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Breakthrough Opportunity For Vietnam Exports

The number of businesses searching for capable producers through e-commerce is ever increasing, creating excellent opportunities for Vietnamese exporters to boost their market penetration. Vincent Wong, Senior Managing Director of Buyers, Services, and Development at e-commerce site Alibaba.com, explains that major importers previously searched for goods and resources from traditional markets like India and China. […]

Vietnam’s ‘Used IT Device’ Import Ban Hurts Software Firms

This was a popular view at a meeting held in HCMC last week to discuss Circular 11/2012/TT-BTTTT on used IT devices, which came into force recently. According to Circular 11, the import of second-hand IT devices for R&D purposes is still permitted. However, the fact that used computer and cell phone imports are prohibited makes […]

Vietnam not hide any irregularities relating to Danish-funded projects

Vietnam will not conceal any irregularities relating to three Danish-funded projects and will punish violators strictly, said deputy minister of Science and Technology Tran Viet Thanh. Thanh made the affirmation in Hanoi on June 7 while granting an interview to the Vietnam News Agency on Denmark ‘s decision to suspend three out of four climate change response projects using Danish aid to wait for clearer explanations from project developers. According to the deputy minister, on June 6, the managers of the three projects and the representatives from the Embassy of Denmark and the Ministry of Science and Technology met in...

Apple Lists Part Suppliers for First Time, Discloses Violations

Jan. 13 (Bloomberg) -- Paul Kedrosky, author of the Infectious Greed blog and a Bloomberg contributing editor, talks about Apple Inc.'s move to disclose its suppliers and the company's earnings outlook. Kedrosky, speaking with Jon Erlichman on Bloomberg Television's "Bloomberg West," also discusses News Corp. Chairman Rupert Murdoch’s Twitter account. (Source: Bloomberg) Apple Inc., responding to criticism of working conditions at companies that make parts for its products, listed its suppliers for the first time and disclosed instances of rights violations by some manufacturers. An annual audit released yesterday pointed to involuntary labor at 17 factories and underage labor at five...

Top 1,000 corporate taxpayers published

Vietnam Report, in collaboration with online newswire VietNamNet and the General Department of Taxation’s Tax magazine, organized a ceremony on November 22 to honour the country’s top 1,000 corporate-tax contributors in Hanoi. Contributions from foreign-direct enterprises doubled from VND19 trillion in 2010 to VND38.9 trillion. This represented a 1 per cent rise to 24.92 per cent in the V1000 making list in 2011. The V1000 revealed that 16.3 per cent of firms for the first time were entered on the list. Of those, state-owned and private enterprises occupied 42.9 per cent and 31.3 per cent of the slots, respectively. Foreign-invested enterprises (FIF) represented 25.8 per cent...

Imported private airplanes may enjoy preferential tax rate of zero percent

The four private airplanes imported by Green Planet may get the customs clearance by the end of November. As the airplanes are expected to be used for training, they may be exempted from all kinds of tax, including VAT. Green Planet’s Chair Cao Van Son said that the procedures relating to the import of the four private airlines have nearly been completed. The Hai Phong Customs Agency has sent a dispatch to the General Department of Customs (GDC) to consult about how to deal with the unprecedented imports. Meanwhile, GDC has also discussed with the Civil Aviation Authority of Vietnam...

Vietnamese coffee brand sells in US and Korean supermarket stores

G7 instant coffee brand produced by Trung Nguyen Coffee Company of Vietnam is now selling in Costco supermarket stores in the US and the E-mart discount supermarket stores in South Korea since October 2011. The first order from Costco of 100 containers and from E-mart of 15 containers will be delivered from now till the end of 2011. For acquiring orders from Costco and E-Mart supermarket chains, the G7 instant coffee brand had to pass verification by the SGS certification company, the world's leading inspection, verification and testing company, and the Bureau Veritas International Group. Costco and E-Mart supermarket chains...

Business Briefs October 21

* Northern bourse-listed Trang An Securities Joint Stock Co (TAS) has recently announced the business results for Q3 with revenue of 2.4 billion dong. * The Bank of Agriculture and Rural Development of Vietnam (Agribank)'s Securities Joint Stock Co (AGR) has recently announced the business results for Q3 with revenue of 270 billion dong. * Bien Hoa Packaging Joint Stock Co (coded SVI) has lately announced that November 02 would be the registration deadline to close the shareholders list for the purposes of paying dividend, allocating bonus shares and offering shares to public. * Maritime Bank Securities Joint Stock Co (MSBS) has...

Engineering a breakthrough

An engineer at Toyota Motor Vietnam Company is refusing to back down in his fight against the company he feels has besmirched him. Le Van Tach, who in May stepped forward to expose technical flaws in all Toyota Motor Vietnam (TMV) models, told VIR he had evidence showing TMV had tried to “cheat” customers and make his life difficult. Last week Tach and his lawyer filed a lawsuit against TMV in the People’s Court of Vinh Phuc province’s Phuc Yen town. This is where TMV is based and Tach lives. Tach requested in writing that the local police, the Ministry...

Capital contribution regulations full of loopholes

Lax regulations regarding chartered capital and equity capital in company establishment have created multiple legal loopholes for enterprises to take advantage of, defraud their partners and generate capital that is virtually non-existent. Those are among the common practices indicated by lawyers at a seminar in HCMC on Wednesday on a draft review report on implementation of the Enterprise Law, the Investment Law and the Trade Law. The seminar was part of a project to review 16 economic laws in Vietnam carried out by the Government Office and the Vietnam Chamber of Commerce and Industry (VCCI). Nguyen Duc Nghia, general director...