New circular to enhance banking supervision

Higher pension and social insurance subsidy, social insurance payment level, and adjustment of the average electricity retail sales come into effect since August, 2017. Illustration photo Corporate governance for public companies The Government’s Decree 71/2017/ND-CP (Decree 71) dealing with the principles of corporate governance for public companies will help them manage their businesses better. Decree 71, an upgrade of Circular 121/2012/TT_BTC (Circular 121) issued by the Finance Ministry on July 26, 2012, will take effect on August 1. It has eight chapters and 38 articles on the company’s shareholders, shareholder meetings, board managers, and the board of supervisors. The new regulation separates the obligations and duties of the chairman and the general director, improving business management of the firm. Management of natural resource and environment information Decree 73/2017/ND-CP on the collection, management, exploitation and use of natural resource and environment information and data to regulate the collection, management, exploitation and use of information and data on natural resources and environment was issued on June 14 and took effect since August 1, 2017. The natural resource and environment data includes land, water, geology and mineral, environment, hydrometeorology, climate change, geodesy and cartography, remote sensing, sea and islands. Information and data on natural resources and environment also include results of inspection, settlement of disputes, complaints, denunciations, settlement of compensation for damages which have been settled by competent state agencies; legal normative documents, standards, technical…... [read more]

The Ministry of Industry and Trade has advised enterprises to carefully study export regulations of the United Arab Emirates (UAE) when conducting business with firms there to avoid suffering losses. The Ministry of Industry and Trade has advised enterprises to carefully study export regulations of the United Arab Emirates (UAE) when conducting business with firms there to avoid suffering losses. — VNA/VNS Photo According to the Vietnamese Trade Office in the UAE, many Vietnamese firms have recently been cheated by some UAE businesses. Vietnamese enterprises should be vigilant when selling goods to UAE firms as they can arm-twist these businesses into accepting their payment methods and prices, and even devalue Vietnamese goods in the market. Most of the UAE importers of vegetable and fruits prefer deferred payment in which they can deposit an amount, and pay the rest only 15 to 30 days after receiving the goods, the ministry’s Department of African, West Asian, South Asian Market said. Also, they rarely open Letter of Credits at banks, a step that minimises risks for exporters. The department suggested that Vietnamese firms should not compromise on the payment method, and deferred payment should be applicable on receivables equivalent to 10-20 per cent of the contract value. Pham Trung Nghia, Vietnamese Trade Counselor in Dubai, recommended that Vietnamese businesses contact the Trade Office in the UAE before starting business in the UAE market, an open,…... [read more]

A new decree will help improve the quality of corporate governance in public companies and benefit small, individual investors, a senior official said yesterday. A new decree will help improve the quality of corporate governance in public companies and benefit small, individual investors, a senior official said yesterday.- Photo Corporate governance has become an urgent issue for public companies as it affects a firm’s sustainability when its size and scale develops at a fast speed, Pham Hong Son, vice chairman of the State Securities Commission (SSC), said at a conference. According to the SSC, Viet Nam’s stock market has developed strongly since the beginning of the year. The benchmark VN Index on the HCM Stock Exchange jumped nearly 17 per cent during this period to close on Friday at 777.09 points and the HNX Index on the Ha Noi Stock Exchange has gained 25.5 per cent to end at 100.55 points. Market capitalisation has increased by 30.5 per cent. Son said that listed companies on both local exchanges have improved the quality of corporate governance and are aware of its essential importance. “The better corporate governance is, the more benefits small individual investors will get,” Son said. “The Government’s Decree 71/2017/ND-CP (Decree 71) enumerating the principles of corporate governance for public companies will help them manage their businesses better.” Decree 71, an upgrade of Circular 121/2012/TT_BTC (Circular 121) issued by the Finance…... [read more]

Viet Nam needs to form policies that will boost the digital economy, a move that will generate added value and help sustainable development, experts said at a conference on Wednesday in Ha Noi. Rapid e-commerce development is favourable for the digital economy. - Photo Dao Huy Giam, General Secretary of the Viet Nam Private Sector Forum (VPSF), said that more than ever, it’s time for Viet Nam to pay attention to digital economy. Giam cited statistics showing that 1.7 per cent of the population are involved in the digital economy and contribute 5 per cent to the gross domestic product (GDP). Each labour worked in the digital economy creates added value three times higher than the national average. “The digital economy stimulates high added value and leads to breakthroughs in capacity for sustainable development,” Giam stressed. According to Nguyen Trung Chinh, head of the VPSF’s working group on digital economy, with US$900 million revenue from e-commerce in 2016 and 60 million smartphone users, Viet Nam had significant room to boost the digital economy. Still, the biggest challenge is that Viet Nam had not had favourable policies to encourage new business models and digital technology-enabled companies, Chinh said. He said that to develop digital economy, the Government should hasten efforts in limiting the use of cash, promoting e-commerce and e-contracts and creating payment infrastructure for electronic transactions. In addition, incentives should be…... [read more]

Viet Nam News by Nguyên Hương "Frankly speaking, I don't know how to begin my story," said the caller in a hesitant voice. "You might think it's ridiculous that a woman of forty like me is still so impracticable," she added. "Far from it, elder sister," I said, while drawing her portrait from the other end of the line. With a pastel in hand, I sketched her eyes round and big with curved eyelashes. From the other end of the line, nothing but a deep sigh could be heard. A few minutes later, the same voice resounded again. "I live in Cư Kin Commune," the caller resumed her narrative. "You might wonder why coming from such a remote area I came to know your Consultative Office No 8. It's all thanks to my passion for publications. I used to work for the Cultural Affair Section of the district. I enjoyed reading all papers and magazines, one after another, page by page, including their ads. Because of my diligent reading I can tell truth from lies," she went on lengthily. I resumed my work: drawing her long wavy hair flowing down over her shoulders. "Why did you change careers?" I asked her. "Simply because I worked in the district office while my husband was teaching in a commune school. Our workplaces were very far from each other. I started working for the Association of the Commune Women when my daughter reached pre-school age. Work was only busy when there was a…... [read more]

Independent senior policy advisor Bui Kien Thanh has lived in Vietnam since 1991. He graduated from Columbia University School for General Studies and worked under Ngo Dinh Diem’s government in Saigon between 1954 and 1963. Listed No.12 in the most-wanted list of the Generals’ coup-d’etat against the Diem - Nhu brothers after they were toppled in the coup in 1963, Bui Kien Thanh spent 15 months in prison under the new regime and was released thanks to his wife’s lobbying efforts. He then went to live and work in France and the US for 26 years. In 1993, five years after the sixth National Congress of the Communist Party of Vietnam decided to embark on a renewal process, Bui Kien Thanh set his foot on Vietnam’s soil for the first time after 26 years. Having been consulted on policy-making processes regarding the normalisation process between Vietnam and the US, he held talks with the Government’s envoy in the early 1980s. In 1991, then-PM Vo Van Kiet invited him to come back and live in Vietnam. He was among influential people who have helped turn former foes into partners. His points of view are his own and do not reflect the views of Vietnam News. You were born in Vietnam, studied in the US, and worked for the Saigon government between 1954 and 1963. Where were you in April 1975? I was in Paris, France working on my real estate company. I don’t know if you know this, but on January…... [read more]

Franz Jessen, Ambassador and Head of the EU Delegation to Vietnam I have the great pleasure of congratulating VIR - one of Vietnam's leading economic and investment newspapers - for its milestone 20th anniversary. We, as a regular foreign reader, are delighted to see that VIR has become a reliable media source with the good quality of news reports on subjects such as trade, economics and investment. The newspaper is also a useful communication forum for business groups to get to know Vietnam's business environment. The relationship between Vietnam and the EU has developed vigorously and comprehensively over the last decades. I am pleased to see that the beats of that robust co-operation are well updated in the newspaper, showing the constant interest and support of the EU and its business community in Vietnam. I hope VIR continues to be strong and prosper and I look forward to further collaboration with the newspaper. Hugh Borrowman Australian Ambassador to Vietnam I would like to extend my congratulations to VIR, to Dr Nguyen Anh Tuan, Editor-in-chief and to all the editors and reporters on the 23rd anniversary of the establishment of the newspaper. The Australian embassy is a long-time subscriber to VIR as it is a leading provider of information on developments in the business environment in Vietnam. We welcome VIR's analysis on government policies and regulations relating to economic reform and the business environment and opportunities for foreign investors. For example, the current re-drafting of two key business laws - the…... [read more]

VietNamNet Bridge - General schools have complained that their students freely have caressing manners right in the classrooms. Meanwhile, Vietnamese students nowadays believe that this is the right way of showing feelings in the modern times. Ngoc Huyen, a student of the Hoang Van Thu High School in Quang Ninh province, said she usually plays in the school yard on break time or goes to the canteen. Some other students stay in the classroom, not to review the lessons, but just to cuddle or fondle each other. "A and T regularly kiss each other in the classroom, in front of friends," Huyen said. "The monitor once told them that they should not conduct such behavior in public places. However, they ignore our advices." Especially, students nowadays dare to kiss each other during the lesson hours, when teachers are busy writing down something on the blackboard. "This is really an eyesore. This bothers us, because we cannot concentrate on the lessons," Quoc Truong, a student complained. In January 2012, a video clip was posted on Internet, showing what the students of a school in the central region did in the break time. While boys and girls were playing in groups, a couple of students fondled each other with no care about the people around them. Teachers say this is not Vietnamese lifestyle Pham Hanh, a teacher of the Hoang Van Thu High School in Quang Ninh province, said that he strongly protests the behaviors if they are conducted in public places,…... [read more]

Addressing corruption before it can occur has now become virtually a necessity. Photo: Viet Tuan. Vietnamese laws, America's Foreign Corrupt Practices Act (FCPA), the UK's Bribery Act 2010, and the laws of most other countries prohibit corrupt payments to Vietnamese government officials. Vietnam has clearly drawn the attention of the US Department of Justice (DOJ), as suggested by the 2009 FCPA enforcement action against Nexus Technologies Inc., a Philadelphia-based export company. The Vietnamese Government, in its own right, has increased its prosecution of corrupt acts. It may be difficult to understand what that could mean for your business in Vietnam. After all, you do not engage in bribery yourself and you are certain that no one in your company does either. Unfortunately, that certainty is not enough to protect you in case of an investigation. First, investigations and the resulting charges themselves can be quite broad, extending beyond charges of bribery to conspiracy, money-laundering, tax violations, and misrepresentations. Second, managers are no longer immune from direct prosecution, and are expected to be aware of and responsible for what is happening downstream in their company. In fact, prosecution of individuals, not just of corporations, has increased steadily. The DOJ brought 26 enforcement actions in 2009, and the SEC brought another 14. These included prosecutions of 44 individuals, a significant increase from nine individual prosecutions in 2008, ten in 2007, and six in 2006. Third, the jurisdictional reach of the FCPA is quite broad. Any US citizen or company is subject to…... [read more]

Based on the reality and experience of the reform process, as well as the requirements of the new stage, international trends and prospects for our country, the theoretical think tank circle of our country should focus their research on the following key issues: Firstly, creatively applying and developing Marxist-Leninism, HoChiMinh ideology on socialism in the current era in which globalization and international integration are the main stream. Secondly, promoting theoretical studies and review the practice of developing a socialist-oriented market economy, of which importance is given to market factors and types of productivity, business entities and the self-motivated stance of enterprises in the market economy. In addition, promoting various types of markets, building institutions of a market economy in line with requirements of active international economic integration. Thirdly, studying political and social theoretical matters, social policies and management, of which the focal point is to make the power-holding Communist Party strong and transparent, building the socialist State of Law of the people, for the people and by the people, practicing democracy in daily life, promoting the mastership of the people, strengthening the democratic, unified and consensual relationship in society and continuing to build the great national unity. Fourthly, studying Vietnamese culture and people, in order to make culture a solid spiritual foundation of society. Considering human development as both an objective and driving force of renovation and socialism. Giving special attention to the clarification of the idea of ameliorating the education services, fostering morality, personality and life style for the…... [read more]

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