Companies

Le Van Duong, partner at Indochine Counsel The Vietnamese government has applied various measures for the prevention of the pandemic such as social distancing policies, stay-at-home orders, mobility restrictions, quarantine, and community lockdowns. This has affected the normal operation of businesses, particularly affecting the organisation of physical meetings of members’ council of limited liability companies or boards of management and/or annual general meetings of joint-stock companies (together referred to as company meetings). Most enterprises have preferred to hold company meetings online rather than approve decisions or resolutions via collecting opinions in writing as this allows them to discuss options and collect more opinions from the members or shareholders. As the pandemic may not be fully resolved in the near future, it is critical for enterprises to know that they can still solicit member or shareholder consent in a timely manner. There are several … [Read more...] about Convening efficient company meetings in today’s environment

The Dutycast team Dutycast is a browser/app value-added extension that enables customers to purchase goods from selected global e-commerce sites and marketplaces with ease. In some countries, cross-border shopping can come with hidden surprises around foreign exchange rates, customs duties and local taxes, as well as shipping and other logistics fees (e.g., crating and handling fees, insurance), making the online shopping experience unexpectedly expensive than planned and creating significant challenges for consumers. Dutycast eliminates those surprises as well as other common hindrances such as language and payment methods. This innovative transaction processing tool provides users with a secure and transparent, end-to-end international shopping experience. They can shop multiple stores in different countries and checkout once, paying in their local currency via trusted payment methods and without the worry of FX fluctuations. The global cross-border e-commerce market was … [Read more...] about VinaCapital Ventures takes stake in Dutycast

The national flag carrier recently requested the government to allow ticker HVN to continue trading on the Ho Chi Minh Stock Exchange (HoSE), where the biggest companies in the country a r e listed, although it could record negative equity in a "short" period. Vietnam’s Securities Laws state a company that has an accumulated loss exceeding its charter capital or recording negative equity in the latest annual financial earnings report be considered for delisting. The company recorded a negative VND2.75 trillion ($120.43 million) in equity in the second quarter. It also requested more support solutions to help it recover. It wants to reopen international flights soon to countries deemed Covid safe and to apply vaccine passports to those who are fully vaccinated. Vietnam Airlines, in which the state holds a 86 percent stake, recorded an accumulated loss of VND17.77 trillion ($780.48 million) as of June 30. It had recently issued nearly 800 million shares to increase its … [Read more...] about Vietnam Airlines seeks to continue HoSE listing despite losses

Vietnam continues to remain an attractive investment destination in the long term. Foreign Direct Investment (FDI) commitments during the first nine months of 2021 rose by 4.4% year-on-year to US$22.15 billion, a report of the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment has shown. Production at YPE VINA in Binh Xuyen 2 Industrial Park, Vinh Phuc Province. Photo: Hoang Hung Meanwhile, the serious Covid-19 situation in southern provinces/cities has led to temporary disruption of production and a reduction of 3.5% year-on-year in FDI disbursement to around $13.28. billion. Principal Country Economist of the ADB in Vietnam Nguyen Minh Cuong said the pandemic and subsequent restriction measures are wreaking havoc on businesses as a whole, including foreign companies. Cuong, however, noted for foreign businesses, any investment decision into a country would take into account long-term considerations, and they are rarely fazed by … [Read more...] about FDI commitments to Vietnam rise nearly 5% in 9-month period

At a factory of Nestle in Hung Yen province (Photo: baodautu.vn) Hanoi (VNA) – Recent announcements made by foreign investors on additional investment to expand production in Vietnam reflect their trust in Vietnam’s prospects for economic recovery, reported the Dau tu (Investment Review) newspaper. The Swiss company Nestle said it is pouring an additional over 130 million USD, raising its total investment in Vietnam to 730 million USD to carry out a number of its projects in the next two years. Urs Kloeti, Factory Manager of Nestle Bong Sen, was quoted by the newspaper as saying that his company believes in Vietnam’s role as an international and regional manufacturing hub in the future. Alongside Nestle, other foreign firms have committed to maintaining operations in Vietnam despite the fourth wave of COVID-19 outbreaks that have forced various localities to apply stringent preventive measures. Tetra Pak of Sweden has confirmed that it will pump 5 million EUR (5.86 … [Read more...] about Foreign investors keep trust in Vietnam’s recovery

Can Van Luc, chief economist with state-owned lender BIDV, said at an economic forum Monday that severe impacts of the Covid-19 pandemic and ensuing social distancing campaign were main contributors to the Q3 fall in HCMC. If the prediction comes true, it would be the first time since 2000 that Vietnam records a negative GDP growth in a quarter. Revenue from services could fall over 10 percent in the third quarter, while some industries like footwear and beverage recorded a negative growth of 28 percent and 23 percent respectively in August. "A possible negative growth in the third quarter shows that this is the most challenging time for the economy, as social distancing measures in 25 localities, including Hanoi and Ho Chi Minh City have directly impacted manufacturing and services," Luc said. Other experts at the forum expressed similar concerns about the economy. Vu Thanh Tu Anh, dean of the Fulbright School of Public Policy and Management, said that GDP growth will be … [Read more...] about GDP to bounce back after Q3 fall