Vietnam Airlines plans e-tickets this month (01-11-2006) A Vietnam Airlines jet boards passengers at Noi Bai International Airport in Ha Noi. — VNS Photo Doan Tung HA NOI — Vietnam Airlines plans to trial e-tickets for the first time later this month following endorsement by the General Department of Taxation (GDT). Vietnam Airlines, which has been working on its e-ticketing programme since last year, said it would initially trial e-tickets for its Ha Noi - HCM City route. During the trial, the airline will sell e-tickets via its sales agents only. Following this trial period, the length of which has not yet been decided, the airline will move to selling e-tickets online or via other airlines, who have already inked ticket issuance contracts with the national flag carrier. Along with the e-tickets, Vietnam Airlines and its sales agents would be required to issue receipts to ensure that customers can seek travel reimbursements from their work, according to the … [Read more...]
Loans made cheaper on third base rate cut in one month
Loans made cheaper on third base rate cut in one month SMEs decry narrow access to bank loans By Thuy Trieu and Quoc Hung - The Saigon Times Daily HCMC – The central bank on Thursday announced a one percentage point cut on the prime rate from 12% to 11% per year as part of a package to inflate capital resources at banks, marking the third time the prime rate has been slashed within a month. With the new base rate, the highest lending rate at banks will be lowered from 18% to 16.5% per year as commercial interest rates are capped at 150% of the base rate. Alongside the base rate cut, the State Bank of Vietnam also revised down other key rates effective from today. The refinancing rate is down to 12% per year from the previous 13%, the discount rate to 10% from 11%, and the overnight rate to 12% from 13%. These lower rates will provide cheaper credit for banks and help lenders ensure their liquidity. To bolster liquidity at banks, the central bank also cut the compulsory reserve … [Read more...]
Index rises to five-month high
By Thuy Trieu - The Saigon Times Daily HCMC - The local stock market on Wednesday witnessed the fifth consecutive rising session as the VN-Index added 3.48 points, or 0.64%, from the previous session to 539.2, the highest level in five months. Bids and offers on the market were nearly unchanged, with 120 million shares asked for and 102 million shares on offer. Closing the session, the market's total trading volume was 61 million shares worth VND2.39 trillion, increasing 6% and 8.6% respectively from the session earlier. There were 103 stocks rising and 86 others falling, with 43 stocks rising to the ceiling prices and only five dropping to the floor prices. Sudico (SJS) on Wednesday rose to lead the market in terms of liquidity, and rose 4.9% to VND86,000 per share with 2.12 million shares traded. Sacombank (STB) was the second most traded stock with 2.04 million shares traded, but the stock declined 0.9% to VND22,000 per share. Foreign investors boosted buying to 5.7 million … [Read more...]
Deposit rates reduced to 7.5% today
Deposit rates reduced to 7.5% today Thanh Thuong By Thanh Thuong - The Saigon Times Daily HCMC – The State Bank of Vietnam (SBV) on Monday announced to cut the cap on dong deposit rates from 8% to 7.5% per annum for tenors from one month to less than 12 months from today, while interest for longer tenors are still decided by credit institutions. SBV also cut its policy rate by another percentage point with the refinancing rate cut to 8% from 9%. The discount rate fell from 7% to 6%, while the overnight rate in the inter-bank electronic payment and the rate of loans to finance short balances in clearing transactions between SBV and commercial banks dropped from 10% to 9% per annum. Meanwhile, the central bank maintained an interest rate cap of 2% per year on foreign-currency deposits with terms under one month. SBV also issued Circular 09/2013/TT-NHNN on Monday to regulate the cap on dong lending rates in preferred sectors at 11% instead of 12% per annum like before. … [Read more...]
Vietnam – US: Evolving From Mutual Distrust to Robust Partnership
Vietnam - US: Evolving From Mutual Distrust to Robust Partnership The year 2010 marks a milestone of Vietnam – US relations as both countries celebrate the 15th anniversary of the establishment of diplomatic relations. US relations with Vietnam have become increasingly cooperative and broad-based in the years since political normalization. In 15 years, the Vietnam-US relationship has evolved from deep-seated mutual distrust to a robust partnership based on mutual respect and cooperation. Key dates in Vietnam – US relations Vietnam and US officially established diplomatic relations on July 12, 1995. The exchange of ambassadors in May 1997 opened a new chapter of Vietnam-US relationships. For the past 15 years, both countries have exchanged visits by leaders including: Jan 28, 1995: The two countries announced the opening of liaison offices. July 11, 1995: President Clinton and Prime Minister Vo Van Kiet announced the establishment of diplomatic relations between the … [Read more...]
IFRS 9 is not on radar for local banks
The introduction of International Financial Reporting Standards (IFRS) 9, effective from January 1, 2018, marks one of the most significant accounting changes that banks are facing today. By Tran Dinh Vinh, Partner, Financial Services, KPMG Vietnam The new financial instruments standard will be a momentous accounting change for banks, as it requires banks to move from an “Incurred Loss” model (IAS 39) to recognising and providing for expected credit losses (ECL). ECL estimates are generally subject to a high degree of estimation uncertainty. Application is complex for both preparers and audit committees, and demanding for auditors too. -For preparers and audit committees, it may be difficult to understand how the standards and estimates of ECL apply in detail, and what the implications for the systems and controls … [Read more...]
Vietnamese migrant worker seeks escape from Saudi Arabia
A Vietnamese migrant worker in Saudi Arabia recently sneaked onto Facebook to ask for help from her compatriots to get out of terrible work conditions, adding that many other Vietnamese were in the same situation. The 28-year-old woman who called herself V said that she signed a labour contract with the Vinh Cat Company in Hanoi to work in Saudi Arabia. But according to her Facebook postings, it was not what she expected. "I flew to Saudi Arabia on July 12, 2014. I worked for my first employer for 1 month, but was only allow to sleep three to four hours a day. I was only allowed eat a bowl of plain rice or a piece of moldy bread each day. When I was sick, I wasn't sent to the hospital. Instead, they only poured acid on my hands," she stated. V in Saudi Arabia The post goes on to recall a succession of employers, for whom she worked in conditions akin to slavery. She … [Read more...]
More policies come into force today, benefiting people
1. Higher health insurance contribution Since January 1, 2010, when patients with health insurance enjoy medical services at their registered clinics, the health Insurance Fund will pay: - 100% of costs (officers, non-commissioned officers, those deserving the credit for the revolutionary cause; under-6-year-old children); - 95% of costs (beneficiaries of retirement wage, invalidity pension, and monthly social allowance, members of poor households; and ethnic minority people residing in disadvantaged areas); - 80% of costs (others). The Government's Decree 62/2009/NĐ-CP instructing the enforcement of the Health Insurance Law stipulates that, since January 1, 2010, the contribution to health insurance will be 4.5% of salary, wage, retirement pension, or invalidity allowance, and 3% of students' living wages. The State budget will offer subsidiaries equivalent to at least 50% of the contributions of poor students and 30% from those who are not poor. Also in 2010, the Việt Nam … [Read more...]
Meet the miniature book man from Ha Noi
A man in Ha Noi loves collecting very small books. He started this hobby when he was studying in the Soviet Union. Books were expensive there. To save money to build up his collection, he sometimes missed out on eating. Some of his books are very rare. by Tran Hoa Painter Nguyen Thanh Dam may not be the only person with this hobby in Viet Nam, but he is the only one with such a bulky bookcase of miniature books. "The books are very small but the knowledge contained therein is very big. I've never measured the value of my books with money, but they must be as costly as my house," he said, while receiving some guests at his small, old house at a quiet alley in Ly Thuong Kiet Street, downtown Ha Noi. His passion for collecting miniature books began in 1970, when he was in the Soviet Union to study layouts of books and newspapers. "Ever since I was in high school, I had a dream of owning a bookcase for mini-books," he recalled. Since Dam lived in the Soviet Union for nearly a decade, he … [Read more...]
Three-day cold snap expected to grip northern region today
VietNamNet Bridge – The first cold spell of the year would blanket the northern region early Thursday morning, warned the National Centre for Hydro-Meteorological Forecasting. Le Thanh Hai, deputy director of the centre, said that the cold spell has the same intensity as the previous cold spell, which attacked the northern region last Sunday. This spell would last at least three days, Hai said. "The temperature will drop to 11-14 degrees Celsius in Ha Noi and neighbouring provinces and 6-9 degrees Celsius in mountainous areas, dropping as low as 0-3 degrees Celsius in Sa Pa Town", Hai said. "Frost is expected to appear in high mountainous areas including Sa Pa Town in Lao Cai Province and Mau Son Tourism Area in Lang Son Province", he said. Authorised agencies in northern mountainous provinces were advised to take measures to prevent livestock from freezing. Exited by the icy weather, numerous young visitors travelled to northern mountainous Lao Cai Province's Sa Pa Town … [Read more...]