Price Waterhouse Cooper’s (PwC) 2018 Global Economic Crime and Fraud Survey in Vietnam finds that 52% of Vietnamese enterprises had experienced economic crime in the past two years. This is the first PwC survey in Vietnam. According to the survey, this crime rate is higher than the average in Asia-Pacific's 46% and the global rate of 49%. Even though 40% of the asked people said they hadn't encountered any criminals, it's highly likely that the crimes just haven't been exposed yet. The most common crime in Vietnam is embezzlement with 40% votes and bribes and corruption with 36%. 11% of the asked people don't know or don't want to say. About 53% of the criminals in major cases are insiders with 61% of them are low-level or middle-level managers. 32% of the surveyed said they suffered more than USD100,000 in damage not to mention damage to reputation and business relations. Marcus Paciocco from PwC Vietnam said some measurable financial losses included legal costs or actual loss … [Read more...] about BUSINESS NEWS IN BRIEF 21/11
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Government calls for social network ethics code
Deputy Prime Minister Truong Hoa Binh made the request at a conference on the implementation of National Assembly resolutions on cyber security surveillance on October 30. Binh said the Government had asked the ministry to develop a code of ethics on social networks operating in Vietnam such as Facebook and YouTube. (Photo for illustration: zing.vn) It had also asked professional agencies to cooperate with Facebook and Google to remove false and misleading information that runs counter to the Party and State’s viewpoints, policies and political platform. The Government had asked network operators to deploy new technical solutions to effectively prevent the spread of false information on websites and social networks with international domain names and hosting servers located in other countries. According to the report, Prime Minister Nguyen Xuan Phuc directed the ministry to create a national cyber security monitoring center. The center, which was part of the … [Read more...] about Government calls for social network ethics code
Gov’t calls for social network ethics code
The Government has urged the Ministry of Information and Communications to build a code of ethics on social networks for internet service providers and users to create a healthy networking atmosphere in the country.— Photo zing.vn HÀ NỘI — The Government has urged the Ministry of Information and Communications to build a code of ethics on social networks for internet service providers and users to create a healthy networking atmosphere in the country. Deputy Prime Minister Trương Hoà Bình made the request at a conference on the implementation of National Assembly resolutions on cyber security surveillance yesterday. Bình said the Government had asked the ministry to develop a code of ethics on social networks operating in Việt Nam such as Facebook and YouTube. It had also asked professional agencies to co-operate with Facebook and Google to remove false and misleading information that runs counter to the Party and … [Read more...] about Gov’t calls for social network ethics code
BUSINESS NEWS IN BRIEF 10/10
VinaCapital officially ends investment in poultry firm Ba Huan Ba Huan JSC, the country's leading pasteurized eggs and poultry meat producer, has decreased its charter capital from VND280 billion (US$12 million) to VND222 billion (US$9.53 million), effectively ending the involvement of VinaCapital, one of the two largest asset management firms in Vietnam, with the company. This results in an increase in the stake holding of domestic shareholders from 66.2% to 83.6%, of which Ba Huan's Director Pham Thi Huan owns 64%. In Feburary, VinaCapital`s flagship fund Vietnam Opportunity Fund (VOF) invested US$32.5 million to acquire a significant minority stake in Ba Huan. However, in early July, Ba Huan sought Prime Minister Nguyen Xuan Phuc's intervention in terminating its partnership with VinaCapital. The firm said there were differences between the English and Vietnamese versions of the agreement and the terms were not what the two parties had agreed initially. Among … [Read more...] about BUSINESS NEWS IN BRIEF 10/10
BUSINESS NEWS IN BRIEF 26/8
SCB signs deal with three Hong Kong banks Saigon Joint Stock Commercial Bank (SCB) and three Hong Kong banks on Monday signed a co-operation agreement on syndicated credit financing. Under the agreement, SCB, Hang Seng Bank Limited, Chong Hing Bank Limited and The Bank of East Asia Limited committed to support financial investment and ensure a stable financing source for Union Square Company Limited, which operates in the field of real estate. The signing was made within the framework of an investment development co-operation event held by the Viet Nam Chamber of Commerce and Industry (VCCI) in co-ordination with Hong Kong Trade Development Council (HKTDC) in HCM City on Monday. Also at the event, the four banks signed a strategic agreement for comprehensive and long-term co-operation in exchanging experience on investment and financial management, increasing business relations, conducting research and investment, and especially providing credit to local and foreign … [Read more...] about BUSINESS NEWS IN BRIEF 26/8