Vietnam’s Ministry of Industry and Trade has responded to questions posed by local media over the personal assets of one of its deputy heads, which are estimated to worth no less than VND100 billion (US$4.46 million). Vietnam’s Ministry of Industry and Trade has responded to questions posed by local media over the personal assets of one of its deputy heads, which are estimated to worth no less than VND100 billion (US$4.46 million). Deputy minister Ho Thi Kim Thoa has been in media spotlight after it has been discovered that she is one of the biggest shareholders of local bulb maker Dien Quang Lamp (DQC). According to a DQC administrative report reviewed by Tuoi Tre (Youth) newspaper, Thoa currently owns 1,686,415 shares, or a 4.91 stake of the company, worth more than VND100 billion. Though not being a major shareholder, Thoa holds the six-largest stake of the lamp maker. According to the same report, other family members of the deputy minister are also big DQC … [Read more...] about Vietnam deputy minister in spotlight as huge personal assets discovered
Vietnam international arbitration center
Pocketing hundreds of million USD, foreign websites don’t pay tax in Vietnam
VietNamNet Bridge - Agoda.com, Booking.com, Hotels.com, Expedia.com and similar websites are believed to be pocketing trillions of dong from doing business in Vietnam, but they have not paid any dong in tax. Trung said he made a mistake when booking rooms and he called Agoda.com on the hot line shown on the website. This was a phone number registered in Thailand, but Trung still could receive guidance in Vietnamese to change the booking. Agoda is not the only foreign website which does business and makes money in Vietnam. Booking.com, a website owned by Priceline Group, Expedia.com & Hotels.com belonging to Expedia and the room leasing service via Airbnb have also been present in Vietnam. Agoda.com, Booking.com, Hotels.com, Expedia.com and similar websites are believed to be pocketing trillions of dong from doing business in Vietnam, but they have not paid any dong in tax. Some travel firms said that websites can earn big money of up to trillions of dong in Vietnam. Agoda … [Read more...] about Pocketing hundreds of million USD, foreign websites don’t pay tax in Vietnam
Chinese contractors sue Vietnam hydropower project owner
Chinese contractors sue Vietnam hydropower project owner Tu Hoang HANOI - A consortium of Chinese contractors has filed a case against the Vietnamese owner of the Upper Kon Tum hydroelectric project for termination of the contract, according to a report which the Government has passed to the National Assembly. The report deals with two hydropower projects – Song Bung 4 and Upper Kon Tum. Vinh Son-Song Hinh Hydropower JSC (VSH) is the owner of the Upper Kon Tum hydropower project on the Dak Nghe River, the upstream tributary of the Sesan River. The consortium comprising East China Investigation and Design Institute under China Hydropower Engineering Group and China Railway 18th Bureau Group has sent a petition against VSH to the Vietnam International Arbitration Center (VIAC). This move comes after VSH cancelled the contract with the Chinese contractors and reclaimed the entire contract execution and advance payment guarantees. The termination of the contract resulted from … [Read more...] about Chinese contractors sue Vietnam hydropower project owner
More businesses choose arbitration instead of going to court
VietNamNet Bridge - The number of business disputes brought to commercial arbitration has been increasing steadily. Around 146 cases were resolved at VIAC (Vietnam International Arbitration Center) in 2015, while 80 cases were resolved in the first half of 2016. The figures were released by Phan Trong Dat, deputy secretary general of VIAC, at an international commercial arbitration workshop held days ago in Hanoi. Of the cases resolved at VIAC, two-thirds were disputes among Vietnamese businesses. In the past, bringing cases to the court was the top priority for businesses. In many cases, involved parties did not respect the decisions made by arbitrators, even though the contracts signed between them showed that disputes would be settled at arbitration centers. Do Trong Hai, president of Bizlink, a law firm, noted that the trend of settling disputes with arbitrators has become clearer since 2010 as Vietnam has integrated more deeply into the global economy and more international … [Read more...] about More businesses choose arbitration instead of going to court
Vietnam inaugurates commercial arbitration center
An arbitration center for settling commercial disputes was inaugurated in Hanoi on Thursday by the Vietnam Lawyers Association. The Vietnam Lawyers’ Commercial Arbitration Center (VLCAC) is an independent non-profit NGO formed by the Vietnam Lawyers Association consisting of 58 arbitrators who are lawyers and experts with professional qualifications and experience in handling disputes. The dispute resolution method of the center is based upon freedom of arrangement between the parties, in which the adjudicator’s decision is agreed upon by the parties and will be final and binding. Lawyer Nguyen Van Hau, vice chairman of the Ho Chi Minh City Lawyers Association, was appointed VLCAC chairman. Speaking at the arbitration center’s opening ceremony, Deputy Prime Minister Truong Hoa Binh, former chief justice of the Supreme People’s Court of Vietnam, asserted that the establishment of the VLCAC will help meet the demand of businesses for a trustworthy and … [Read more...] about Vietnam inaugurates commercial arbitration center