Price Waterhouse Cooper’s (PwC) 2018 Global Economic Crime and Fraud Survey in Vietnam finds that 52% of Vietnamese enterprises had experienced economic crime in the past two years. This is the first PwC survey in Vietnam. According to the survey, this crime rate is higher than the average in Asia-Pacific's 46% and the global rate of 49%. Even though 40% of the asked people said they hadn't encountered any criminals, it's highly likely that the crimes just haven't been exposed yet. The most common crime in Vietnam is embezzlement with 40% votes and bribes and corruption with 36%. 11% of the asked people don't know or don't want to say. About 53% of the criminals in major cases are insiders with 61% of them are low-level or middle-level managers. 32% of the surveyed said they suffered more than USD100,000 in damage not to mention damage to reputation and business relations. Marcus Paciocco from PwC Vietnam said some measurable financial losses included legal costs or actual loss … [Read more...] about BUSINESS NEWS IN BRIEF 21/11
News from saigon times online
Tax collection from tech-based business activities faces difficulties
Tax collection from tech-based business activities faces difficultiesThe Saigon Times Daily GrabBike service is popular in HCMC. National Assembly deputies said tax collection from tech-based business operations such as ride-hailing service and online sale is tough due to the lack of regulations governing these new types of business - PHOTO: THANH HOA HCMC – National Assembly deputies at a discussion on the draft amendment of the law on tax administration said tax collection from technology-based business operations such as ride-hailing service and online sale is tough due to the lack of regulations governing these new types of business, Dan Tri news site reported. Speaking at the discussion, deputy Huynh Thanh Chung, chairman of the Young Entrepreneurs Association of Binh Duong Province, mentioned tax collection from ride-hailing firms like Grab, stressing the need for a formula for tax calculation to minimize losses for tax collection and at the same time facilitate the … [Read more...] about Tax collection from tech-based business activities faces difficulties
BUSINESS NEWS IN BRIEF 23/10
Vietnam, EU reiterate commitment to trade, investment deals The Vietnamese Government and the European Commission (EC) have pledged to carry out the Europe-Vietnam Free Trade Agreement (EVFTA) and the Investment Protection Agreement (IPA) in a timely and effective manner. The commitment is expressed in a joint statement issued by Vietnam’s Minister of Industry and Trade Tran Tuan Anh and European Commissioner for Trade Cecilia Cecilia Malmström following their meeting on October 19 in Brussels on the sidelines of the 12th Asia-Europe Meeting Summit (ASEM 12). The statement said the Vietnamese Government is preparing plans to fulfill obligations under the free trade agreements while the EC stands ready to support the necessary reforms and adjustments through technical assistance. Both sides acknowledged the relevance of the trade and sustainable development chapter of the FTA and agreed to jointly promote initiatives in this field, including the ratification of the … [Read more...] about BUSINESS NEWS IN BRIEF 23/10
BUSINESS NEWS IN BRIEF 6/9
SSI upgrades stock board and order services for Web Trading SSI Web Trading, an online trading service from Saigon Securities, has upgraded its online stock board and updated two more conditional orders for derivative trading. The two new orders, namely OCO and Bull & Bear, are the two most useful orders in derivative trading. With this upgrade, all market data displayed on the board and order screen will be updated consecutively and immediately, helping investors track stock prices and follow transactions quickly and accurately. In June, SSI also upgraded its Web Trading by adding four more types of conditional orders. The continuous upgrades to the platform demonstrates SSI’s efforts in providing diversified, efficient trading tools for profit maximisation and risk prevention for clients when practicing derivative trading. With two new conditional orders, OCO and Bull & Bear, SSI has six types of conditional orders, including Up, Down, Trance Up, … [Read more...] about BUSINESS NEWS IN BRIEF 6/9
Social News 30/3
Fire threat stalks Bình Dương wood workshops Many woodwork plants in Bình Dương Province face a high risk of fire since they lack proper prevention equipment. —Photo: thanhnien.vn With the year just three months old there have already been fires at many wood processing workshops in Bình Dương Province, which have caused injuries to people and damaged properties. Recently there have been several fires in Tân Uyên town that caused serious damage with thousand of square metres of workshops burnt down and several businesses going bankrupt as a result. In February a fire destroyed a 1000sq.m facility belonging to Mỹ Nghệ wood processing workshop in Thuận An town. The province has more than 600 woodwork facilities, but only 10 per cent of them have effective fire prevention equipment. Though losses caused by fire are huge, most businesses, with an eye on cost, fail to invest in fire prevention equipment. … [Read more...] about Social News 30/3
Social News 27/12
6th Haiku poem contest endsPoet Ha Thien Son, a Doctor of Philosophy in Ho Chi Minh City won the first prize at the 6th Vietnamese-Japanese haiku contest that ended in the city last week.Three third awards went to poets, Xuan Truong from the central coastal province of Quang Nam, Nguyen Huy Hoang and Doan Van Tiem of Phu Tho nothern province.The organization board also presented 8 enouragement prizes.The Japanese Consulate in HCMC cooperated with the HCM City University of Social Sciences and Humanity to launch the 6th Vietnamese-Japanese haiku contest in August. The contest received 704 submissions from authors throughout the country.The Vietnamese-Japanese haiku contest is an opportunity for Vietnamese people to learn more about the Japanese culture. It also aims to encourage the people of the two countries to learn about each other’s language and culture.Haiku is not usually popular in Viet Nam except with those Japanese Language students from the University of Social Sciences … [Read more...] about Social News 27/12
Saigon through the lens of two of its expat wanderers Info Alert Alert Chia sẻ bài viết qua e-mail
It’s well known in the expat community of Saigon that there are several members who have a passion for wandering around and taking pictures of things they love about the city.Philip Genochio from the UK and Swede Tanya Olander are two of them. ‘Authentic, real Saigon’On a late July afternoon Philip Genochio sat down with a café sữa đá (Saigon’s iconic iced coffee with milk) at a small cafe in a tiny alley in Saigon, the former name of Ho Chi Minh City.The Londoner excitedly shared with Tuoi Tre News his passion for discovering and capturing images that reflect the “real and authentic Saigon”, the one that Westerners are so fascinated about.“To most Westerners, it's very different from what we’re used to. The variety of life in Saigon doesn't exist in the West as we don't live our lives so openly on the street,” he began of his first impressions of the city.Moving to Saigon in 2011 to be an English teacher, over … [Read more...] about Saigon through the lens of two of its expat wanderers Info Alert Alert Chia sẻ bài viết qua e-mail
Social News 11/12
"Danish Week - Sustainable City Solutions" about to beginA series of events on sustainable city solutions will be held in Hanoi and Ho Chi Minh City from December 12 to 17 within an initiative of the Embassy of Denmark in Vietnam and co-organized by the National University of Civil Engineering in Hanoi (NUCE) and the University of Architecture Ho Chi Minh City (UAH), with support from local authorities, organizations, and enterprises from Vietnam and Denmark.“Denmark is among the world leaders in green technology, and Green Growth is an important area of Vietnam and Denmark’s Comprehensive Partnership Agreement,” said Danish Ambassador H.E. Charlotte Laursen. “With this campaign we hope to create opportunities to exchange inspiration and knowledge with Vietnam on how to build green and sustainable cities.”With the theme “Danish Week - Sustainable City Solutions”, the campaign includes exhibitions, seminars, film screenings, masterclasses, and a … [Read more...] about Social News 11/12
Working as repairmen along busy streets in the motorbike kingdom of Saigon
A common sight along many Saigon roads is that of a tire hanging from a tree branch, pole, or fire hydrant, along with a rustic air compressor prominently displayed on the sidewalk. These street-side repair 'shops' have been serving local drivers on their daily rides in the city for years.Huy, a 33-year-old migrant living in Saigon for the last three years, was riding his ramshackle motorbike to work on a cool morning in December, when suddenly he heard a popping sound, like that of an exploded balloon. The effect was immediate, and his wheel began to malfunction. However, remaining calm, Huy knew he could just ask around for the nearest roadside repairman.Statistics from the Ho Chi Minh City Department of Transport reveal that in March 2017, there were 7.3 million motorbikes in the city.Data from the General Statistics Office of Vietnam shows that the city’s official population in 2016 was 8.3 million, which translates to 87 motorbikes per 100 city residents.Well aware of … [Read more...] about Working as repairmen along busy streets in the motorbike kingdom of Saigon
Saigon woman finally granted visa to see dying father in US
A woman in Saigon has received a visa to visit her dying father in the U.S. after media reports prompted the U.S. government to grant her the document on the fifth attempt. Nguyen Thi My Linh arrived in the U.S. on Sunday, bringing fish sauce and other Vietnamese spices to give her father a final taste of home. Linh’s father, My Nguyen, migrated to the U.S. three years ago to live with his other daughter. The 69-year-old had planned to return to Vietnam, but was diagnosed with terminal cancer in June and doctors in California said he was no longer well enough to travel. Linh, 31, had four visa applications rejected before she was granted permission to visit her dying father. Despite presenting her land and house deeds, marriage certificate and a document regarding her father’s cremation in Vietnam, the U.S. Consulate did not believe that she would return to Vietnam after the visit due to the fact that she had applied for migration in 2010, a plan which was canceled after … [Read more...] about Saigon woman finally granted visa to see dying father in US