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Vietnam Business Registration To Be Streamlined

Business registration red tape is to be a thing of the past. Service should be improved and fees will increase under a new system for handling business registrations The process of business registration, previously regarded as simply a state management function, will be regarded as a service starting from December 10, 2012, under the Ministry of Finance (MoF) newly enacted Circular 176/2012/TT-BTC. Organizations and individuals register businesses shall have to pay increased charges set at a level sufficient to cover expenses instead of the current nominal fee level. Under current regulations at Circular 197/2006/TT-BTC, organizations and individuals in need of...

HP.ITA Corporation Engages Auditors to Perform Financial Audits to Go Public in the U.S. Stock Market

HP.ITA Corporation. a Nevada corporation founded in 2004, announced today that the Company has engaged PLS CPA, an independent San Diego-based PCAOB-registered auditing firm, to perform the audit of the Company's financial statements. HP.ITA Corporation (fka Provimex, Inc.), a Nevada corporation founded in 2004, announced today that the Company has engaged PLS CPA, an independent […]

Vietnam auto bosses call for rational policy

HA NOI (VNS)— Automobile manufacturers and experts have affirmed that taxes and fees need to be changed to stimulate the automobile industry and the sluggish car sales in Vietnam. Speaking at a seminar on Thursday, the Vietnam Automobile Manufacturers' Association (VAMA) chairman Laurent Charpentier said 10 years ago Vietnam's automobile industry made great contribution to […]

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...

Vietnam New Regulation On Securities Transactions

Amid the stock market slump, the Vietnamese Government has issued Decree 58/2012/ND-CP ("Decree 58") on securities to replace Decree 14/2007/ND-CP of 19 January 2007 Amid the stock market slump, the Vietnamese Government has issued Decree 58/2012/ND-CP ("Decree 58") on securities to replace Decree 14/2007/ND-CP of 19 January 2007, Decree 84/2010/ND-CP of 2 August 2010, and Decree 01/2010/ND-CP of 4 January 2010. The three repealed Decrees are collectively referred to as the "Old Decrees" in this article. Decree 58 takes effect on 15 September 2012. Among the highlighted changes are the lifting of certain restrictions on private placement, introduction of a legal framework and approval requirements...

Vietnam true being of FIEs blocking investment

Opaque definitions of foreign-invested enterprises (FIEs) have entailed numerous repercussions for Vietnam’s current investment landscape, with pharmaceuticals maker Mekophar’s delisting being one recent case. In this context, industry managers and senior experts sat together in a recent VIR-hosted meeting to discuss the issue. Phan Vu Hoang, Tax Director, Deloitte Vietnam Tax Company Ltd . expands on the issues at hand. The definition’s aftermaths Pursuant to Article 3, point 6 in the Law on Investment 2005, FIEs comprise of “enterprises established by a foreign investor in order to carry out investment activities in Vietnam; (or) a Vietnamese enterprise in which a foreign investor...

VMD to hold extraordinary AGM and pay cash dividend

Vietnam Securities Depository (VSD) has announced about extraordinary annual general meeting (AGM) and a cash dividend of Vimedimex Medi – Pharma JSC (coded VMD) Ex-interest date is August 24, 2012. The last registered date is August 28, 2012. The expected date for the AGM is on September 21, 2012. Each shareholder holding one share will have a voting right. VMD will take shareholders’ views on three main problems including interchangeable bond issuance, adjustment of business registration certificate and corporate bylaws, member dismissal and election of board of directors. In addition, VMD will also pay a cash dividend at 10 percent for H2/2011, equal 1,000 dong per share...

Business Briefs August 15, 2012

* Vinh Phuc Infrastructure Development Company (IDV) has announced August 16 as the ex-dividend date for shareholders to receive 2012 first round dividend in cash at 10 percent. * The State Treasury will auction VND6 trillion worth of two, three and five-year government bonds on August 21. * Pan Pacific Corporation (PAN) planned to sell its all 200,000 treasury shares via order matching within 90 days after the approval of the Hochiminh Stock Exchange (STC), according to the resolution of the firm’s Board of directors (BOD) on August 2. * Dien Quang Lamp Joint Stock Company (DQC) announced August 22 as ex-date and August 24 as...

Vietnam stock market aims to achieve global standards

After 12 years of operation, Vietnam’s stock market has gained encouraging achievements as an important channel for raising funds for the economic development. During this period, the stock market has mobilized almost VND650 trillion (US$31 billion), most of it (VND550 trillion or $26.4 billion) after 2005. Foreign indirect investment (FII) in the stock market has accounted for around $10 billion. In the first five operational years, market capitalization was one per cent of the country’s GDP and it reached a peak of 47 per cent in 2007, then stabilized at around 30 per cent over the past several years. Starting with just two...

Vietnam Ministry Speeds Up Work To Stimulate Production

Helping enterprises clear inventories and maintain production would be a focus of the Ministry of Industry and Trade's action plans in the coming months, said Minister Vu Huy Hoang at a meeting in Ha Noi yesterday. The ministry was considering the application of bartering among enterprises, in addition to stimulating demand by speeding up disbursement of projects financed by the State budget in such industries as building materials, cement, iron and steel, sanitary ware and electric devices. It would possibly support the automobile industry with a 10-per-cent cut in registration fees in several major cities. The ministry said it...