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Manulife Vietnam goes the extra yard

Manulife Vietnam, the first 100 per cent foreign-owned life insurance company licensed in Vietnam, has opened its new customer service office at Maritime Bank Building’s in HCM City’s District 1 last week. The new office, designed to offer customers more convenient and better service, covers a total area of 1,470 square metres. It supplements the […]

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...

Analysis – Foreign insurers enter Myanmar market with hope, caution

(Reuters) - The world's top insurance firms are setting their sights on Myanmar, steeling themselves for a fight with corruption and ghosts from the nation's political past. Prudential Plc ( PRU.L ), AIA Group Ltd ( 1299.HK ) and Manulife Financial Corp ( MFC.TO ) are among the global insurance giants preparing to enter Myanmar as the government rolls out a framework for the sector's development with the lifting of European and U.S. sanctions. The opportunities are many. A large population, economic reforms and a natural...

Tax Red Tape Holds Vietnam Firms Back

Many enterprises have fingered tax and customs entanglements as causing business hurdles. Tran Ngoc Hung, chief of R.K Marble Vietnam’s Administrative and Human Resource Department, said that his company was being hurt by investment incentives and export tax for calcium carbonate powder. Under its investment license granted by Yen Bai People’s Committee dated January 11, […]

Vietnam Business Briefs October 03, 2012

* Saigon-Hanoi Commercial Bank (SHB) has gained approval to trade 405 million more shares on the northern bourse. * Lotus-Mekong River Equity Fund has offloaded 460,000 shares of HungDao Container Company (HDO) to reduce its ownership from 12.3 percent to 7.3 percent. * Educational Book Company in HCM City (SGD) has bought back 200,000 shares as treasury shares. * Vero Verla Vietnam’s aluminium alloy plant in Hai Duong Province’s Tu Ky District has been canceled by the provincial government due to slow implementation. The project was licensed in 2007 with an investment of $38 million. * AirAsia yesterday started its new route to Don...

Company chosen to manage rare earth mine in Vietnam

HA NOI – The Government has approved Lai Chau - Vimico Rare Earth Co to manage Dong Pao rare earth mine, the largest in Vietnam, says the company's director Bui Van Huyen. The mine covers a total area of 11sq km with estimated reserves of 5 million tonnes. Circular N7263/VPCP-KTN permitted the company to apply for a mining license from the Ministry of Natural Resources and Environment. Huyen said Vietnam Coal-Mineral...

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 State Securities Commission Collects Opinion About Draft Circular on ETF Establishment

The Ministry of Finance and The State Securities Commission (SSC) have released Draft Circular on Exchange Traded Fund (ETF) establishment, and the SSC is requesting market members to send their opinions in paper to the regulator before September 22. T he following are key contents in the Draft circular: Definitions Exchange-Traded Funds, or ETFs, are funds established from receiving or exchanging structured portfolio for fund shares (certificates).

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...

Vietnam Fuel prices rise again, with more to come

Retail petrol prices yesterday increased by VND650 (US$0.033) per litre to VND23,650 while diesel rose by VND300 per litter to VND21,850. The move was made when the oil prices on the global market increased by 13.24 per cent against the previous month; diesel prices went up 8.66 per cent; kerosene went 9.59 per cent and mazut 8.01 per cent, the Ministry of Finance reported. The ministry gave petrol importers the right to make decisions on price hikes of petrol products within a margin of plus-or-minus 7 per cent under Government Decree No 84/2009/ND-CP issued in 2009, said Nguyen Tien Thoa, director of...