Minister of Finance Dinh Tien Dung (Photo: VNA) Hanoi (VNA) – Minister of Finance Dinh Tien Dung cleared up a number of questions relating to the State budget restructuring and the execution of financial disciplines, which were raised at the May 26 session during the 5th sitting of the 14th National Assembly in Hanoi. The Minister said the Government has been enacting synchronous measures to implement effectively the Politburo’s Resolution No.7 on restructuring the State budget and public debt management and the National Assembly’s Resolution No.25 on the national five-year financial plan. As a result, the State budget collection in 2016-2017 far exceeded estimates by 9.3 percent and 6.3 percent respectively. Budget revenues at central level accounted for 55-56 percent of the total revenues while localities contributed 44-45 percent. In line with its integration commitments, Vietnam has forged ahead with administrative reforms and modernisation of taxation and … [Read more...] about Minister addresses lawmakers’ concerns over budget, financial management
Address united states treasury
The US State Department on December 16 issued a fact sheet on the US-Vietnam comprehensive partnership, describing it as “an overarching framework for advancing the bilateral relationship”. Following are excerpts of the document: In July 2013, President Barack Obama and President Truong Tan Sang launched the US-Vietnam Comprehensive Partnership, an overarching framework for advancing the bilateral relationship. The new partnership advances key initiatives to bolster US-Vietnam relations and underscores the enduring US commitment to the Asia-Pacific rebalance. In an effort to advance the Comprehensive Partnership and highlight the dramatic transformation in US-Vietnam relations over the years, Secretary of State John Kerry announced the following deliverables during his visit to Vietnam from December 14-16: Maritime Capacity Building : Secretary of State John Kerry announced an initial commitment of 32.5 million USD in new regional and bilateral assistance to expand … [Read more...] about Bản in : US State Department issues fact sheet on US-Vietnam comprehensive partnership
Business Beat (10-09-2007) Are local banks ready to be State paymasters? by Pham Hoang Nam The Government has told all public agencies to pay salaries for their staff through bank accounts from next year. Considering there are three million public employees it will save the expenditure and hassle of handling huge amounts of money and benefit the banking system. It could also act as a check on bribery. For the banks, it will mean a huge source of funds running into several trillion dong (several billion dollars). For the customers it will mean a chance to get familiar with modern banking systems, a major factor in globalisation. However, major benefits often come along with major challenges – all this will surely place a strain on the fledgling Vietnamese banking system. The first challenge is the ATM system. At present, there are only 4,000 ATMs, mainly in Ha Noi and HCM City. But they aren’t linked together; they belong to four different network systems. It is estimated … [Read more...] about Are local banks ready to be State paymasters?
These are unsettling times for digital currency businesses and the venture capitalists backing them. On Tuesday, the authorities in Spain, Costa Rica and New York arrested five people at the digital currency firm Liberty Reserve, including its founder Arthur Budovsky, and seized related bank accounts and Internet domains. It was a further wake-up call for those involved in digital currencies, such as the most prominent, Bitcoin, that they need to comply with anti-money laundering rules or risk facing a crackdown. They had already been put on notice - first by an April 2012 report from the U.S. Federal Bureau of Investigation that explained how Bitcoin was being used by criminals to secretly transfer money around the world, and then this March by the U.S. Treasury Department. Its anti-money laundering arm, the Financial Crimes and Enforcement Network (FinCEN) stated that digital currency firms needed to comply with the same anti-money laundering rules as other financial institutions, … [Read more...] about Digital currency firms rush to adopt anti-money laundering rules
Vietnam attends AEM Retreat in Singapore Minister of Industry and Trade Vu Huy Hoang is attending an ASEAN Economic Ministers Retreat (AEM) in Singapore to examine preparations for the establishment of the ASEAN Economic Community next year. The meeting, due to begin on February 27, sees the participation of economic ministers from 10 ASEAN member states and ASEAN General Secretary Le Luong Minh. Senior officials of ASEAN met on February 26 to prepare for the ministers’ retreat. They reviewed the implementation of free trade agreements (FTAs) between ASEAN and China, Japan, the Republic of Korea, India, Australia, and New Zealand (ASEAN+1 FTAs). They also discussed the regional comprehensive economic partnership (RCEP) agreement between 10 ASEAN member states and China, Japan, the Republic of Korea, India, Australia and New Zealand. They gave opinions on an FTA between ASEAN and Hong Kong due to be signed in 2015. Industrial production on recovery path The index of … [Read more...] about BUSINESS IN BRIEF 28/2