Lam Dong tea & silk to be promoted at Da Lat flower festivalA week-long festival spotlighting tea and silk products of the Central Highlands province of Lam Dong is scheduled as part of the Da Lat flower festival.Provincial officials said at a press conference on December 1 that the event will take place from December 23 to 27 in Bao Loc City, where most of the provincial silk products are produced. It will feature activities honouring tea and silk makers, and a silk fashion show.Le Hoang Phung, Secretary of the Bao Loc Party Committee, said silk production in Lam Dong is thriving again after years in oblivion.During 1997 – 1996, the entire province turned out 500 tonnes of silk threads and 1.8 million metres of silk. Now it produces 1,600 tonnes of silk threads on annual basis and expects to make about 6 million metres of silk in 2017. The sector has thus far created some 12,000 jobs for locals.Bao Loc city plans to build the Bao Loc silk brand, with ten firms earmarked to … [Read more...] about BUSINESS IN BRIEF 6/12
Liability business insurance cost
BUSINESS IN BRIEF 22/11
International conference on automation organised in HCM CityThe fourth International Conference and Exhibition on Automation and Industrial Equipment (VAAC 2017) will take place at the Sài Gòn Exhibition and Convention Centre, HCM City.The event is organised from November 29 to December 2. The exhibition will be hosted by the Việt Nam Automation Association (VAA) with support from the HCM City University of Technology to provide a platform for connecting policy-makers, scientists and enterprises from Việt Nam and overseas. The event will feature a series of conferences, exhibitions and business forums that focus on issues of common concern, such as smart city, smart transportation and automation in agriculture and forestry. VAAC 2017 will highlight control and automation towards the fourth industrial revolution with the presentation of 115 scientific studies in cybernetics, automation and other topics. The forum will host seminars and … [Read more...] about BUSINESS IN BRIEF 22/11
Cybercrime costs hit S$2 billion, but insurance adoption low
File photo of a man looking at computer code. (Photo: AFP/Joe Raedle) SINGAPORE: Companies in the Republic lost nearly S$2 billion last year due to data loss or unplanned downtime arising from illicit cyber activities — a fact not lost on insurance companies, which are beginning to offer protection to firms here as cyberattacks become increasingly sophisticated.But as the industry gears up to offer coverage, which can include the cost of investigative work and rectification, market watchers say a general lack of awareness, underestimation of the risks of security threats and few precedents for designing and setting premiums are impediments.While interest is on the rise, insurers offering such policies here said uptake rates remain low despite Singapore having seen a string of high-profile online intrusions in both the public and private sectors in recent years.Hackers illegally accessed SingPass accounts last year, while cyber thieves stole customer data from karaoke chain KBox. … [Read more...] about Cybercrime costs hit S$2 billion, but insurance adoption low
Amendment to Law on Enterprises 2005: Single Unit Mechanism for Business Registration System Management Is Essential
"The Law on Enterprises 2005 has a positive impact on society, especially business activities in the country. In the process of equitising enterprises in the past years, the Law on Enterprises has effectively played its full role and facilitated lawful business transformation. However, this law was enacted nearly 10 years ago and many State policies have been changed to catch up with the process of deeper international integration and higher level of business management. To create a favourable, convenient and healthy business environment and not to be left behind, the amendment to the Law on Enterprises 2005 to suit the current situation is essential." This is the opinion by Mr Mai Dinh Manh, General Secretary of the Vietnam Electrotechnical Industry Association (Velina), at a seminar entitled “Collecting opinions of business community and experts on shortcoming issues of the Law on Enterprises 2005 that need to be amended” organised by the Vietnam Chamber of Commerce … [Read more...] about Amendment to Law on Enterprises 2005: Single Unit Mechanism for Business Registration System Management Is Essential
Global Medical Insurance: A Breakthrough of AAA Assurance
The story about the world-acclaimed American math professor Papert Seymour’s motorbike accident in Hanoi and emergency air transport to the US on commercial flight of Swiss Air Ambulance for treatment is possibly the first publicly known instance of a global medical insurance product in Vietnam. This is the result of a service introduced to Vietnam by AAA Assurance Corporation. Seeking a global assuranceAccording to the Vietnamese Ministry of Health, up to 30,000 Vietnamese people go abroad for medical treatment each year. Major destinations are regional countries like Singapore, Thailand and Australia. Only a few families can afford costly health services in the United States and developed European countries.Previously, most Vietnamese people were familiar with only health insurance service at hospitals through social insurance policy. When the insurance market was opened up, there were more insurance products such as casualty insurance, personal insurance and beauty insurance. … [Read more...] about Global Medical Insurance: A Breakthrough of AAA Assurance
MSIG Insurance (Vietnam) Co. – Successful Start of a Big Brand
MSIG Insurance (Vietnam) Co., Ltd (MSIG Vietnam) was set up under the Establishment and Operation Certificate No. 54/GP/KDBH dated September 18, 2008 and started official operations in March 2009. The company provides a wide range of nonlife insurance products for different groups of customers. Foundation for success In 2009, the first year of operation, the company outstandingly beat all business targets. It built up the governance regulations, operating processes and necessary policies to ensure the sustained and effective operations. The company was committed to abide by legal regulations on its business sphere while always maintaining the code of conduct at the highest level. In the context that global and Vietnamese economies were wrecked by the global financial crisis, the company had to double its effort to fulfil and beat business targets set for 2009. The financial situation of the company was very with 23.78 times higher of solvency margin than the limit … [Read more...] about MSIG Insurance (Vietnam) Co. – Successful Start of a Big Brand
Upgrading Your Vietnam Representative Office
(Biz Hub)—Representative offices (ROs) typically have a limited scope of operations in Vietnam. Parent companies with an operations scope that includes purchasing goods, banking, placing manufacturing/processing orders and tourism tend to keep ROs around longer than parent companies that operate in the services, management consulting, technical consulting, manufacturing and trading sectors. Businesses that work in these sectors typically close their ROs and establish a legal entity (i.e., a completely foreign-owned entity, or a 100 percent foreign-owned enterprise (FOE)) to conduct business activities in Vietnam.Since Vietnam promulgated its 2005 Law on Investments that applies to all foreign and local investors, and became an official member of the World Trade Organization (WTO) in 2007, the legal red tape involved in establishing a 100 percent FOE in Vietnam has lessened, increasing the number of foreign investors upgrading their ROs into 100 percent FOEs.For instance, IBM … [Read more...] about Upgrading Your Vietnam Representative Office
Economy forecast to face challenges
A corner of Vietsovpetro Port in southern Ba Ria-Vung Tau Province. According to experts, there are still opportunities out there, despite the economic downturn, for local businesses able to realise and grasp them. — VNA/VNS Photo Hoang Chuong HCM CITY (VNS)— Challenges continue to face both the global and local economy, but opportunities do exist for businesses who know how to recognise and grasp them, economists declared at a seminar in HCM City on Friday. "The Government has recently approved the general plan for restructuring the economy, which goes together with a change in the growth model over the next seven years. In the next three years the country will focus on restructuring public investment, the commercial banking system and State-owned corporations," Dr. Tran Du Lich, a member of the National Assembly's Economic Commission, told the seminar, organised by the Vietnam Economic Times."The implementation of Government policies during these years will … [Read more...] about Economy forecast to face challenges
Lower inflation fails to lift shares
HA NOI — Although the nation's monthly consumer price index continued to slide, shares still lost ground yesterday. The General Statistics Office announced yesterday CPI this month decreased 0.29 per cent over last month. However, "the market shifted to a negative trend very fast," said BIDV Securities Co analyst Hoang Anh Tuan. Demand for shares was only at a low level, he added. "With such movements, holding shares is increasingly risky." Reaching 415.63 points, the VN-Index on the HCM City Stock Exchange edged down 1.5 per cent. Around three-quarters of the listed stocks retreated. Most blue chips tumbled; notably, insurer Bao Viet Holdings (BVH) and HCM City Infrastructure Investment Co (CII) bottomed out. Of the 30 shares tracked by the VN30, only software giant FPT (FPT) added 4.5 per cent. The index lost 0.9 per cent to 491.34 points. The southern bourse's overall market value fell 16 per cent to VND659.4 billion ($31.4 million), as trading volume reached only 88.3 … [Read more...] about Lower inflation fails to lift shares
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