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Banking major students in Vietnam fear of becoming redundant

Not only the students studying at domestic universities, but the ones graduating from foreign schools also find it difficult to get the jobs in the banking and finance sector nowadays. The dream of banking students Finishing the Hanoi Foreign Trade University in 2011, one of the most reputable schools in Vietnam, Vu Duc Hai immediately […]

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...

Vietnam Businesses Want Tax Reduction, MOF Only Allows Tax Payment Delay

VietNamNet Bridge – Businesses keep indifferent to the government’s decision to accept a tax payment delay, saying that the tax payment deadline extension would not help them overcome the difficulties. Despite the bailout, businesses keep dying The government’s bailout was launched four months ago, when businesses unanimously entreated for help. However, the support still cannot […]

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 […]

Dividend Payments Delayed Amid Economic Woes In Vietnam

Given the impact of the economic crisis and hardship in capital access, some listed enterprises have numerous times delayed dividend payments for shareholders or even canceled dividend payment plans to retain capital for their operations. PVC Petro Capital & Infrastructure Investment Company (PTL) has delayed the 2011 dividend payment to June 2013. This is the third extension of the enterprise while investors had registered to receive the dividend last December and payment ratio was only 4% in cash. The enterprise has explained the same reason for the three extensions, saying that clients have failed to pay debts as scheduled and it cannot...

Vietnam govn’t, state agency at odds on business performance data

The Ministry of Finance and the Vietnam Chamber of Commerce and Industry (VCCI) have drawn two completely different pictures about the health and performance of local businesses. While the ministry said a new round of tax incentives have become a real rejuvenation potion for local businesses, a recent survey by the VCCI showed a much different story. There are more local enterprises resuming operations due to the Ministry of Finance’s tax exemption or reduction program following Resolution No.13/NQ-CP of the Government , said a senior official of the ministry. The central tax agency has deferred a total of...

Vietnam Enterprises Owe Huge Amounts In Back Taxes

Businesses in Vietnam owed tax arrears worth nearly VND20 trillion (USD957.85 million) by the end of September this year, one official has said. Tran Van Phu, deputy director of the general Department of Taxation, said at the Ministry of Finance’s meeting on October 11, that the figure accounts for 6.8 percent of the country’s gross domestic income. State-owned enterprises owe around VND2.6 trillion (USD124.52 million), representing 13 percent of the total amount, he noted. Phu attributed the huge tax debts to economic difficulties. However, the ministry is making efforts to lower the figure to less than 5 percent of the gross domestic income...

Ad Hoc Solutions Won’t Help Struggling Vietnam Businesses: Experts

The woes the domestic corporate sector is facing have built up over the years, so urgent actions are needed to cope with them, said Tran Dinh Thien, director of the Vietnam Institute of Economics. He was speaking at the Vietnam Businessman Forum held by the Vietnam Chamber of Commerce and Industry (VCCI) in Hanoi last Saturday with the theme “Keeping faith – Overcoming challenges”. Thien said business executives and policymakers had got stuck to the pro-growth model for so long, so difficulties related to this had remained unresolved. Sharing this view, Deputy Minister of Industry and Trade Tran Quoc...

Vietnam Banks’ Assets, Registered Capital

The following table updates the assets and registered capital of banks in Vietnam, based on their latest published reports. NOTE: * Updated; unit: billions of dong - State-run bank: 3 MM/YR Assets Reg cap Agribank 12-11 561,250.0 29,154 #Vietnam Development Bank 12-09 178,609.2 10,847 #Vietnam Bank for Social Policies 06-12 111,328.0 9,488 NOTE: # policy lenders - Partly private bank: 38 MM/YR Assets Reg cap BIDV 06-12 444,635.9 23,012 VietinBank 06-12 404,867.9 26,217 Vietcombank 06-12 391,662.9 23,174 Asia Commercial Bank 08-12 255,872.5 9,377 Eximbank 06-12 185,933.8 12,355 Technological & Commercial Bank 12-11 180,531.2 *8,848 Military Bank 06-12 152,277.0 10,000 Saigon Thuong Tin Bank 06-12 144,654.3 10,740 Saigon Commercial Bank (SCB) 06-12 134,394.0 10,584 Saigon Hanoi Bank (Sahabank) 08-12 120,000.0 8,866 Maritime Bank (MSB) 12-11 114,375.0 8,000 Dong Nam A Bank (SeABank) 12-11 101,092.6 5,335 Vietnam International Bank (VIB) 12-11 96,949.5 4,250 Vietnam Prosperity Bank (VPBank) 12-11 82,817.9 5,050 Phuong Nam Bank...

Vietnam Business Briefs October 04, 2012

* PetroVietnam Finance Joint Stock Corporation (PVFC), whose stake representative is Bui Quang Hung, a member of the Board of directors of PetroVietnam Fertilizer and Chemicals Company (DPM), registered to sell all 30,000 shares from October 3 to October 31. PVFC aims to conduct the share sale via order-matching or put-through to restructure portfolio. After the share trading, PVFC expects to hold no shares from 30,000 shares or 0.0079 percent stake currently. * IMG Investment JSC, whose CEO is Le Tu Minh, Chair of the Board of directors (BOD) of MT Gas Joint Stock Company (MTG), bought 2.88 million shares as registered from August...