A Vicem cement plant. — Photo baoxaydung.com.vn The pre-equitisation valuation of the Viet Nam Cement Industry Corporation (Vicem) done by the independent auditor was off by nearly VND1.17 trillion (US$50.3 million), according to the State Audit of Viet Nam. The State audit agency said in a filing to the Ministry of Construction that the value of Vicem as of October 2018 was VND28.22 trillion, including the State capital value of VND27.8 trillion, Thoi bao Kinh te Viet Nam (Vietnam Economic Times) newspaper reported. According to the corporate evaluation done by the independent auditor, the value of Vicem was VND27.05 trillion and that of the State capital was VND26.6 trillion. By the dividend discount model, the State auditor valued State capital at Vicem at VND25.13 trillion instead of the independent auditor’s figure of VND23.38 trillion. According to the State audit agency, the independent auditor did not value the right of Vicem’s subsidiaries on doing mining … [Read more...] about Vicem misses US$50.3 million in corporate valuation
Kinh te viet nam
Draft circular on gold business licensing released
Inside a Bao Tin Minh Chau Jewellery and Gemstone Co Ltd shop. Gold prices in Viet Nam stood at US$1,360 per ounce on August 13. — Photo baotintuc.vn The State Bank of Vietnam (SBV) has publicised a draft circular that would adjust existing regulations managing gold trading, Thoi bao Kinh te Viet Nam (Vietnam Economic Times) newspaper reported. The draft circular would amend Circular 16/2012/TT-NHNN dated May 25, 2012 to instruct the implementation of Decree 24/2012/ND-CP issued by the Government. Under the draft circular, the SBV would cut administrative works in spot gold trading management and remove conditions on changing business licences. For example, when a company wants to change the information on its licence, the firm would be able to send a filing to the SBV and an adjustment will be approved within 15 working days. In addition, some reporting mechanisms between SBV, its local offices and businesses would be eliminated to reduce the workload and expense for both … [Read more...] about Draft circular on gold business licensing released
CPTPP – a driver of shrimp export to Canada
Workers process shrimps for export at a factory in Ninh Thuan province (Photo: VNA) Hanoi (VNA) – The CPTPP will create a good chance for Vietnamese shrimp exporters to capitalise on the Canadian market, even though the Southeast Asian nation is already the top shrimp supplier there. Aquatic exports brought home 2.4 billion USD in the first four months of 2019, equivalent to the figure during the same period last year. That included 1.8 billion USD between January and March, and the shrimp sector contributed 617.6 million USD to this sum, down 20 percent year on year. Boosting the shipment of shrimp products to potential markets like Canada is critical to help achieve the goal of 4.2 billion USD in aquatic exports this year, and making use of preferential treatments under the CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) is an important measure, according to the Thoi bao Kinh te Viet Nam (Vietnam Economic Times). As of March 15, Vietnam had … [Read more...] about CPTPP – a driver of shrimp export to Canada
Vietnam – favourite destination of French businesses
Vietnam is a popular investment destination for French businesses. (Illustrative image. Source: VNA) Hanoi (VNA) – Vietnam is a popular investment destination for French businesses, according to Vincent Florean, French Consul General in Ho Chi Minh City. French enterprises have special interest in Vietnam, he told reporters from Thoi Bao Kinh te Viet Nam (Vietnam Economic Times) on the sidelines of a wine tasting programme in Vietnam on April 5. He said a record number of 27 French wine production firms participated in the event held by the French investment and trade promotion agency. The French government and businesses need to work more to tap markets with high potential like Vietnam, he said. He added that the French aviation, pharmaceutical and agriculture industries make up 30 percent, 17 percent, and 14 percent respectively of the country’s total export turnover to Vietnam. France hopes the EU-Vietnam Free Trade Agreement (EVFTA) will be ratified and come into … [Read more...] about Vietnam – favourite destination of French businesses
Firms need to go digital
An engineer at FPT Software Co Ltd works in the Hoa Lac Hi-Tech Park. — VNA/VNS Photo Danh Lam In the international integration process, revitalisation and innovation are the quickest way for countries and businesses to embrace digital transformation. That was the message from Deputy Prime Minister Vuong Dinh Hue speaking at an event in Ha Noi on Friday. Hue made the statement at the CEO Forum 2019 organised by Thoi Bao Kinh Te Viet Nam (Viet Nam Economic Times) newspaper, entitled “Business Revitalisation and Innovation: Breakthroughs From Mind to Action”. “The fourth industrial revolution has a strong impact on the economy and society around the world and all the sectors and fields with unprecedented speed,” Hue said. "Viet Nam is deeply integrated into the world economy. In this revolution, Viet Nam faces many challenges but also has multiple opportunities. To shorten the development gap with other countries, digital transformation is a vital step for … [Read more...] about Firms need to go digital