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PetroVietnam
achieves goals, despite economy
HA NOI — PetroVietnam has accomplished most of
its goals for 2012 despite challenges caused by economic woes in both
domestic and foreign markets, PetroVietnam's deputy general director Le Minh
Hong announced yesterday at the group's annual business review meeting in Ha
Noi.
Hong said both production and revenue had exceeded the company's
target levels, except for petrol production. Only 5.61 million tonnes of
petrol were produced this year, accounting for 94.3 per cent of the yearly
goal.
The director attributed the lower-than-expected petrol
production to the unstable operation of Dung Quat Oil Refinery, which
produced just 5.14 million tonnes of petrol, equivalent to 95 per cent of the
goal, Hong said.
Total revenue for Petro-Vietnam and its affiliates this year
reached a combined VND727.7 trillion (US$34.8 billion), 17 per cent higher
than the target and 14.4 per cent higher than last year. Of the total,
PetroVietnam earned VND380 trillion ($18.18 billion), a year-on-year increase
of 10 per cent.
Total pre-tax profits reached VND113.1 trillion ($5.4 billion)
and mainly came from oil and gas exploitation and production and oil and gas
services.
PetroVietnam's chairman Phung Dinh Thuc said before 2006, the
group's revenue mainly came from crude oil exports, but in recent years, its
revenue was based on three pillars: oil export, industrial production (power,
fertiliser and gas) and oil and gas services.
This year, PetroVietnam exported a total of 16.7 million tonnes
of oil worth more than $10 billion, while revenue from oil and gas services
reached VND234 trillion ($11.2 billion), accounting for 30 per cent of the
group's total revenue and representing an increase of 13 per cent
year-on-year.
The state oil and gas group signed five new contracts this year
(four in the domestic market and one in the overseas market) as well as two
co-operation agreements with
In October, the group inaugurated the Ca Mau Gas - Electricity -
Fertiliser Industrial Complex, which helps lift the group's power generation
to 15.1 billion kWh this year (a year-on-year increase of 12.2 per cent) and
fertiliser production to 1.4 million tonnes (up 77.3 per cent year-on-year).
The group's contribution to the State budget totalled VND186.3
trillion ($8.9 billion) this year, a year-on-year increase of 15.8 per cent
and 38.2 per cent higher than its initial target – "an impressive result
given both domestic and international economic difficulties," Thuc said.
Despite its encouraging showing this year, PetroVietnam has set
modest goals for next year. It aims for total revenue of only VND653.3
trillion ($31.26 billion) and a State budget contribution of just VND143.2
trillion ($6.85 billion), both less than this year. - VNS
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Thứ Sáu, 28 tháng 12, 2012
Thứ Năm, 27 tháng 12, 2012
Aussie suspected on drug causes public uproar
The Australia man was
handcuffed after causing public disturbance on Bui Thi Xuan Street in Ho Chi
Minh City's District 1 on December 27 2012. Photo: Tuoi Tre
Police in
Initial information found that at about 2pm, a foreigner
dressed in shorts and a T-shirt kept shouting with scared face and ran
towards
After seeing the suspicious-looking man, two traffic policemen
chased after him.
Being afraid of the arrest, the man ran into a small alley and
climbed on top of houses in the area. Afterwards, the man stormed into the
house No. 14 Bui Thi Xuan to hide.
As of 3pm, police successfully constrained the foreigner and
took him to a police station nearby.
He received first aid because of suffering some minor bleeding
and getting some scratches on hands.
According to police investigations, the Australian rented a
hotel room on
But it is not the first time Australians have caused troubles
in
Previously, in late November, a 31-year-old Australian man allegedly
in mental illness robbed an ambulance from a Hanoi-based hospital and claimed
the life of a local motorbike driver when fleeing away from the hospital.
In November, 2011, a drunken Australia national caused uproar at the crossroad of
Ton Duc Thang and Nguyen Huu Canh in HCMC’s District 1. Local police had to
stop the man from jumping head-on into a truck.
In May, 2010, police detained an Australian
tourist after a
dispute over a US$10 fare led to the death of a taxi driver.
TUOITRENEWS
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Millions lost in shocking rip-off
The website of Nhom Mua,
Many customers who
bought vouchers from two major online coupon companies have been left high
and dry after they shut down without warning, with no government agencies
likely to intervene.
Many suppliers
have refused to provide the service to voucher holders of Dealsoc (shocking
deal) and Nhom Mua (buying group), saying the discount sites still owe them
money. Both suppliers and customers say their recent attempts to contact the
companies have been futile.
Experts in the
field estimated if nothing is done, the customers stand to lose at least US$5
million, based on the monthly revenues of the sites.
Groupon company
established “group buying” in 2008 in the
But the company
said competition from Amazon and Google, as well as the financial crisis in
Group buying came
to
Suppliers offer
promotional deals with the condition that they have to be purchased by a
minimum number of consumers, usually between 50 and 100, within a certain
timeframe. Group buying companies then advertise their deals on Facebook and
other social networking sites, send out mass Twitter messages and emails in
order to reach their targeted market.
Consumers in turn
ask family members and friends to join them in taking advantage of an offer,
and the discount sites receive a cut from the suppliers. Vouchers, for a wide
range of products from meals to travel packages, are offered for between 40
to 70 percent below the going market rate.
But the market
appears to be falling apart.
Dealsoc’s
headquarters in
News website VnExpress cited several Dealsoc
suppliers as saying their partnership with the company went smoothly at
first.
Dang Duy Cuong,
director of a private home appliance trading firm, said “the business used to
have no problems. But it has not made any payments recently.”
Dealsoc contracts
to pay the vendors for their products and services before an agreed upon
date, usually the expiry date of a discount offer.
But Cuong said the
company has not been honoring the agreement. Now he is holding on to many old
vouchers that customers used to buy his products, hoping he will be able to
eventually be reimbursed by Dealsoc.
With several
suppliers in the same circumstance, customers have been having their vouchers
rejected.
Nguyen Minh Tiep,
a customer, told news website VnExpress: “I bought four meal vouchers
for VND75,000 each and recently when I came with my last one, the restaurant
refused to serve me.
“They told me they
are keeping hundreds of vouchers and they could not reach Dealsoc to demand
payment,” he said.
Like the vendors,
Tiep has no idea how to reclaim his money.
Many Nhom Mua
customers are finding themselves caught in the same problem since the firm
stopped providing services last month, reportedly under the pressure of
shareholders who doubted the director’s financial management capabilities.
Vietweek has received several complaints from the affected customers.
Tran Duc Quang,
one victim, said on December 11 he received a call from La Sapinette Hotel in
the Central Highlands town of Da Lat that told him his booking for later this
month, which he had paid VND7 million (US$336), had been canceled.
A person from the
hotel told him his booking through Nhom Mua could not be accepted because the
company still owes the hotel money from previous deals, Quang said.
His contract said
Nhom Mua and the hotel must guarantee to provide services paid for, or else
offer compensation.
Nhom Mua’s website
(nhommua.com) is still running. The firm’s headquarters in HCMC has been
closed. Several attempts to reach the office by phone were not successful.
Established in
October 2010, Nhom Mua was the most popular group buying site in
It employs around
900 people at offices in
The company said
it has occupied more than 60 percent of the market, with nearly two million
members and monthly revenues of around VND44 billion ($2.1 million).
But the business
recently entered its rough path.
Its director Tran
Duc Thang was asked to step down last month amid accusations of embezzlement.
He is currently under police investigation. He told Vietweek he is waiting for a response
from the investors to resume the business, pay the staff and recommence
carrying out the deals.
But he said any
service rejection from the vendors was unilateral and had not been agreed to
by Nhom Mua.
Several Nhom Mua
suppliers said the customers should not be victimized and that suppliers must
“accept the consequences” when entering such a new business.
Huynh Quoc Huu,
director of a dental clinic in HCMC, said while he is no longer partnered
with Nhom Mua, he thinks vendors should not punish customers just because of
problems with the group buying site.
At the end of the
day, businesses need to protect their reputation with customers no matter
what, he said.
“When we choose
and agree to partner with group buying sites, we have to accept both the
benefits and risks... Even if the group buying companies fail to make
payments, customers should not be denied the services,” Huu said.
But legally, it’s
tough to determine how the suppliers involved should behave, as related
government agencies said they have no jurisdiction to intervene.
Ho Thuy Ngoc, a
legal expert for e-commerce issues, said the group buying sites are supposed
to follow operational formula laid out by the Law on E-Transactions, the
Commercial Law, and be supervised by the e-commerce department at the
Ministry of Industry and Trade.
But a
representative from the HCMC Department of Investment and Planning, which
licensed the sites, said it was only responsible for ensuring their business
models corresponded to the issued licenses.
Meanwhile, Tran
Huu Linh, head of the Trade Ministry’s e-commerce department, said the
business practices of Dealsoc or Nhom Mua are not described in current
e-commerce regulations and thus, the companies do not fall under its
jurisdiction.
Experts in the
field said customers might be plumb out of luck as local laws have not been
updated well enough to protect them.
Lawyer Tran Huu
Huynh, chairman of Vietnam International Arbitration Center, said group
buying will continue to be a trend and laws need to be adjusted to protect
people from malfeasance within the expanding market.
By Mai Phuong-Tran Tam, Thanh Nien
News
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Billionaire George
Soros on
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2012: A bad year for
Vietnamese tycoons
There
are many tycoons that suffered great failure in business, their property
values plummeted, some of the even broke the law and were arrested. Only a
few entrepreneurs could expand business and production.
It is not hard to remember the unfortunate moguls this year. The first is Nguyen Duc Kien, Vice Chairman of the Vietnam Professional Football Joint Stock Company (VPF), Chairman of Hanoi Football Club and a founding shareholder of many commercial banks such as ACB, Kien Long... Kien not only had a very difficult year for the business but is also in prison now. In 2011, Kien’s ACB shares valued up to VND692 billion ($35 million), but in early November 2012, the value of these shares fell to VND524 billion ($26 million). In addition to the difficult market situation, the loss in value of ACB shares was also be related to the difficulties of ACB when a number of key officials were prosecuted, such as Mr. Tran Xuan Gia, former Chairman of ACB and Ly Xuan Hai, former general manager. Kien was also prosecuted and detained on charges of "willful contravention of the State regulation causing serious consequences" under Article 165 of the Penal Code. Not only that, Kien was also prosecuted for fraud to appropriate property under Article 139 of the Penal Code. With these charges, Kien may have to spend a long time in jail. The second case in the year is Mr. Dang Thanh Tam, Chairman of Saigon Invest Group, Chairman of Kinh Bac Urban Development Investment Corporation. 2012 is definitely an unpleasant year for this tycoon. The total banking debt of Tam and Ms. Dang Thi Hoang Yen, his sister, as he revealed at the last session of the National Assembly, is up to VND10 trillion ($500 million). In the context of very high interest rate, output is difficult, of course, it is a huge burden for this tycoon when every morning, after opening his eyes, he has to think of billions dong of interest money that he has to pay for banks. But the biggest failure of Tam is his investment in banks. He once said: "Nobody wants to say we failed, but say we are unsuccessful is just a courtesy. Not only banks, but our financial investment activities in general completely failed, even heavily losses. Honestly, if we did not involve in banks, we would have not suffered like this. Profit from industrial parks is not high but we can collect money steadily."
The statistics on the stock market shows that how failure of Dang Thanh Tam in 2012: the total value of assets (stock codes ITA, KBC, NVB, SGT) in 2011 was VND1,395 billion. But the number fell to VND820 billion by early November 2012. Another tycoon who got a huge loss due to the decline in the value of shares in 2012 is Nguyen Van Dat, Chairman and CEO of Phat Dat Real Estate Development JSC (PDR). Dat was one of the new faces of the list of the richest people on the stock market in 2010, thanks to the holding of one of the “hottest” real estate share at the time. Value of the shares on the stock market of Dat exceeded VND2.6 trillion in 2010. This number has diminished significantly over the past two years and 76.8 million PDR shares, which Dat holds is only worth about VND930 billion, a decrease of nearly VND515 billion from last year. The list of "unlucky" tycoons in 2012 is very long, with Mr. Tran Hung Huy (ACB), Dang Van Thanh (Sacombank), Nguyen Thi Nhu Loan, Chairman and CEO of Quoc Cuong Gia Lai Joint Stock Company and others. As of November 2, the total assets of Dang Van Thanh’s family on the stock market was more than VND1,514.9 billion. Holding 42.7 million shares of Sacombank, Thanh had VND798.4 billion (the price of this share on November 2). Thanh’s wife, Huynh Bich Ngoc, who has just left from the chairmanship of Bourbon Tay Ninh and from the Board of Directors of this company, also had 36.5 billion of assets on the stock market. Ms. Ngoc also holds shares of the Bourbon Tay Ninh, Bien Hoa Sugar and Sacomreal and Real Estate. That's not to mention the volume of assets, shares in unlisted companies that members of Dang Van Thanh family are holding, where they also hold vital positions from president to CEO, member of the Board of Directors. In 2012, Sacombank has undergone a major acquisition from a group of "giant" shareholders. Rumors of the acquisition of Sacombank broke out in July 2011 and immediately, the bank's shares plunged. In February 2012, Dang Van Thanh and his son were requested by a group of shareholders who hold more than 51% of Sacombank’s chartered capital to change the board of management of Sacombank. From here, captain Dang Van Thanh formally gave up in the biggest acquisitions in the Vietnamese stock market. But there are tycoons who still worked fairly well in the year. The most significant example is Doan Nguyen Duc, Chairman of Hoang Anh Gia Lai Group. Although this is a difficult year for this group because it also invested a lot of money in real estate, but with bold decisions such as dumping some apartment blocks in Doan Nguyen Duc suffered less difficulty than other tycoons because the loans from banks are not too big on the total investment, around VND6 trillion. At the end of 2012, Hoang Anh Gia Lai Group decided to invest in Hoang Anh Attapeu Sugar, worth $100 million in This project is likely to bring success for Hoang Anh Gia Lai because Vietnam and Laos have a preferential tariff agreement, so a number of goods imported from Laos will be entitled to preferential interest rate of 2.5% instead of 5% as from ASEAN ... Although in the general context, the value of more than 25 million HAG shares that Doan Nguyen Duc owns also decreased, but the total assets of this mogul have increased sharply compared with the previous year. By the end of May 2012, Duc’s property increased by VND2.5 trillion compared with the end of 2011. In the next two months, each month, Duc's assets rose by VND300 billion thanks to the increase of the price for his stock. By the end of July, when HAG closing price was at VND29,200, the value of assets on the stock market of Duc was VND7,582 billion. On average, each month the value of the assets of Duc increased from VND300 to VND500 billion. On the list of enterprises that obtained good business results in 2012, there is another impressive case - the Vietnam Dairy Products Joint Stock Company (Vinamilk). In the third quarter of 2012, this company earned profit of more than VND1,390 billion. Vinamilk CEO Mai Thi Kieu Lien was selected as one of the outstanding business leaders in Asia by the Corporate Governance Asia Journal, a magazine specializing in corporate governance based in Trung Ngon |
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Muted Tet cheer as workers expect meager
bonuses
Workers polish wood in
a furniture factory outside
Nguyen Van Thai
looked somewhat mystified.
Asked about his
bonus hopes for the upcoming Tet, the employee of a woodwork company
in
While it is still
early for many companies to talk about bonuses for the Lunar New Year,
employees have very low expectations compared to previous years. As firms
struggle to survive, many workers consider it lucky if they receive wages on
time.
“Over the past few
months, the company has received only a few small orders. It has not managed
enough money to pay us wages. It has owed us our salary since May.
“In such tough
conditions, it is very lucky to have work and get our salary before Tet,”
Thai said.
His firm has cut
half of its labor force since early this year, and owes others wages.
Nguyen Anh Tu,
manager of a factory that makes parts and components for machinery in
He said his firm usually
gave Tet bonuses
equaling a month’s salary, which ranges from some VND6-8 million
(US$290-385).
Nguyen The Hung,
deputy director of
Some 55,000 firms
are expected to be dissolved by the end of this year, according to the
Department of Business Registration Management under the Ministry of Planning
and Investment.
According to the
management board of
Electronics
producers are offering the highest average bonus at some VND5 million,
followed by textile and garment companies and footwear producers at VND3.4
million; and food traders, VND2.5 million.
Last Tet,
the average bonus paid by foreign-invested and state-owned firms was VND4.2
million and VND3.7 million respectively.
Nguyen Hoang Tuan,
director of a property firm, said real estate prices have fallen by 20-40
percent in all market segments since late last year, so many firms have
suffered losses. “We are just trying to pay wages for employees before Tet.
I don’t think that we will have funds for bonuses this Tet.”
Banks, which used
to offer employees high bonuses, are also expected to hand out moderate payments
this year as many of them are facing business difficulties.
Governor of the
State Bank of Vietnam Nguyen Van Binh said banks have been banned from
increasing salaries or offering bonuses until they set aside enough funds to
prevent risks and deal with bad debts.
Some private firms
producing consumer goods or food items, have said they plan to offer
employees their own products, or allow them to extend their Tetholidays
instead of giving them a bonus this year.
Meanwhile, workers
are facing an even more difficult time during the festival, not only because
of smaller or no bonuses, but because they also have to deal with increased
prices.
Many experts have
predicted that the prices of most commodities, especially food items, would
continue to increase in the coming months as consumption rises during the
festival season.
Annual inflation
is likely to be 7.5 percent, the government said early this month. The
increased consumer prices would hurt low-income workers the most.
Nguyen Thi Minh,
an employee of electric appliance trader Phuong Hong, said she and other
workers at the company are worried about a difficult Tetahead
even though they have been promised bonuses.
Prices have been
increasing recently, she said. For many products, prices have doubled over
the past few years.
Since workers
typically receive bonuses just before Tet, when prices increase the maximum,
the smaller bonuses expected this year will pale in comparison with price
hikes, Minh said.
By Bao Van, Thanh Nien News
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Thứ Tư, 26 tháng 12, 2012
Nepotism can
eventually make everyone a loser
PATRICIA
CHASE
Prof. Patricia Chase is
seen in this picture. Photo: By courtesy of Prof. Patricia Chase
Editor’s Note: Patricia Chase is a Clincal Assistant Professor at
On some level I can understand the thinking by many Vietnamese
people that nepotism is not a social evil but a normal phenomenon in
I think nepotism can be a slippery slope into corruption, if
not a corrupt behavior in and of itself. Corruption, of course, refers to a
disregard of laws and making choices and decisions based only on one’s own
self-interest. And the next closest thing to making decisions based on
self-interest is making decisions based on family self-interest. What takes
priority in such actions are most often not the goals of the society or the
public organization but rather those of the individual and those closest to
him or her.
While the costs of such behavior may not be evident on the
small scale, that is, within the family, on a larger scale the consequences
become evident. When choices are not made based on fairness, equity, and
quality, the best and most qualified persons are likely not selected.
Presumably a paid position carries with it responsibilities that must be
carried out as effectively and efficiently as possible to meet some specific
need of the society. When the best person to accomplish this does not have an
opportunity to be considered everyone loses in the end. Also if there are few
alternatives to nepotism in terms of access to employment and education, such
practices seem likely to continue.
Of course nepotism exists in the
Several years ago at
I have not faced nepotism as we have been discussing it here,
but we at
I think one of the reasons why it may be unfair to compare
practices in
Often the costs of nepotism are not obvious in the short run,
but given the commitment to building a better society that I have seen among
the young people of
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