There may be very good reasons why an insurance culture isn’t as well embedded in Viet Nam as elsewhere, but shareholder protection policies really should be on top of your to-do list. Here, “Outside Looking In” explains why these are vital safety nets for business people and their investors. The close-knit family units that are the foundation of Vietnamese culture seem to have created an aversion to insurance. But while knowing the family will always be your safety net in life is a wonderful thing, in the business world it really pays to invest in more formal protection. After all, your business represents not only the livelihood of you and your family, but also that of your employees and fellow stakeholders. One of the most damaging events a business can fall victim to is the death of a major stakeholder. Should a business-owner die unexpectedly, the event can have a serious impact on their enterprise, not to mention the shareholder’s family. When it comes to … [Read more...] about Why buying shareholder protection insurance might be the wisest moves you ever make
Why form an s corporation
As an English teacher landing in Vietnam in the summer of 2013, I made myself a single promise: three years in Vietnam is the limit! No more. I’d read the stories, I’d seen the reports. It seemed like once people hit the five-year mark, they just never left. I wanted out well before that time. Title card: FOUR YEARS LATER Hmm, you know? Before you judge, let me tell you a bit about myself. I’m an American from a small town (Evansville, once called The Grove!) in Wisconsin… and here I am bumping up against my fourth anniversary of living in Ho Chi Minh City, with no plans of moving anytime soon (which are mostly unrelated to my new president). So, why am I still here, you ask? And, more importantly, why am I still teaching English? This is not my dream job! These are valid questions. I’ll tell you why. I found, through a ridiculous amount of trial and error and networking, exactly what I wanted from this lifestyle. But that’s getting ahead of myself! … [Read more...] about Why I may never leave Vietnam: Confessions of an English teacher
“See you next Sunday for your second lesson,” Thang, my driving instructor said after my first time behind the wheel of his old black Mazda.A few days later, my brother pointed out my second session with Thang would fall on Christmas Day.I stopped caring about Christmas a long time ago.Back in primary school in catholic Poland, I was always more excited by Jesus’ birthday than my own. I’m no Christian, though I did attend religious classes in first grade for fun and out of curiosity.Christmas to me is perhaps like what Lunar New Year Tet is to those born and raised in Vietnam. Tet was just some day around February when dad gave me money. During Christmas, especially the days leading up to the holiday, everyone was busy being... kind. I remember my class making ornaments, decorating a tree, sharing a meal and giving each other blessings by breaking oplatek, a Christmas wafer.Even writing to Santa Claus was fun. I knew the old man was a hoax since … [Read more...] about A Christmas card from Hanoi: Why I stopped caring about Jesus’ birthday
The motion is expected to separate the ministry’s regulatory role from the state ownership role at state-owned enterprises (SOEs). Commission or line ministry? For now the MPI is still proposing a government agency. Under the draft that the MPI has announced to collect feedback and seek counselling, the agency is to be named Commission for Managing and Overseeing State Capital and Assets in Enterprises. This commission will be a special government agency to help the government administer and supervise state capital and assets in enterprises, implement the Party and State’s policies on restructuring SOEs and enhancing their performance, focusing state resources in enterprises on strategic sectors to drive their growth and the economy as a whole.Specifically, this agency will offer advice to the government and the prime minister on policies on state ownership, restructuring, divestment, SOE reform as well as investment, management and use of state capital in … [Read more...] about Which model will replace line ministry of state-owned enterprises?
NDO - A recent Party resolution has affirmed the necessity of building a specialised agency to function as the owner of State capital and assets in enterprises so that such responsibility could soon be abdicated from line ministries and local governments.Many experts say it is a correct path to push through economic restructuring and reform management of lumbering State-owned enterprises (SOE) but thorough research is needed to devise an appropriate model for this agency. Concentration instead of divisionAt a recent national conference on SOE reorganisation, many said the current model for exercise of State ownership in enterprises was inefficient and hindering efforts to reform SOE corporate management. In the draft on the establishment of a specialised agency to represent State ownership in enterprises, the Ministry of Planning and Investment (MPI) also assesses that the division of State ownership between many agencies has made it impossible to pinpoint those accountable when … [Read more...] about Debate over State capital management in enterprises
The mammoth Apple-Samsung patent trial went to the jury, setting the stage for a verdict that could have huge implications for the hot market in smartphones and tablet computers. The mammoth Apple-Samsung patent trial has gone to the jury, setting the stage for a verdict that could have huge implications for the hot market in smartphones and tablet computers. Apple, which accuses the South Korean electronics giant of copying the iPhone and iPad too closely, is seeking damages of up to $2.75 billion and an injunction that could knock some Samsung products off the US market. Even a delay in sales could endanger Samsung's position in the US market, where it is currently the top seller of smartphones. Samsung has countered by arguing that its patents on wireless communication were infringed by Apple, and is demanding up to $422 million from the Silicon Valley manufacturer. In closing arguments, Apple lawyer … [Read more...] about Apple-Samsung smartphone clash heads to jury
Nguyen Quang Vinh from the Viet Nam Chamber of Commerce and Industry spoke to Kinh te & Do Thi (Economic and Urban Affairs) newspaper about corporate social responsibility.What do you think about the CSR of the business community now?There is a remarkable change in awareness on CSR implementation compared to the past decade. However, some enterprises still haven't changed their awareness. While big and multinational enterprises know about CSR, many small and medium enterprises (SMEs) still ignore or do not fully utilise it They mainly lack professional tools in implementation. That is why, we will provide programmes to support them. During April, VCCI will adopt an action plan to implement a Government resolution on the tasks and measures needed to improve the business environment and increase national competitive ability. The plan will support State enterprises in administration reform and improving the business environment. VCCI will propose specific projects to support the … [Read more...] about Corporate responsibility a long-term goal
We are two months' away from seeing the opening of the world's longest cable car, which will go up Mount Fansipan. However, there is a big question to be asked. Will it be safe enough? There are worries that the people building it did not go through all the correct steps to get permission to do so. Great heights: A group of young adventures on the Fansipan Peak. Once operational in April 30, a three-rope cable car system will carry passengers from the bottom to the highest point of the mountain. - Photo Facebook Hoi Nhung Nguoi Thich Leo Dinh PhanXiPang LAO CAI (VNS) — The world's longest three-rope cable-car system, extending from Lao Cai Province's Sapa Town to Fansipan peak, is expected to open in April. However, the public has begun to doubt of the security of the cable system after Lao Dong newspaper reported that the project was begun in November 2013 before the Sun Group corporation, … [Read more...] about Will Viet Nam’s cable car be safe?
With Viet Nam having among the lowest transparency and corporate governance scores in Southeast Asia, the State Securities Commission is trying to get listed firms to improve their operations. However, some cultural dissonances have to be overcome, Nguyen Vu Quang Trung, Deputy Director General of the Ha Noi Stock Exchange, tells the Vietnam News Agency. Nguyen Vu Quang Trung How would you evaluate the quality of corporate governance in Viet Nam, among companies in general and listed companies in particular?Corporate governance is a new concept for Vietnamese companies. In an evaluation conducted by the International Finance Corporation (IFC) in 2010, 100 of the largest listed companies in terms of capitalisation scored just 40-45 out of 100 points. Sadly, these scores have worsened in recent years as profits drop and some firms even suffer losses, prompting them to cut spending on writing reports and publishing information … [Read more...] about Corporate governance still a novelty in Viet Nam
The statement was made by Nguyen Van Trinh, chairman of Ba Ria-Vung Tau People’s Committee, at a conference held in the province on Thursday.The event was designed to find solutions to improve the management and exploitation of this port cluster.Trinh recommended that enterprises, functional agencies and associations highlight problems and inadequacies and contribute ideas and solutions to help the province improve the performance of the port cluster.Nguyen Duy Minh, secretary general of the Association of Logistics Services companies in Viet Nam, raised the question as to why people tend to use HCM City’s Cat Lai Port instead of Cai Mep-Thi Vai, despite the former being frequently overloaded.He said the reason was that the Cat Lai Port had formed an "ecosystem" that included ports, customs (procedures) and fleet transportation, which were synchronised and had optimal cost. Therefore, Ba Ria-Vung Tau Province needed to build an "ecosystem" for the Cai Mep-Thi Vai Port like … [Read more...] about Cai Mep-Thi Vai Port needs changes