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ICFAA 2019 was organised under the theme "Contemporary Issues in Accounting, Auditing and Finance” Following the success of the first organisation in 2018, ICFAA 2019 is now an established event, attracting global participants around the world. The aim of the conference is to provide a forum for researchers, practitioners, and educators to present and discuss the most recent innovations, trends, experiences, and concerns in the field of accounting, auditing, and finance. Speaking at this conference, Nguyen Thu Thuy, deputy director general of the Higher Education Department of the Ministry of Education and Training, shared, “Accounting, auditing, and finance have always been a very important sector of the economy, and of the education system as well. This sector has been rapidly changing around the world, together with the changes in technologies and governance structures. The new developments in this area have been serving the competitiveness of the whole … [Read more...] about ICFAA 2019: Contemporary issues in accounting, auditing, and finance

A corner of Manila - the capital of the Philippines (Source: http://topplus.vn/) Hanoi (VNA) - The Asian Development Bank (ADB) said on December 13 that it has approved a 200 million USD loan to help the Philippine government prepare implement major infrastructure projects under its flagship "Build, Build, Build" development programme. The loan, as additional financing to the ongoing Infrastructure Preparation and Innovation Facility (IPIF), will support the preparation of several projects, including the detailed engineering design of an interlink bridge that connects the provinces of Bataan and Cavite and the Metro Rail Transit Line 4. The bank will also provide support for staff at the country's Department of Transportation and the Department of Public Works and Highways, so they can effectively and efficiently manage complex infrastructure projects. The 'Build, Build, Build' programme, a main focus of the Philippine government, aims to boost long-term economic growth … [Read more...] about ADB approves 200-mln-USD loan for Philippines

It was followed by the industry and construction sector, up VND211-555 trillion ($9.09-23.91 billion) a year. The agriculture, forestry, and fisheries sector rose VND25-46 trillion ($1.08-1.98 billion) per year. After revising its GDP methodology to match international standards, the agriculture, forestry and fisher sector’s GDP contribution decreased from 17.4 percent to 14.7 percent, according to the General Statistics Office (GSO). The industry and construction sectors grew from 33 percent to 34 percent of GDP, while the service grew from 39.2 percent to 41.2 percent. With the revised methodology, Vietnam formally raised its GDP by an average 25.4 percent for the 2010-2017 period. The figure was recalculated by the General Statistics Office (GSO) in August, but formalization was delayed to give the government more time to assess its impacts. 2017’s GDP has been raised to VND6.3 quadrillion ($271.29 billion) from VND5 quadrillion ($215.71 billion), up 25.7 percent. … [Read more...] about Service sector sees biggest increase after GDP recalculation

A recent report by financial data provider Fiin Group shows that foreign-invested firms account for almost all the increase in exports to the U.S. as its trade spat with China intensifies. In the garments sector, for example, Vietnamese companies only accounted for 16 percent of the export value from June 2018-2019, with FDI firms making up the remaining 84 percent. South Korean garment manufacturers in Vietnam have been the biggest winners from the trade war, with 143 South Korean companies accounting for almost half of Vietnam’s garment export value in the period, the report said. It said South Korean corporations were better placed to reap the gains because they have been in Vietnam since early 2000s and have well established supply chains in the country. "The majority of Vietnamese companies are still small-sized and do not meet foreign buyers’ requirements on quality, quantity and cost."  A similar situation could be seen in the export of phones and parts. South … [Read more...] about US-China trade war spoils go to FDI firms

This is the sustainable development direction for garment and textile industry. Made-in-Vietnam garment and textile products not only present in foreign countries but also in Vietnam. The industry needs to escape from the situation of lacking of initiative in raw materials instead of mainly producing yarn and processing products because currently, 60 percent of fiber materials must be imported. PM said that garment and textile industry is one of the industries with highest export turnover and is the most labor-intensive industry in the country with 3 million workers, accounting for a quarter of total labor force of industrial industry. Vietnam’s garment and textile industry has risen to the third largest in export after China and Bangladesh. Vietnam has not mastered and developed production stages such as dyeing, manufacturing high quality fabrics, high-quality materials and accessories. That is the reason why value added has not been high. At the same time, structure of export … [Read more...] about Garment, textile industry needs to give domestic market appropriate attention