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BUSINESS IN BRIEF 9/2
Southern
province sees leap in coffee exports
The
southern
The
commodity was mainly shipped to the
Experts
forecast
Last
year, the country exported 1.32 million tonnes of coffee, earning 2.75
billion USD, the fourth best performance of
Lang
Son targets increased border trade
The
northern mountainous
Border
trade has significantly benefitted Lang Son over the past two years, said
Nguyen Quoc Hai, Deputy Director of the provincial Department of Industry and
Trade.
The
official reflected on the province’s total import-export revenue in 2012
which exceeded 2.2 billion USD, stressing that this was the first time the
locality’s export turnover has surpassed its import value.
Last
year, the figure climbed to 2.5 billion USD, up 19.7 percent against the
previous year, of which export value made up 56 percent to 1.3 billion USD,
he added.
Lang
Son mainly shipped abroad cassava, fruits and farm produce while importing
autos and auto appliances, machinery, chemicals and production materials.
According
to Hai, with more than 3.6 trillion VND (169.2 million USD) contributing to
the State budget last year, the province has invested in upgrading
infrastructure and accelerating border trade.
Nguyen
Tien Bo, head of the Huu Nghi Border Gate’s Customs Branch, said the Lang Son
Customs Department has aided struggling businesses while coordinating with
relevant agencies to organise dialogue with them.
Thanks
to these efforts, the Huu Nghi border gate has attracted a large number of
businesses, he said.
Lang
Son targets total import-export revenue of over 2.5 billion USD in 2014, up
0.8 percent over 2013. Of the amount, export value stands at more than 1.4
billion USD.
To
fulfill the target, the province will give more importance to infrastructure
development, market building, investment attraction and the reform of customs
procedures.
Lang
Son will also organise fairs in the province and
In an
effort to optimise national development,
Deputy
Minister of Planning and Investment Nguyen Van Trung at a recent media
interview pointed to what was once
Trung
said
He
explained the shift in relation to finalising the legal framework for FDI,
first and foremost of which involves revising the Enterprise Law and related
legislation, weighing the advantages of decentralising FDI attraction and
management, and fine-tuning policies promoting investment.
The
official stressed there is no discrimination between local and foreign
businesses, saying FDI businesses operate in
The
FDI sector generates 25 percent of the country’s total social investment, 18
percent of GDP, 64–67 percent of export earnings, and 12–14 percent of State
budget revenue. It creates millions of jobs and helps balance the country’s
trade.
Rather
than decrying the dominance of FDI businesses in head-to-head competition
with domestic rivals, Trung welcomes it, suggesting Vietnamese businesses
could use the push to hone their operations and shore up their independent
market viability.
OV
investment to rise if policies improved: expert
According
to Deputy Chairman and General Secretary of the Overseas Vietnamese
Entrepreneurs' Association Bui Dinh Dinh, if sound solutions and policies are
in place, overseas Vietnamese capital inflows into the country will increase
strongly.
Dinh
told the Vietnam Economic News in an interview published on February 7 that
overseas Vietnamese have invested back in
Generally,
overseas Vietnamese businesses spoke highly of the Vietnamese investment
environment, he said. However, those who wish to make investment have still
faced barriers and, for this reason, they have begun expanding their
investment to neighbouring countries like
Dinh
said in the short run, apart from major tasks including further reforming and
simplifying administrative procedures for investment projects, the Government
needs to work on specific policies and measures to encourage and support
overseas Vietnamese investors such as exempting and reducing land and
corporate income taxes during the first 3-5 years of operation.
“It
also needs to improve economic transparency, law equality and the quality of
human resources, while at the same time stabilising its policies. If this
happens, overseas Vietnamese investment inflows into the country would soar
in the near future,” he added.
Apart
from direct investment, overseas Vietnamese have increased their remittance
to the country, which amounted to almost 8.6 billion USD in 2011, almost 10
billion USD in 2012 and an estimated 10.6 billion USD in 2013, making
Most
of the money has been invested in domestic production, real estate and trade,
thus creating many jobs.-
Work
resumes on upgrades of North-South highway
Work
on upgrades of a 76.44-km section of
The
project was launched on September 5, 2013, with the Ha Tinh provincial
Department of Transport, the Traffic Safety Project Management Board and the
Project No.6 Management Board of the Transport Ministry, as the major
investors.
At the
ceremony, the investors, constructors and supervisors committed to speeding
up the project’s tempo, striving to complete it in December this year.
The
same day, all businesses and units involved in upgrading a section of
National Highway 1A running though the central province of Quang Binh also
returned to work.
The
work on the 144-km stretch needs a total investment of more than 6.9 trillion
VND (324.3 million USD).
The
North-South highway, which is of significant importance to the country’s
socio-economic development and national defence, has seriously deteriorated
in recent years, leading to severe traffic congestion and accidents.
An
Giang strives to become
Leaders
of An Giang have planned to turn the province into the main tourism centre of
the Mekong Delta by capitalising on its potential.
By
diversifying tourism products, upgrading infrastructure and training human
resources, in 2014, the province hopes to attract 5.8 million local and
foreign tourists, a growth of 2 percent against 2013.
According
to provincial authorities, religion-related tourism is among the new angles
they are hoping to maximise.
As
part of this, tourists will visit Cam and Sam mountains,
The
province also plans to build a Chau Doc entertainment complex and
Meanwhile
the Tra Su cajuput forest will focus on eco-tourism, with activities
including fishing and boating through the forest in addition to visits to
historical sites.
Alongside
this, the canvas-weaving craft villages of the Cham ethnic groups will also
be restored.
Famers'
Association of An Giang province recently introduced a tour package entitled
73 Hours in That Son (Seven Mountains), which gives tourists an introduction
to typical farming practices and families in the locality.
Last
year, 13,000 tourists including 600 foreigners took the tours which involved
them in local life, such as farming, fishing, cooking and listening to
traditional music.
In the
previous year, with support from Dutch farmers, An Giang announced an
investment of 18.4 billion VND (0.86 million USD) for agriculture tourism
development in the province.
Farmers
of 15 communes in the province registered to participate in the programme.
Each commune now has five to 10 families involved in tourism services.-
Year
of the Horse hoped to boost leather industry
Export
revenue of bags and suitcases was 1.92 billion USD in 2013, up by 26 percent
year-on-year.
Local
manufacturers are expecting better growth this year, with increasing global
market demand prompting t he Vietnam Leather and Footwear Association
(Lefaso) to forecast an export growth of 30 percent for this group in 2014.
According
to Lefaso, many foreign enterprises are seeking providers of finished products,
and some manufacturing factories are even moving to
To
benefit from preferential tariffs under various free trade agreements and the
Trans-Pacific Partnership Agreement, several foreign companies of ancillary
industries have also invested in
Nguyen
Duc Thuan, Lefaso chairman, told VnEconomy that eight out of the 10 global
leading brands had expressed interest in moving their orders to the country.
The
movement will create a great opportunity for the local firms to expand
production. Local firms would strive to increase investment, expand
production scales, and improve the quality of their products to compete with
foreign invested firms in
Businesses
primarily use domestic leather to make student handbags and backpacks,
whereas higher quality materials are imported to make luxury handbags.
Thai
Binh Shoes is a pioneer in the manufacturing of luxury handbags for
world-famous brand names, including Coach of the
The
largest importers of made-in-Vietnam bags and suitcases are from North
America (44 percent), the European Union (28 percent), and
In the
past, foreign investors dominated the handbag export market. However,
domestic businesses have gotten into it over the past two years and set their
sights on becoming suppliers to world-famous brands.
Bags
and suitcases were part of the leather and footwear exports worth a total of
10.3 billion USD last year, an increase of 18 percent over the value of
exports in 2012.
The
export value of footwear products was estimated at 8.4 billion USD in 2013,
which is 15 percent higher than the previous year, while the export value of
handbags surged 26 percent from the previous year to 1.9 billion USD,
according to Lefaso.
As the
industry increased the use of local inputs for production, it only paid 3.7
billion USD for raw material imports last year, which widened the trade
surplus to 6.6 billion USD, noted Thuan.-
Farm
exports reach 2.32 bln USD in January
Specifically,
farm products were estimated to rake in 1.17 billion USD, down 17.9 percent,
while forestry items were to bring in 534 million USD, up 3.3 percent and
fishery, 552 million USD, up 13.9 percent.
Decreases
were seen in several major export staples such as coffee, rubber, pepper and
cassava products with rubber suffering the strongest decline.
In the
year’s first month,
In
2013,
137,000 tonnes
of wood chip leave Quang Ngai ports
Quang
Ngai-based ports have exported a whopping 137,000 tonnes of wood chip to
The
local Gemadept-Dung Quat international port successfully shipped 60,000
tonnes of the product to
This
was the first time the two ports have sent abroad such a big volume of wood
chip during Tet.
The
former strives to ship 1.6 million tonnes of wood chip to
Its
wharf is being upgraded to help ships of up to 70,000 DWT land safely.
The
wharf is expected to serve as the largest of its kind in the central region,
welcoming ships serving major projects including the Singaporean Sembcorp’s
1,200 MW thermal power plant.
Tien
Giang expands fruit growing area
The Mekong
Delta
The
key fruits have been named as Hoa Loc mango, Co Co grapefruit, Ngu Hiep
durian, Tan Phuoc pineapple, Vinh Kim star apple, Cho Gao dragon fruit and Go
Cong cherry, according to Director of the local Department of Agriculture and
Rural Development Nguyen Thanh Can.
Besides
expanding the cultivation area, the province has applied advanced farming
techniques and manufacturing processes in line with Vietnam Agricultural
Practice (VietGap) standards, in order to better fruit quality.
As a
result, local farmers can earn an extra 100-200 million VND per hectare a
year, double or three times higher than that from rice growing. Some
arboriculturists even fetched a record profit of 500 million VND (23,800 USD)
per hectare per year.
The
locality has set up 43 agricultural cooperatives, including 17 producing and
selling fruits with star apples and pineapples meeting Global GAP and VietGAP
criteria.-
HCM
City aims for more FDI
HCM
City has already licensed 15 new foreign direct investment (FDI) projects
totaling US$19.9 million in January, up 15.4% in volume and 51.5% in value
from a year earlier.
The
city also authorised US$3.3 million in additional investment for two
projects, bringing total FDI capital to US$23.2 million or 32.4% higher than
January 2013.
City
authorities licensed 1,415 newly established businesses with registered
capital of VND7,111 billion.
But
other Vietnamese cities and provinces saw January 2014 FDI flows slow to a
trickle, down 50.6% in volume and 52.4% in value compared to a year ago.
Garment
exports off to a good start
Orders
placed with garment factories in the first days of the Lunar New Year herald
a bonanza for the garment sector, boosted by breakthroughs created by the
Trans-Pacific Partnership (TPP) Agreement.
Members
of the National Textile and Garment Group (Vinatex) customarily place their
orders in the first three months and this year’s rise bodes well for 2014
being an opportunistic year for
In
recent days, the Duc Giang Garment Company has been busily packing products
for export to the EU, the
Many
other garment businesses are also sanguine about the prospects for exports
this year. They are actively searching for quality domestic materials to
reduce dependence on imports, mindful of the need that domestic suppliers
ensure delivery of goods on schedule.
This
contributes to raising a competitive edge and is attracting more orders from
well-known trademarks in
The
Dong Tien Garment Joint Stock Company is not only focusing on keeping its
traditional clients but is pursuing expansion into new markets with specialty
designed products, such as clothes for skiing, elastic coat and underwear.
Particularly,
the TNG Trade and Investment Joint Stock Company has invested heavily in
promoting its brand and building a domestic distribution network with clothes
for teenagers. The TNG brand is now gaining popularity across the country and
is favoured by many young people.
Garment
10 Company Director General Nguyen Thi Thanh Huyen says since early this year
the company has received a large number of orders for exports so it is
stepping up production of high quality shirts in Thieu Do district, Thanh Hoa
province and 12 others in Quang Binh province, as well as one production line
to make luxury jackets in Thai Binh province.
Nguyen
Ngoc Lan, Vice General Director of the Nha Be Garment Corporation, says like
many other Vinatex members, Nha Be orders are up this year and it is hopeful
exports will be better than the previous year.
A
leading Vinatex member, the corporation has continually poured investment in
production to meet the increasing demand of customers. European clients are
shifting their original design manufacturer (ODM) products to
To
seize the opportunity, Nha Be has built a sample unit to make ODM products
for European clients only. It has drawn up a carefully thought out marketing
plan and if it is successful, Nha Be and other garment makers stand to gain a
competitive edge.
Vinatex
General Director Tran Quang Nghi says Vinatex has gradually reduced its
dependency on imported materials for exported products and promoted
self-designed products to increase the added value of the products.
It has
focused on quality improvements, helping the group move to a higher position
in the global garment chain and businesses make full use of capital assets
available.
Vinatex
has obtained both targets of restructuring – market and investment
efficiency, Nghi says.
Quality
growth is a key task of Vinatex this year, he says, adding the group will
keep export growth of 12% and raise ODM products from 10% in 2013 to 12-14%
this year.
The
group will expand its “lean” manufacturing method which has been successfully
applied in some businesses to reduce inventory and raise competitiveness,
Nghi says.
With
57 projects afoot, 2014 is expected to be a boom year in investment for
Vinatex. Most projects centre on developing material areas in an effort to
raise the ratio of local contents in products – a necessary step towards
grasping the opportunity brought about by TPP and breaking into the global
market.
Dong
Nai’s coffee exports rise sharply in Jan
Coffee
exports of Dong Nai province climbed impressively by nearly 23% in January
from a year earlier to more than 14,300 tonnes, reports the local Statistics
Office.
The
Office cited the largest export markets as the
Minh
Huy Company, Tin Nghia Corporation, Armajaro Vietnam Company and Dong Nai Import
Export Processing Agricultural Products and Food Company were listed as the
major coffee exporters from Dong Nai.
The
price of coffee beans is now hovering around VND35,000-35.500 per kilo.
According
to government economists,
An
Giang to join “US$1 billion export club”
The
southern
As
well as increasing industrial zone investment to promote the processing
industry’s development, the province will attempt to encourage rural
industrialization by applying manufacturing engineering principles to
agricultural production.
It
will also expand trade promotion in emerging markets to raise the export
value of important commodities, ensure traditional markets are not neglected,
and strengthen export quality management.
An
Giang has drafted targeted policies encouraging businesses to invest in
fields using advanced technology. It will support agro-forestry and seafood
businesses looking to broaden their customer base and work to improve the
international reputation of provincial trademarks.
While
acknowledging many risks, the provincial Department of Trade and Industry
forecasts the global economy will rebound, creating opportunities for its
rice, fish, and frozen produce exporters.
The
domestic economy’s signs of recovery and business policy reforms in late 2013
lend additional weight to An Giang’s optimism.
Businesses
shift to social media services
Businesses
are currently making full use of social media to access clients, promote
brands and increase turnover.
Another
survey recently conducted by Nielsen, a leading global information and
measurement company, shows a large number of Vietnamese people tend to use
mobile phones to search for information about discounts and review products
they want to purchase.
The
strong development of Over-the-top content (OTT) services, particularly on
mobile phones, has helped promote this type of consumerism.
Domestic
OTT service providers are going into competition with foreign rivals such as
Viber or Line to get the lion’s share.
More
than 30 per cent of the provinces and cities nation-wide enjoyed an export
turnover of over US$1 billion last year.
According
to data from the General Department of Customs,
The
Song Hong (Red River) Delta, Cuu Long (
Bag,
suitcase exports fetch $1.92b
Export
revenue of bags and suitcases was up by 26 per cent, reaching US$1.92 billion
in 2013.
Local
manufacturers are expecting better growth this year, with increasing global
market demand.
The
Viet Nam Leather and Footwear Association (Lefaso) is forecasting an export
growth of 30 per cent for this group in 2014.
According
to Lefaso, many foreign enterprises were seeking providers of finished
products. Some manufacturing factories are even moving to
To
benefit from preferential tariffs under various free trade agreements and the
Trans Pacific Partnership Agreement, several foreign companies of ancillary
industries have also made investments in
Nguyen
Duc Thuan, Lefaso's chairman, told VnEconomy that eight out of 10 global
leading brands had expressed interest in moving their orders to
The
movement will be a great opportunity for the local firms to expand
production. Local firms would strive to increase investments, expand production
scales, and improve the quality of their products to compete with
foreign-investor-driven firms in
Businesses
primarily use domestic leather to make student handbags and backpacks,
whereas higher quality materials are imported to make luxury handbags.
Thai
Binh Shoes is a pioneer in the manufacturing of luxury handbags for
world-famous brand names, including Coach of the
The
largest importers of Made-in-Viet
In the
past, foreign investors have dominated the handbag export market. However,
domestic businesses have gotten into it over the past two years and have set
their sights on becoming suppliers to world-famous brands.
Bags
and suitcases were part of the leather and footwear exports worth a total of
$10.3 billion last year, an increase of 18 per cent over the value of exports
in 2012.
The
export value of footwear products was estimated at $8.4 billion in 2013,
which is15 per cent higher than the previous year, while the export value of
handbags surged 26 per cent from the previous year to $1.9 billion, according
to Lefaso.
As the
industry increased the use of local inputs for production, it only paid $3.7
billion for raw material imports last year, which widened the trade surplus
to $6.6 billion, noted Thuan.
Central
Highlands provinces connect to boost tourism
The
provinces of Lam Dong, Dak Lak, Dak Nong, Gia Lai and Kon Tum have joined
hands to develop infrastructure and design various kinds of tours to
popularise regional culture to serve the 2014 national tourism year, themed “
Promotion
campaigns have been organised to introduce tours to areas and villages of
ethnic minority people in the region.
Such
sites as Da Lat in Lam Dong and Don village in Dak Lak have received due
attention and become popular destinations for both domestic and foreign
visitors.
Last
year, the region welcomed five million tourists from home and abroad, earning
8.134 trillion VND (387.3 million USD).
However,
there are still shortcomings that need to be addressed to make full use of
the region’s tourism potential.
Currently,
travel agents only pay attention to developing eco-tourism and tours attached
to culture, neglecting trekking due to the high investment needed, thus
diverse tours are lacking.
Furthermore,
the erosion of the space of “Gong” culture, which was recognised as an
intangible cultural heritage by UNESCO, and forest destruction pose
challenges for the provinces.
The
Central Highlands has been recognised as a land of mysterious mountains and
forests with a significant population of ethnic minorities whose varied
customs and lifestyles are an anthropologist's delight.
The
region is also home to some of the most endangered species in
The
rich and unique natural beauty and cultural diversity make it an ideal site
for tourism development.
The
2014 national tourism year is a good chance for the five provinces to find
ways to tap the region’s tourism potential.
A
series of tourism promotion activities will be held throughout the year,
including a traditional brocade-weaving festival, a traditional costumes
show, a national chess tournament, a traditional instruments festival, a food
festival, a sport-culture festival and an international gongs festival.
Various
new tours will be designed for tourists such as Jungle Tours to
The
Central Highlands region plans to turn tourism into an economic spearhead
between now and 2030, contributing to socio-economic development, poverty
reduction, social security and maintaining security and social order.
Specifically,
the region sets to welcome 2.7 million domestic visitors and 450,000 foreign
tourists, earning 260 million USD in 2015.-
The
HCMC Department of Transport closed the
This
is an important bridge linking districts 3 and Phu Nhuan with the city center
and is funded by the World Bank (WB).
Earlier,
Bong, Le Van Sy and Hau Giang bridges have been closed to make way for
construction of new bridges. WB has funded nearly US$37 million for the
construction.
The
new bridges are expected to be completed before October.
To
help prevent traffic jams the department has built two temporary bridges.
Besides, vehicles have been instructed to use alternative routes in this
area.
Sagri
to boost investment in HCMC
Saigon
Agriculture Incorporation, or Sagri, will develop several slaughter house and
milk processing plant projects in HCMC’s Cu Chi District this year.
Huynh
Huu Loi, Sagri’s board chairman, said the cattle and livestock slaughter
house project is part of a plan to move polluting slaughter houses out of the
city center. The enterprise also has plans to build a milk processing plant
in the district and is considering selecting a trademark for the dairy
product.
Last
year, Sagri met many challenges in business and production activities as meat
and egg products were sold at below cost between August and September.
Meanwhile, latex prices plunged by over a half against 2012, affecting the
firm’s business results.
The
enterprise obtained VND175 billion in pre-tax profit, meeting 44% of last
year’s target.
Sagri
launched a wastewater treatment plant of An Nhon livestock slaughtering
center into operation in 2013. It expects to begin the trial run of a similar
plant at Nam Phong slaughtering center this month.
LOTTE
Mart seeks
Wood
processor Duc Thanh was one of four domestic companies LOTTE’s purchasing
department has worked with, said Lee Eun Seung from the purchasing department
of LOTTE. Supply contracts, if any, would be signed after the
LOTTE
would be distributing Vietnamese products at 150 stores in its worldwide
retail system.
The
LOTTE team also visited Big C and Metro stores in HCMC in order to look for
any appropriate items for distribution at its LOTTE Mart stores. Vietnamese
suppliers, when chosen, would ship their goods directly to LOTTE Mart stores
worldwide.
A
LOTTE representative said the company was shifting orders for goods from
Tran
Thuy Minh Tram, deputy sales director of Duc Thanh, said the items which
LOTTE is interested in were chairs and hangers and that since her firm had
already shipped products to LOTTE Mart stores, it would be convenient to
clinch new supply deals.
South
Korea has emerged as a major market for Duc Thanh in the last two years, Tram
said, adding South Korean customers, including LOTTE Mart, now account for
around 30% of Duc Thanh’s export volume. Duc Thanh’s annual export revenue
averages out at about US$10 million.
Net
increase in foreigners buying shares
The
local market reported positive foreign net buying value since September, as
investors were expecting approval of higher foreign limit ownership (FOL) in
listed enterprises.
Last
month, foreign investors bought over VND4.2 trillion worth of shares on the
Hochiminh Stock Exchange (HOSE) while selling over VND2.6 trillion. They
posted up a net buying value of around VND1.6 trillion, a 25% rise against
the previous month, despite fewer sessions due to the Lunar New Year holiday,
or Tet.
This
was the fifth consecutive month foreigners reported net buying value in the
local market.
On the
Concerning
the FOL increase, Vu Bang, chairman of the State Securities Commission, said
that the draft with some new regulations has been submitted to the
Government. The Government is collecting suggestions from related agencies.
The
issue has drawn much attention from foreigners as most promising stocks have
seen their foreign room filled up. Among 302 enterprises listed on HOSE, 21
stocks including VNM, DHG, HCM and FPT have no more room left for foreign
investment. These firms have reported positive growth rates over the past few
years.
Meanwhile,
large investment funds usually target large-caps with strong liquidity. For
small-caps, they will meet challenges in transactions due to poor liquidity.
The
director of a foreign investment fund said that higher FOL, though, at any
level will offer more opportunities to foreign players.
In
At
present, foreign investors have regularly received company update reports
released from securities firms and investment funds to consider disbursement
in the local market, the director said.
Foreign
players are also expecting the listing of large enterprises such as MobiFone
and Vietnam Airlines. As a fund has capital of up to US$500 million, it is
not easy to invest in
VAMC
likely to sell some bad debt this year
VAMC,
the country’s leading debt trading firm, may sell dozens of trillions of dong
worth of bad debt at book value this year following a classification of debt
it has bought from commercial banks nationwide.
Nguyen
Quoc Hung, vice chairman of the company, told the Daily that his firm had no
plan to purchase more bad debt early this year so that it could focus on
reviewing and revising documentation for the bad debt it had acquired.
The
company will also issue several hundred billion dong worth of special bonds
for the banks that have transferred bad debt to it, and classify bad debt for
settlement.
VAMC
will classify debt into groups of tradable and non-tradable debt by sector or
type of mortgage. For tradable debt, Hung said, the company will either
sell it or ask the debtor in the manufacturing sector to pay and sell certain
real estate on signs of the property market warming up.
“We
had sold more than VND100 billion worth of real estate debt by end-2013,” he
noted.
In
addition to purchases of bad debt at book value, the firm will take over more
bad debt at market prices and sell it on to interested investors. It is
mapping out a plan for this.
VAMC
is planning to restructure a couple of cash-strapped enterprises from which
it has acquired bad debt from banks, exempt or reduce the interest on some
debts, and raise funds from foreign sources to restructure the debt-ridden
businesses.
Hung
said VAMC could sell VND70 trillion to VND100 trillion worth of special bonds
to finance additional debt buying this year.
By the
end of last year, it had bought VND38.9 trillion worth of bad debt by issuing
VND32.4 trillion special bonds.
Securities
firms still in distress in tough market conditions
A
majority of securities firms have entered into the new year with great
uncertainties ahead as the stock market has yet to get out of the woods.
Up to
58 of 94 stock brokerages are facing huge losses, five are being monitored
due to their poor performance, and nine under special surveillance.
A
latest report which the State Securities Commission sent to the Ministry of
Finance says that last year SSC had ordered six brokerages to stop stock
trading consulting, two to suspend securities trading, four to withdraw from
stock issuance underwriting services, and one to stop providing stock
investment consulting.
The
commission also allowed two stock brokering companies to merge, three to be
disbanded, and two to stop stock custody service.
The
tough business conditions last year led to 15 stock brokerages to disappear
from the market. More firms are expected to succumb to the ongoing
difficulties this year as a number of companies are in the process of
implementing merger plans to strengthen their operations.
The
commission has requested securities firms to submit their financial safety
reports every two weeks, instead of each month.
Last
year saw SSC conducting 66 scheduled and snap inspections into securities firms,
fund management firms, listed enterprises, auditing firms, and transactions
by individual and institutional investors.
The
commission issued 102 decisions imposing fines of over VND7.7 billion on
individuals and organizations over violations.
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
|
Thứ Bảy, 8 tháng 2, 2014
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