HA NOI — Nearly 42,000 enterprises were established in the first half of the year, a year-on-year increase of 0.25 per cent, according to the Ministry of Planning and Investment (MPI). These newly-established businesses registered a combined capital of VND250.6 trillion (US$13.19 billion), an increase of 27.8 per cent as compared to the same period last year. Despite difficulties in capital mobilisation and in markets, the development of newly-established enterprises has remained sustainable, reflecting business and investor confidence in the economy's growth potential. Buy oil, petrol with cards HA NOI — The Ocean Commercial Joint Stock Bank (OceanBank) and the PetroVietnam Oil Corp (PV Oil) recently introduced two kinds of cards for buying oil and petroleum, the OP card and the OP Plus card. The OP card is a pre-paid card designed with the specific purpose of purchasing petroleum products. Customers are not required to open individual accounts to use these cards. … [Read more...] about 42,000 enterprises set up
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BUSINESS IN BRIEF 21/8
Mekong Delta farmers encouraged to grow GM maize The State encourages the cultivation of genetically-modified (GM) maize varieties in 13 Mekong Delta localities, heard a workshop on bio-technology held in Can Tho city on August 18. Pham Van Du, deputy head of the Plant Cultivation Department under the Ministry of Agriculture and Rural Development, said that the shift aims to increase economic efficiency in farming, thus improving farmers’ income and living conditions. He added that under the plan on crop structure shift, there will be 30,000 ha under GM maize by 2015. The GM maize varieties are resistant to insects and herbicides. Their average productivity is 19 percent higher than that of normal ones, while farming costs decrease by 10 percent. The area of land necessary to produce one ton of corn kernels is also 15 percent less that required for normal varieties. Du cited results of surveys in nine out of the 13 localities in the region which showed that farmers earn between … [Read more...] about BUSINESS IN BRIEF 21/8
BUSINESS IN BRIEF 13/8
Vinalines posts first-half losses The Viet Nam National Shipping Corporation (Vinalines) recorded a loss of VND660 billion (US$32 million) in the first half of this year, the first time ever in its 15 years of operation, said General Director Nguyen Canh Viet. Viet said that his corporation had lost revenue despite the fact that its three core services - marine transport, ports and logistics - had experienced an increased revenue of 5 per cent to $492 million in Q1. Trade experts attributed the losses to the sharp decrease in freight rates, high fuel and interest rates, fluctuation of exchange rates and inadequacies in the mass development of vessel fleets at the same time. As a result, Vinalines' loss was inevitable, they said. Vinalines holds 70 per cent of tonnage of the nation's vessel fleet. In 2009, the marine transport market got the lowest rates within 20 years, but Vinalines still generated a profit of VND300 billion ($14.5 million). Of the VND660 billion in … [Read more...] about BUSINESS IN BRIEF 13/8
Microsoft to cut 18,000 jobs this year as it chops Nokia
Microsoft Corp will slash up to 18,000 jobs, or 14 percent of its workforce, this year as it almost halves the size of its newly acquired Nokia phone business and tries to transform into a cloud-computing and mobile-friendly software company. The larger-than-expected cuts, announced on Thursday, are the deepest in the company's 39-year history and come five months into the tenure of Chief Executive Officer Satya Nadella. He outlined plans for a "leaner" business in a public memo to employees last week. "We will simplify the way we work to drive greater accountability, become more agile and move faster," Nadella wrote to employees in a memo made public early Thursday. "We plan to have fewer layers of management, both top down and sideways, to accelerate the flow of information and decision making." Beyond the Nokia reductions, Nadella gave few clues about where the ax will fall or what areas will receive more funding, saying he will flesh out his plans after Microsoft's quarterly … [Read more...] about Microsoft to cut 18,000 jobs this year as it chops Nokia
BUSINESS IN BRIEF 19/12
Teenagers with assets can open bank accounts on their own Individuals aged between 15 and 18, who own separate assets, will be allowed to independently open and operate bank accounts without seeking approval from their parents or guardians. A draft circular on the issuance, use and payment of bank cards recently released by the State Bank of Viet Nam (SBV) states that these individuals may be permitted to open and manage their own accounts in commercial banks and foreign bank branches. Once approved, the circular will replace Decision No 20/2007/QD-NHNN, issued in 2007, which only allows people aged 18 and above to own bank cards. The draft circular also proposes that individuals aged 11 to 14 may own bank cards, which will function as sub-cards of the primary cards held by their parents or guardians. The SBV disclosed that 77.3 million bank cards were issued by 50 card-issuing organisations until the end of October. Moreover, nearly 15,900 ATMs and more than 164,000 points of … [Read more...] about BUSINESS IN BRIEF 19/12