The State management efficiency in granting certificates of origin for enterprises needs to be improved to reduce trade frauds. Customs officials check the origin of goods. The State should improve the management efficiency in granting certificate of origin for enterprises. — Photo baophapluat.vn According to Minister and Chairman of the Government Office Mai Tien Dung, it should continue to create favourable conditions for enterprises in the production and export of goods in accordance with international commitments in free trade agreements. Deputy Minister of Industry and Trade Tran Quoc Khanh said to deal with fraud, the State should promote and improve awareness of enterprise' regulations related to certificates of origin (C/O). Speaking during a meeting at the Vietnam Chamber of Commerce and Industry (VCCI) late last week, Khanh said joining the free trade agreements will help reduce cases of origin fraud. This often occurs for goods exported to markets applying … [Read more...] about Better management on C/O needed to avoid trade frauds in Vietnam
Foreign banks have been expressing eagerness to jump on the mergers and acquisitions (M&A) bandwagon in the banking sector. The case of JTrust conglomerate from Japan recently joining the restructuring of Construction Bank (CBank) has raised the possibility of cross-border bank M&A accelerating the speed of banks reorganising in Vietnam with the government’s support. JTrust has announced that they have carried out intensive research to understand the restructuring process of CBank, according to Nobiru Adachi, director of JTrust Asia. They also propose some supportive actions from the Vietnamese government and the State Bank of Vietnam (SBV). Construction Bank (CBank) is on the cusp of restructuring According to Deputy Prime Minister Vuong Dinh Hue, the Vietnamese government would like to co-operate with clients who could boost the restructuring process of CBank and alleviate Cbank’s financial hardships. The government guarantees to provide favourable … [Read more...] about Foreign investors to join restructuring of Vietnamese banking system
Defendant Huynh Thi Huyen Nhu (wearing glasses) at the appeal court Accordingly, the court upheld the life imprisonment to Huynh Thi Huyen Nhu and seven years in prison to Vo Anh Tuan on charge of swindling to appropriate VND1.085 trillion (US$43.8 million) of five companies. Together with his previous sentence, the combined penalty for Tuan is 27 years behind the bar. The court also kept the first instance trial’s decision on compensation responsibility of Nhu and Tuan. In the case, Tuan helped Nhu appropriate over VND200 billion out of the VND1.085 trillion. Therefore, Nhu was forced to compensate four companies namely Orient Securities Corporation, SaigonBank Berjaya Securities Company, Global Insurance Corporation, An Loc Company while Tuan was asked to compensate over VND200 billion for Hung Yen Investment JSC. According to the first instance trial’s verdict announced on February 9, from May to September 2011, Huynh Thi Huyen Nhu, who was … [Read more...] about Court upholds sentences for former Vietinbank officials
Defendant Trinh Xuan Thanh Former Chairman of the Board of Directors of PetroVietnam Construction Corporation (PVC) Trinh Xuan Thanh asked the appeal court to reconsider the life sentence imposed upon him on the charge of “asset embezzlement”, insisting he is innocent. Dinh Manh Thang, former Chairman of the Board of Directors of Song Da Oil and Gas Investment and Commerce JSC, who was sentenced to nine years in prison, appealed for a reduction of his jail term. Nguyen Thi Kim Thoa, former chief accountant of 1/5 Construction and Services JSC and Minh Ngan JSC, argued that she did not gain anything in the case and asked for a re-consideration of the entire case and the 6-year imprisonment imposed on her. Thai Kieu Huong, former Deputy General Director of Vietsan Investment JSC, and Huynh Nguyen Quoc Duy, a self-employed trader, both complained that their 10-year sentences is too heavy on them and called for a review of their roles in the case … [Read more...] about PVP Land embezzlement case: six defendants appeal
With more than a billion subscribers, India is one of the biggest mobile markets - what went wrong? One of India's biggest telecoms firms, Vodafone India, has posted record second quarter losses of 510bn rupees ($7bn; £5.4bn) further exacerbating fears about the state of the industry. Economist Vivek Kaul explains further. What has caused these losses in such a big market? With more than a billion mobile subscribers, India is one of the world's biggest telecoms markets. But there are two reasons for this bloodbath. The first is that for many years while the prices of telephone calls fell, data prices continued to remain high. However, with the entry of Reliance Jio three years ago, this entirely changed. The company slashed data prices and, in the process, managed to change what was essentially a voice market into a data market. This resulted in India ending up with the cheapest mobile data in the world. But this put massive pressure on the players already in the market. … [Read more...] about How did Vodafone lose $7bn in India in just one quarter?