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BUSINESS
IN BRIEF 24/4
Logistics
firm targets 13% profit
Transimex-Saigon
Corporation, which specialises in freight forwarding, container and barge
transport, warehousing and port services, and others, hopes to increase its
pre-tax profit by 13 per cent this year to VND125 billion (US$5.9 million).
At its annual
shareholders meeting in
The HOSE-listed
firm reported a pre-tax profit of VND110.7 billion ($5.24 million) last year,
a 16 per cent increase, on revenues of VND398.3 billion, said its chairman
Bui Tuan Ngoc.
Big C
launches e-commerce website
The French-owned
supermarket chain Big C on Friday launched an online shopping portal under
the Cdiscount brand.
Lancelot Salavert,
e-commerce director of Cdiscount Viet
The young
e-commerce market in
Despite forecasting
fierce competition, Cdiscount.vn has set a target to become one of the
leading e-commerce pages in
LAS
production plant opens
Soft Industry
Corporation (SIC) has opened its LAS production plant in Dinh Vu Industrial
Zone in northern
The plant was built
on 1.5 ha of land with investment capital of US$6.6 million. At the height of
production, 22,000 tonnes of products will be processed for the domestic
detergent industry and export market.
SIC was established
by
The plant is one of
the 11 projects funded by Japanese investors in the Dinh Vu Industrial Zone.
The zone has so far attracted more than 50 investors from many foreign
countries, with total registered capital of nearly $3 million.
Changes
needed to push housing stimulus package
The State should
amend regulations for receiving loans as part of the VND30 trillion (US$1.42
billion) stimulus package, to promote the future disbursement of loans,
according to the Ministry Construction.
Interest rates for
loans provided in the VND30 trillion stimulus package remain high, so only
people who have mid-level and stable incomes are eligible for the loans, the
ministry said.
The ministry said,
at the meeting of the Central Steering Committee on Housing Policy and the
Real Estate Market on Friday in Ha Noi, that the interest rate for loans
under the package declined from 6 per cent to 5 per cent per year since
January, but it is still high, and only people having higher incomes have the
ability to apply for the loans.
The ministry also
said that by April 15, five commercial banks had pledged to provide loans
worth VND3.36 trillion ($16 million), as total outstanding loans from the
package reached VND1.7 trillion ($80.9 million), reported the Voice of Viet
Nam (VOV).
Of these, the banks
have signed contracts with commitments of granting loans worth VND1.5
trillion ($71 million) for 3,962 households.
They also have
given loans valued at VND711 billion ($33.8 million) for 2,297 households
buying social houses, and VND793 billion ($37.7 million) for 1,665 households
purchasing commercial houses.
The banks have
disbursed VND496.6 billion ($23.6 million) for 2,139 households in Ha Noi and
VND146 billion ($6.9 million) for 433 households in
Meanwhile, the
banks had commitments on providing loans worth VND1.86 trillion ($88.5
million) for 21 property projects, and disbursed 17 projects with total
outstanding loans of VND723.8 billion ($34.4 million).
Therefore, the
ministry has delivered a proposal to the Government to amend some regulations
in the VND30 trillion ($1.42 billion) stimulus package to promote
disbursement of the package.
It also said the
time for paying back loans for individuals and households should increase
from 10 to 15 years.
Further, the State
should not limit areas and prices that are eligible for loans, while offering
loans to State staff members and those in the armed forces in urban areas of
the provinces and cities managed by the central administration who have
difficulties in obtaining housing. They could receive loans to build new
houses or maintain their existing houses with a maximum of VND840 million
($40 million) per person.
Meanwhile, the
State Bank of
Also, the State
Bank said that total outstanding loans provided for investment and trading of
real estate during the first two months of this year increased 1.8 per cent
to VND266.72 billion, as compared to the end of last year.
New fuel
blends ethanol with gasoline
The sales manager
of Saigon Petro Company, Tran Minh Ha, said that E5 gasoline marketing needs
to be boosted, the Sai Gon Giai Phong (Liberated Sai Gon) reported.
The price for a
liter of E5 (petrol containing five percent ethanol) is the same as A92
gasoline, noted Ha. Vietnam National Oil and Gas Group (PVN) fears that
customers will hesitate to purchase E5 because they do not understand its
benefits.
Relevant agencies
should educate consumers about E5 before it becomes available in Quang Ngai,
Ha Noi, Hai Phong, Da Nang, Ba Ria-Vung Tau, HCM City and Can Tho beginning
December 1, said Nguyen Xuan Thuy, director of the Department of Industry and
Trade in Quang Ngai province.
The E5 blend will
be used nationwide starting December 1, 2015. Quang Ngai province, the
pioneer for distribution of the blend, will supply stations with the fuel
starting June 1.
The country has
seven ethanol production plants, producing 535 million liters per year,
according to the Ministry of Industry and Trade. This is enough to allow for
the production of blends of E5 and E10 gasoline in 2014.
Additional plants
are under construction to allow for the production of larger quantities of
ethanol.
Petrol
Three out of 10
petrol wholesale companies have sold the E5 blend at 170 of 12,000 stations
throughout the country. Stations with the blend include PV Oil, Petec, and
Saigon Petro.
Consumption of the
E5 blend was not as popular as expected in 2007, when it was released into
the market.
Footwear
exports to
The volume of
Vietnamese footwear exports to
A pair of
Vietnamese shoes exported to
For many years,
except 2011,
In 2013, the total
turnover of
Statistics show
that the main export items of
The import value
too is slightly over 10 per cent, reaching $300 million, and includes major
items such as chemicals, machinery, plastics, pharmaceuticals, materials for
garments, leather and footwear. The two countries' trade turnover exceeded
the milestone of 2 billion euros for the first time, reaching 2.3 billion
euros in 2012, higher than the previous year, with a high trade surplus from
Electric
cable export revenue surges
Revenue from
electric cables and wire exports rose 11.4 per cent over the same period last
year, according to the Ministry of Industry and Trade.
Of the total
US$157.35 million,
However, shipment
of electric cables and wires to
Exports of electric
cables and wires totalled nearly $700 million last year, according to the
General Statistics Office.
Non-performing
loans ratio stays high in HCM City
There were VND45.85
trillion, or US$2.183 billion, worth of non-performing loans (NPLs) in
The online Sai Gon
Economic Times reported that the number of potentially irrecoverable debts,
or Group 5 debts, remained high, representing 73.02 per cent of the city's
total NPLs, a slight decrease from 75.7 per cent at the end of 2013.
According to the
central bank's HCM City branch, the city's lending in the first quarter this
year rose very slowly, by just 0.57 per cent, from the end of last year to
VND954 trillion, or $45.428 billion.
Deputy Director of
the central bank's
Credit institutions
too hesitated to lend as NPLs remained significantly high, Minh added.
Minh said that the
credit growth in Q1 was mainly thanks to a rise in foreign currency lending,
especially in January. Domestic importers borrowed large sums of foreign
currencies in Q1 to import goods to meet the rising demand during the Lunar
New Year holiday.
By the end of
February, the outstanding loans in Vietnamese dong amounted to VND790.682
trillion, or $37.651 billion, down 1.38 per cent from the end of 2013. The
outstanding loans in foreign currencies maintained steady growth in the first
two months and reached VND155.611 billion, or $7.41 million, up 2.96 per cent
from the end of 2013.
In Q1, firms in the
prioritised industries of agriculture and rural development, export, small-
and medium-sized enterprises, supporting industries and high-tech
applications borrowed VND133 trillion, or $6.33 billion, up nearly 5.4 per
cent against the end of last year. The preferential interest rates for the
firms were under 9 per cent yearly.
Southern
industrial zones need revamp
Long-term solutions
to ensure the sustainability of industrial zones in the southern region are
long overdue, heard a conference of leaders of departments of industry and
trade from 20 provinces and cities last week.
Nguyen Nguyen
Phuong, of the HCM City Department of Industry and Trade, told the conferees
that the city had developed a plan that could be adopted by other provinces
to develop industrial zones by 2020.
"We will stop
the development of any industrial zone that has incomplete infrastructure or
contains residential areas within its borders," he said.
He conceded that
the cost of wastewater treatment facilities in industrial zones required a
large amount of capital, and suggested that the Government use funds from the
state budget to invest in such equipment.
Capital could be
recovered, he said, by collecting fees (called environment fees) from
businesses operating in the zones.
He said the city
had asked the Ministry of Industry and Trade to give more autonomy to
management boards of industrial and export processing zones in
They are currently
managed by either the Ministry of Industry and Trade or the Ministry of
Planning and Investment.
The city has also
recommended that specialised industrial zones be established for investors
who have advanced technologies.
In addition, it
also suggested establishing satellite businesses that provide support
products and services for the region.
Nguyen Minh Toai,
director of Can Tho's Department of Industry and Trade, has asked the Can Tho
administration to approve a project to move factories that cause pollution
out of residential areas.
Can Tho has also
requested that the Government help build infrastructure in industrial zones.
Meanwhile, Nguyen
Van Huu, deputy director of
Solutions needed
for the power-savings programme include investment, training, technologies
and cooperation, he said.
Also speaking at
the conference, Le Duong Quang, deputy minister of Industry and Trade, said,
"In the long run, the region must strengthen linkages with the rest of
the country to lure more investment to the area."
"Most of the
provinces and cities in the region are not cooperating with each other well,
which has caused conflicts of interest among localities," Quang told
Viet Nam News.
Quang said the
region continued to struggle as the economy slowly recovers, affecting
industry and trade.
He urged local
departments of Industry and Trade in southern localities to complete
development plans for the power and petrol sectors as well as industrial
zones and other trade sectors.
The increasingly
critical problems of environmental protection and food safety and hygiene, especially
in the Southern region, were among the other pressing issues discussed at the
conference.
The deputy minister
noted that many processing firms such as leather and footwear as well as
industrial zones discharge waste and contribute to air and water pollution.
"The Ministry
of Industry and Trade has also asked local departments to work closely with
the power sector to resolve site clearance issues related to the development
of power projects," he said.
With the current
development of industry and trade, there will be a serious shortage of
electricity for industrial production by 2018, he said.
"Export
businesses should also be more aware of trade remedies, such as anti-subsidy
or anti-dumping cases, which major export markets can impose," he said.
He also emphasised
the important role of associations in helping local exporters deal with
anti-dumping and anti-subsidy lawsuits.
Covering an area of
71,963 square kilometres and accounting for 21.75 per cent of the country's
area, the Southern region has 33.8 million people, or 38 per cent of the
country's population.
The region has two
major cities –
The first of its
kind, the conference was organised by the ministry and
As part of the
conference, more than 200 Vietnamese companies participated in an industry
and trade fair that ended today in Phan Thiet in the central
The Southeastern
Region Industry and Trade Fair and Exhibition 2014 is organised by the
Ministry of Industry and Trade and the provincial people's committee.
The five-day event
aims to attract investment by showcasing the socio-economic achievements,
potential and investment incentives of
It also aims to
promote exchange between enterprises to help them seek partners and
investment opportunities, increase sales, improve the quality of products,
and create new products and enhance their competitiveness.
The fair, featuring
nearly 600 booths, focused on Vietnamese goods and services with 90 per cent
of the products and services made in
Transport
firms can pay road fee in installments
Transport
enterprises who have to pay the road-use fee of VND50 million (US$2,380) per
month or more will be allowed to pay every month instead of once a year as at
present, a new draft decree has said.
The decree, which
was prepared by the Ministry of Finance, stipulates that transport
enterprises pay the fee the last day of the month.
Registration
centres will be in charge of collecting the fee.
The decree was made
following a proposal by many transport enterprises who protested at the large
once-a-year payment.
The changes are
expected to help transport enterprises avoid financial hardship, especially
those controlling many trucks.
The decree also states
that trucks owned by co-operatives and transport companies that closed down
within 30 days would not have to pay the fee.
Vehicles used only
at stations, ports, and mining and forestry areas will be exempt.
The fee levels will
be adjusted for some kinds of vehicles. For example, buses will pay
VND180,000 ($8.50) a month instead of the current VND590,000 ($28).
Previously, many
enterprises protested at the collection of the fees, which they described as
"improper".
Hoang Ngoc Thanh,
director of Hoang Ha Transport Company in northern Thai Binh Province, said
his company had more than 50 truck containers, and he had to pay more than
VND400 million ($19,040) per year.
"It is
improper. Not all of our trucks operate 30 days per month as they need time
off for regular maintenance and drivers ask for their leave," he said.
The road-use fee,
which requires motorbikes, cars and trucks and other engine vehicles
nation-wide to provide funds for road maintenance, became effective on January
1 last year.
Vinacomin
reports low turnover
Viet Nam National
Coal–Mineral Industries Holding Corporation's (Vinacomin) turnover was VND26
trillion (US$1.23 billion) in the first quarter of the year, while its profit
was VND550 billion ($26.1 million).
Nguyen Van Bien,
Vinaconmin's deputy general director, announced at a press meeting in Ha Noi
last week that of the total revenue, turnover from coal exploitation was
VND13.3 trillion ($633 million), from electricity production was VND3.2
trillion (152 million) , and from mineral production was VND1.52 trillion
($73 million) .
The slow recovery
of the world economy has resulted in decreasing coal consumption and sale
prices, Bien said, adding that the group, however, would strive to meet
financial balance and State budget collection while ensuring employees'
welfare.
Figures from
Vinacomin showed that coal output in the three-month period was 9.7 million
tonnes, a reduction of 8 per cent compared with the same period last year and
an achievement of only 26 per cent of the year's target.
Coal consumption
was estimated at 9.35 million tonnes including 2.5 million tonnes for export
and 6.8 million tonnes for domestic purposes, accounting for three-fourths of
the total because of low export prices. The company had targeted to export 8
million tonnes of coal this year out of a total of 35 million tonnes.
The coal inventory
at the end of the quarter was 7.6 million tonnes.
Alumina output in
the period was 113,000 tonnes, while several minerals had an increase in
output year-on-year of 104–142 per cent. Electricity production and
consumption reached 2,600 million kWh, representing a five per cent increase
compared with the same period last year.
The group ensured
jobs for 126,000 labourers with an average income of VND7.7 million each per
month.
However,
Vinacomin's investment in the first quarter was low at VND2.45 trillion ($116
million), showing a 17 per cent year-on-year decrease.
Bien said Vinacomin
has taken drastic measures to implement the restructure plan approved by
Prime Minister Nguyen Tan Dung to focus on core businesses.
The group has
dissolved so far this year 9 one-member limited companies involved in coal
production to merge them with its branches to stabilise their operations.
It also equitised 2
out of 8 approved units and will move the remaining 6 units to joint stock
firms from the beginning of next year.
It has targeted to
complete the equitisation of all 8 units this year.
Vinacomin has also
reduced its capital ownership in non-core businesses to less than 36 per cent
and has divested from non-core businesses such as banking, financial
investment, and infrastructure.
The total
investment in non-core businesses was VND500 billion ($23 million) in five
units including SHB Bank, SHS Securities Company, Sai Gon-Ha Noi Fund
Management Company, and Hai Ha Industrial Zone in northeastern Quang Ninh
Province.
He claimed the
group has been waiting for favourable opportunities to divest all capital
from SHB and SHS and ensure the availability of capital after the withdrawal.
Vinacomin has
targeted to meet 50–52 per cent of the whole year's plans in the first half
of the year. Coal consumption will be 9–10 million tonnes: 1.5–2 million
tonnes for exports and 7.5–8 million tonnes for domestic consumption.
Violations
rampant in state-funded projects
Numerous
state-funded project developers have been found to have violated regulations
on state capital management.
The 54km Cau
Gie-Ninh Binh highway was one of many such projects listed by the State Audit
of Vietnam (SAV) in its announcement at last week’s National Assembly
Standing Committee meeting.
The project
increased its budget 2.4 times against the $177.8 million set out in the
initial plan. It is invested in by the Vietnam Expressway Corporation, with
$47.6 million and the remainder through a government bond issuance and other
state sources.
While this project
is under-construction, it has seen very slow progress over the last four
years.
SAV head Nguyen Huu
Van said state coffers were feeling the pinch because of serious violations
by numerous state projects.
“Hundreds of
projects have significantly increased their budgets compared to initial
estimates, and in most cases the reasons are not made public,” he said.
Other cases include
the project investment to upgrade national roads (phase 1) was tripled from
$109.2 million to $331.47 million, as well as the Ho Chi Minh highway’s Pac
Bo-Cao Bang and Chon Thanh-Duc Hoa sections with an increase of $14.43
million. For national road 3’s Bo Dau-Ta Lung border gate section, capital
more than doubled from $25.9 million to $61.9 million. The project to connect
Vung Ang seaport to the
According to the
SAV, in 2012, the Vietnamese government was tightening public investment.
However, for thousands of recently finished projects it is unclear where they
sourced their capital, they are mostly in the provinces of Quang Ngai, Phu
Tho, Kien Giang, Thanh Hoa, Thai Binh, Gia Lai, and Haiphong city.
Van also stressed
that many localities announced new projects at a time when capital is very
limited. Quang
“Notably, more than
4,000 projects have been delayed and are behind schedule,” Van said.
The National
Assembly Economic Committee’s Chairman Nguyen Van Giau suggested investors in
projects that have revised up their budgets must make public the reason
behind this action.
“Those found to
have violated regulations must be severely punished to ensure budgetary
principles,” Giau said.
The SAV will
conduct 161 audits this year in 35 provinces and cities, 15 ministries, 31
state-funded investment projects and 44 state-owned enterprises, financial
organisations and banks. In 2013, some 149 audits were conducted.
Enterprises on the
audit list include the Ministry of Transport’s Cuu Long Transportation
Infrastructure Project Management and Development Investment Corporation,
PetroVietnam, Electricity of Vietnam and Vinacomin.
Official
urges SOEs to strengthen relationships
Chairman of the HCM
City People's Committee Le Hoang Quan has urged enterprises, especially
State-owned ones, to strengthen links for mutual development.
At a meeting with
representatives from departments, agencies and State-owned businesses in the
locality on Thursday, the mayor suggested that enterprises should focus on
human resources development, particularly highly qualified staff.
As banks are
reducing the lending rates, business players should have specific plans to
access loans for investment in equipment and technology, he noted.
The local firms
were also asked to work together for both extensive and intensive
restructuring and stay proactive to cope with more severe competition.
According to the
municipal Finance Department,
In the first
quarter of this year, these enterprises raked in VND15.6 trillion, or US$733
million, in total revenue, down 18.73 per cent year over year.
Foreign
firms in Dong Nai require larger workforce
Foreign-invested
enterprises in the southern
Of the total, the
firms are mostly keen on technical workers, while requiring fewer than 200
university graduates, the department said.
It added that in
the first quarter, the enterprises had high demand for unskilled labourers.
Among the nearly 450,000 working in almost 700 local enterprises, there are
fewer than 30,000 university graduates, equivalent to 6.6 percent.
In Q1, more than
21,000 locals were employed, including 12,000 by foreign invested
enterprises, the department added.
Le Van Hien, rector
of LILAMA2 Vocational Collage under the Ministry of Construction, said more
vocational skills are being added to the school’s training programmes in an
effort to meet the demand of enterprises in the locality.
Kien Giang
farmers gloomy despite bumper rice crop
Farmers in the
Mekong Delta
However, the mood
is not overly optimistic, as the low current price of rice means lower
profits.
The local rice
price in recent days has tended to decrease, varying from 4,400 VND-5,700 VND
depending on the quality.
Many farmers have
chosen not to sell their rice immediately in the hope for the value rising
soon, despite loan deadlines looming.
Since early this
year, Kien Giang has experienced a 50 percent decrease in its rice exports
against the same period last year, contributing to the plummeting value.
Many local
enterprises could not sign export contracts, while many deals between farmers
and distributors have been broken.
In an effort to
seek a solution, the provincial Department of Industry and Trade has directed
local enterprises to speed up the purchase of rice for farmers, while working
harder to find new markets and partners for rice businesses.
Domestic
retailers go in search of rural prospects
Rural areas are a
promising market for domestic retailers as they face intense competition from
foreign businesses, especially given the full opening of the retail market
from next year.
Mai Thi Tuyet Hoa,
director of Niesel
Hoa said that
several domestic retail companies wanted to expand their market share in
rural areas. The expansion to rural market was considered as one of the best
solutions, although urban areas were the main focus of their development
strategy.
"I think the
impact of retailers in rural markets will be larger than in urban markets.
Several big retailers, for example, Unilever P&G, as well as small firms
have asked us to provide information about the characteristics of rural areas
and the strategies that should be employed in these markets," Hoa said.
According to a
survey conducted by Nieisel, customers in rural areas were strongly affected
by advertisements and introductions from retailers. In addition, 90 percent
of the retailers in the area tended to introduce products and advice buyers.
The survey also
revealed that with 477,000 big and small shops in the country's rural areas,
if on an average 64 customers visited a shop in a day, there will be about
2.75 million buyers who will buy products after retailers' introduced them.
"The data
surprised many retailers and led them to rethink their development strategies
in the rural market," she added.
Dinh Thi My Loan,
chairwoman of the Vietnam Retailers Association (VRA), said these areas were
promising markets because of the young population, integration trends and a
modern retail system that was in its infancy.
"However,
domestic retailers should not only expand their markets, but also ensure
quality and gain customers' trust to compete with foreign firms," Loan
said.
She added that
customers' trust had gone down because of problems relating to products'
quality.
The problems were
unavoidable because of the sheer number of items in the market. However, it
was important for the retailers to learn from the problems and make efforts
to gain the trust of customers, she added.
Under the World
Trade Organisation's commitment,
Experts said
foreign retailers with their financial might, trademarks and market
experience will prevail in the market.
Several big
retailers from
In addition, the
country already has two big foreign retailers, Big C and Metro
Cash&Carry. Big C had expanded its chain. It now has 24 supermarkets
nationwide.
It was forecast
that the modern retail channel will account for 45 percent of the market in
The country's
growth rate in the retail market was 23 percent, indicating its large
potential.
PM approves
project on improving power transmission
The Prime Minister
has approved the content of a project aimed at improving the efficiency of
the national power transmission network at a total investment of 897 million
USD.
Under Decision
521/QD-TTg dated April 14, the Ministry of Industry and Trade will be in
charge of the Transmission Efficiency Project (TEP), which is to be carried
out by the National Power Transmission Corporation (NPT) under the
Electricity of Vietnam group.
Loans worth 500
million USD will be sought from the World Bank for the project, while NPT
will arrange the sourcing for the remaining 397 million USD.
The TEP will
increase the transmission capacity and reliance of the 500kV transmission
system, while enhancing the organizational, financial and operational
capacity of the NPT towards becoming an independent company as part of the
country’s effort to reform its electricity market.
The project will be
carried out from 2014-2018 in all 63 cities and provinces nationwide.
Exports of
electrical cables and wires grows 11 percent
Exports of
electrical cables and wires reached US $157.35million in the first quarter
this year, an increase of 11.4 percent over the same period last year, according
to the Ministry of Industry and Trade.
Export turnover to
Casumina
opens Casumina Radial Factory
The Casumina Radial
at Tan Uyen South Industrial Zone commenced operation on April 19.
The steel-truck
tire manufacturing plant is located in Tan Uyen District,
The manufacturing
plant has capacity to produce one million tires per year, said Pham Phu Hong,
general director of Casumina.
It uses modern
production lines to product multiple types of tires. The plant has the
technology to convert nylon into steel.
The plant includes
technology from US,
The company pays
VND 500 billion in taxes, said Hong. It is expected to gain VND 5 trillion in
revenue from Casumina Radial to meet market demand.
Deputy Prime
Minister Hoang Trung Hai attended the opening ceremony.
The plant is a good
investment for the industry and we hope it contributes to the economy while
also heightening competition, said Hai.
MASkargo
flies A330-200 freighter to Hanoi
MASkargo has
launched its first A330-200 freighter flight to
As scheduled, the
A330-200 freighter flies to
Mohd Yunus Idris,
chief executive officer of MASkargo, said in a statement that
Idris said MASkargo
saw huge potential to expand its business in
“We want to grow in
the Vietnamese market by facilitating export and import links between
The presence of
international manufacturing companies and the country's potential in air
transportation has stimulated demand for fast and reliable air cargo
movement, which is what MASkargo can offer to its customers.
Aviation Solutions
Services Co. Ltd., MASkargo’s general sales agent (GSA), expects that an
initial response to the freighter would be encouraging and in tandem with the
country’s economic growth. The company said increased daily services could be
considered in the near future.
MASkargo said the
Kuala Lumpur-HCMC-Bangkok-Kuala Lumpur service in 2012 and has since seen
strong demand on this route.
Currently, Malaysia
Airlines operates daily commercial flights between
The HCMC Department
of Tax has issued decisions collecting more than VND180 billion (some US$8.53
million) worth of personal income tax from capital transfer activities linked
to Hoan My Hospital and Pho 24.
A source from the
agency declined to name the taxpayers but told the Daily that an individual
who engaged in the Hoan My hospital transfer deal had been asked to pay over
VND166 billion. The person was found to avoid paying the tax for the income
made from the first transfer in 2010.
The real income
from the deal was over VND500 billion higher than the amount that person had
declared. As a consequence, this person is forced to pay VND166 billion,
including the extra tax collection and the fine for slow payment.
In 2010, the
individual at Hoan My Hospital paid over VND10 billion in personal income
tax, the source said. Last year, the person made another capital transfer but
filed enough tax as regulated, the source added.
Meanwhile, capital
transfers among enterprises are not subject to any taxes as
For the Pho 24
deal, the department has also decided collection of personal income tax from
six persons with their combined payment of more than VND16 billion.
Earlier, local
authorities have expressed concerns over complicated capital transfer
activities among many enterprises. Of which, Pho 24 and Hoan My Hospital are
among the many businesses that have reportedly undertaken capital transfer
and franchise deals but have not fulfilled their tax obligations.
The Swiss State
Secretariat for Economic Affairs (SECO) will provide US$4.75 million for
The Ministry of
Planning and Investment said that the fund would be spent continuing a
project for “Expansion of National Business Registration System” to new
commercial entities. This project is expected to cost some US$5.45 million
and be executed until 2018.
The system was
built and put into operation by the General Department of Taxation and
provincial Business Registration Offices with financial support of foreign
organizations from 2008 to 2013.
The project
facilitates business registrations via the system for State-owned
enterprises, those companies operating under the Enterprise Law and licensed
by the management boards of economic or export processing zones, scientific
technology firms, credit institutions and other business organizations.
Currently, the
system is used by enterprises in 63 cities and provinces throughout the
country for business, tax, statistics and customs registrations.
The national
business registration portal at www.businessregistration.gov.vn now contains
data of over 864,596 enterprises and entities operating in compliance with
the Enterprise Law and 164,000 annual financial statements of shareholding
companies.
CMC
Infosec, Bkav offer free Heartbleed checks
CMC Infosec and
Internet security firm Bkav are offering free checks that enable businesses,
organizations and individuals to keep their information secure from the
Heartbleed vulnerability.
Right after news on
the Heartbleed bug surfaced, CMC Infosec said it had carried out checks and
preliminary analysis to identify the number of websites of State agencies,
banks and online payment systems vulnerable to the bug. A majority of these
systems have been reviewed and have their security problems fixed.
However, CMC
Infosec warned that it was difficult to know if such systems had lost private
keys once they used to be vulnerable to the security threat.
To solve the
security issues effectively, CMC Infosec provided free check service for
companies and institutions to figure out whether their websites are
vulnerable to Heartbleed attacks besides assisting them in remedying such
problems.
Earlier, Bkav
started a free supporting tool that allows users to check whether their
websites are safe from the Heartbleed bug before each transaction. The
possible information loss is considered as a serious threat for global online
transactions as millions of participants worldwide may lose their personal
information and money.
Bkav’s tool is
available at Bkav.com.vn/sslScan. Before making an online transaction, users
should access the website and type the link of the websites on which they are
about to browse to make sure their transactions are safe.
In related news,
Vietnam Computer Emergency Response Team (VNCERT) has urged local banking and
electronic payment systems to immediately get updates about OpenSSL library
and keep customers informed of the information vulnerability. Due to a
security flaw in the open-source OpenSSL, payment portals and e-banking
services among others may have their encryption keys stolen, VNCERT said.
The “TLS heartbeat
read overrun” security flaw in OpenSSL library has been confirmed, allowing
hackers to steal sensitive data like private keys. VNCERT therefore has
warned State agencies to be on alert for the risk.
Ford
Ford
A source from Ford
The stoppage is
part of the
Ford
The source also
said that in the coming time, the factory of Ford
The EcoSport, which
is also assembled in
The car is expected
to be available in
Based on the Ford
Fiesta platform, the EcoSport is equipped with a 1.5 liter Ti-VCT (Twin
Independent Variable Camshaft Timing) petrol engine. The car features two
gearbox options, including Powershift, a dual clutch six speed automatic
gearbox, and five speed gearbox. Another highlight of the EcoSport is the
equipment of the SYNC, a voice command system.
Even with the
absence of the Ford Escape, Ford
The first quarter
of this year saw market share of Ford
North-south
power lines suspended
Vietnam Electricity
Group (EVN) has announced to switch off two 500 kV north-south power
transmission lines to facilitate the construction of the 500 kV Pleiku-My
Phuoc-Cau Bong line within this month.
According to a
statement released on April 16, the 500 kV Tan Dinh-Phu Lam line is off from
April 16 to 20 and the 500kV Dak Nong-Phu Lam line from April 24 to 27.
EVN calls for
consumers to save electricity during the period to reduce pressure on the
country’s current power grid.
The erection of the
500 kV Pleiku-My Phuoc-Cau Bong line is expected to be complete within this
month.
Last November, the
Dak Nong-Phu Lam and Phu Lam-Tan Dinh lines were also suspended at the same
time for the construction of a power line connecting Pleiku, My Phuoc and Cau
Bong.
EVN mobilized power
from oil-fueled power plants in the country’s south like Thu Duc, O Mon and
Can Tho with a total backup capacity of some 8,000 MW to make up for the
temporary shortfall in the region.
The two lines have
the highest combined capacity of around 2,000 MW a day. Power supply for
southern provinces is falling short at the moment.
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Tư, 23 tháng 4, 2014
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