Ho Thi Kim Thoa dismissed from position of deputy trade minister

Vietnam has been reported as leading the region and beating the world average in the representation of women in its business sector. While the figures are promising, there remains ample space for improvement. Vietnamese women entrepreneurs are better represented than almost anywhere in the Asia-Pacific According to newswire TechCrunch, Vietnamese women entrepreneurs are doing exceedingly well, even in the global context—the country is hands down in the Top 2 in the Asia-Pacific, following Australia, in terms of the representation of women in business, be it small and medium sized enterprises (SMEs) or the boards of directors of the country’s leading corporations. A Mekong Business Initiative (MBI) study shows that Vietnam’s enterprising women own 25 per cent of the country’s SMEs—a far cry from gender equality, but overtaking the Middle East, North Africe, and Sub-Saharan Africa, not to mention South Asia, where the average percentage is only 8 per cent. 98.8 per cent of these women-owned enterprises are micro- and small-sized, and 61.4 per cent of them operate in the services sector, which MBI claims is very similar to other countries, based on an IFC study from 2014. By MBI’s evaluation, women-owned enterprises are somewhat more equitable and socially responsible than enterprises run by men. They employ a higher percentage of female workers (43.4 per cent against the 36 per cent of menterprises), contribute more to the national budget in taxes per worker (VND24.9 million…... [read more]

Hanoi, August 16 (VNA) - The Ministry of Finance has proposed that the Government apply a special consumption tax on pickups to be set at 60 percent of the tax on cars with nine seats or less with similar engine displacement, a move that would sharply increase their costs.  Speaking at a press conference in Hanoi on August 15, Pham Dinh Thi, head of the finance ministry’s Tax Policy Department, said pickups mainly have engine displacement of between 2,000 and 3,000cc, so if the tax on the car with nine seats and less is currently 55 percent of the car value, the tax on the pickups should be 33 percent.  The proposal was made after the Prime Minister required the ministry to study and check the tax on pickups in the region. The ministry found that regional countries usually levy special consumption tax on pickups lower than that of autos with nine seats or less.  According to the Law on Special Consumption Tax regulations, a special consumption tax of 15 percent is levied on pickup trucks with engine displacement of 2,500cc or less, 20 percent for those with over 2,500cc-3,000cc and 25 percent for those with over 3,000cc.  In recent years, the number of pickups has sharply increased in Vietnam, the majority imported. In 2012, 3,291 units were sold, of which 3,252 were imported and 39 units were locally-assembled. In 2016, sales soared to 28,233 units, of which 27,265 units were imported and 968…... [read more]

Workers process shrimp. Minh Phu Seafood Corporation (MPC) recorded a post-tax profit of VND101.4 billion (US$4.54 million) in the second quarter of this year, 34 times higher than the same period last year. — Photo vietnambiz.vn Minh Phu Seafood Corporation (MPC) recorded a post-tax profit of VND101.4 billion (US$4.54 million) in the second quarter of this year, 34 times higher than the same period last year and the highest level in the last eight quarters, online newspaper Infonet.vn reported. During the reviewed period, MPC’s net revenue reached VND3.6 trillion, up 37.3 per cent year-on-year. The company’s cost of goods sold (COGS) on net revenue dropped sharply from nearly 93 per cent to 89 per cent, bringing gross profit to VND398.2 billion, double the same period last year. Thanks to a 26.4 per cent decrease in loan interest, financial expenses were lower than the same period last year. Corporate governance cost also declined sharply by 41 per cent to over VND40 billion. Sales costs increased by 29 per cent to nearly VND182 billion, resulting in a pre-tax profit of VND134.4 billion. Earning per share (EPS) reached VND1,480, much higher than last year’s figure of VND469. In the first six months of 2017, MPC’s net revenue reached VND6.34 billion, up 34.5 per cent year-on-year while its post-tax profit totalled VND144 billion, seven times higher than the same period last year. EPS reached VND2,104. In 2017, MPC targets consolidated net profit of VND841.28 billion.…... [read more]

VietNamNet Bridge – Viet Nam is taking some of their best athletes to the 29th Southeast Asian Games in Malaysia this August, but it is little known that many have some interesting tales to tell. High hopes: Swimmer Nguyen Thi Anh Vien will shoulder the heaviest duty at the SEA Games. — File Photo At the Kuala Lumpur event, the men’s basketball team will be captained by 37-year-old Nguyen Manh Hung, who is a five-time SEA Games champion in taekwondo. Hung, who stands 1.80m tall, was trained to be a volleyball player at the age of 14 in Thanh Hoa Province. However, he shifted to practise taekwondo when the volleyball team disbanded because of a budget crunch three months later. He is well-known as the best athlete in the region in the above 80kg category. Hung found it hard to challenge a worthy rival who could beat him, leading to his triumph at the SEA Games five times in a row from 1999 to 2007. After retirement, Hung worked as a coach and became the head of Thanh Hoa’s Taekwondo Department. “When I was an athlete, coaches asked me to play basketball as a kind of exercise to strengthen my physique. However, the more I played it, the more I loved it,” said Hung, who trained in basketball regularly, apart from spending time on taekwondo, football, tennis and the catwalk as a model. He surprised everyone when he joined Saigon Heat to play professional basketball in 2014. After three years…... [read more]

While a renewed focus on equitizing State-owned enterprises (SOEs) has been exhibited following the leadership transition in April last year, equitization alone is not a short-term solution to reducing the government’s fiscal deficit. Rather, meeting the government’s 3.5 per cent deficit target for 2017 would have to come on the back of reduced government expenditure, which HSBC in its latest report believes is unlikely, given the government’s growth targets. It has been consistently framed in recent statements by policy makers that the sale of SOEs is viewed as a means to both increase fiscal revenues and reduce government expenditures.  One of the highlights, Decision No.58, signed by Prime Minister Nguyen Xuan Phuc on December 28, 2016, pushed for further divestment of State capital in existing SOEs by eliminating or reducing the minimum level of ownership that the government holds in certain industries. What makes Decision 58 a positive move and deserving of full recognition is the fact that it provides a clearer roadmap for equitization by announcing a total rate of State ownership in specific companies (not just broadly by sectors) that are set to be equitized. As the new sense of urgency in SOE equitization is mainly driven by rising public debt, increased equitization leading to greater revenues and alleviating the government’s fiscal burden is no easy task given the remaining challenges in SOE reform and the recent trends in government expenditure. SOE reform has primarily focused on targeting the sale of minority stakes, while the government retains majority…... [read more]

The Ministry of Finance has proposed that the Government apply a special consumption tax on pickups to be set at 60 per cent of the tax on cars with nine seats or less with similar engine displacement, a move that would sharply increase their cost. Speaking at a press conference in Ha Noi on Tuesday, Pham Dinh Thi, head of the finance ministry’s Tax Policy Department, said pickups mainly have engine displacement of between 2,000 and 3,000cc, so if the tax on the car with nine seats and less is currently 55 per cent of the car value, the tax on the pickups should be 33 per cent. The proposal was made after the Prime Minister required the ministry to study and check the tax on pickups in the region. The ministry found that regional countries usually levy special consumption tax on pickups lower than that of autos with nine seats or less. According to the Law on Special Consumption Tax regulations, a special consumption tax of 15 per cent is levied on pickup trucks with engine displacement of 2,500cc or less, 20 per cent for those with over 2,500cc-3,000cc and 25 per cent for those with over 3,000cc. In recent years, the number of pickups has sharply increased in Viet Nam, the majority imported. In 2012, 3,291 units were sold, of which 3,252 were imported and 39 units were locally-assembled. In 2016, sales soared to 28,233 units, of which 27,265 units were imported and 968 units were locally-assembled. Thi…... [read more]

Vietnam’s safety standards have improved backed by strong economic growth and recent regulatory reforms, according to a new safety index released by Underwriters Laboratories (UL) in HCM City on Tuesday. UL releases its safety index in HCM City on Tuesday.  Countries are assessed based on three measurable drivers of safety: institutional drivers like economics, education, governance and technology; safety frameworks including safety regulations and infrastructure; and safety outcomes including unintentional injuries. The report said Vietnam’s safety index value had steadily improved since 2000. “The country fared relatively well in safety frameworks compared to other ASEAN nations largely due to recent laws enacted to enhance occupational safety and health,” it said. The UL safety index places Vietnam sixth among the 10 ASEAN nations in terms of overall safety with a value of 62 out of 100. Vietnam exhibited comparatively moderate safety outcomes as the number of accidental injuries, while still at a low rate, have only marginally decreased over the years. Transport injures, falls, drowning and miscellaneous incidents continue to be the main challenge in Vietnam, making up the majority of unintentional injures, it said. UL is a global safety science company. Its index is the quantification of the relative state of safety in nearly 190 countries around the world. Based on societal drivers and outcomes related to unintentional injury, the index measures the contributions of national resources and institutions, safety systems and frameworks and safety outcomes. VNS... [read more]

Vietnam’s safety standards have improved backed by strong economic growth and recent regulatory reforms, according to a new safety index released by Underwriters Laboratories (UL) in HCM City on Tuesday. UL releases its safety index in HCM City on Tuesday.  Countries are assessed based on three measurable drivers of safety: institutional drivers like economics, education, governance and technology; safety frameworks including safety regulations and infrastructure; and safety outcomes including unintentional injuries. The report said Vietnam’s safety index value had steadily improved since 2000. “The country fared relatively well in safety frameworks compared to other ASEAN nations largely due to recent laws enacted to enhance occupational safety and health,” it said. The UL safety index places Vietnam sixth among the 10 ASEAN nations in terms of overall safety with a value of 62 out of 100. Vietnam exhibited comparatively moderate safety outcomes as the number of accidental injuries, while still at a low rate, have only marginally decreased over the years. Transport injures, falls, drowning and miscellaneous incidents continue to be the main challenge in Vietnam, making up the majority of unintentional injures, it said. UL is a global safety science company. Its index is the quantification of the relative state of safety in nearly 190 countries around the world. Based on societal drivers and outcomes related to unintentional injury, the index measures the contributions of national resources and institutions, safety systems and frameworks and safety outcomes. VNS... [read more]

Mr. Pisit Serewiwattana, President of Export-Import Bank of Thailand (EXIM Thailand), together with Mr. Nitid Manoonporn, President of Thai Credit Guarantee Corporation (TCG), and Mr. Surachai Kampalanonwat, Managing Director of Central Laboratory (Thailand) Co., Ltd. (CLT or Central Lab Thai), signed an MOU at EXIM Thailand’s Head Office on August 10, 2017 to provide SME exporters with financial support in conjunction with product quality standard certification to enhance Thai brand recognition and expansion in the global market, especially for such products as agricultural products, foods and cosmetics. Under this collaboration, SME exporters using “EXIM Instant Credit Super Value,” which is a working capital loan with a credit line up to 2 million baht, secured only by a letter of guarantee from TCG and requiring no collateral assets, are entitled to an interest reduction by 0.5% in the first year to only 4.5% per annum and a complimentary coupon for product standard upgrade worth 5,000 baht per exporter.  This will allow exporters seeking to raise their product quality standard to gain access to Pracharat laboratory service, which is of international standard with laboratory testing facilities certified by European Union Reference Laboratory (EURL).  Thai products acquiring such certification will thus be better received in markets overseas.  These products include fruits and vegetables, raw foods, processed foods, cosmetics, drinking water, beverages in sealed containers, semi-instant foods, tea and coffee drinks, in which impurities and residues have frequently been detected. In some cases,…... [read more]

Philippine police killed at least 21 people in a series of raids near the capital Manila, in the bloodiest night of President Rodrigo Duterte's war on drugs, official records showed on Tuesday. Duterte won a landslide victory in presidential elections last year after promising an unprecedented war on drugs in which tens of thousands of people would be killed. The raids from Monday to Tuesday resulted in the single largest death toll in one night of police operations since officers killed 16 people, including a city mayor, in a raid on a southern city on July 30. Police records from Bulacan province, a light-industrial centre just north of Manila, said that 26 anti-drug operations were conducted in 12 towns and cities, resulting in the killing of 21 "drug personalities". The raids also resulted in the arrest of 64 suspects, the seizure of 21 firearms and about 100 grams (3.5 ounces) of methamphetamines, popularly known as "shabu" the records said. A breakdown of the incidents showed that the 21 were killed in 16 separate operations where all the fatalities were armed, the police added. Spokesmen for the Bulacan police could not be contacted for comment. Bulacan, a province of about 3.29 million people, has recorded numerous arrests and killings of drug suspects in recent months, the police records showed. Duterte has vowed to protect police who kill drug suspects under suspicious circumstances. Government figures show that since Duterte took office last year up to July 26, a total of 3,451…... [read more]




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