Vietnam seeks to ease foreign investors in pouring into its public companies, considering lifting the foreign stake holding limit at the companies from the current 49 percent to 100 percent. Foreign portfolio investment in local stock markets was US$34.2 billion at the end of July The proposal was made in the revised draft Securities Law, which has been made public recently by the State Securities Commission (SSC) for comment before being submitted to the National Assembly for approval due in the last quarter of 2019. Under the draft law, there will be no cap on foreign ownership at the companies, except for some cases, which relate to either international treaty with Vietnam being a member or other specialized laws regulating lower foreign ownership limits. Under the current law, foreign investors are permitted to hold 49 percent of public companies’ charter capital at the maximum. If the companies want to lift the ratio to 100 percent, they have to get approval from … [Read more...] about Vietnam government to remove foreign ownership cap for public companies
Vietnam government
New entity set up to manage Vietnam government stakes in companies
At the new committee’s inauguration ceremony Sunday, five ministries -- the ministries of Industry and Trade, Transport, Agriculture and Rural Development, Information and Communications and Finance -- signed memoranda of understanding transferring their right to representing state capital in 19 giant corporations to it. The committee will represent the government in managing $43.03 billion in state equity, equivalent to 20 percent of the country’s GDP last year. Of the 19 corporations, one is the sovereign fund, the State Capital Investment Corporation, while the rest are those in which the government owns 100 per cent or majority stakes. The companies are currently key players in the economy in terms of size and position. They include major groups Petrolimex, chemical group Vinachem, Vietnam Electricity, PetroVietnam, Vietnam Rubber Group, Coal and Mining Group, and Vietnam Post and Telecommunications Group. The remaining 11 are corporations -- MobiFone, Vietnam Tobacco, … [Read more...] about New entity set up to manage Vietnam government stakes in companies
Don’t treat ride-hailing firms as taxis, Vietnam government advised
Nguyen Dinh Cung, director of the Central Institute of Economic Management (CIEM), criticized state agencies for a “managing mindset” that “is not yet innovated”. Cung was referring to the latest draft decree on transportation management, which asks ride-hailing firms like Grab, Fastgo and Vietgo to comply with many conditions that are applied to normal transportation businesses like taxi companies. He said firms that primarily used software cannot be called a transportation business and said the new move was not consistent with the country’s stated aim of removing at least 50 percent of current business conditions. Cung told VnExpress that the state managers must also think in terms of the market from the perspective of facilitating new technologies and business models instead of using administrative procedures to intervene in their business. While the latest draft has cut many conditions for the ride-hailing business, such as logos, paint colors, board … [Read more...] about Don’t treat ride-hailing firms as taxis, Vietnam government advised
Vietnam government urged to limit petrol imports
The Nghi Son Refinery has not begun commercial operations officially, but it is burdened by unsold inventories that have to be stocked in warehouses in the central region, says Chairman of the Provincial People's Committee Nguyen Dinh Xung. If the current situation continues, it will cause difficulties for enterprises and negatively affect the province’s budget, Xung said at a government meeting on July 2. "We suggest that the government have policies to limit petrol imports and prioritize products from Nghi Son refinery," said Nguyen Dinh Xung. According to Thanh Hoa authorities, during the trial period, Nghi Son oil refinery has produced 14 percent of the province’s total industrial production value. With a planned production of 4-4.3 million tons of gasoline when commercial operations officially begin in August or September 2018, the plant will contribute more than 15 percent to the province's growth. A month ago, the $9 billion refinery produced its first commercial … [Read more...] about Vietnam government urged to limit petrol imports
Vietnam government wants SEZ bill deferred
The Vietnamese government has requested the National Assembly to postpone passing a draft law on Special Economic Zones (SEZs) saying it needed more time to ensure that it meets the aspirations of both legislators and the public. One of the most controversial provisions of the current draft was the leasing of land in three strategic locations to foreign investors for 99 years. A government statement released Saturday early morning said the deferment request was made after “listening to enthusiastic and responsible contributions of members of parliament, scientists, economists, experts, voters and the people.” The postponement until the next parliament session in October would give the government time to research and improve the bill so that it meets the aspirations of the legislators and the public in successfully establishing the three SEZs while protecting national security and sovereignty, the statement said. The government also proposed that the controversial 99-year … [Read more...] about Vietnam government wants SEZ bill deferred
Airport operators defy Vietnam government inspectorate conclusion to collect road fee
Road tolls are still being collected at Vietnamese airports although the Government Inspectorate has previously concluded that the fee is against the law. In an announcement made three months ago, the Government Inspectorate stated that road tolls at airports across the country are not legal. However, Tuoi Tre (Youth) newspaper reporters noticed that the fee is still being collected at Tan Son Nhat International Airport in Ho Chi Minh City. All automobiles entering the airdrome are required to pay from VND10,000 (US$0.44) to VND40,000 ($1.76) regardless of how long they stay inside the venue. Nguyen Quang Linh, an Uber car driver, recounted his trip with a foreign passenger who booked a ride from the airport to downtown areas. Linh had to pay the VND10,000 toll despite only entering the facility for a few minutes to pick up his customer. Many passengers refused to pay the additional charge, the driver stated, adding that it is difficult to explain it to them. Four-wheeled vehicles are … [Read more...] about Airport operators defy Vietnam government inspectorate conclusion to collect road fee
Vietnam government seeks to cut half of business rules in 2018
The government will strive to reduce and simplify half its of current existing conditional business requirements in 2018 in an effort to improve Vietnam’s business climate to boost growth.It is part of a string of measures outlined in a resolution signed by Prime Minister Nguyen Xuan Phuc on January 1.The government is aiming for growth of 6.7% in 2018 after the Vietnamese economy performed better than expected last year, expanding by 6.81%.In addition to streamlining the business rules, the government also aims to halve the roster of goods subject to inspection and simplify the checking procedures to bring Vietnam to the group of the four most business-friendly countries in ASEAN.Under the resolution, the government will strengthen macroeconomic stability, take bold administrative reforms, step up the fight against corruption and wastefulness and cut recurrent spending from the central budget.In 2018, the government seeks to curb the budget deficit at 3.7% of GDP and public debt … [Read more...] about Vietnam government seeks to cut half of business rules in 2018
Stories about the seal of Vietnam’s last king
After Queen Nam Phuong passed away in 1963, the national seal was kept by prince Bao Long. In 1982, Bao Dai received the seal from his son, after marrying a French woman named Monique Baudot. Since then, the seal has never been mentioned.National seal – the king’s lifeKing Bao Dai was born on October 22, 1913 in the old capital city of Hue. Using the national seal called Hoang De Chi Buu, the last king of the Nguyen Dynasty issued many royal decrees on administrative reform. In 1926, after acceding to the throne, King Bao Dai abrogated rites established by previous kings. For example, people didn’t have to kowtow and could look at the King when he came; foreign mandarins didn’t have to put their hands together to bow the King but could shake his hand; Vietnamese mandarins didn’t have to kowtow as well.In 1932, also using the seal, the King issued a decree on cabinet reform. Accordingly, the King assumed power and conferred titles on ministers himself. He … [Read more...] about Stories about the seal of Vietnam’s last king
Canon Vietnam brings warmer winter to border students
The ceremony was successfully with the attendance of representatives of People’s Committee of the district, Department of Education and Training in Quan Ba district, Ta Van commune People's Committee as well as all the teachers and pupils.The core purpose of “Canon Friendship School Chain” is to improve studying environment for the pupils – the future master of the country then to make step to nurture human resources for developing nation.Since 2007, Canon Vietnam has been supporting 99 friendship schools, bringing many new and spacious classrooms for unprivileged pupils in Vietnam. Moreover, every year we also visit, upgrade these schools if necessary and present equipment such as cameras, printers, computers, Canon bookcases, bunk beds for schools in the project. Delegates cutting the ribbon to inaugurate the project This school point locates at Ta Van – a poor & border regional commune of Quan Ba District, the pupils have to cross … [Read more...] about Canon Vietnam brings warmer winter to border students
Tuscany looks to boost trade relations with Vietnam
By Thai Hang - The Saigon Times Daily HCMC - Enterprises and officials from Italy’s Tuscany region will work to improve trade relations and cooperation with Vietnam in the future, as more Italian companies invest in key sectors in the Vietnamese market. Ambrogio Brenna, Tuscany’s Minister of Economic Development, said many Italian companies were interested in investing in important export industries like leather shoes, garments and apparel, handicraft and indoor furniture.Ambrogio told reporters at a HCMC Handicraft and Wood Industry Association (HAWA) conference on Tuesday that he would visit Hanoi on March 18 to sign cooperation deals with the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade. “We’re determined to build up detailed cooperation plans on specific sectors with the Vietnam government this time, including wood and handicraft manufacture as they are among the region’s key industries,” he said. He added … [Read more...] about Tuscany looks to boost trade relations with Vietnam