Coverage

HSBC and ANZ have named 13 companies of being involved in a series of frauds costing the banks VND300 billion ($13 million), leading to the prosecution of dozens of defendants and eight companies. While no wrong-doings have been identified on the part of the staff of the two banks, the court issued further investigation. HSBC and ANZ lost VND300 billion over a series of frauds The Hanoi People's Court has just held the hearing for the case of Bui Kien Dung and other defendants, working for 13 companies, who are accused of swindling and appropriating VND300 billion ($13 million) from HSBC and ANZ. In the middle of 2014, HSBC and ANZ accused 13 companies of involvement in the fraud that appropriated VND300 billion ($13 million) from these two banks. The Ministry of Public Security’s investigation agency identified eight of these companies as related to the fraud. According to the two banks, Medi-Sanfrontler Trade JSC, chaired by Bui Kien Dung, asked An Thi Huong Giang, … [Read more...] about Prosecution begins for VND300 billion fraud at HSBC and ANZ

The foreign-invested enterprises which have been running large, prolonged losses and large related-party transactions, will be inspected for tax compliance. The General Department of Taxation ordered tax inspections at companies running large losses The General Department of Taxation (GDT) has just sent a document asking provincial and city Departments of Taxation to inspect and supervise groups, corporations, and companies, which reported big losses over the past years. According to the GDT, from the beginning of the year to October 23, tax authorities have conducted 70,102 inspections, reaching 78 per cent of the yearly plan and equalling 97 per cent of the same period last year. The resulting tax arrears detected by the amounted to VND12.84 trillion ($558.2 million). According to tienphong.vn, based on the list of businesses in the 2018 plan of inspection, tax agencies will need to start immediately auditing certain groups, corporations, and businesses. The GDT also … [Read more...] about Major loss making foreign invested firms to be inspected for tax compliance

If the proposal of Saigon Beer, Alcohol and Beverage Corporation (Sabeco) to remove the foreign owned limit (FOL) is approved, it will open the doors for ThaiBev and other foreign investors to increase their share of the Vietnamese beer market. Sabeco's proposal to remove the FOL could open the doors for further ThaiBev control The Board of Directors of Sabeco has recently submitted a document to the State Securities Commission of Vietnam (SSC) and the Ho Chi Minh City Stock Exchange (HSX) proposing the lifting of the FOL. At present, the Ministry of Industry and Trade represents the state-owned 36 per cent capital in Sabeco, while Vietnam Beverage owns 53.59 per cent. Vietnam Beverage is wholly-owned by Vietnam F&B Alliance Investment JSC, which is in turn indirectly owned by Beer Co., Ltd., a Hong Kong-based company wholly-owned by ThaiBev. Vietnam Beverage is a legal entity which was established in Vietnam to conduct the purchase of the Sabeco stake at the end of last … [Read more...] about Sabeco wants to remove the FOL

Lazada is the most highlighted platform resorting to fake discounts, which are a concern during Single Day sales To boost shopping demand during big sales promotion seasons like Black Friday, Christmas, and Single Day, e-commerce firms have been regularly resorting to tricks, making people think that they bought goods at discount prices. Along with trading in fake goods, Lazada, Southeast Asia's leading e-commerce platform has been constantly accused of using fake discount tricks. During Black Friday two years ago (November 25, 2016), Lazada advertised selling iPhone 7 devices with a 42 per cent discount for VND15.2 million ($660). However, some experienced consumers stated that this price was higher than the market price at the time and the discount was referring to the introductory price of iPhone 7, which was VND25.99 million ($1,130). In fact, a significant number of consumers regularly fall into the discount traps of e-commerce platforms, which target buyers with a strong … [Read more...] about Fake discount trick may happen again in Single Day sales promotions

Phan Minh Thong, chairman and general director of agricultural producer and exporter Phuc Sinh Corporation, is pleased at the firm’s good performance within the Southeast Asian market. “We have greatly benefited in the region thanks to slashed imported tariffs under regional commitments,” Thong told VIR. In the first 10 months of the year, Phuc Sinh’s export turnover in Southeast Asia is about $3 million, up 20 per cent against 2017, and its import turnover is $5 million, up 50 per cent against last year. According to the General Statistics Office (GSO), agricultural products are just among many that have boosted Vietnamese exports to Southeast Asia since the ASEAN Economic Community (AEC) was established. The Ministry of Agriculture and Rural Development reported that in the first 10 months of 2018, Vietnam’s total export turnover of agro-forestry-aquatic products to the region hit $3.2 billion, up 34.4 per cent on-year, largely due to tariff cuts under … [Read more...] about Vietnam in focus of ASEAN exports

Through the ratification of the CPTPP, Vietnam will be able to attract even more foreign investment to key technology sectors, Photo: Le Toan Tran Hoang Ngan has spent days studying the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). He is not a negotiator of the deal, but a National Assembly (NA) member from Ho Chi Minh City recently provided with documents related to the agreement, before it was officially discussed at the NA last week. Initially, the deal was formed in 2005 as the Trans-Pacific Partnership (TPP) by Brunei, Chile, New Zealand and Singapore. The US joined the TPP in 2008, and Vietnam quickly followed suit. In January 2017 the US withdrew from the deal, which was then inked in March 2018 under the new name of the CPTPP. “Why was Vietnam invited to join the TPP, though its per capita income is only $2,380, while the average of other member states is $30,000?” asked Ngan, who is also a senior economist. “I think member … [Read more...] about Vietnam gets to grips with CPTPP

The meeting concentrated on exchanging experiences and collecting expert opinion on the development of Eco-Industrial Parks, and improving awareness and information exchange between government management authorities and policy-makers. The second expert group meeting gathered in Ho Chi Minh City to discuss Eco-Industrial Parks With the theme “Eco-Industrial Park: Opportunity, Challenges and Barriers,” the meeting was held by the Ministry of Planning and Investment in collaboration with UNIDO, the State Secretariat for Economic Affairs, and the Global Environment Fund. This meeting was part of the project entitled “Implementation of Eco-Industrial Park Initiative for Sustainable Industrial Zones in Vietnam” which is now being executed by the United Nations of Industrial Development Organization (UNIDO) and the Ministry of Planning and Investment (MPI) with support the Global Environment Facility (GEF) and the Swiss State Secretariat of Economic Affairs … [Read more...] about Vietnam heads towards Eco Industrial Parks

As a large chunk of Mobile World (The Gioi Di Dong - code: MWG)’s database of clients’ bank card information have been hacked and posted on the internet, the corporation and customers are now worried about potential losses from these cards. A hacked posted a veritable mine of credit card information allegedly belonging to Mobile World customers on RaidForums Account information of 31,000 Mobile World's customers hacked On November 7, a hacker has announced full 16-digit credit card numbers, claiming they belong to Mobile World customers. After sharing a file containing more than 5.4 million email addresses and 31,000 bank card numbers (six digits covered), claiming they belong to clients of Mobile World, an account called Erwincho continued disclosing sensitive information on RaidForums. The new database uploaded on the internet in the night of November 7 included full 16-digit bank card numbers. A banking expert said that with this move, the hacker has … [Read more...] about Mobile World flounders after serious security breach

The approval of the feasibility study to acquire land for the construction of Long Thanh International Airport will contribute to accelerating the construction of the project. Long Thanh International Airport received the approval for its feasibility report to acquire land Deputy Prime Minister Vuong Dinh Hue has officially approved the plan to allocate VND22.85 trillion ($993.47 million) from the state budget to serve for land clearance and compensation as well as support the resettlement of residents living around the area attributed for the project, according to information published on the government's website. Notably, the province will revoke 5,000ha for the airport and relevant infrastructure, as well as 364.21 ha for two resettlement areas. After the third phase, the airport will be able to serve 100 million passengers and 5 million tonnes of cargo a year. The total investment for the land acquisition project is VND22.85 trillion ($993.47 million), including … [Read more...] about Long Thanh airport’s feasibility study approved

Hanoi - General Secretary of the Communist Party of Vietnam and President Nguyen Phu Trong held talks yesterday with President of the Council of State and Council of Ministers of Cuba Miguel Mario Diaz-Canel Bermudez following a welcome ceremony held for the Cuban leader. General Secretary of the Communist Party of Vietnam and President Nguyen Phu Trong held talks yesterday with President of the Council of State and Council of Ministers of Cuba Miguel Mario Diaz-Canel Bermudez.-VNA/VNS Photo Tri Dung During the talks, the leaders briefed each other on the situation in their respective countries and discussed orientations and measures to deepen the special relationship between the two sides in an effective and pragmatic fashion. They also exchanged viewpoints on regional and international issues of shared concern. Party General Secretary and President Trong said the Cuban President’s visit will generate momentum for the bilateral relationship. Congratulating the Cuban … [Read more...] about Leaders agree to raise Vietnam Cuba trade to $500m