Ho Thi Kim Thoa dismissed from Party position at industry ministry

NDO/VNA – The Party Central Committee’s Secretariat has decided to relieve Ho Thi Kim Thoa of her membership with the Party delegation at the Ministry of Industry and Trade for her violations when she was head of the Dien Quang Lamp Joint Stock Company. At a meeting chaired by Party General Secretary Nguyen Phu Trong on August 8, the Secretariat also proposed the Prime Minister dismiss Thoa from the post of Deputy Minister of Industry and Trade. The Secretariat made the decision after considering the proposal of the Party Central Committee’s Inspection Commission and the opinions of relevant agencies. Earlier, the Inspection Commission issued a warning against Thoa for “serious violations” while she was working at the Dien Quang company. The Commission also proposed Thoa be stripped of all current positions. The commission stated that while serving 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 the loan interest worth US$6.7 billion (US$298,000) exempted by the banks. She infringed State regulations on land management when the company signed a contract with another company to invest in the land area at No 12, Ton Dan Street in HCM City. She also failed to properly handle the VND30 billion (US$1.3…... [read more]

NDO/VNA – The Party Central Committee’s Secretariat has decided to relieve Ho Thi Kim Thoa of her membership with the Party delegation at the Ministry of Industry and Trade for her violations when she was head of the Dien Quang Lamp Joint Stock Company. At a meeting chaired by Party General Secretary Nguyen Phu Trong on August 8, the Secretariat also proposed the Prime Minister dismiss Thoa from the post of Deputy Minister of Industry and Trade. The Secretariat made the decision after considering the proposal of the Party Central Committee’s Inspection Commission and the opinions of relevant agencies. Earlier, the Inspection Commission issued a warning against Thoa for “serious violations” while she was working at the Dien Quang company. The Commission also proposed Thoa be stripped of all current positions. The commission stated that while serving 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 the loan interest worth US$6.7 billion (US$298,000) exempted by the banks. She infringed State regulations on land management when the company signed a contract with another company to invest in the land area at No 12, Ton Dan Street in HCM City. She also failed to properly handle the VND30 billion (US$1.3…... [read more]

Deputy Minister of Industry and Trade Ho Thi Kim Thoa officially submitted her resignation letter on August 1 after she became marred in corruption allegations.     Deputy Minister of Industry and Trade Ho Thi Kim Thoa Thoa still worked on July 30 and 31 at the Ministry of Industry and Trade but took a day off on August 1 and submitted the letter that night. As Thoa was the party secretary and director of Dien Quang Lamp Company, the resignation will be decided by the Secretariat of the Central Committee. Another deputy minister has taken over her work. The Ministry of Industry and Trade is waiting for directives from the Central Inspection Commission to deal with violations. On July 31, the Central Inspection Commission also proposed sacking Thoa from her current positions after its 16th meeting session in Hanoi to discuss a number of violating officials. During the previous session, the Central Inspection Commission announced that Thoa had broken the law. She approved the appointment of former PetroVietnam Construction JSC chairman and former provincial leader Trinh Xuan Thanh, who was wanted for corruption and turned himself in on July 31, according to the police. Thoa violated regulations on business equitisation and procedures and wrongly handled VND6.7 billion (USD298,000) exemption of bank loan interest while she was the party secretary and director of Dien Quang Lamp Company, from January 2004 to May 2010. She also violated regulations on land management in a joint investment between Dien Quang Company with Vietnam…... [read more]

Ho Chi Minh City Gross Domestic Product (GDP) growth rate reached a three year record high of 8.55 percent, hitting VND417,064 billion (US$19.11 million) in the first half this year, reported city Department of Planning and Investment director Thai Van Re on Wednesday. GDP growth rates were 8.2 percent, 7.9 percent and 8.1 percent in the same period of the last three years, he said at a meeting on socioeconomic conditions presided over by city People’s Committee chairman Le Hoang Quan. Services grew 9.8 percent, accounting for nearly 60 percent GDP, industrial and construction 6.8 percent holding 39.2 percent and agricultural sector 6 percent contributing 0.9 percent. Six-month retail goods and services revenues totaled VND323.23 trillion (US$14.81 billion), up 10.9 percent over the same period last year. However, export import turnover reduced 6.3 percent to US$14.59 billion, attributed to crude oil price drop. HCMC budget revenue reached VND134.73 trillion (US$6.20 billion), increasing 6.18 percent and accounting for 51 percent of 2015 estimates, reported Director of the Department of Finance Dao Thi Lan Huong. Domestic revenues hit VND75.65 trillion, up 9.46 percent while export import brought VND47 trillion, up 11.54 percent.... [read more]

(VOV) -A Vietnamese business delegation is visiting Turkey from July 9-12 to seek investment opportunities, especially in the electronics and home appliance industries. Vietnam, Turkey ink double tax avoidance agreement Opportunities to export plastics materials to Turkey Vietnam-Turkey trade up 38.2% A Vietnamese business delegation is visiting Turkey from July 9-12 to seek investment opportunities, especially in the electronics and home appliance industries. Dien Quang Company Director General Ho Quynh Hung, are making the visit at the invitation of Levent Çakıroğlu, CEO of Arçelik, one of Turkey's leading industrial groups. The two sides are expected to establish an official cooperation channel, bolstering bilateral trade ties. Dien Quang CEO said he wants to study the Turkish markets and secure a foothold in the Middle Eastern country, which he described as the largest export market of Vietnam in southern Europe. During their stay in Istanbul, the Vietnamese businesses worked with representatives from the Union of Chambers and the Commodity Exchanges of Turkey (TOBB), the Foreign Economic Relations Board of Turkey (DEİK)'s Turkey-Vietnam Business Council, and a number of Turkey businesses. Vietnam Ambassador to Turkey Pham The Cuong expressed his strong desire to strengthen economic links between the two countries. Turkey's large groups are more than welcome to invest in Vietnam, he said, adding that the Vietnam Embassy in Turkey has implemented many activities to promote Vietnam-Turkey business connectivity and facilitate Vietnamese firms' operations overseas.... [read more]

Ho Chi Minh City People's Comittee of Chairman Le Hoang Quan said on June 9 meeting that Vietnamese businesses might face with difficulties in short term in case the bilateral trade between Vietnam and China progresses worse but it will also be the challenge for them to restructure production and expand new markets in medium and long terms. Export turnover from HCMC to China reached US$840 million in the first five months this year, down 4.4 percent over the same period last year, according to Le Van Khoa, director of the Department of Industry and Trade. The main export items include computers, electronic items and components and rice, which the turnover fell 30 percent to reach US$275 million for the three former and dropped 4.6 percent to get $110 million for the later. Formerly, Vietnam's rice export markets concentrated on the Philippines, China and Indonesia. Exporters are now switching into the US market. China is the main export market of HCMC fruit and vegetables. Textile and garment exports to this market obtained US$56.2 million, a 76.3 percent year on year increase. HCMC export turnover might reduce 0.52 percent equivalent to US$160 million in the second half 2014. The year total number is expected to approximate US$30 billion. About 70 percent of production companies in HCMC are depending on material inputs from China, said Mr. Khoa. However they can import the materials from other markets like South Korea, Japan and Taiwan with 10-15 percent increase in import costs, he said. Less…... [read more]

Prime Minister Nguyen Tan Dung has instructed ministries and other agencies to review and streamline administrative formalities to make them less burdensome and more businesses-friendly. Following a conference he held with businesses in Hanoi on April 28, he also told the State Bank of Vietnam to improve credit access for businesses but also credit quality. It should ensure banks restructure their debts and raise capital through the stock market to offer medium- and long-term loans to businesses, he said. The Government will continue to draft preferential policies for businesses and provide them with necessary and legal assistance through business groups and industry associations.... [read more]

A handful of local businesses have managed to overcome ongoing economic turbulence to bring Vietnamese products and services to other countries through a series of seven-figure investments.On December 25, the Nam Sao Cambodia international fertilizer plant, the largest of its kind in Cambodia, was inaugurated in Preyvan Province, 40 kilometers from the capital city of Phnom Penh. The US$65 million plant was invested in by the Nam Sao Cambodia Group, a joint venture between Vietnam's Nam Sao International Corp, which holds a 90 percent stake, and Cambodia's Investment and Development Corp. More than 300 workers at the plant are now busily preparing for the very first batch of products. "This is a huge leap for our company," Nam Sao Corp chairman Tran Van Muoi said about the Cambodia investment. Muoi said outbound investment is the company's long-term strategy, adding that he is seeking permission to invest in the mining industry in Laos, and open another fertilizer plant in Myanmar. A similarly busy atmosphere exists at the construction site of a power-saving bulb manufacturing complex in Venezuela, which received investment from Dien Quang Lamp Corporation, Vietnam's leading lighting equipment manufacturer. The $300 million project, run by a joint venture between Dien Quang and Venezuela's Industrial Petroleum and Gas Group, entered its first phase of operation in August 2011 with a capacity of 12 million bulbs a year. Once the second phase is completed, this capacity will rise to 74 million bulbs per year. "Venezuela was chosen as our investment destination since…... [read more]

Fearing that the investment would lead to the higher production costs, Vietnamese enterprises still hesitate to join the programme on labeling products as energy saving products. The programme on energy saving labeling for energy saving products in 2012 has been kicked off, under which enterprises would get the support in making files, registering the labeling programme, in training for data storing, and get the technical support, guidance in popularizing energy saving products. Since 2013, the group of consumer goods, industrial equipments will have to be labeled as energy saving products in accordance with the regulations of the Ministry of Industry and Trade. In the last three years, MOIT has been running a pilot programme on labeling products on the spontaneous basis for some kinds of products such as neon lamps, compact lamps, ballast and electric fans. Le Tuan Phong, Deputy Head of the Energy Department under the Ministry of Industry and Trade MOIT, said that the labeling would not only help considers easily choose products suitable to their demand, but also could serve as the technical barriers to prevent backward products and equipments with low energy efficiency. This would also help put a pressure on manufacturers, forcing them to make out the products with high energy efficiency. However, despite the big advantages, it is still very difficult to apply the labeling programme. A lot of businesses do not think that labeling is a competitive edge for them. Therefore, they are not determined to renovate technologies and improve the quality of…... [read more]

Fearing that the investment would lead to the higher production costs, Vietnamese enterprises still hesitate to join the program on labeling products as energy saving products. The Ministry of Industry and Trade is running the project on barrier removal to the cost-effective development and implementation of energy efficiency standards and labeling – BRESL – funded by the Global Environment Facility in Vietnam through the United Nation’s Development Program. The program on energy saving labeling for energy saving products in 2012 has been kicked off, under which enterprises would get the support in making files, registering the labeling program, in training for data storing, and get the technical support, guidance in popularizing energy saving products. Since 2013, the group of consumer goods, industrial equipments will have to be labeled as energy saving products in accordance with the regulations of the Ministry of Industry and Trade. In the last three years, MOIT has been running a pilot program on labeling products on the spontaneous basis for some kinds of products such as neon lamps, compact lamps, ballast and electric fans. Le Tuan Phong, Deputy Head of the Energy Department under the Ministry of Industry and Trade MOIT, said that the labeling would not only help considers easily choose products suitable to their demand, but also could serve as the technical barriers to prevent backward products and equipments with low energy efficiency. This would also help put a pressure on manufacturers, forcing them to make out the products with high energy efficiency. However,…... [read more]




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