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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 June 14

* Vietnam Securities Investment Fund (VFMVF1) has announced its net asset value per unit by June 7 at VND15,814, rising by VNDl50 against the previous week. * Ninh Hoa Sugar Company has acquired two million shares of Gia Lai Cane Sugar & Thermoelectricity Company (SEC), or an 11.5 percent stake in the enterprise. * Danang Rubber JSC. (DRC) will float 23,075,080 new shares worth VND230.75 billion on the Hochiminh Stock Exchange on June 22 this year. These are bonus shares and dividend shares issued to its existing shareholders according to Announcement No. 471/2012/TB-SGDHCM dated May 4, 2012. * Vietnam Construction JSC. No. 2 (VC2)...

Private enterprises urged to grow

A shortage of big businesses would deter Viet Nam's private sector from further development despite the positive role of private enterprises, experts have said. A Viet Nam Association of Young Entrepreneurs survey revealed that the scale of private enterprise had by now increased to more than 9,000 since the Prime Minister approved their establishment in principle. The private sector has managed to create 1.5 million jobs alongside an average annual revenue of US$25 billion. However, the association said that most private businesses were small- and-medium-sized with a modest number of large firms. The Top 500 Big Vietnamese Businesses list, put together...

Law gets tougher on recalcitrant bosses

The Government issued Decree No 92/2011/ND-CP on October 17, regulating fines for administrative violations in the field of health insurance. Enterprises and organizations that do not pay insurance premiums for the whole applicable employees shall be fined at least VND500,000 for up to 10 employees, VND1-5 million (US$50-250) if the number of applicable employees is from 11 to 50, and no more than VND30 million ($1,600) if the number of applicable employees is over 1,000. The violating enterprises and organizations will also be required to pay the back premiums for the entire number of applicable employees, plus interest, into the social insurance...

The condotel has landed

The condo-hotel is an alien concept for Vietnam but developers now believe the time is right to introduce this product to the market. Duc Hanh examines what the attractions are for investors and owners So, first of all, what is a condo-hotel or a condotel? It’s a condominium project, which is operated as a hotel […]

Plastic progress

Vietnam’s younger generation is where the future lies for banks and their credit cards. Stable economic growth has boosted consumption among Vietnamese people and gradually seen them approach convenient personal finance services like credit cards. Young people, in particular, represent a future pool of cardholders for bank and financial services companies. Figures from market researchers […]