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BUSINESS
IN BRIEF 20/8
Moody’s
upgrades BIDV’s deposit, issuer ratings
Moody’s has revised
domestic currency deposit and foreign currency issuer ratings of the
State-owned Bank for Investment and Development of Vietnam (BIDV) up by one
place to B1.
The global credit
rating agency has also assessed BIDV’s prospect as stable.
The commercial bank
has recently been recognised as the best domestic supplier of foreign
exchange services in
It was also voted
as the best for foreign exchange research and market coverage in the country
by Asianmoney – a prestigious Hong Kong-based magazine.
According to the
bank’s recent financial report, BIDV’s total asset by June 30 this year was
valued at more than 583 trillion VND (nearly 27.8 billion USD) – relatively
high in the Vietnamese market, up 5.4 percent from the year’s beginning.
Its liabilities
grew by 4.9 percent while the ratio of bad debt to liabilities stood at 2.2
percent.
Over the first half
of 2014, BIDV gained approximately 2.5 trillion VND (119 million USD) in
pre-tax profit, fulfilling 41 percent of its yearly goal.
Vinacomin
ships more than 400,000t of aluminium
The Lam Dong
Aluminium-Bauxite Complex Project run by the Viet Nam Coal and Mineral
Industries Group (Vinacomin) has exported 411,000 tonnes of aluminium since
operations began in December 2013.
The information was
released at a project meeting in the Central Highlands
In the past seven
months alone, the company shipped abroad a record high 251,000 tonnes of
aluminium.
According to
Vinacomin, aluminium products were exported to
In the domestic
market, Vinacomin provided 100 tonnes of aluminium products per month for
local customers. The Tan Rai Bauxite Plant has produced nearly 352,000 tonnes
of alumina products and 533,000 tonnes of aluminium hydroxide since it began
operations in October last year.
The plant is
scheduled to reach full capacity next year.
Construction
giant Lilama to be equitised by 2015
The Minister of
Construction last week approved and took steps to equitise machinery
installation corporation Lilama by next year.
The corporation
will have to file its corporate valuation to the ministry no later than
October 30, 2014. The verification and publication of corporate valuation
must be performed by December 30.
Further, Lilama
will have to submit its equitisation plan to the Prime Minister before
February 15, 2015.
The ministry also
required the corporation to organise an initial public offering before April
15 next year.
TTF to use
$15m share raising to pay down debts
Truong Thanh
Furniture (TTF) announced it is finalising procedures to issue more than 31
million shares, hoping to raise VND310 billion (US$14.6 million) to reduce
debts. The sale is expected to conclude by the end of this quarter.
In the second
quarter of this year, the company's net profit reached VND30 billion ($1.4
million), increasing by nearly 16 times compared to the corresponding period
last year. As of June 30, the company's debts accounted for 70 per cent of
its capital, increasing 9 per cent compared to the beginning of this year.
SeaBank to
provide loan to Vietnam Airlines
SeABank has
received approval from the Prime Minister in principle to provide a credit
loan exceeding the limit of the equity for Vietnam Airlines to buy aircraft.
The credit loan is
to buy one Airbus aircraft A321-200 for the airline's freight business.
SeABank will be
fully responsible for the evaluation and efficiency assessment, credit
granting and debt collection from Vietnam Airlines under current law.
Mineral
business prepares to list on Ha Noi exchange
Bac A Mineral and
Metallurgy Company have registered to list 30 million shares on the Ha Noi
Stock Exchange, the exchange announced late last Friday.
The company has a
registered charter capital of VND768 billion (US$36.2 million), but actually
contributed VND300 billion ($14.1 million).
Foreign
funds reap gains of buying domestic stocks
Three foreign funds
bought 17.85 million shares of PetroVietnam Drilling Services (PVD) in July
last year and have since reported profits of VND1.2 trillion (US$56.6
million).
The funds,
including Mutual Fund Elite, Private Equity New Markets II and VinaCapital
Viet Nam Opportunity Fund, purchased at the issue rate of just VND45,600
($2.1) per share. PVD has since climbed to VND100,000 ($4.7).
Specifically,
Mutual Fund Elite earned VND655 billion ($30.9 million), Private Equity New
Markets II held VND318 billion ($15 million) and Private Equity held VND196
billion ($9.2 million). In addition, these funds received dividends at 10 per
cent.
PVD enjoyed a
profit of VND1.3 trillion ($61.3 million) in the first six months this year,
increasing 150 per cent compared to the same period last year. Foreign
ownership in the company is currently over 40 per cent.
Chief negotiators
of the Trans-Pacific Partnership (TPP) agreement will meet in
More than 400
delegates of 12 countries are scheduled to discuss pending issues, including
access to the commodity market and services, intellectual property rights,
investment, the environment, and restructuring of State-owned businesses.
The 12 countries
will also have bilateral talks on tariff issues, one of the difficult areas
of the negotiation process.
Vietnamese Minister
of Industry and Trade Vu Huy Hoang attended a TPP Ministerial Meeting in
The meeting is
expected to make a breakthrough in settling differences between member countries,
paving the way for an early conclusion of negotiations.
In addition to
addressing traditional issues such as liberalization of trade, commodities,
services and investment, the trade pact also looks at new, key issues such as
intellectual property rights, competitive policy, state-owned enterprises,
public procurement, labour, and the environment.
The TPP members are
Rubber
exports plunge in first seven months
The export price of
rubber averaged about US$1,870 per tonne in the first half of this year, 52%
lower than in 2011.
Due to this,
Nearly 139,000
tonnes of rubber products were shipped to
Last year,
Brokers
undeterred by August fears
Real estate traders
have not stopped doing business in the seventh lunar month this year as in
previous years, said experts.
The Vietnamese
believe that on the seventh lunar month of each year, spirits of the deceased
return to the human realm for a month.
Many people avoid
important events during the seventh month, considered an unlucky month.
Activities to avoid include moving into new homes, weddings, and opening of
new businesses.
Economic expert Le
Ba Chi Nhan said that this year was different from previous years, with many
property developers not afraid of offering their apartments in the market
during the seventh lunar month, believing in their business ability to
attract customers, reported the BizLIVE online..
In fact, many
companies are offering their properties in this month, especially low cost
apartments. According to property experts, low cost apartments have attracted
customers due to their high demand. Therefore, property enterprises have been
competing with each other to increase market share in the low cost apartment
market, reports Xay dung (Construction) newspaper.
These included the
89 Phung Hung apartment building of the Ha Tay Trading Joint Stock Company,
the Bac Ha Tower of the Bac Ha Construction and Trading Joint Stock Company
and the CT9 apartment building under Van Phu Victoria project of the Van Phu
Investment Joint Stock Company. The Ehome3 project of the Danh Khoi A Chau
Real Estate Joint Stock Company and 8X Plus project of the Hung Thinh
Property Company are also in demand.
These companies
said, this was the right time to sell apartments because the market had shown
signs of recovery, and there was high demand for low cost apartments.
But not all
projects attracted customers, they said. Customers also explored projects of
prestigious investors, progress of the project and a good sales policy.
Meanwhile, many
companies are planning to offer their properties by this month-end, including
the Him Lam Riverside project of the Him Lam Real Estate Company, the
However, Nguyen
Viet Hai, Director of VIC property trading floor, said property transactions
in the seventh lunar month in this year were slower than the same month last
year, and customers mainly put deposits to buy properties this month and
would sign the contract next month, reported NDH.vn.
As many as 256
local and foreign enterprises will showcase their products at the 14th Viet
Nam International Hospital, Medical and Pharmaceutical Exhibition (Viet Nam
Medi-Pharm Expo), held in HCM City from August 21 – 23.
The event, which
aims to connect traders domestically and internationally, will feature
medicines, health equipment, ophthalmologic equipment and dental products.
Exhibitors come from countries including
Software
firm FPT reports revenue increase of 22%
Software giant FPT
Corporation earned revenue of VND17.9 trillion (US$841 million) in the first
seven months of 2014, an increase of 22 per cent against the same period last
year.
Pre-tax profit
reached VND1.39 trillion ($66 million), representing 98 per cent of its
yearly goal, while after-tax profit reached VND1.17 trillion ($55 million),
flat against 2013.
The corporation
signed a contract last month to create an online booking system for Viet Nam
Railways.
Quang Ngai
grants licences for two industrial parks
The industrial
parks management board in the central
Construction on the
VND50 billion (US$2.3 million) Thuy Tram Confectionary Factory will begin in
September. The factory is expected to open in June 2015 with production
capacity of 700 tonnes per year.
Galant Dachan
Seafood's $7.5 billion Frozen Seafood Processing Export Factory will produce
4,000-5,000 tonnes of shrimp per year.
The board has
granted investment licences for 89 projects with total registered capital of
VND6,000 billion ($282 million), creating 12,000 jobs.
Masan Group
posts H1 loss
Masan Group
Corporation (MSN) reported a loss of more than VND333 billion (US$15.8
million) in the first half of this year despite its sales growing 60.2 per
cent against the same period last year.
The group's sales
reached VND6.839 trillion ($324 million) ending June, up 60.2 per cent
compared with the first half of 2013, boosted by strong growth in sales.
Consumer sales
increased 33.3 per cent during the first six months of last year, propelled
by strong seasonal growth, a growing market share in convenience foods and
momentum from new beverage launches.
In addition, Masan
Resources contributed VND1.145 trillion ($54.3 million) as the Nui Phao mine
continued its ramp-up. Techcombank, a group's associate company, also posted
a 45.4 per cent rise in profit before tax, reaching VND948 billion ($45
million), achieving almost 80 per cent of the lender's annual profit target.
Masan Group is
restructuring to establish Masan Agri and Masan Brewery, two new pillars to
focus on consumption-led growth.
In the last few
months, the group has launched three new products, caffeine-based drink
Wake-Up 247, isotonic drink Aktiva and energy drink Storm to target the $2.5
billion non-alcoholic beverage market.
With the entry into
complete meals and the mid-market instant noodle segment, as well as the
establishment of a strong platform to target the beverage category, the market
for
Despite higher
sales, Masan Group still incurred a loss of VND333.33 billion ($15.8 million)
in the first six months of this year, of which the second-quarter loss was
VND227 billion ($10.8 million).
The group
attributed the loss to towering financial costs rising to VND565 billion
($26.8 million) in the second quarter and a cumulative VND880 billion ($41.7
million) in the first six months.
Nonstandard
expenses arising from the Nui Phao project and high depreciation in its
resources business also contributed to the loss.
According to its
filing to the HCM City Stock Exchange, the group's cash reserves stood at
VND5.16 trillion ($244.5 million) at the end of June.
The group said it
retained high cash reserves to support growth and fund potential M&A
deals. It believes the costs of interest and depreciation of the Nui Phao
project will decrease when the mine continues its expansion, lifting gross
margins from economies of scale and profits.
Masan Group is one
of the top 30 shares by market value and liquidity on the
VinGroup
posts 25% rise in Q2 revenues
Real estate
developer VinGroup (VIC) announced a 25 per cent rise in its second-quarter
revenue yesterday, driven by property sales.
VinGroup's total
sales reached VND7.692 trillion (US$364.5 million), of which more than VND6.3
trillion ($298.7 million) came from sales of property transfers, up 29 per
cent over the previous quarter and 400 per cent more than the same period of
last year. Times City and
Revenue from
hospital services witnessed impressive growth of 206 per cent, reaching
VND185 billion ($8.8 million), while hospitality, tourism and entertainment
sales totaled VND569 billion ($27 million), up 35 per cent.
Pre-tax profits
increased 7 per cent over the previous quarter, topping VND1.663 trillion
($78.8 million), and net profit rose 8 per cent to VND1.148 trillion ($54.4
million).
The group's total
assets reached VND83.808 trillion (nearly $4 billion) at the end of June, a
rise of VND8.035 trillion ($380.8 million) compared with the end of 2013.
Equity also grew VND3.057 trillion ($145 million) to VND17.529 trillion
($830.8 million). The company announced plans on Thursday to pay stakeholders
dividends by shares at the rate of 1,000:487 from its cumulative profit last
year. An additional 452.7 million shares, equivalent to VND4.527 trillion
($214.5 million), will be issued to fund this payout.
The payment will be
made in the next two months and shareholders must register to participate by
August 28. After the issuance, the outstanding shares of VinGroup on the
market will reach 1.38 billion, surpassing the landmark 1 billion level.
Last month, the
company warmed the market up with the information that it would spend almost
VND2 trillion ($94.8 million) to pay cash dividends by the end of this month.
Despite the latest positive news, VinGroup's shares lost 1.3 per cent in
value to end yesterday's session at VND77,500 ($3.67) per share.
Australian
cattle export to
The latest statistics
by the MLA showed that the number of cattle shipped to
Chief executive
officer of the Northern Territory Livestock Exporters Association Ben Hindle
said
In its annual plan
announced in January 2014, MLA forecast that exports to
Hindle said the
"They have
been in
Local livestock industry faces import pressure
The increasingly
high number of meat imports in recent months has put pressure on the domestic
cattle industry, according to an article published on the English language
news portal
Vietnamese beef
products are no longer found on the shelves at Lotte, Co-op Mart and Big C,
the big supermarket chains in
According to the
General Department of Customs, in the first months of 2014,
Vietnamese
government agencies had granted licences to import 72,000 live cows by May
31, which accounted for 13.2 percent of the total number of cows
Besides live cows,
Meanwhile, chicken
imports have also been increasing rapidly, with 43,000 tonnes of chicken
having arrived in
A report showed
that chicken imports account for 6-7 percent of the total amount of meat
consumed domestically.
Imports have pushed
domestic farmers against the wall. Dat Viet newspaper quoted the owner of a
fowl farm in Binh Duong province as saying that the chicken price has fallen
by 1,000 VND per kilo in recent days.
The farmers blamed
the lower prices on oversupply after farmers had rushed to expand their
farms’ scale, and on high quantities of recent imports.
A local newspaper
quoted its source as reporting that in May and June alone, nearly 10,000
tonnes of frozen chicken were marketed, while the demand remained very weak
due to the economic crisis.
Analysts have
repeatedly given warnings about the difficulties the livestock industry is
facing. The meat imports, with amounts increasing steadily in recent years,
have made Vietnamese farmers suffer because their products cannot compete
with imports.
Tran Hoang Ngan, a
renowned economist, noted that farmers now incurred double losses because
their products are unsalable, or sold at low prices, while they have to pay
high costs for imported feed.
Minister of
Agriculture and Rural Development Cao Duc Phat said
Meanwhile, the
total import turnover of feed and input materials reached 3 billion USD in
2013, up by 22.3 percent over 2012.
According to the
Vietnam Livestock Association, the domestic livestock industry incurred a
major loss of 27 trillion VND in the last two years.
Phat admitted that
animal husbandry is the weakest sector of
JICA
assists waste treatment in aquatic farming
The Japan
International Cooperation Agency (JICA) has pledged to provide 3.63 million
USD in non-refundable aid for a project to produce electricity from waste in
aquaculture in the Mekong Delta.
A document to this
effect was signed at
The project will
focus on issues relating to treatment of water and organic waste.
Accordingly, organic waste, which is sediment in ponds and can pollute the
living environment of fish and other aquatic animals, will be pumped into a
tank to produce biogas.
Biogas then will be
used to generate electricity to provide for the water treatment system in
farming ponds.
The project will be
implemented in the Mekong Delta from April 2015 to March 2020.
New opportunities
for leather and footwear exports
The Vietnamese
leather, footwear and handbag industry has more room for export development
due to increased market demand and shifted production orders to
According to the
Vietnam Leather and Footwear Association (LEFASO), the leather, footwear and
handbag industry has enjoyed many development opportunities as import demand
from foreign markets especially the
Starting in January
2014, Vietnamese footwear exports to the EU benefit from a Generalized System
of Preferences (GSP) tax rate of 3.5-5 percent. Many investors are looking
for investment opportunities in
The leather,
footwear and handbag exports earned more than 5.7 billion USD in the first
seven months of 2014, up more than 19.2 percent from the same period last
year.
There were many
domestic and foreign projects investing in the leather and footwear industry,
including supporting industry projects. The Zhu Rui Vietnam Co., Ltd from
Negotiations of
many free trade agreements, including a Trans-Pacific Partnership (TPP)
agreement, an EU-Vietnam Free Trade Agreement, and a free trade agreement
with the Customs Union of Belarus,
Director of Lien
Phat Shoes Company Tran Ngoc Lien said that trade agreements will create both
opportunities and challenges. Both domestic and foreign businesses are
subject to the agreements, while domestic companies remain inferior to their
foreign counterparts in terms of finance and business administration.
LEFASO Deputy
President Diep Thanh Kiet said that the leather, footwear and handbag
industry considerably depends on exports as 90 percent of its products are
exported, while the domestic market is overwhelmed with imported goods. The
product’s localisation rate of strategic investment products remains low.
Specifically, the local input of tanned leather is only 30 percent, that of
synthetic leather is 40 percent and that of decorative materials is 45
percent.
LEFASO suggested
that businesses in the sector improve business administration and apply
advanced management technology such as the Enterprise Resource Planning (ERP)
and streamlined production to increase profits and labour productivity and
reduce production costs. Each business should build its own research and
development team to better satisfy customer’s requirements and improve
competitiveness.
Textile export has
ranked second and made up 15 percent of total national export turnover,
however
According to the
Vietnam Textile and Apparel Association (VITAS), the
In addition, bottlenecks
still happen in the process of knitting and dyeing in
These have
prevented the industry from sustainable development. To increase profits and
competitiveness, and reduce imports of raw material, the industry needs to
advance supporting industries.
In particular,
In the supporting
industry development strategy, the textile industry has launched a number of
specific programmes. Accordingly, the industry will call for investment in
the production of polyester fibre - an important factor contributing to the
sustainability of the textile industry. Besides, the industry has also
required a 580 hectare land for plant construction to have 11.6 million
spindles by the time of 2025. Moreover, it needs to invest in large-scale
industrial parks, following by supporting material development for export
garment.
More specially, the
industry will focus on stimulating the fashion design industry. The domestic
market with more than 90 million people is the good reason for the
development of this industry.
With the strategic
direction mentioned above, VITAS said that the Government should supplement
and adjust the textile industry development plan in the period 2015-2025 with
the orientation to 2035; call for investment in the fabric manufacturing
sector, including weaving, and dyeing. It also needs to have financial
resources to support investment in waste water treatment for the industry.
Furthermore, the
Government should also enhance the quality of human resources; issue
guidelines and policies for attracting advanced technologies, encouraging the
transfer and creating a playground for Vietnamese enterprises to grow.
VITAS also
recommended that local enterprises should boost exports of traditional
weaving products, strengthen links in the domestic supply chain, increase
design and trade capability. In particular, the industry needs to find
additional sources of raw materials from others countries to gradually
replace Chinese ones, reducing the dependence on
According to
Secretary-General of the Vietnam Handicraft Exporters Association (Vietcraft)
Le Ba Ngoc, the increase in orders has reflected customers’ trust in the
quality of Vietnamese goods – which have been improved in recent years.
Besides traditional
markets like the
Among those
potential countries,
Ngoc recommended
enterprises to increase advertisements to further popularise Vietnamese
handicraft items and obtain a patent for their products in order to protect
their legitimate economic interests.
Vietcraft will send
a business delegation to
Handicraft
exporters grossed nearly 900 million USD in the first half of this year, a
year-on-year rise of 10 percent.-
VN-Singapore
industrial park to bring new face to Phu Quoc
A
The Investment and
Industry Development Corporation (Becamex ICD) and the Vietnam-Singapore
Industrial Parks Joint Venture Co. Ltd (VSIP) in Binh Duong province have
been assigned to implement the project, which will cover a total area of
nearly 3,000 ha.
It will also involve
in forest protection for the formation of ecological forests serving
sustainable tourism.
According to Tran
Van Nam, Vice Chairman of the Binh Duong provincial People’s Committee, VSIP
Phu Quoc is a large-scale project that will significantly contribute to the
future development of the island.
The project will be
designed by Singaporean experts and foreign investors are also encouraged to
engage in it, said Chairman of the Kien Giang People’s Committee Le Van Thi.
Binh Duong
vows to promptly support Taiwanese firms
The southern
At an August 14
meeting with representatives from 11 Taiwanese businesses operating in the
Song Than 2 Industrial Park, Nam said that the local authorities will make
all it can to provide the best assistance to the firms.
The Taiwanese
enterprises, which faced many difficulties in recovering their production and
business after incidents sparking from workers’ rallies protesting against
They said that the
most difficulty they are facing now is the clearance of damaged workshops and
warehouses due to insurance companies’ delay in evaluating losses.
The firms proposed
that local authorities take measures to accelerate the evaluation and
compensation progress as two of them are still yet to normalise their
operation.
Chen Bai Xiu from
the Taipei Economic and Cultural Office in
Local leaders
promised to urge insurance companies to hasten compensation for enterprises
suffering losses, while considering giving support to those that did not buy
insurance as well as applying new investment policies for them.-
High-tech
applications crucial for agriculture
Problems associated
with transfer of high-tech applications need to be solved to help promote the
growth of the HCM City High-Tech Agricultural Park (HHAP), heard a seminar
held in
"Policies
which attract agricultural and rural investors, especially in high-tech agriculture
cultivation, must be completed, along with adjustment of policies of
agricultural production co-operation," said Nguyen Hai An, director of
the Park's Incubation Centre.
Dr. Nguyen Tan Binh
and Dr. Huynh Thanh Dien, lecturers of Van Hien University, pointed out that
transferring high-tech application faces hindrances, including the inability
of farmers to use new technology, limited capital, and small land plots
unsuited for high-tech applications.
"Enterprises
are participating in high-tech agricultural research but they are not
directly taking part in real production," Binh said.
To solve the
problem, he suggested that public-private partnerships be established in
high-tech agricultural research and development.
"Local
authorities should promote research trends and develop agriculture as well as
invite enterprises to take part from the very beginning. The work should not
be done only by research institutes and universities," Dien said.
He also emphasises
the important role of farmers in transferring new plantation technology and
asked that they be trained often.
From now to 2020,
the HHAP will include four regions, with the first the current location of
88ha in Pham Van Coi commune, Cu Chi District, which is focused on
plantations.
Another 200ha will
specialise in fresh pet-fish research, and 90ha will be allotted for marine
research in Can Gio. The fourth will be in Binh Chanh District and will
specialise in animal-feed research.
The park, which was
set up in 2004, has gained achievements but it has been limited because of
haphazard investment and a poor support system that could attract
enterprises. In addition, products have not been very popular with customers.
There are 29
high-tech agriculture parks in the country.
Vinacomin
estimates coal exports at eight million tons this year
Vietnam National
Coal and Mineral Industries Holding Corporation (Vinacomin) expects to export
nearly eight million tons of coal this year whereas local thermal power
plants will have to import coal.
According to a
master plan for national grid development by 2020 with a vision to 2030, new
thermal power plants will have to make the most of local coal resources.
From 2020, to turn
out 156 billion kWh with the total capacity of the coal-fired power plants
reaching 36,000 MW, the industry will need 67.3 million tons of coal and 171
million tons when the capacity of coal-fueled facilities is 75,000 MW by
2030.
Therefore, coal
supplies in the country will not be enough to meet the surging demand,
resulting in coal imports.
Deputy Prime
Minister Hoang Trung Hai at a recent meeting ordered the Ministry of Industry
and Trade and other relevant agencies to forecast the use of energy
resources, ensure a balance of supply and demand, and weigh demand for coal
import.
He also asked them
to seek other potential coal resources to secure the national economic
development after 2020.
Nguyen Thanh Son,
director of Song Hong Corporation under Vinacomin, told the Daily that
Vinacomin would maintain coal output at 40-45 million tons to guarantee jobs
for over 100,000 employees.
Domestic
consumption is projected at over 20 million tons while the surplus will be
exported. The coal industry cannot cut output despite large amounts of coal
inventory for fear of massive job losses.
In the coming
years, it will be difficult to maintain coal output at 40 million tons to
meet the needs of a number of new coal-fueled power projects, Son said. “We
will have to depend on coal imports with higher prices than our export
prices.”
An expert in the
sector said many thermal power plants are worried about the lack of coal
while coal exported to
The Ministry of
Industry and Trade has recently issued a circular halting the export of
certain types of coal measuring less than 15 millimeters at some mines in the
northern region from next year.
Leading
global brewer confirms commitment to Vietnamese market
During his recent
visit to Vietnam, CEO Carlos Brito of AB InBev, a leading global brewer and
one of the world’s top five consumer goods companies, affirmed the company’s
commitment to Vietnam as AB InBev plans to open its first brewery in the
country by the next Spring Festival.
“This was my first
visit to the country and I discovered a very dynamic market in general. With
its vibrant economy, business friendly policies, and educated work force, we
believe in the long-term growth potential of the
“We look forward to
further developing our business and brands in
Ricardo Vasques,
general manager of AB InBev
“While a strong
beer culture has been part of
Accordingly, the
Belgian-based company will complete the construction of its state-of-the-art
brewing facility in the southern
This will be the
company’s first bricks-and-mortar investment in
This new brewery
will feature cutting-edge equipment, environmentally-friendly technology and
advanced quality standards to produce Budweiser and other AB InBev brands for
the domestic and regional markets.
With the dream to
be the Best Beer Company Bringing People Together For a Better World, AB
InBev is also committed to good corporate citizenship, with a special
emphasis on protecting the environment, promoting responsible drinking and
contributing to the communities where the company develops its activities.
In 2013, AB InBev
sold 425 million hectoliters and reported $43.2 billion in revenue.
Its portfolio
includes global brands Budweiser,
Of the more than
200 beer brands in AB InBev’s portfolio, six are recognised in Millward
Brown’s BrandZ® Top 10 most valuable beer brands. In addition, Budweiser
remains the only beer brand in its Top 100 most valuable global brands at
number 34.
Opera
Software app helps save 3G charges
Norwegian firm
Opera Software ASA, in coordination with local smartphone brand Mobiistar,
has introduced the Opera Max app that helps users save 50-80% of 3G charges.
Mobiistar’s Prime
508 has become the first smartphone in
Sergey Lossev, head
of product for Opera Max, said the Mobiistar-Opera Software ASA partnership
would see the app installed in a couple of Mobiistar smartphone models before
it is downloadable on Google Play store in
The Opera Max app
compresses download and upload data, so users, especially those downloading
video clips, can pay less for 3G data.
According to
Mobiistar, Opera Max will be available on some of its smartphone models such
as Prime 508, LAI 504m, BEAN 414 and LAI 504c.
Springer:
No ties between Ton Duc Thang Univ. and APJCEN
Springer
Publishing, the owner of Asian-Pacific Journal of Computational Engineering
(APJCEN) magazine, on August 14 confirmed that there is no connection between
In an e-mail sent
to the Daily on August 14, Renate Bayaz, Springer’s public relations manager,
said that the university was not mentioned in the magazine establishment
contract.
The e-mail is meant
to respond to the Daily’s question over who is the real owner of the
magazine.
Earlier, the
privately-held university based in HCMC filed a lawsuit against Professor
Nguyen Dang Hung, editor-in-chief of APJCEN, for failing to develop the
magazine, which is claimed to be a project of the university.
In addition,
Professor Hung was accused of being deceitful when claiming that Springer and
the editorial board would be founders of the magazine, rejecting the founding
role of
The petition
claimed that after the university and Hung terminated their contract before
maturity in March, Hung used the name of another college to replace Ton Duc
Thang as the founding member of APJCEN, local media reports.
The university also
asked the professor to return over VND461 million, the expenses paid to the
professor and partners to run the magazine.
Meanwhile,
Springer’s Bayaz said in the e-mail that Professor Hung, who was a senior
advisor of the local university at that time, and Dr. Le Van Ut, a lecturer
of the university and Hung’s assistant, contacted Springer to offer the
scheme of establishing APJCEN.
According to a
contract signed by both sides, the magazine allows open access, meaning those
who post articles have to pay a fee at around US$1,400. However, researchers
from poor countries like
The contract made
no mention of
Professor Hung in
an e-mail to the Daily said that big scientific journals normally belong to
large publishing houses. APJCEN is also one such example.
“A contract between
the editorial board represented by me and Springer was signed before the
magazine was established. This is a founding contract and signatories are
founding members. No one can jump in to demand the founding role here,” Hung
said.
Meanwhile,
representatives of
The lawsuit between
the university and Professor Hung therefore will only make clear labor
contract violations, if any, not the real ownership of APJCEN magazine.
Enterprises
can offset losses incurred in real estate projects
Local realty firms
are now allowed to use their profits from other business operations to offset
losses when transferring realty projects in a taxable period, which will help
them ease the pressure of paying tax during this hard time in the real estate
market.
The decision,
effective from August 02 this year, was made by the Ministry of Finance in
Circular 78/2014 which provides guidelines for the implementation of Decree
218/2013 on the Corporate Income Tax Law issued by the Government.
Revenues from
transfer of properties, investment projects or the right of implementing
projects must be accounted separately and will be subject to a tax rate of
22%. The rate will go down to 20% from January 1, 2016.
However, if
enterprises incur losses from the aforesaid activities, such losses can be
offset by profits from other business operations during the same taxable period.
Speaking to the
Daily, Nguyen Van Duc, deputy director of Dat Lanh Real Estate Company, said
that he supports the new decision as it now treats realty firms like those
companies in other sectors.
For instance, if a
firm gained VND100 million from selling a house and lost VND50 million in
transferring a property project, it would pay income tax for the
VND100-million profit under previous regulations. However, the new decision
allows it to pay tax for the net profit of VND50 million only.
Nguyen Ngoc Thanh,
vice chairman of the Vietnam Real Estate Association, said the transfer of
real estate is quite popular at present as realty firms could relinquish
their projects if they lack capacities.
However,
transferring a property project also takes time which could push many
enterprises into the red. Meanwhile, they have to pay tax every year and many
of them do not have enough to settle arrears. Therefore, the decision that
allows enterprises to offset losses is reasonable, Thanh said.
A member of the Tax
Policy Department under the Ministry of Finance said that over the past
years, many firms suffered losses from the transfer of real estate; however,
policies at that time did not allow them to use profits in other business
operations to offset losses.
However, he advised
realty firms to calculate revenues from other business activities and from
the transfer of real estate separately. Enterprises should also be aware that
they can offset losses in the same taxable year only.
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Ba, 19 tháng 8, 2014
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