Azerbaijani investors eye Vietnamese marketAzerbaijani investors with strong financial capacity and professional performance are keen on landing investments in Vietnam, has said Anar Imanov, Azerbaijani Ambassador to Vietnam.In his remarks at a recent workshop themed “Meet Azerbaijan” in Hanoi, the Azerbaijani Ambassador highlighted Azerbaijani enterprises' advantage of plentiful capital and practical experience in implementing projects in Europe, adding that many are seeking investment opportunities in Vietnam.As one of the world’s leading crucial oil and gas producers and suppliers, Azerbaijan also has great potential to boost its bilateral cooperation with Vietnam in three key fields, including tourism, logistics, and agriculture. The diplomat cited a FAM tour jointly held by the Azerbaijan Embassy in Vietnam and Qatar Airways last year as a big effort to bolster tourism cooperation between the two countries.The FAM tour provided many Vietnamese tourism … [Read more...] about BUSINESS NEWS IN BRIEF 15/1
Liability business insurance cost
BUSINESS NEWS IN BRIEF 23/11
Bamboo Airways and Petrolimex’s subsidiaries sign MoU Bamboo Airways Company Limited, a member of FLC Group, signed a memorandum of understanding (MoU) for co-operation with the Petrolimex Insurance Company (PJICO) and Petrolimex Aviation Fuel Joint Stock Company. The MoU was signed last week in the central province of Thanh Hoa. Under the terms, Bamboo Airways would give priority to use non-life insurance products of PJICO such as airplane insurance, airline liability insurance, machinery insurance and others as well as aviation fuel of Petrolimex. Meanwhile, the two subsidiaries of Petrolimex would give priorities to use airlines services of Bamboo. Speaking at the signing ceremony, Pham Van Thanh, Petrolimex’s chairman, said Petrolimex has been a member of the Joint Inspection Group (JIG), the world-leading organisation for the development of aviation fuel supply standards. "We committed to provide preferential to Bamboo Airways in its earlier … [Read more...] about BUSINESS NEWS IN BRIEF 23/11
BUSINESS NEWS IN BRIEF 9/11
HCM City works to solve difficulties facing property enterprisesThe People’s Committee of Ho Chi Minh City held a conference on November 7 to help local real estate enterprises solve difficulties.Le Hoang Chau, President of the Ho Chi Minh City Real Estate Association, said the local property market faces several bottlenecks affecting enterprises’ business and investment activities, including approval of investment intentions, ground clearance, land use feess, project acquisition, using land funds to pay for Build-Transfer (BT) contracts, and credit and financial procedure issues.The slow settlement of these bottlenecks is one reason for the significant decrease in the supply of real estate products in 2018, which is forecast to continue reducing in 2019, Chau affirmed.At the event, local enterprises shared difficulties facing them during project implementation.Chairman of the municipal People’s Committee Nguyen Thanh Phong admitted that there remain several … [Read more...] about BUSINESS NEWS IN BRIEF 9/11
Legal due diligence vital for business acquisitions in Vietnam
Vietnam’s merger and acquisition (M&A) market has seen significant growth over the past decade with a total of 4,353 deals valued at $48.8 billion done. Last year there was the biggest M&A deal ever when Thaibev Group bought 53.59 percent of the country’s largest brewery Sabeco through its subsidiary. This interest is expected to spread to other booming sectors like energy and infrastructure, education, pharmaceuticals, and telecoms in the near future aided by the constant efforts by the government to ease the restrictions on foreign investment in several sectors. In practice, M&A transactions involve guidance from consultants with various kinds of expertise until the deal is closed. The performance of legal due diligence (DD) in conjunction with financial and business DD is the first step in a deal as a pre-contractual investigation before proceeding with any further negotiations between the relevant parties. In M&A transactions, legal DD serves to collate … [Read more...] about Legal due diligence vital for business acquisitions in Vietnam
China defies U.S. pressure as EU parts ways with Iranian oil
China defies U.S. pressure as EU parts ways with Iranian oilThe Saigon Times Daily Malta-flagged Iranian crude oil supertanker "Delvar" is seen anchored off Singapore March 1, 2012. – PHOTO: REUTERS BEIJING/SINGAPORE (REUTERS) - China, seeking to skirt U.S. sanctions, will use oil tankers from Iran for its purchases of that country’s crude, throwing Tehran a lifeline while European companies such as France’s Total are walking away due to fear of reprisals from Washington. The United States is trying to halt Iranian oil exports in an effort to force Tehran to negotiate a new nuclear agreement and to curb its influence in the Middle East. China, which has cut imports of U.S. crude amid a trade war with Washington, has said it opposes unilateral sanctions and defended its commercial ties with Iran. On Monday, sources told Reuters Chinese buyers of Iranian oil were beginning to shift their cargoes to vessels owned by National Iranian Tanker Co (NITC) for nearly … [Read more...] about China defies U.S. pressure as EU parts ways with Iranian oil
BUSINESS NEWS 7/8
PM to chair meeting on wood exports Prime Minister Nguyen Xuan Phuc will chair a meeting on wood processing industry and forestry exports in HCM City on August 8, the Ministry of Agriculture and Rural Development’s Viet Nam Administration of Forestry has announced.The forthcoming event will attract the participation of more than 500 enterprises operating in wood and representatives from foreign and domestic agencies. They will discuss measures for the fast and sustainable development of timber industry in the time to come.Statistics from the administration revealed that the country earned US$5 billion from forestry exports in the first seven months of this year, up 14 per cent year-on-year.The exports fulfilled nearly 56 per cent of the yearly target and made up 22.6 per cent of the total turnover of the agriculture sector.The US, China, Japan and South Korea were the largest forestry importers of Vietnamese timber goods. Other markets with strong growth … [Read more...] about BUSINESS NEWS 7/8
BUSINESS NEWS IN BRIEF 2/8
Can Tho invites investors to investment promotion conferenceThe Mekong Delta city of Can Tho will hold an investment promotion conference on August 10, inviting investors for 54 projects worth nearly 124 trillion VND (5.44 billion USD). At a press conference on the conference on August 1, Chairman of the municipal People’s Committee Vo Thanh Thong said investors have already expressed interest in 44 out of the 54 projects on offer, and some are ready to start work immediately on 22 projects. He added that some projects attracted two or more investors, so the city will set criteria to select the best among them. Among the 54 projects, 21 are in real estate, 9 in culture-sports and tourism, 9 in agricultural and industrial infrastructure, 8 in transport, 4 in logistics and power, 2 in cultural-sport and health care infrastructure and 1 in information technology. Prime Minister Nguyen Xuan Phuc is expected to deliver a keynote speech and chair the conference, … [Read more...] about BUSINESS NEWS IN BRIEF 2/8
Liquidation of a Vietnamese entity—critical tax exposures
The liquidation of a Vietnamese legal entity is a lengthy and complicated process in which the final tax audit involves a lot of effort from the dissolving entity. This article is to provide a list of key and common issues, which are frequently challenged by the tax authorities during a tax audit upon dissolution for the enterprises’ perception and compliance in order to mitigate the risks of additional tax liabilities, penalties, and interest on late tax payment. There is a lot to consider when liquidating a company, with tax issues a major issue General procedures of liquidating a company The voluntary dissolution procedures of a company include the following steps with relevant parties and regulatory authorities: Resolution on dissolution to be passed by investors, disclosed to relevant stakeholders and announced publicly in the newspaper; Terminating contracts (with customers, suppliers, landlord, etc.) and liquidating assets; Settling liabilities in accordance … [Read more...] about Liquidation of a Vietnamese entity—critical tax exposures
The Government’s regular meeting in January 2018
THE GOVERNMENT SOCIALIST REPUBLIC OF VIET NAMIndependence - Freedom - Happiness No. 13/NQ-CP Ha Noi, February 08, 2018 RESOLUTION THE GOVERNMENT’S REGULAR MEETING – JANUARY 2018 THE GOVERNMENT Pursuant to the Law on Organization of the Government dated June 19, 2015; Pursuant to the Government’s Decree No. 138/2016/ND-CP dated October 01, 2016 promulgating the working regulation of the Government; Based on the discussion of the Cabinet members and the conclusion of the Prime Minister at the Government’s January meeting, held on February 02, 2018 DECIDES 1. Regarding the draft Law amending and supplementing a number of articles of the Law on Education The Ministry of Education and Training shall assume the prime responsibility for, and coordinate with the Ministry of Justice, the Government Office and concerned ministries and agencies in collecting comments of the Government members and feedbacks of the Government Office to revise … [Read more...] about The Government’s regular meeting in January 2018