Thursday, August 15, 2013

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

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

Link to Vietnam Business News

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 [...]

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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 [...]

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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 [...]

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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 [...]

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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. [...]

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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 [...]

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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, [...]

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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 [...]

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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 [...]

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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 [...]

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