20-year prison term proposed for ex-Chairman of the VNCBA 20-year prison term has been proposed for Pham Cong Danh, ex-Chairman of the Board of Directors of the Vietnam Construction Bank (VNCB), for his involvement in the case of “deliberately violating State regulations on economic management, causing severe consequences” at VNCB. In this phase, they are accused of causing economic losses of more than 6.1 trillion VND (263.73 million USD) to VNCB. The first phase involved losses of 9 trillion VND (389 million USD). Following that, he deposited VNCB money in these three banks as guarantees for the 29 companies’ loans, causing over 6.1 trillion VND in losses to VNCB. Given his 30-year prison term announced in the first phase of the case, Danh will have to serve 30 years in prison (the highest level for a fixed prison sentence) if the court accepts the proposal.
July 30, 2018 14:37 UTC
Industrial production maintains high growth of nearly 11% in 7 monthsViet Nam’s index of industrial production (IIP) scored a growth of 10.9 per cent in the first seven months of this year, up 7.1 per cent against the same period last year, the General Statistics Office announced. The country’s industrial production has maintained high growth since the start of the year, with a rise of 11.6 per cent in the first quarter and 10.5 per cent in the first half. — Photo pvoil.com.vnThe country’s industrial production has maintained high growth since the start of the year, with a rise of 11.6 per cent in the first quarter and 10.5 per cent in the first half. Electricity manufacturing and production increased 10.7 per cent. Two big oil refineries started operation in the first six months, including Binh Son Refining and Petrochemical JSC in Quang Ngai Province (completed maintenance) and Nghi Son Refining and Petrochemical LLC in Thanh Hoa Province (finished construction and began operation), which helped raise the production value.
July 30, 2018 10:30 UTC
94,500 operational firms recorded in January-JulySome 94,500 enterprises have been newly established or have resumed operations so far this year, according to the General Statistics Office (GSO). As many as 2,970 companies have also opened their doors again after suspension, while nearly 8,000 others have suspended their operations. Between January and July, the country has had roughly 75,800 new companies with registered capital of VND771.1 trillion (US$33.1 billion), rising by 3.9% and 11.6%, respectively, from a year earlier. Operational companies have so far registered an additional VND1,460 trillion (US$62.8 billion) to fund their expansion plans, bringing the total freshly pledged capital to over VND2,231 trillion (US$96 billion), in the period. New companies have registered to employ 623,500 people, down 13.5% compared with the same period last year.
Vietnam embarks on developing online tourismWith a growing number of Internet users in the country, Vietnam has begun to apply information technology (IT) to develop online tourism, which is also a current global trend. The new tourism promotion website, www.vietnam.travel, was recently launched by the Vietnam National Administration of Tourism. However, the Vietnam E-commerce Association said that strong international brand names are dominating Vietnam’s online tourism market with a market share of about 80 percent. Tourism insiders said that in order to turn tourism into a key industry, many solutions must be carried out simultaneously, including developing online tourism. In July, VNAT officially opened a new tourism promotion website (www.vietnam.travel) with a view to enhancing e-marketing and Vietnam’s tourism promotion capacity.
Dinh Ngoc He, born 1971, was former Senior Lieutenant Colonel and Deputy Director General of the Thai Son Corporation under the Defence MinistryBefore being charged, Dinh Ngoc He, born 1971, was Senior Lieutenant Colonel and Deputy Director General of the Thai Son Corporation. Born in 1965, Tham was Colonel and Chairman of the Board of Directors and Director General of the Thai Son Corporation before being charged. The new company – named the Thai Son Development and Investment JSC was licensed by the Ho Chi Minh City’s Department of Planning and Investment. The Thai Son Corporation held a 51 percent stake in the Thai Son JSC. After the Thai Son Corporation withdrew its 31 percent of stake, the Thai Son JSC still did business in the name of a military company.
Customs warns of increasing drug smugglingVietNamNet Bridge – Customs officials in HCM City discovered 40 shipments of various drugs in the first six months of 2018 and seized 54.5kg. Huynh Nam, chief of the bureau’s drug enforcement team, told Nguoi Lao Dong (the Labourer) newspaper that foreign and local drug lords have collaborated to set up drug gangs and transnational crime organisations that are operating in a sophisticated manner. False personal papers have been used to complete customs formalities for such shipments to evade the law if the drugs are discovered by authorities. Last Tuesday (24 July 2018) customs officers at the Tan Cang Cai Mep-Thi Vai Port in Ba Ria-Vung Tau found a shipment of 17 containers suspicious and decided to inspect it. The Ba Ria-Vung Tau police said this was the largest ever drug haul in the province.
July 30, 2018 10:07 UTC
Five short films projects fundedFive excellent short film projects will receive funding of VND200m (USD8,000) each from the CJ Cultural Foundation Korea and CJ CGV Vietnam during the first CJ Short Film Project which is being held from June 15 to November 16 in Vietnam. Interviewing a contestantOver 250 projects with various themes from young filmmakers were sent to the organisers, with 11 making the presentation round. Three other winning directors are Pham Thien An, Nguyen Le Trung Hai and Duong Dieu Linh. Five winning directors will be mentored by the members of the judging panel to successfully make their films. The five winning projects will be made and released by CGV Vietnam on the final nights.
July 30, 2018 09:45 UTC
VN stock market to touch 980 points in AugustVietnamese shares are expected to go up in August as investors look forward to listed companies’ earnings prospects in the remaining five months of the year, especially banks and financial firms. The benchmark VN-Index on the HCM Stock Exchange gained 0.58 per cent to close last week at 935.52 points, totalling a two-day increase of 0.85 per cent. The HNX Index on the Ha Noi Stock Exchange added 1.07 per cent to end Friday at 105.70 points. An average of more than 252 million shares, worth VND4.82 trillion, was traded in each session of last week. “The market is expected to increase slightly this week with moderate trading liquidity, indicating investors are still cautious with the market conditions,” said Duc.
July 30, 2018 09:33 UTC
Vietnam mulls solutions to encourage organic agricultureVietNamNet Bridge - The legal framework on supporting agricultural enterprises to shift to organic production has been set up, but this is not enough to kickstart the industry. It is expected to cause a breakthrough in organic agriculture production in Vietnam. The government has released Decree 57/2018 encouraging businesses to invest in agriculture, which will bring great opportunities to “clean” agriculture and organic production. Only when media can help improve people’s awareness will farmers make higher investments in organic agriculture production. RELATED NEWSForeign organic products find it difficult to enter VietnamHarvesting the potential of the organic cafeKim Chi
July 30, 2018 09:00 UTC
Mekong Delta turns to tech to fight climate changeVietNamNet Bridge – Experts have urged authorities in the Cuu Long (Mekong) Delta region to use cutting-edge technologies to restructure the agricultural sector in the face of climate change. To cope with climate change, the Mekong Delta needs to restructure agriculture by using hi-tech methods, experts have recommended. He recommended setting up a regional information and data centre in the Mekong Delta to facilitate the operation of the network. He said it was essential to ensure water security in response to climate change, and to help agricultural enterprises improve their value chains. Dr. Nguyen Van Hoa, director of the Southern Fruit Institute, said that major achievements had been made in development of high-quality fruit tree varieties.
July 30, 2018 09:00 UTC
Closed trial for Vu case permissible under lawVietNamNet Bridge – Vietnam News Agency talks to Dinh The Hung PhD, Head of the Criminal Law Department at the Institute of State and Law, Vietnam Academy of Social Sciences, about cases in which the court may permit a closed trial instead of an open (or public) trial in light of the upcoming trial of Phan Van Anh Vu. A closed trial is a trial in which not everyone can be present, as opposed to a public trial. The court granted the request of the victim’s family (the victim was a minor at the time of the trial) for a closed trial. In reference to the upcoming trial of Phan Van Anh Vu, who was charged with leaking State secrets, a closed trial was permissible under Clause 1 of the State Secret Protection Act. A closed trial in this case was necessary to protect State secrets, which were deemed not beneficial or not yet appropriate to be divulged.
July 30, 2018 08:15 UTC
Moody’s: Vietnam’s banks show diverging capital profilesThe profitability of Vietnamese banks is strengthening as robust economic growth fuels credit demand and supports an improvement in asset quality, but challenges are also apparent, Moody’s Investors Service says in a recent report. — Photo tapchitaichinh.vn"Credit growth is outpacing internal capital generation, weighing on capital ratios, and the State-owned banks – unlike their private-sector counterparts – have been slow in raising external capital even as their capital ratios slide," says Rebaca Tan, a Moody’s analyst. "Against such a backdrop, a continued deterioration of capitalisation will weaken the competitiveness of the State-owned banks and ultimately their credit profiles," says Tan. By contrast, state-owned banks have been slow in raising external capital even as their capital ratios slide – primarily because the government prefers strategic investors. As a result, Moody’s expects their credit profiles will fall behind those of private sector banks.
July 30, 2018 07:52 UTC
List of websites violating e-commerce rules to be publishedThe Ministry of Industry and Trade (MoIT) plans to publish a list of e-commerce websites and mobile applications that violate laws and regulations on online trading. The draft decree would require e-commerce websites to register with the Ministry of Industry and Trade. The draft decree would require e-commerce websites to register with the ministry. They have to remove the prohibited products from their e-commerce websites. In addition, owners of the e-commerce websites are required to have technical solutions to prevent and remove information relating to counterfeit goods, smuggled goods or products and services violating intellectual property rights.
July 30, 2018 07:52 UTC
Talking about her tenure in Vietnam, Ambassador Farhane noted a highlight in the first year, which was the organisation of two international seminars on sharing historical memories between Vietnam and Morocco and experience in administrative decentralisation. In the time ahead, the ambassador said her priority is to consolidate bilateral economic ties and raise two-way trade. The same day, Deputy Prime Minister and Foreign Minister Pham Binh Minh also sent a congratulatory message to Prak Sokhonn, Senior Minister, Minister of Foreign Affairs and International Cooperation of Cambodia. The high-tech agricultural production model is an important direction of Vietnam’s agriculture, bringing high value of farm produce and raising income for farmers, Prime Minister Nguyen Xuan Phuc said. The same day, Deputy Prime Minister and Foreign Minister Pham Binh Minh extended his sympathy to Senior Minister and Minister of Foreign Affairs and International Cooperation Prak Sokhonn.
July 30, 2018 07:18 UTC
Storm Son Tinh prevents cruise ships from visiting VietnamThe number of tourists coming to Vietnam by sea in July has declined by an estimated 74.6% as Tropical Storm Son Tinh struck coastal provinces from Thai Binh to Ha Tinh some 10 days ago, according to the General Statistics Office. Of this figure, tourists to the country by air and road have increased by 2% and 8.6%, respectively, while cruise passenger arrivals have plunged by 74.6% as a result of Son Tinh, known in Vietnam as Storm No.3. However, the fall has failed to affect the country’s general growth due to the small number of passengers on international cruise ships. In the past seven months, the country has seen international visits surging 25.4% against the same period last year to over nine million arrivals. The European market takes second place, with over 1.23 million arrivals, up 10.4%.
July 30, 2018 06:56 UTC