Banks banned from disclosing client informationThe Saigon Times Daily Clients wait to make transactions at a bank. The Government has banned banks from disclosing their clients' information - PHOTO: UYEN VIEN HCMC - The Government has issued Decree 117/2018, effective November 1, directing local credit institutions and branches of foreign banks to ensure that information remains confidential about their clients, and only provide information in line with the 2010 Law on Credit Institutions and relevant legal documents, reported news website VnEconomy. Information about bank account passwords, as well as clients’ biometric data and identification information, must not be disclosed unless banks receive approval in writing from customers. Further, state management agencies and other individuals and organizations can only ask credit institutions and branches of foreign banks to provide such information within their jurisdiction, in accordance with the regulation, and must … [Read more...] about Banks banned from disclosing client information
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Regulation on providing bank account information raises strong objections
Regulation on providing bank account information raises strong objectionsThe Saigon Times Daily A customer transacts at a bank in HCMC. Many enterprises and experts have voiced their opposition to a regulation requiring commercial banks to provide tax agencies with customers’ bank account information - PHOTO: THANH HOA HCMC – Many enterprises and experts have voiced their opposition to a regulation requiring commercial banks provide tax agencies with customers’ bank account information, Nguoi Lao Dong news site reported. At a recent meeting held by the HCMC delegation of National Assembly deputies to discuss the draft amendments to the Law on Tax Administration, many attendees condemned the regulation that requires banks to supply information such as the bank account status, the account number and bank balance, details of transactions through the account and tax codes. Le Hoang Chau, chairman of the HCMC Real Estate Association, claimed that the regulation is … [Read more...] about Regulation on providing bank account information raises strong objections
Not disclosing foreign origins comes with huge risks
By registering its business licence in South Korean despite manufacturing goods in China, Mumuso has entered the Vietnamese market, where Japanese and South Korean goods are popular. However, this strategy means the brand faces some risks in accordance with Vietnamese law. Violating the Law on Consumer Protection Inside a Mumuso store in Vietnam The Ministry of Industry and Trade (MoIT) has announced the results of its inspection on Mumuso Vietnam in terms of how the company complied with the laws of Vietnam between early 2016-May 31, 2018. Accordingly, 2,257 out of Mumuso’s 2,273 goods are imported from China, with the rest being bought from domestic suppliers. The inspection also found that MUMUSOKR brand was registered by MUMUSOKR Limited at 601,47 Sejongdaeero 23-Gil, Jongro-Gu, Seoul (South Korea). However, MUMUSOKR Limited has authorised Mumuso Shanghai (China) to use the MUMUSOKR brand all over the world. According to an MoIT representative, Mumuso … [Read more...] about Not disclosing foreign origins comes with huge risks
Brokers oppose SAEZ provinces’ suspension of land transactions
As land trading at the three special administrative-economic zones (SAEZs) became too hot, the host provinces recently ordered suspending all local land transactions in order to curb possible illegal activities. However, realty brokers think this is not a solution. Land prices in Van Don are spiralling out of control Responding to heating up and increasingly complicated trading in the district which is home to one of the three special administrative-economic zones (SAEZs) in Vietnam, theQuang Ninh People’s Committee has stopped all kinds of land transactions (including conversion, transfer, lease, inheritance, mortgage) in Van Don at least until official information is released about the zone’s status after the national assembly session ending in June. Similar to Quang Ninh, the people’s committees of Khanh Hoa and Kien Giang have issued the same orders in North Van Phong and Phu Quoc. While acknowledging the need to prevent illegal trading, the Vietnam … [Read more...] about Brokers oppose SAEZ provinces’ suspension of land transactions
Calls for consumer protection watchdog
Viet Nam News HCM CITY — With increasing demand for credit and more people taking part in financial activities, a watchdog is required to protect consumers, a workshop on protection of finance consumers heard in HCM City on April 26. Lê Thị Kim Xuân, head of the Việt Nam Banks Association’s HCM City office, said financial inclusion is a global trend now. But it does not only mean enhancing access to credit but also protecting consumer rights and improving their finance literacy, she said. Many countries have implemented plans to enhance the public’s knowledge of finance and set up a regulator to protect their rights, she said. Though Việt Nam adopted a law on consumer rights protection in 2010, which clearly states the responsibilities of relevant stakeholders in case of consumer complaints, violations remain common, she said. She blamed it on two major factors. Firstly, many consumers remain unaware of their rights due to lack of … [Read more...] about Calls for consumer protection watchdog
FBI agent pleads guilty of leaking in case linked to The Intercept
WASHINGTON — An FBI agent faced up to five years in prison on Tuesday after pleading guilty to providing classified documents to a reporter in the second leak case pursued by the Trump administration linked to The Intercept. Terry Albury admitted in a Minnesota court to charges that he disclosed information on how federal agents assess and manage informants during 2016 and 2017. The names of the reporter and media outlet which received the information were not given in court documents. But specifics of the leaked materials and the timing laid out in the charges pointed to The Intercept, an online publication which frequently breaks important stories on national security. The Intercept posted a story on January 31, 2017 on how the FBI woos and pressures immigrants, including Muslims, to become confidential sources, and then when finished sometimes hands them over to immigration authorities for deportation. It was the second case pursued by the Trump administration against a … [Read more...] about FBI agent pleads guilty of leaking in case linked to The Intercept
Europe seeks power to seize overseas data in challenge to tech giants
BRUSSELS -- The European Union is preparing legislation to force companies to turn over customers’ personal data when requested even if it is stored on servers outside the bloc, a position that will put Europe at loggerheads with tech giants and privacy campaigners. The EU executive has previously indicated it wanted law enforcement authorities to be able to access electronic evidence stored within the 28-nation bloc. But the scope of the planned legislation will extend to data held elsewhere, according to two sources with direct knowledge of the matter. Digital borders are a growing global issue in an era where big companies operate “cloud” networks of giant data centers which mean an individual’s data can reside anywhere. The EU push comes as a landmark legal battle in the United States nears its climax. The U.S. Supreme Court will this week hear oral arguments in a case pitting Microsoft against U.S. prosecutors, who are trying to force the company to turn … [Read more...] about Europe seeks power to seize overseas data in challenge to tech giants
Vietnamese man accuses well-known hotel booking sites of leaking confidential information
A Vietnamese traveler has been startled to find out that his personal information, including the highly confidential credit account number, had been leaked after making reservations via hotel booking sites. Users of popular hotel booking sites including Booking.com and Agoda are now concerned over the safety of their personal information after a shocking discovery of a local vacationer. Vu Hien, a resident of Ho Chi Minh City, recalled the incident in mid-January, when he booked a hotel for his trip to Phu Quoc, a famous tourist island off the southern province of Kien Giang, via Agoda. After choosing the room, Hien was required to enter his visa account number as confirmation, although he opted to pay at the hotel. Believing that Agoda would “safeguard and encrypt” users’ credit card information as the website promises, Hien followed the instruction without hesitation. “I chose to pay at the hotel. The money in my account was insufficient to pay for the … [Read more...] about Vietnamese man accuses well-known hotel booking sites of leaking confidential information
Vietnam petrol retailers asked to disclose RON95 base price
NDO – The base prices of fuel products, including E5 bio-fuel, RON 92 and RON 95 petrol, must be publicised in accordance with the Government Decree No.83 on gasoline trading.Deputy Prime Minister Vuong Dinh Hue made the request at the meeting with the Ministry of Industry and Trade (MoIT) and Ministry of Finance (MoF) on the price management of gasoline products on January 11.The meeting was held one day after the MoIT issued a document to explain why it did not announce the base price of RON 95 petrol in the first adjustment of fuel prices this year on January 4.The Deputy PM asked the MoIT, in coordination with the MoF and other authorised agencies, to continue monitoring the consumption of E5 bio-fuel, RON 92 and RON 95 petrol and the Euro emission standards in the first quarter of 2018 to declare the base prices of fuel products aligned with the market developments."The regulation of E5 bio-fuel, RON 92, and RON 95 petrol must be in line with the use of the national fuel … [Read more...] about Vietnam petrol retailers asked to disclose RON95 base price
Vietnam urged to change reform directions
Vietnam urged to change reform directionsTu Hoang By Tu Hoang - The Saigon Times Daily HANOI – International donors proposed at the annual Vietnam Development Partnership Forum (VDPF) last Friday that the Government should change reform directions if it is to succeed in reforms. Victoria Kwakwa, the World Bank’s (WB) Country Director for Vietnam, said Vietnam had made clear it was shifting to a market economy but the process had been more prudent and slower than planned. The slow reform process does carry risks, especially the risk associated with non-reformist interest groups. Vietnamese leaders need to reconsider the role of the State sector, she said, adding Vietnam has managed the macro economy based on State-owned enterprises (SOE) and it is SOEs that take the lead in the industrialization process, which has been proven ineffective. She noted the 2016-2020 socioeconomic development plan and documents for the 2016 Party Congress should focus on such issues. Sanjay … [Read more...] about Vietnam urged to change reform directions