As the monsoon season ended in the Central Highlands, Lac packed up his belongings and embarked on a southward journey. Leaving behind his grass-covered fields, a tractor that has not been touched for months and a couple of goats that no one wanted to buy, he would work as a security guard for a restaurant in Saigon.Lac has to undertake this journey to save his house from being seized by the bank. His family has been unable to pay their bank loan's interest for months as the pepper vines that they’d invested all their money in now stand shriveled. Vui, on the other hand, has remained at home in Chu Puh District. She shares Lac’s fate. The pepper vines that had borne the hopes and expectations of her family have now buried her in debt. Unlike Lac, she has stayed behind to wait for the fruits of her last gamble: over 100 pepper vines in her farm have survived the monsoon season, and her family has poured all their remaining money and effort into them.However, the end of the … [Read more...] about Tragedy of errors: Central Highlands farmers peppered with a debt crisis
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SSI upgrades stock board and order services for Web Trading SSI Web Trading, an online trading service from Saigon Securities, has upgraded its online stock board and updated two more conditional orders for derivative trading. The two new orders, namely OCO and Bull & Bear, are the two most useful orders in derivative trading. With this upgrade, all market data displayed on the board and order screen will be updated consecutively and immediately, helping investors track stock prices and follow transactions quickly and accurately. In June, SSI also upgraded its Web Trading by adding four more types of conditional orders. The continuous upgrades to the platform demonstrates SSI’s efforts in providing diversified, efficient trading tools for profit maximisation and risk prevention for clients when practicing derivative trading. With two new conditional orders, OCO and Bull & Bear, SSI has six types of conditional orders, including Up, Down, Trance Up, … [Read more...] about BUSINESS NEWS IN BRIEF 6/9
Digital transformation imperative for Viet Nam and its neighbours “Digital transformation or lose?” is a key message raised during the second-day of the Cambodia, Laos, Myanmar, Viet Nam, and Thailand (CLMVT) Forum 2018, held in Bangkok from August 16 to 17. The session features senior policy makers and representatives from some of the most remarkable tech startups and successful SMEs from CLMVT and non-CLMVT countries who share their experiences on how to successfully integrate new technologies into their businesses and production networks. Digital transformation is an inevitable trend that start-ups and small-and-medium enterprises (SMEs) in the CLMVT region have to embrace sooner rather than later to remain in the race, said Oudet Souvannavong, President of Lao National Chamber of Commerce and Industry. “If business are not linked to technology, they will definitely lose,” Souvannavong said, adding that digital transformation is the key for business to move … [Read more...] about BUSINESS NEWS IN BRIEF 21/8
Eximbank recently returning almost all the lost money in the Nghe An case opens opportunities for other victims, who were appropriated millions of dollar from saving books at this bank. The first partial compensation was accepted, while most victims are looking for full repayment A representative of Eximbank said that the bank has just paid VND9.2 billion ($0.4 million) to a female customer, who deposited VND11.7 billion ($0.52 million) but lost VND10.6 billion ($0.47 million). This amount is part of the case of VND50 billion ($2.2 million) being appropriated by the use of fake signatures at Eximbank’s Do Luong branch in the central province of Nghe An between 2012 and 2016. Eximbank said that the bank only gives compensation in cases where the evidence is clear. Cases that are contentious will have to wait for the court’s conclusions. “However, Eximbank has done its utmost to meet customers’ requirements and the process is also faster,” said the … [Read more...] about Chu Thi Binh could renegotiate compensation with Eximbank?
Handing over the right of prosecution and investigation to tax authorities may halt tax evasion? Authorities powerless in face of tax evasion by foreign firms In reality, despite the fact that foreign firms are acquiring massive annual revenue and profit from their operations in Vietnam, the local government faces difficulties in collecting tax from them, as could be seen with the examples of Uber and booking sites Agoda, Booking.com, and Traveloka. A number of these enterprises have been delaying tax payments, while others took advantage of loopholes to evade tax obligations. Notably, in late January 2017, the Ministry of Finance (MoF) asked booking sites that allow tourists to book hotel rooms in Vietnam to calculate and pay VAT and CIT. Targeted websites include Agoda, Traveloka, Booking, and Expedia. The CIT rate is 5 per cent of the total revenue. VAT is calculated on the added value that the companies, called “the foreign contractor” by the ministry, make. MoF … [Read more...] about Extending mandate of tax authorities may halt tax evasion?