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Foreign investors give up “golf course dream” in Vietnam

VietNamNet Bridge – Some years ago, foreign investors flocked to southern provinces to seek the opportunities to develop golf course projects. And now they hurry to quit the projects. Daewoon says goodbye to Da Phuoc project? The Da Nang City People’s Committee has decided to remove the plan to develop the 18-hole golf course on a 66 hectare land plot in the Da Phuoc International Urban Area. The project’s South Korean investor Daewon Cantavil, reasoning the economic difficulties, has got the permission from the city’s authorities to focus on developing the urban area instead of the golf course. The city’s authorities...

VIetnam Agencies Urged To Boost Transparency

Local administrations nationwide needed to improve transparency while working with investors as a way to spur socio-economic growth, said Dau Anh Tuan from the Viet Nam Chamber of Commerce and Industry (VCCI). Speaking at the 11th anti-corruption dialogue in the central city of Da Nang yesterday, Tuan said Viet Nam had gradually improved transparency in […]

Foreign labourers buck system in Vietnam

Southern Binh Duong province is getting hot under the collar over foreign labour violations. The province’s Police Department, in conjunction with the local Department of Labour, Invalids and Social Affairs, has detected and withdrawn 25 work permits from foreign workers in Taiwan-invested Omexey Home Furnishing Vietnam for recruitment and management violations. The Department of Labour, War Invalids and Social Affairs also reported that it had detected other cases of using counterfeit employment certificates, including those at Quoc Thang International. Nguyen Phung Trung, Department of Labour, Invalids and Social Affairs deputy director, rang the alarm bells that some foreign direct invested...

Vietnam Project’S Bad Fashion Statement

The runaway foreign investors of Lifepro Vietnam’s Luxfashion textile and garment complex, leaving $150 million in debts behind, have underscored the ugly side of foreign-invested projects that go wrong. The $300 million European clothing complex, located in northern Ninh Binh province’s Gian Khau Industrial Park, has been totally locked down since early September, just six months after official becoming operational. In late August, the local authorities were reported by a Vietnamese representative of Lifepro Vietnam that all foreign managerial staff of Luxfashion complex...

When unlicensed ebooks dominate copyrighted ebooks in Vietnam

VietNamNet Bridge – Big technology firms and publishing houses, which plan to join the ebook market, have been repeatedly urging state management agencies to declare war with piracy. Big guys vow to combat with digital book piracy When buying a Kindle or Nook ebook reader from the shops in Hanoi, one would receive a “gift” – a CD disk which contains thousands of ebooks. Of course, the free ebooks are pirate products. But 100 percent of buyers would accept the “gift”. In fact, Vietnamese have got familiar with using intellectual property free of charge. The widespread piracy has made technology firms...

PVN Spends Us$5.3 Bil. On Outbound Investments

Vietnam Oil and Gas Group (PVN) has so far gained licenses to invest nearly US$5.3 billion in foreign countries with three main business fields namely oil and gas exploitation, mineral exploration and fuel trading. PVN executives told a meeting on Monday the group had transferred US$1.8 billion among the total registered capital of nearly US$5.3 billion to its overseas projects. Thanks to investment projects, PVN has discovered many oilfields with a total volume of some 192 million tons of oil equivalent, and the cumulative profit earned from foreign oil exploitation has amounted to US$282 million so far. This year to end...

Malaysian investors give up Vietnam casino dream

While other foreign investors lust for the license for the projects on integrated resorts (IR) with casino, a Malaysian investor has refused the license, having decided to leave Vietnam. Genting Malaysia Berhard, or GENM, a subsidiary of Malaysian Genting Group, has announced its decision to withdraw from the Nam Hoi An IR project in the central province of Quang Nam, a “project with casino” as said by the business circle. In its official statement, Genting said on December 21, 2010, GENM informed about a plan to cooperate with a Vietnamese partner to seek the investment opportunities in the entertainment, hotel and resort...

Vietnam’s Ministry Of Information And Communications (MIC) Gets Tough On Slack Telcos

MIC gets tough on slack Telcos HA NOI (VNS)— The Ministry of Information and Communications (MIC) has sent a letter of ultimatum to three companies that have been licensed to provide mobile virtual network services, urging them to commence operations as soon as possible. The move follows the companies' sluggish implementation of the services, despite receiving the green light in 2009. A mobile virtual network operator (MVNO) is a wireless communications service that does not own the radio spectrum of wireless network infrastructure over which the MVNO provides services to its customers. An MVNO enters into a business agreement with a...

Vietnam MIC attempts to collect telecom commercial right fee

The Ministry of Information and Communication (MIC) is going to collect fees for the commercial right to provide telecom services, which would charge on all telecom and Internet service providers. Under the telecom right fee collection plan, the fee would be no more than one percent of the total revenue of telecom and Internet service providers. Pham Hong Hai, Head of the Telecommunication Department under MIC said the ministry is consulting with the Ministry of Finance before submitting the plan to the government. If the plan gets the nod from the government, enterprises would have to pay annual fee which...

Vietnam Big Telecom Groups Meet With Barriers On The Way To Obtain Cable TV Licenses

Some telecom conglomerates have revealed their plans to jump into the pay-TV market. They might not anticipate the barriers they would meet when implementing the plan. The Vietnam National Television (VTV), the Vietnam Pay-TV Association, VCTV, SCTV all have unanimously lodged petition to the Central Propaganda Committee and the Ministry of Information and Communication about the issues relating to the pay-TV market. The television service providers wrote that they feel too surprised when hearing about the business plans that they believe “would cause the big waste of the state’s money.” The “business plans” here means the...