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SJC finds 6,200 gold bullion of below-par purity

Saigon Jewelry Co, the producer of the national gold brand SJC, has detected more than 6,260 gold bars produced by other companies whose purity is far less than the 99.99 percent the makers claim. The substandard gold bars account for as much as 10 percent of the total non-SJC gold bullion sent to SJC to be converted into the national brand, the company said. The discovery has greatly concerned holders of non-SJC gold bullion, as the gold bars with below-par purity will...

Vietnam Business Briefs Sept 22, 2012

Dong Nai receives $1bn FDI The southern province of Đong Nai has attracted more than US$1 billion from foreign direct investment (FDI) despite the economic downturn, said Bo Ngoc Thu, director of the province’s planning and investment department. The figures places the southern province third nationally in attracting FDI after Binh Dương Province, also in the South, and the northern city of Hai Phong. In the past eight months, Đong Nai has granted investment licenses to 34 enterprises with registered capital of about $600 million. Among the new projects, two are in high-tech – Belmont Manufacturing specializing in health...

Business Briefs July 16, 2012

* Sam Cuong Material Electric and Telecom Corporation (SMT) will float an additional 165,000 shares on the northern bourse on July 16. * VietAnh Joint Stock Company has bought 100,000 shares of Gentraco Feed Company (GFC) to raise its shareholding from 3 percent to 4.2 percent. * Da Nang Education Development and Investment Company (DAD) has registered to buy back 100,000 shares as treasury shares from July 16 to October 5. * An Phat Securities JSC. (APG) announced to choose Auditing and Accounting Financial Consultancy Service Co., Ltd to audit its 2012 financial statements. The firm said in a filing sent to HNX’s website on July 16. * Hoa Phat...

FDI to Ho Chi Minh falls 83% in H1/2012

Ho Chi Minh city licensed 178 new foreign direct investment (FDI) projects with a total of $248 million in the first six months of this year, falling 83.1% on year, said the municipal Statistics Department. The figure extended the number total existing FDI projects to 4,243 with a combined capital of $31 billion. Meanwhile total new registered businesses in the city in the first half was 12,76 with total capital of VND77 trillion (nearly $38 billion), up 4.6% and 6.5% respectively. However, in the same period, as many as 1,065 businesses announced to stop operation, up 50% on year and 1,214 companies with total capital...

Vinaken beer plant illegally built in HCMC

A brewery factory has been built without a license in a land plot zoned for agricultural production in Ho Chi Minh City’s Hoc Mon District, with the municipal Department of Planning and Architecture to be blamed for the violation. The Vinaken Beer Company, based in northern Bac Giang Province, had the factory and an office building spanning 9,000 square meters built on a 13,000 sqm land plot in Ba Diem Commune. Though being constructed without a license...

Insiders anticipate changes in advertisement law

With the National Assembly scheduled to discuss the draft of the Law on Advertisement today, insiders are hoping that some changes will be made to loosen the tightened regulations currently imposed on the industry. Advertisement experts said the draft law has many positive points compared to the current law that took effect in 2002. For instance, Article No 22 in the bill stipulates that news agencies can publish advertisement inserts through their initiatives, and are only required to inform the authorities of the publication...

$1.7 mln supercar gets Vietnamese registration plate

A Bugatti Veyron supercar has its new Vietnamese registration plate of 51A 289.88 licensed by the Ho Chi Minh City Police Department's Traffic Police Office. The 2008 Bugatti Veyron, which priced around $800,000 and $1.7 million for used and brand new ones in the US, is imported to Vietnam by an overseas Vietnamese who has chosen to return to Vietnam for the rest of his life. The owner of the supercar, mainly colored in while and red, will be exempt from import tax, but he still has to pay $...

$1.7 mln car gets Vietnamese registration plate

A Bugatti Veyron supercar has its new Vietnamese registration plate of 51A 289.88 licensed by the Ho Chi Minh City Police Department's Traffic Police Office. The 2008 Bugatti Veyron, which priced around $800,000 and $1.7 million for used and brand new ones in the US, is imported to Vietnam by an overseas Vietnamese who has chosen to return to Vietnam for the rest of his life. The owner of the supercar, mainly colored in while and red, will be exempt from import tax, but he still...

Private flight license revoked; monopoly possible

The flight license of Indochina Airlines (ICA) has officially been revoked by the Ministry of Transport, said a state official from the Civil Aviation Administration of Vietnam (CAAV). The license withdrawal was executed because the private carrier has not operated for 12 months, said Dinh Thang, deputy head of the CAAV. ICA, the first Vietnamese private carrier to obtain a license, in May 2008, was established by composer Ha Dung, who also acted as the airline’s general manager. ICA began flying on November 25, 2008 with two leased Boeing 737-800 aircraft. But it hasn’t flown since November 2009, thanks to financial problems stemming from...

Bad debts of foreign firms hit $80 mln

The bad debts caused by 22 foreign-invested projects owned by bankrupted foreign firm in Vietnam, mainly in two northern provinces of Hai Duong and Phu Tho, have amounted to nearly $80 million, Sai Gon Tiep Thi newspaper reported. In addition, more than 230 projects from licensed Taiwanese and Korean investors have been dissolved and gone bankrupt so far, according to statistics from Vietnamese foreign investment authorities. Some foreign investors used investment licenses to be able to borrow from banks, but then they came back home without repaying their loans to the banks. In particular, the authorities of the northern Hai Duong...