Deputy Minister of Trade and Industry receives warning

The Party Central Committee’s Inspection Commission has issued a warning against Deputy Minister of Trade and Industry Ho Thi Kim Thoa for “serious violations” when she led the Dien Quang Lamp Company. — Photo nld.com.vn The Party Central Committee’s Inspection Commission has issued a warning against Deputy Minister of Trade and Industry Ho Thi Kim Thoa for “serious violations” when she led the Dien Quang Lamp Company. A warning is among four levels of punishment of the Communist Party of Viet Nam in handling members’ misconduct, which also include: reprimands, demotions and expulsions. The commission also proposed Thoa be stripped of all current positions. The decision was announced yesterday in the commission’s announcement of the results of its 16th meeting which took place from July 25-27. Her violations had earlier been pointed out during a commission meeting late in June. The commission said that while holding the position as Party Committee Secretary and Director of former State-owned Dien Quang Lamp Company (later Dien Quang Lamp Joint Stock Company), from January 2004 to May 2010, Thoa violated regulations and procedures on business equitisation, and wrongly handled loan interest exempted by banks worth VND6.7 billion (US$298,000). She also violated State regulations on land management when the company signed a contract with another company to invest in land at No 12, Ton Dan Street, in HCM City. She also failed to properly handle revenue of VNĐ30 billion from transferring the rights to exploit the…... [read more]

Deputy Minister of Trade and Industry Ho Thi Kim Thoa (Photo: VNA) Hanoi (VNS/VNA) - The Party Central Committee’s Inspection Commission has issued a warning against Deputy Minister of Trade and Industry Ho Thi Kim Thoa for “serious violations” when she led the Dien Quang Lamp Company. [PM requests verification of news on Deputy Minister’s assets]   The commission also proposed Thoa be stripped of all current positions. The decision was announced on July 31 in the commission’s announcement of the results of its 16th meeting which took place from July 25-27. Thoa’s violations had earlier been pointed out during a commission meeting late in June. The commission said that while holding the position as Secretary of the Party Committee and Director of former State-owned Dien Quang Lamp Company, and then Secretary of the Party Committee, Chairwoman of the Board of Directors and General Director of the Dien Quang Lamp Joint Stock Company, from January 2004 to May 2010, Thoa violated regulations and procedures on business equitisation, and wrongly handled loan interest exempted by banks worth 6.7 billion VND (298,000 USD). She also violated State regulations on land management when the company signed a contract with another company to invest in land at No 12, Ton Dan Street, in HCM City. She also failed to properly handle revenue of 30 billion VND (1.3 million USD) from transferring the rights to exploit the land. In the third violation, Thoa brought more shares than the permissible level and her…... [read more]

HCMC names 38 outstanding industrial products An Yen HCMC – Thirty-eight products of local enterprises in industrial and supporting industries have been rewarded for their contributions to the development of local industry and the economic restructuring process in HCMC. The program for voting and honoring the city’s outstanding industrial products has been held in the past eight months by the HCMC Department of Industry and Trade in coordination with the Supporting Industries Development Center and relevant agencies in the city. Among the 38 products chosen are commuter buses running on compressed natural gas, and fire prevention and fighting equipment manufactured by Saigon Transportation Mechanical Corporation (Samco), elevators of Thien Nam Elevator Company, products of Rang Dong Plastics JSC, energy-efficient lighting products of Dien Quang Lamp JSC. The organizers expect city authorities to adopt appropriate measures to boost the development of these industries and products. The program is aimed at promoting trade and investment in supporting industries, and innovation among enterprises. This year it mainly concentrates on six supporting industries: mechanical engineering, hi-tech electronics, plastics-rubber, apparel, footwear and food processing.... [read more]

VietNamNet Bridge - Holding key positions in major enterprises, the most powerful women in the Vietnamese stock market hold huge assets. With total assets worth VND6.5 trillion, two women from Vingroup, a real estate developer and investor in many different fields, continue to top the list of the richest women in the stock market. With VND3.939 trillion worth of stock assets, Pham Thu Huong, the wife of Pham Nhat Vuong, chair of Vingroup, now tops the list, while her younger sister, Pham Thu Hang, is in the second position with assets worth VND2.63 trillion. Huong and Hang both hold the positions of vice chairs of Vingroup. Meanwhile, with VHC share price having increased by 90 percent so far this year, the stock assets held by Truong Thi Le Khanh, chair and CEO, have risen rapidly. Khanh now holds 45.6 million VHC shares, worth VND2.534 trillion, becoming the third richest woman in the stock market, up by two grades. The fourth position on the list belongs to Vu Thi Hien, the wife of Tran Dinh Long, chair of Hoa Phat Group. Hien is now the second biggest shareholder of Hoa Phat, holding 53.4 million shares, or 7.28 percent of the group’s charter capital. With the shares, the wife of Hoa Phat Group’s chair has VND2.2 trillion. Meanwhile, the negative news related to the Nui Phao mine and fish sauce have badly affected MSN shares. Holding key positions in major enterprises, the most powerful women in the Vietnamese stock market hold huge…... [read more]

VietNamNet Bridge - Most of them were born into rich families, inheriting huge fortunes from their parents. Many of them hold important positions in businesses, though they are still very young. Holding more than 2 million TNA shares, or 25.49 percent of the charter capital, Thao Nguyen is now the biggest shareholder in Thien Nam. Meanwhile, her parents, Nguyen Quang Hoa and Tran Thi Dan Thanh, hold 1.9 million shares, or 23.91 percent of the company’s charter capital. Most of them were born into rich families, inheriting huge fortunes from their parents. Many of them hold important positions in businesses, though they are still very young. Thao Nguyen is now the youngest face among the richest stock millionaires. Born in 1991, Dang Nguyen Quynh Anh, the daughter of Dang Thanh Tam, president and CEO of the Kinh Bac Urban Development Company (KBC) began attracting special attention from the public in March 2015, when she tried to collect 10 million KBC shares. It was estimated that the total amount of money Quynh Anh then had to spend to become a KBC shareholder was VND110 billion. The total stock assets held by Quynh Anh by October 19 had reportedly reached VND179.5 billion. Anh ranks 91st on the list of richest stock millionaires. Also at the age of 25, Nguyen Ngoc Nhat Hanh, the daughter of Nguyen Thi Mai Thanh, chair of the Refrigeration Engineering Enterprise (REE), now holds 3.56 million REE shares, worth VND74.6 billion. The daughter of Mai Thanh was once…... [read more]

Index heads to 500 points By Thuy Trieu - The Saigon Times Daily HCMC – The HCMC market yesterday continued its upward trend, although at a smaller step in the eighth consecutive rising session, as the VN-Index inched up 3.3 points, or 0.67%, to 489.83, only a few notches to the psychological level of 500 points. The market opened with an increase of 6.08 points as bids exceeded offers. Then, in the second matching phase, offers briefly overwhelmed bids, and although buyers returned, the market closed with a mild increase. Trade also fell sharply, as investors changed hands 16 million shares worth VND530 billion, only 39% of the trading value on Wednesday. The market saw 84 stocks gaining and 63 others falling, including 80 stocks going to the ceiling prices and 54 others tumbling to the floor prices. There were one large and some medium put-through deals on the day, including 349,100 shares of PetroVietnam Fertilizer and Chemicals (DPM), 364,000 shares of Pha Lai Thermal Power Co. (PPC), 65,700 shares of Sudico (SJS), and 50,000 shares of Saigon Securities Inc. (SSI). PPC, the biggest traded stock on bourse, rose 1.9% to VND32,500 on 815,800 shares traded, while DPM as the second most active stock rallied 2.5% to end the day at VND60,500 on 739,000 shares traded. STB rose 2.78% to VND29,600 with 556,000 shares traded. Other gainers on the day included FPT closing up 2.3% at VND66,500, and Dien Quang Lamp Co. (DQC) rising 2.52% to VND61,000 with 236,100 shares…... [read more]

By Thu Nguyet - The Saigon Times Daily HCMC – Myanmar, with a population of 58 million, is a highly-potential market for Vietnamese exporters as its production lags far behind demand there, said the Vietnamese ambassador to Myanmar. Chu Cong Phung told a conference to promote trade to Myanmar held in HCMC on Tuesday that “there is still much room for Vietnamese products in the ASEAN nation’s market.” “Myanmar’s industrial production now meets only 10% of its demand, so it has a vast need of many products. It’s considered the last unexplored rich land in Asia,” Phung told the conference. The market is now flooded with Chinese and Thai products, but there are still many opportunities for Vietnamese exporters, especially small and medium enterprises. Many enterprises told the Daily on the sidelines of the conference that they are making efforts to penetrate Myanmar. Some have succeeded in tapping the potential market, including Dien Quang Lamp Joint Stock Company and Hau Giang Pharmaceutical JS Co. Phan Ngoc Huy, director in Dien Quang Lamp Joint Stock Company, said the company has been exporting compact lights to the market for more than ten years. “Our exports to the market increase averagely 20% per year,” said the director. Hau Giang Pharmaceutical is trying to export 15 types of medicines more to Myanmar, having exported 10 types to the market since 2008, said Trinh Thi Hai Yen in charge of promoting trade to Myanmar in Hau Giang Pharmaceutical. The two companies are boosting their products…... [read more]

Vietnam exports to Egypt unaffected By Thu Nguyet - The Saigon Times Daily HCMC – The political crisis in Egypt has not impacted on Vietnam’s exports to that country, said a trade official. Ly Quoc Hung, general director of the Southwest Asia and Africa Market Department under the Ministry of Industry and Trade, told the Daily via phone on Monday that Vietnam’s exports to the Egyptian market had not been much affected by the crisis. Moreover, Egypt’s imports from Vietnam are mainly necessities including farm produce, seafood and consumer goods, Hung said. According to the Vietnam Trade Office in Egypt, Vietnamese businesses are continuing their exports to the Egyptian market, Hung said. However, in the long run, Vietnam’s shipments there might fall. “It’s hard to have solid assessments of the situation there until things have returned to normal. We’re continuing getting updated about the situation. We have trade and diplomatic missions in Cairo,” Hung said. Nguyen Hong Phu, import-export manager of Dien Quang Lamp Joint Stock Company, told the Daily that the company’s lamp exports to Egypt were not impacted by the crisis at the moment. The latest batch of goods from Dien Quang to Egypt was sent in late January. “The order for the goods was placed earlier. So far, so good. But in the near future, we might feel an impact though our customers said the situation in their country may be better off with new policies rolled out,” Phu said. Vietnam’s 2011 exports to Egypt are expected…... [read more]

Few local firms have own design units By Thu Nguyet - The Saigon Times Daily HCMC – The domestic design industry has shown signs of improvement with about 1,500 companies having design units but many local producers still lack confidence in setting up their own design facilities, heard a seminar in HCMC on Monday. Tran Van Binh, director of Art Media Center of HCMC University of Architecture and lecturer of design, said at the Vietnam-Korea design seminar that about 20 companies had design units several years ago but the number had now risen to 1,500. However, many of these companies still rely on certain designs researched and developed by their partners, said Binh, as they want to play safe. A company in HCMC said it mainly developed designs from the products already available on the market and accepted by consumers to avoid risks, and a waste of time and money. Vuong Quan Truong, the technical research and development assistant manager of Dien Quang Lamp Joint Stock Company, told the Daily that the well-known local lamp maker started making its own product designs two years ago, with the design unit having seven employees. However, Truong said, Dien Quang is still buying designs from its partners. Binh of Art Media Center said Vietnam’s design industry had not been well planned due mainly to lack of clear government policy for the industry’s development. There is no government agency responsible for the design industry at the moment. Maing Eunjoo, head of the design promotion…... [read more]

Enertec vital to public awareness of energy saving Dien Quang to produce power saving lamps in Venezuela By Van Nam - The Saigon Times Daily HCMC – The Enertec Expo 2011 in HCMC is a practical step to popularize power saving in the community, said Vice Chairman Le Manh Ha of the HCMC government at the opening ceremony of the event on Wednesday. The energy saving and green energy technologies exhibition is aimed to enhance public awareness and knowledge of efficient energy use and green energy. Moreover, the event contributes to the process of implementing the national power strategy and helps reducing environment pollution. The expo is organized by HCMC Power Corporation and the city’s Department of Industry and Trade in the context that traditional energy sources are being exhausted, fuel prices keep rising and energy security and sustainable development have become urgent. Tran Tuan Anh, deputy minister of industry and trade, said the Enertec Expo plays an important role to promote power saving under the Law of Energy Efficiency and Conservation. The law took effect in early 2011 to ensure energy security and reasonable exploitation of national resources. At present, in order for Vietnam’s gross domestic product (GDP) to increase by 1%, power consumption must accordingly increase by 2% whereas the number is 1-1.3% in other countries. Power price is accounting for a big proportion of the production cost of goods, thus cutting into competitiveness of local enterprises. The Enertec Expo 2011 has the participation of about 150 stalls…... [read more]




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