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Denmark firm sues Vietnam over tardy ODA project

Vietnam’s project management board in Bac Giang City in the north has to pay EUR1.15 million (US$1.4 million) in compensation to a Demark contractor for finishing an ODA-funded environmental project one year later than planned. The Bac Giang City Environmental Hygiene and Drainage Management Board has to pay the compensation to contractor MT Hojgaard A/S (MTH). MTH had earlier asked for EUR3.6 million to cover costs arisen from the tardiness. Both sides brought the issue in front of the International Court of Arbitration headquartered in Paris but later negotiated. After two days of negotiation (3rd and 4th...

Securities Companies In Vietnam Trying to Brave Storm

Up to 56 out of over 100 securities companies in Vietnam reported losses in the third quarter of 2012. Securities brokerage houses suffered a combined net loss of VND212 billion but the earnings reached VND1,100 billion in the first nine months. Many have to restructure to survive in the raging storm. Total revenues of 100 securities companies grossed VND2,107 billion in the third quarter, totaling VND7,864 billion in the three quarters. They suffered from a combined loss of VND212 billion in the third quarter but still earned VND1,100 billion of profits in the January - September period...

Vietnam: Where Are People’s Interests In Land Acquisition?

The land acquisition process at present does not create opportunity for farmers to benefit from the value of assets created from the conversion of land use purposes. Sustainable economic development in Vietnam depends on the change of land use purpose and other resources to more useful purposes. Typically, economic growth is defined as economic growth (for example, the sustainable growth of real income per capita), and the structural transformation. The key factor for economic development is the growth of production inputs (land, labor, and capital), growth of the use of these inputs, and improvement of the quality of the organizational...

M&A: Which Are Big Fish And Little Fish In Vietnam?

In recent years, the slang term "big fish eats little fish" is commonly used among the Vietnamese business community and media. The big fish mostly referred to are foreign companies while the little fish denotes a domestic enterprise. However, that is not everything. In that seemingly unequal battle for market share, there are still Vietnamese […]

Vietnam Exporters Become The Victims Of Nasty Tricks In Foreign Markets

VietNamNet Bridge – Export companies have complained that the situation has become increasingly strained towards the end of the year. Importers would be ready to play nasty tricks to control the import prices. Too many kinds of tricks to play It is now more difficult than ever to export products. Exporters not only have to move heaven and earth to borrow capital, arrange material import deals, but also think about how to deal with the tricks played by importers to disturb the export. Nguyen Van Dao, General Director of Go Dang Company, related that importers would send small groups of...

Vietnam State Owned Economic Groups Repeatedly Beg For State’s Support

VietNamNet Bridge – State owned economic groups, considered the motive force of the national economy, have also complained about difficulties, while repeatedly begging for the preferences from the State. Conglomerates will live only with the State's support In the latest document sent to the Ministry of Finance (MOF), the national oil and gas group PetroVietnam asked for the permission to exempt the personal income tax (PIT) for the group’s officers who go abroad on business. If MOF does not accept the proposal, PetroVietnam wishes to come forward to pay the tax for the officers. However, the expenses would be counted...

HCM City to build Danish active house

Local architecture, design and construction firms will introduce energy-saving building materials via the Danish active house which is set to be developed at Quang Trung Software City next year. The information was announced at a workshop on building active houses co-organized by the Danish Embassy in Vietnam and the HCMC Energy Conservation Center (ECC) in […]

Nghe An: Tigers raised as pigs

Four tigers are bred in a room of less than 15m2. It is unbelievable but it is the truth in the central province of Nghe An. Until we witnessed four adult tigers being raised in a 15sq.m room of a household in Do Thanh Commune, Yen Thanh District, Nghe An province, we believed that the […]

Vietnam Meat Imports Could Rise For Tet

HCM CITY (VNS)— The livestock industry is seeking ways to ensure a sufficient volume of meat for next year's Tet (Lunar New Year) holiday, as stock has fallen this year, according to the Livestock Department. Since April, the livestock industry has faced several difficulties, forcing many farmers out of business. The price of animal feed has continued to rise, but meat prices have remained about the same. Live pigs have been selling for VND35,000 to 38,000 per kilo; chicken for around 22,000 per kilo; and eggs for VND1,650 each. The number of live pigs and poultry...

In Vietnam, a Push for Restrictions on Foreign Firms

Vietnam’s top law firms are asking their government to impose greater restrictions on the practices of their foreign counterparts. The country is currently one of the most open markets in Asia for foreign firms. They are free to hire Vietnamese lawyers, who have been permitted to advise on local law short of appearing in court […]