The Business Times: Wood processing sector still lacking in support industry

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• Wood processing sector still lacking in support industry
• Over 500 “bogus” FDI companies
• Vietnam cuts CIT for businesses having annual revenues below vnd20bln
• VASEP rejects new shrimp tariffs
• Aug 15, 2013: Vietnam gold hovers at vnd38mln/tael, dollar stable
• Securities companies languishing for the death
• Market officers target suspect milk
• Vietnam: Number of bankcards surpasses 60mln
• Vietnam central bank net withdraws vnd43bln via OMO on aug 14
• VPbank allowed to make pilot issuance of prepaid virtual visa smartcash cards

Wood processing sector still lacking in support industry Posted: 14 Aug 2013 11:23 PM PDT Even with its annual export revenue surpassing US$4.5 billion, the wood processing sector still suffers from support industry deficiencies. Every year around US$700 million is spent on importing miscellaneous parts including wood glue, paint, padlocks, screws, and hinges. Vietnam Timber and Forest Product Association (Vietfores) Vice Chairman Nguyen Ton Quyen said the imported parts make up 30­–40 percent of [...] The post Wood processing sector still lacking in support industry appeared first on Vietnam Business News.

Over 500 “bogus” FDI companies Posted: 14 Aug 2013 11:20 PM PDT The number of foreign-invested (FDI) companies which no longer work at their registered offices, their investors left Vietnam, or communication with the investors have been lost has increased. Workers in these enterprises lost their jobs and their wages are unpaid while Vietnam does not have policies to support these workers. The Binh Duong Province Tax [...] The post Over 500 "bogus" FDI companies appeared first on Vietnam Business News.

Vietnam cuts CIT for businesses having annual revenues below vnd20bln Posted: 14 Aug 2013 11:13 PM PDT Vietnamese government has just issued Decree No. 92/2013/NĐ-CP on “detailed regulations to implement a number of Articles under the amending and supplementing law on Corporate Income Tax (CIT) and Value Added Tax (VAT)having effect from July 1,2013. Under the Decree, businesses have annual revenues from VND20 billion or less will enjoy CIT of 20%. Total [...] The post Vietnam cuts CIT for businesses having annual revenues below vnd20bln appeared first on Vietnam Business News.

VASEP rejects new shrimp tariffs Posted: 14 Aug 2013 11:13 PM PDT HA NOI (VNS)— The Viet Nam Association of Seafood Exporters and Producers (VASEP) has protested against the final decision by the US Department of Commerce (DOC) to impose subsidies on frozen shrimp imports from Viet Nam. DOC announced that Minh Qui Co, a subsidiary of Minh Phu Seafood Corp, will be taxed 7.88 per cent [...] The post VASEP rejects new shrimp tariffs appeared first on Vietnam Business News.

Aug 15, 2013: Vietnam gold hovers at vnd38mln/tael, dollar stable Posted: 14 Aug 2013 11:08 PM PDT This morning, Vietnam gold was little changed from yesterday close, moving around VND37.7-38 million for bid and ask, respectively. World gold rose both in New York trade last nigh and Asia trade this morning. Hochiminh was traded at VND37. 65 million/tael for bid and VND37.95 million/tael for ask respectively as of 09:56 am, Hanoi time. [...] The post Aug 15, 2013: Vietnam gold hovers at vnd38mln/tael, dollar stable appeared first on Vietnam Business News.

Securities companies languishing for the death Posted: 14 Aug 2013 11:08 PM PDT Incurring big losses and heavy debts, securities companies still have to spend money to maintain their operation until the day they are allowed to "die." Stretching out on deathbed The decision to dissolve the Cho Lon Securities Company CLS was declared in the shareholders' meeting's resolution in March 2013. The resolution said the company would [...] The post Securities companies languishing for the death appeared first on Vietnam Business News.

Market officers target suspect milk Posted: 14 Aug 2013 11:05 PM PDT Market officers are attempting to shore up regulations preventing substandard milk from entering Viet Nam, following the recall of Abbott Nutrition milk last week for fears of contamination. According to Do Thanh Lam, deputy head of the Market Surveillance Agency under the Ministry of Industry and Trade, the agency dealt with about 13,000 cases annually, [...] The post Market officers target suspect milk appeared first on Vietnam Business News.

Vietnam: Number of bankcards surpasses 60mln Posted: 14 Aug 2013 10:49 PM PDT According to the State Bank of Vietnam (SBV)'s settlement systems department, the country had 60.15 million bankcards by the end of the second quarter, up 10.8% from around 54.26 million cards as of late 2012. Of the sum, there were 54.89 million domestic cards (91.25%) and 5.26 million international cards (8.75%). There were 55.75 million [...] The post Vietnam: Number of bankcards surpasses 60mln appeared first on Vietnam Business News.

Vietnam central bank net withdraws vnd43bln via OMO on aug 14 Posted: 14 Aug 2013 10:49 PM PDT The State Bank of Vietnam (SBV) net withdrew VND43 billion through open market operation (OMO) on Aug 13, 2013, cutting total outstanding loans on OMO to VND1.105 trillion. In details, the SBV pumped VND215 billion and withdrew VND258 billion yesterday. On Aug 14, the central bank sold VND297 billion worth of 91-day Treasury bills at [...] The post Vietnam central bank net withdraws vnd43bln via OMO on aug 14 appeared first on Vietnam Business News.

VPbank allowed to make pilot issuance of prepaid virtual visa smartcash cards Posted: 14 Aug 2013 10:49 PM PDT The State Bank of Vietnam (SBV) issued Document No. 5691/NHNN-TT on August 9 to permit the Vietnam Prosperity Commercial Joint-Stock Bank (VPBank) to make pilot issuance of prepaid virtual Visa SmartCash cards. Accordingly, VPBank is allowed to make pilot issuance of prepaid virtual Visa SmartCash cards with the following functions: depositing, transferring money, paying for [...] The post VPbank allowed to make pilot issuance of prepaid virtual visa smartcash cards appeared first on Vietnam Business News.

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