutiny of companies and banks would help restore trust in trade figures, while more accurate numbers may also highlight the urgency for Premier Li Keqiang to shift growth toward domestic consumption. Weakness in exports could also test Li's reluctance to add stimulus to support the expansion of the world's second-biggest economy. "The crackdown from China's foreign-exchange authorities on fake invoicing will bring the inflated export … [Read more...] about China export gains seen halved with fake-data crackdown
Lloyds sending money abroad
Asia's largest cruise ship docks at Phu My port The Asia's largest cruise ship Ovation of the Seas with 4,300 passengers on board docked at Phu My Port in Ba Ria-Vung Tau province on June 14. This is the first time Ovation of the Seas cruise has visited Phu My Port and the second time the newest super cruise has docked at the port, after Quantum of the Seas last year. Passengers from the US, UK, Australia, Canada and Singapore will join Saigontourist tours to discover Vung Tau and Ho Chi Minh City. A Saigon tourist representative said the company constantly welcomed world's leading cruise ships like Star Cruises, Hapag-Lloyd Cruises, Royal Caribbean International. Around 91 ships with more than 120,000 visitors from the US, Canada, Europe, Australia and Asia have visited Vietnam since early this year. Close to 2,000 trade fraud cases brought to light in Hanoi The Hanoi Departments of Public Security and Industry and Trade have coordinated in handling nearly 2,000 cases of trade fraud … [Read more...] about Social News 15/6
HCMC Party chief pushes for e-toll collection Secretary of the HCMC Party Committee Dinh La Thang has proposed the Ministry of Transport quickly apply electronic toll collection (ETC) technology at build-operate-transfer (BOT) road projects to better control toll collections and ensure transparency. Thang made the proposal at a conference last week in HCMC on improvement of transport connectivity for the southeastern region to fuel economic growth. At the conference, representatives of HCMC's neighboring provinces including Binh Duong, Dong Nai, Long An and Tay Ninh said traffic bottlenecks between the city and these provinces have put a dampener on transport and the region's development. Tran Thanh Liem, vice chairman of Binh Duong, said roads linking HCMC and Binh Duong are often congested, especially at the Ong Dau bridge section of National Highway 13 and a 1.2-kilometer section near the Go Dua intersection. Waterway transport is chocked at Binh Loi Bridge as well. Liem suggested … [Read more...] about BUSINESS IN BRIEF 23/8
Vietnamese cannot enter casinos at home, and some critics of the ban are calling for lifting it together with better regulation With several large and small casinos being licensed and more awaiting approval, the question has again cropped up: should Vietnamese be allowed into casinos? … [Read more...] about More casinos licensed; should they be off-limits to locals?
Ministry mulls allocation of fishing quotas After surveying aquatic resources, the Ministry of Agriculture and Rural Development will allocate a specific fishing quota to each province according to the number of fishing boats in that province. As per Decision 375/QD-TTg on the plan for fishing from 2013 to 2020 issued by the Government, fishing boats must observe the quotas granted by the Department of Capture Fisheries and Resources Protection under the agriculture ministry. If the number of boats increases after fishing quotas have been allocated, the department will introduce measures restricting the number of fishing boats, said Tran Le Nguyen Hung, head of the Capture Fisheries Division under the department. From 2016 onwards, some 40% of fishing boats will operate under cooperatives. Over 90% of them will go fishing in the waters where logistics ships are available. Fishing boats can be turned into logistics ones. Fishermen and private enterprises can also build logistics … [Read more...] about BUSINESS IN BRIEF 13/3