Sabeco and Habeco controlling shareholding may be out of reach for foreign investors

These are some of the drastic measures being considered by the Ministry of Finance (MoF) and the Government Office (GO) as part of efforts to speed up equitisation and induce more transparency into the process. Deputy Prime Minister Vuong Dinh Hue has also instructed the MoF and GO to investigate and hand out stiff punishments to businesses and commercial banks that do not finalise the procedures despite being qualified to list on the UPCoM. The MoF will compile a list of equitised SOEs where the State still retains 36% or more of its stake, as well as those with zero to 36% of State capital, though the decision for the latter to become listed is contingent on the company’s shareholders. In the last six months of 2017, any enterprise tardy about going public on the UPCoM will be heavily fined under Circular 36/2017/TT-BTC which has been in effect since June 15, 2017. Companies failing to list or register 12 months later than requested by the State Securities Commission of Vietnam will attract fines of VND300 million to VND400 million (US$13,342 to US$17,790). The MoF has also asked the Government and responsible departments and localities to consider disciplinary action against the leadership of companies that are dragging their feet on completing listing procedures. The disciplinary actions would range from demotions, transfers, salary cuts to more serious criminal charges. The threat of severe action has prompted several companies to hasten their…... [read more]

A branch of the MB Securities Joint Stock Company in Hanoi (Photo: VNA) Hanoi (VNS/VNA) - Leaders of qualified State-owned enterprises (SOEs) will face demotions, salary cuts, fines and even criminal charges if they fail or delay listing on the Unlisted Public Company Market (UPCoM). These are some of the drastic measures being considered by the Ministry of Finance (MoF) and the Government Office (GO) as part of efforts to speed up equitisation and induce more transparency into the process. Deputy Prime Minister Vuong Dinh Hue has also instructed the MoF and GO to investigate and hand out stiff punishments to businesses and commercial banks that do not finalise the procedures despite being qualified to list on the UPCoM. The MoF will compile a list of equitised SOEs where the State still retains 36 percent or more of its stake, as well as those with zero to 36 percent of State capital, though the decision for the latter to become listed is contingent on the company’s shareholders. In the last six months of 2017, any enterprise tardy about going public on the UPCoM will be heavily fined under Circular 36/2017/TT-BTC which has been in effect since June 15, 2017. Companies failing to list or register 12 months later than requested by the State Securities Commission of Vietnam will attract fines of  300 million VND to 400 million VND (13,342 USD to 17,790 USD). The MoF has also asked the Government and responsible…... [read more]

Leaders of qualified State-owned enterprises (SOEs) will face demotions, salary cuts, fines and even criminal charges if they fail or delay listing on the Unlisted Public Company Market (UPCoM). A branch of the MB Securities Joint Stock Company in Ha Noi. These are some of the drastic measures being considered by the Ministry of Finance (MoF) and the Government Office (GO) as part of efforts to speed up equitisation and induce more transparency into the process. Deputy Prime Minister Vuong Dinh Hue has also instructed the MoF and GO to investigate and hand out stiff punishments to businesses and commercial banks that do not finalise the procedures despite being qualified to list on the UPCoM. The MoF will compile a list of equitised SOEs where the State still retains 36 per cent or more of its stake, as well as those with zero to 36 per cent of State capital, though the decision for the latter to become listed is contingent on the company’s shareholders. In the last six months of 2017, any enterprise tardy about going public on the UPCoM will be heavily fined under Circular 36/2017/TT-BTC which has been in effect since June 15, 2017. Companies failing to list or register 12 months later than requested by the State Security Commission of Viet Nam will attract fines of VND300 million to VND400 million (US$13,342 to $17,790). The MoF has also asked the Government and responsible departments and localities to consider disciplinary action against the leadership of companies that…... [read more]

A branch of the MB Securities Joint Stock Company in Ha Noi. — VNS Photo Truong Vi Leaders of qualified State-owned enterprises (SOEs) will face demotions, salary cuts, fines and even criminal charges if they fail or delay listing on the Unlisted Public Company Market (UPCoM). These are some of the drastic measures being considered by the Ministry of Finance (MoF) and the Government Office (GO) as part of efforts to speed up equitisation and induce more transparency into the process. Deputy Prime Minister Vuong Dinh Hue has also instructed the MoF and GO to investigate and hand out stiff punishments to businesses and commercial banks that do not finalise the procedures despite being qualified to list on the UPCoM. The MoF will compile a list of equitised SOEs where the State still retains 36 per cent or more of its stake, as well as those with zero to 36 per cent of State capital, though the decision for the latter to become listed is contingent on the company’s shareholders. In the last six months of 2017, any enterprise tardy about going public on the UPCoM will be heavily fined under Circular 36/2017/TT-BTC which has been in effect since June 15, 2017. Companies failing to list or register 12 months later than requested by the State Security Commission of Viet Nam will attract fines of VND300 million to VND400 million (US$13,342 to $17,790). The MoF has also asked the Government…... [read more]

Leaders of qualified State-owned enterprises (SOEs) will face demotions, salary cuts, fines and even criminal charges if they fail or delay listing on the Unlisted Public Company Market (UPCoM). A branch of the MB Securities Joint Stock Company in Ha Noi. - VNS Photo Truong Vi These are some of the drastic measures being considered by the Ministry of Finance (MoF) and the Government Office (GO) as part of efforts to speed up equitisation and induce more transparency into the process. Deputy Prime Minister Vuong Dinh Hue has also instructed the MoF and GO to investigate and hand out stiff punishments to businesses and commercial banks that do not finalise the procedures despite being qualified to list on the UPCoM. The MoF will compile a list of equitised SOEs where the State still retains 36 per cent or more of its stake, as well as those with zero to 36 per cent of State capital, though the decision for the latter to become listed is contingent on the company’s shareholders. In the last six months of 2017, any enterprise tardy about going public on the UPCoM will be heavily fined under Circular 36/2017/TT-BTC which has been in effect since June 15, 2017. Companies failing to list or register 12 months later than requested by the State Security Commission of Viet Nam will attract fines of VND300 million to VND400 million (US$13,342 to $17,790). …... [read more]

Over the past decade, Vietnam’s Annual Report Awards have not only championed high-quality, transparent reporting in Vietnam, but also promoted global standards on governance and sustainability.  Businesses receive recognition for outstanding financial and corporate reporting at Vietnam’s Annual Report Awards in Ho Chi Minh City, Photo: Le Toan Lasting legacy Vietnam’s Annual Report Awards (ARAs), organised by VIR, the Ho Chi Minh City Stock Exchange (HOSE), and the Hanoi Stock Exchange (HNX), with support from Dragon Capital, will celebrate their 10th anniversary this Tuesday, July 25, in Ho Chi Minh City. According to VIR’s editor-in-chief Le Trong Minh, the ARAs have had a major impact on Vietnam’s reporting standards in the past decade. In particular, the ARAs have honoured the most outstanding reports in Vietnam, as well as created added value for the practice. Besides financial results, annual reports have been encouraged to include details on risk management, investor relations, sustainability reporting, and corporate governance. Nguyen Thi Hoang Lan, deputy CEO of HNX, noted that these practices were generally non-existent in Vietnam in 2008, when the ARAs started. “No other publication can express a firm’s visions, strategy, and creativity like the annual report. Companies can use the report as a powerful communication tool to investors, and the ARAs have successfully promoted this idea in Vietnam,” said Lan.   Dragon Capital chairman Dominic Scriven, meanwhile, recalled the time when annual reports in Vietnam…... [read more]

Boosting exports, reducing import surplus In the first quarter of this year, Vietnam’s exports generated US$8.57 billion, a year-on-year increase of 20 percent. Notably, exports in January and March fetched more than US$3 billion each. This means despite legal complications, exports have maintained high growth, and the export target of earning US$36 billion in 2006 is likely to be achieved. Meanwhile, Vietnam imported US$8.513 billion worth of goods in the reviewed period, creating an export surplus of more than US$50 million. That was good news for the national economy as since 1993 Vietnam has posted increasing import surplus, totalling US$5 billion in the past three years. The export surplus in the first quarter of 2006 was attributed to measures to boost exports alongside control of imports, particularly in the State business sector. Statistics show that the State business sector generated an import surplus of US$870 million in the first quarter of 2003, US$1.6 billion in the corresponding period of 2004 and US$2.36 billion in the same period of 2005. However, this figure fell to US$1.75 billion in the first quarter of 2006. Market forces also played a very important role in import surplus fall. In the first three months of 2006, the import of complete knocked-down (CKD) motorcycle and car units, fertilisers, steel and steel ingots, and petrol dropped dramatically. The import of CKD motorcycles and cars and their accessories alone fell by 50 percent. This means that the domestic market is playing the greater role in regulating quantity and…... [read more]

In recent years, Vietnam has faced an import surplus, ringing alarm bells for the national economy. Only when Vietnam increases exports and reduces imports to balance trade in each market and region, can the country deal with the situation. The increase in export value over the first two months of this year is a typical example. The export surplus in January and February 2006 showed the fact that the domestic market has been actively involved in regulating import and export activities. The importing of commodities, and the quantity and prices no longer relies on importers, but on the domestic market. To reduce import surplus, in the long term, Vietnam needs flexible import strategies, in which imports help develop exports, as well as increase the State management of monopoly prevention in import activities. Another good sign for the national economy is that in the past two months, Vietnam attracted US$1.42 billion worth of foreign investment, a year-on-year increase of 25 percent. Noteworthy was that a US company invested US$700 million in a project in Ho Chi Minh City to produce chips for export. If the pace is maintained till the end of this year, foreign investment capital will reach US$7.7 billion, surpassing the set target of more than US$6 billion. 2006 marks the first year of the 2006-10 socio-economic development plan, with the goal of raising the national economy to a higher level. Accordingly, mobilised capital for development investment must be 1.5 times higher than the previous five-year period. Positive signs…... [read more]

In the Government Office’s document No 997 issued on February 27, Prime Minister Nguyen Tan Dung affirmed that it is not necessary to apply the urgent measures proposed by the State Bank of Vietnam to control the foreign exchange of indirect foreign investment at a meeting held on February 12 by the National Financial and Monetary Policy Advisory Council. However, Mr Dung asked the Ministry of Finance, the State Securities Commission, the State Bank of Vietnam, the Ministry of Public Security and the Government Inspectorate to launch supervisory activities aimed at ensuring organisations and individuals’ adherence to State regulations. In addition, he highlighted the importance of strictly handling law breakers, including withdrawing licenses and banning units or individuals from participating in the securities market. Mr Dung requested the Ministry of Finance, the State Securities Commission and relevant agencies to rapidly issue documents on guiding the implementation of the Securities Law, the Foreign Exchange Ordinance and other related documents. The National Financial and Monetary Policy Advisory Council should propose to the Government effective measures to ensure the securities market will develop rapidly and sustainably while avoiding socio-economic instability. In fact, the development of the Vietnamese securities market is positive in two aspects: First, Vietnam has diversified forms of attracting foreign direct investment (FDI), official development assistance (ODA) funding and inflows of indirect investment capital. Second, attracting capital through the securities market is an important channel as all countries which want to develop have to expand this channel. The development of the…... [read more]

Vietnam has made many economic achievements after only one year of joining the World Trade Organisation (WTO) thanks to the strong development of enterprises and the dynamism of provinces in developing their economies. After one year of joining the WTO, Vietnam has welcomed many high-ranking delegations to discuss a number of cooperative issues. Many foreign investors, enterprises and tourists have come to Vietnam to seek investment opportunities. As of January 11, 2007, under its WTO commitments in the services sector, Vietnam has had to open up 11 of its industries. Due to these commitments, some sectors have faced fierce competition, including finance, banking, and telecommunications. However, the disadvantages have also brought a lot of benefits as Vietnamese goods will easily penetrate foreign markets, benefiting many local manufacturers. So far, Vietnam has opened almost all areas to foreign investors. The country’s export turnover in 2007 reached US$48 billion, up US$8.2 billion compared to 2006’s figure, surpassing the 3.1 percent target set by the government. Vietnam’s key export items have posted high export turnovers including seafoods, rice, coffee, vegetables, rubber, cashew nuts, and pepper. Other products have also taken advantage of the opportunities from WTO membership, including garments and textiles, electronics, and computer components. General director of the Viet Tien garment and textile company, Nguyen Dinh Truong said WTO membership has created many good conditions for Vietnam. There are more advantages than challenges for the garment and textile sector, as around 150 countries have reduced taxes and there is no limit to…... [read more]




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