ICAEW: Blockchain could replace banks and lawyersAs a country where cash is still king, the current state of implementation of blockchain technology solutions in Vietnam is still very new. Blockchains that transact with one another could replace central authorities such as banks, clearing-houses, and lawyers, according to the Institute of Chartered Accountants in England and Wales (ICAEW)’s report “Blockchain and the Future of Accountancy”.Smart contracts that use blockchains could lead to widespread disruption of financial systems, according to the accountancy and finance body. With the ability to directly interact, the technology could save firms the cost and effort of doing business with a ledger owner and increase transparency and security against financial crime.“Blockchains mean organizations can work together without an intermediary but no longer need to have institutional trust in one another. This is potentially a seismic shift in how we do … [Read more...] about BUSINESS IN BRIEF 14/12
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Bringing Banks and Businesses Closer
To support businesses to access capital and seize businesses opportunities in time, the Vietnam Business Forum Newspaper collaborated with the Orient Commercial Joint Stock Bank (OCB) to organise the “Connecting banks - businesses: Year’s end capital opportunities in 2012” Forum in Hanoi. Dr Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry (VCCI), said: One of the best ways to resolve capital source matters is to connect banks with businesses. The Government has implemented a lot of measures to eradicate difficulties for enterprises and curb inflation. However, enterprises’ accessibility to capital sources remains very narrow and difficult. In fact, banks’ capital supply remains relatively abundant. Many quote attractively low interest rates but not all businesses can access. Businesses need to prove good enough to use capital effectively. This forum is a good opportunity to banks and businesses to discuss, solve problems, and … [Read more...] about Bringing Banks and Businesses Closer
Voices of Business People: Consensus Needed for Administration and Businesses
Vietnam Business Forum quotes statements of business people in Bac Lieu province on the improvement of investment environment in the province. “Improvement needed,” Mr Truong Van Su, Director of Bac Lieu Petroleum Branch, Petrolimex Tay Nam Bo With new efforts to diversify commodities, industries and markets, Bac Lieu Petroleum Branch has successfully achieved all targets, maintaining market share and key role in fuel supply in the province. The main success is the close coordination between business efficiency and business culture, promoting sense of responsibility, knowledge and civilization. In 2009, the turnover of the company was VND450 billion, 102 % of 2008, ensuring stable supply in the province and confidence among clients. The company has applied FlexiCard instead of cash in payment, improving payment and convenience for … [Read more...] about Voices of Business People: Consensus Needed for Administration and Businesses
IT businesses struggle to keep up with ever-changing policies
Workers at an electricial equipment line at Japan's Mtex-Semicoductor Ltd.Co in HCM City's Tan Thuan Processing and Export Zone. — File Photo HCM City (VNS) — HCM City-based information technology companies complained about arbitrary changes in regulations that caused them huge losses to officials from the Ministry of Information and Communications and local authorities at a meeting on Wednesday and demanded better protection from official capriciousness. Dang Van Quan of CMC Sai Gon Company said last year his company had imported PCs and laptops as usual when suddenly the tax department had demanded additional "bidder tax" of VND11 billion (US$510,000) to be paid within one day. "We didn't know what happened. The time given to us was too little to find a solution and the huge sum made it difficult," Sai Gon Giai Phong (Liberated Sai Gon) newspaper quoted him as saying. Do Quoc Tuan, deputy head of the city tax agency's Tax Payers' Education and Support, … [Read more...] about IT businesses struggle to keep up with ever-changing policies
Experts urge business environment reforms
PE and PP woven fabric is manufactured at Kaps Tex Vina, a foreign-invested company in Phu Tho Province's Thuy Van Industrial Zone. Viet Nam has been urged to improve its business environment by simplifying administrative procedures and cutting business costs. — VNA/VNS Photo Pham Hau HA NOI (VNS)— If Viet Nam does not improve its business environment by simplifying administrative procedures and cutting business costs, the country will fall behind, experts warned at a workshop in the capital on Thursday.Olin McGill, a consultant for the USAID-funded Governance for Inclusive Growth (GIG) Programme in Viet Nam, quoted a recent World Bank report that ranked Viet Nam 99th out of 189 nations when it came to the business environment.He suggested the country focus on simplifying income tax compliance procedures, pointing out that each enterprise in Viet Nam currently spent an average of 872 hours a year complying with tax procedures. The worldwide average is around 300 … [Read more...] about Experts urge business environment reforms
Businesses call on MoF to rein in petrol prices
However, Ministry of Finance officials have said the price jump was necessary. "The price had been restricted by using the price stabilisation fund to prevent adverse impact on the entire society, especially enterprises," Nguyen Anh Tuan, head of the Ministry of Finance's Price Management Department, said. Speaking at a press conference on Tuesday, Tuan said that since June 23, international petrol prices had been rising, hitting US$126 per barrel on July 1. Recently, however, the international petrol price fell $2-3 per barrel. "The price increased by VND1,430 per litre and climbed to VND26,140 per litre or $1.2," Nguyen Van Tiu, chairman of Tu Luc 1 Petrol and Oil Corporation's management board, was quoted as saying in Tuoi Tre (Youth) newspaper. Ngo Tri Long, an economics expert, said that Viet Nam should keep prices stable because of current economic difficulties for residents and businesses. "Petrol prices will affect other prices, especially for essential goods, as well as … [Read more...] about Businesses call on MoF to rein in petrol prices
European businesses unhappy with tax authorities’ handling of filing errors
How to improve the business environment in Viet Nam with respect to customs, trade facilitation measures and the tax regime by capitalising on the opportunities thrown up by the EU -- Viet Nam Free Trade Agreement were discussed at a European Chamber of Commerce in Viet Nam (EuroCham) meeting in Ha Noi on Tuesday.The meeting, titled “The changing landscape of trade, customs and taxation in Viet Nam,” was attended by hundred of government officials, experts and business executives who expressed concern about customs audit and penalties for administrative inconsistencies in tax declarations.Pham Ngoc Thach of the Viet Nam Chamber of Commerce and Industry (VCCI) said while companies were increasingly happy with the improvements in customs and administration, they could not keep abreast of the many amendments to regulations, resulting in delays in filing customs declarations.Thach quoted a 2016 VCCI report on administrative and customs procedures that said over 20 per cent of … [Read more...] about European businesses unhappy with tax authorities’ handling of filing errors
US businesses must engage in VN’s restructuring: PM
US businesses must engage more strongly in Viet Nam’s economic restructuring, especially in the finance-banking sector and in state-owned enterprise equitisation, Prime Minister Nguyen Xuan Phuc said on Tuesday.He made the remark while attending a round-table talk on the US-Viet Nam investment cooperation in New York. The event, held by Harbinger Capital and the Asia Group, involved executives of 20 leading financial groups, investment funds and firms in the US.Phúc noted that the US has become one of Viet Nam’s leading investment partners, with 835 projects and a total registered capital of around US$10.2 billion. Many major US businesses have been present in Viet Nam for years and are running successfully. With bilateral trade crossing $47 billion in 2016, the US is now the country’s third-biggest trade partner.The Prime Minister briefed US entrepreneurs about the country’s socio-economic situation after three decades of reforms, the opening of markets … [Read more...] about US businesses must engage in VN’s restructuring: PM
BUSINESS IN BRIEF 11/1
Phu Yen pours over 2.1 trillion VND into aquacultureAuthorities in the central coastal province of Phu Yen will spend nearly 2.12 VND trillion (93 million USD) developing aquaculture from now until 2025.According to Vice Chairman of the provincial People’s Committee Tran Huu The, the master plan on fisheries development by 2025 with a vision toward 2030 will involve aquaculture, harvest and processing and building infrastructure for fishing logistics, including breed stock production.From now until 2020, the province will invest more than 1.45 trillion VND (64 million USD) in conducting 13 key projects that aim to boost sustainable fisheries development.These projects include building Long Thanh aquaculture infrastructure system, upgrading infrastructure for the Hoa An aquaculture production centre in Song Cau town, building a fishing port, a tuna auction market and a tuna processing factory with a capacity of 1,800 tonnes per year in Tuy Hoa city.In Song Cau town, the province … [Read more...] about BUSINESS IN BRIEF 11/1
BUSINESS IN BRIEF 6/11
Military Bank transfers equity in MCredit to ShinseiMilitary Bank (MBB) has completed procedures to sell 49 per cent stake in its consumer finance arm MCredit Finance Company to Japan’s Shinsei Bank and changed it into a two-member company.The inauguration of MB Shinsei Finance Limited Liability Company took place on Thursday. Military Bank holds 50 per cent stake, Shinsei Bank owns 49 per cent and Xuân Thành Investment Development & Construction Co has 1 per cent.The two sides in November 2016 signed an agreement on equity transfer, facilitating the Japanese bank’s entry into Việt Nam’s consumer finance market.The value of the deal has not been disclosed.Military Bank is the second bank after HDBank that has sold half its capital to Japanese partners.According to Lưu Trung Thái, vice chairman-cum-general director of MB Shinsei Finance, the two most successful companies in Việt Nam needed more than five years, or even 6-8 years, to … [Read more...] about BUSINESS IN BRIEF 6/11