Vietnam Thuong Tin Commercial Joint Stock Bank (Vietbank) plans to spend VND1.4 trillion ($61.4 million) acquiring LIM II Tower in Ho Chi Minh City’s District 3 from Hoa Lam Corporation, according to the bank’s documents prepared for its 2018 shareholders’ meeting. If the plan is approved, an acquisition deal between Vietbank and Cho Dui Co., Ltd., a member of Hoa Lam Corporation and developer of LIM II Tower, shall be concluded in the second half of the year. Hoa Lam Corporation sold LIM 2 tower with $61.4 million Tran Thi Lam, chairwoman of Hoa Lam Corporation, is the wife of Duong Ngoc Hoa, chairman of Vietbank. LIM II Tower is constructed on an area of nearly 2,200 square metres. The building consists of 18 levels, including four floors for commercial business, 13 floors of office space, a rooftop, and three basements for parking and other facilities. The 6,255sq.m basement can accommodate about 120 cars, providing safety and convenience for clients. The … [Read more...] about Hoa Lam Corporation sells LIM II Tower for $61.4 million
Corporate
VN Institute of Directors launched to boost corporate governance
Experts discuss ways to improve corporate governance practices at the launch of the Viet Nam Institute of Directors. — VNS Photo Hoang Nguyen The Viet Nam Institute of Directors (VIOD), a private sector-led organisation to promote corporate governance standards and effective practices in the country, was launched on April 5 with support from the International Finance Corporation. Established as a social enterprise, VIOD aims to advance board professionalism, promote business ethics and transparency, build a network to connect corporate leaders and stakeholders, and help companies inspire investor confidence. “VIOD aims to equip company directors with the right knowledge and tools to serve more effectively on boards and improve the competitiveness of Vietnamese firms,” Vu Quang Thinh, the institute’s chairman, said at the launch. The institute’s board of directors comprises a diverse group of business leaders and advocates of good corporate governance, … [Read more...] about VN Institute of Directors launched to boost corporate governance
Vietnam Cement Industry Corporation asked to improve operations
Minister and Head of the Government Office Mai Tien Dung identified key tasks for the Vietnam Cement Industry Corporation (VICEM) to boost the quality and effectiveness of its operations at a working session with the corporation on April 3. Minister and Head of the Government Office Mai Tien Dung speaking at the working session - Photo: VGP He asked for measures to increase VICEM’s market share in Vietnam’s cement industry, improve corporate governance, streamline organisational structure, and increase the quality and competitiveness of their products. The corporation was also requested to increase the value of the application of technology in its production chain, save input materials, and take environmental issues into consideration when devising growth strategies. Minister Dung emphasised that the VICEM must attach special importance to restructuring and equitisation, which are two of the key tasks assigned by the Government and the Prime Minister for the … [Read more...] about Vietnam Cement Industry Corporation asked to improve operations
Vietnam to cut corporate tax to 15 17 percent in bid to boost business climate
Vietnam is planning to slash corporate income tax rates from the current 20-22 percent to 15-17 pct in an effort to make the country one of the most competitive economies in ASEAN, Prime Minister Nguyen Xuan Phuc has revealed. The reform is expected to improve Vietnam's competitiveness The Government leader announced the plans in a speech at the GMS Business Summit held in Hanoi last week. He reiterated Vietnam’s commitment to an action-oriented government working in the interest of the people and businesses, for which tax reform is one of the crucial undertakings in its efforts to enhance the country’s competitiveness. PM Phuc said that his government would focus on creating a favourable business environment by fine-tuning the institutions and legal frameworks, improving the administration capacity to bring equal opportunities for all economic sectors. He also affirmed Vietnam’s commitment to protect intellectual property rights and innovative ideas during … [Read more...] about Vietnam to cut corporate tax to 15 17 percent in bid to boost business climate
PM promises 5 7 per cent corporate income tax cuts at GMS Summit
Prime Minister Nguyen Xuan Phuc at the sixth GMS Summit “We have been working to meet our commitments to protect intellectual property rights, innovative ideas, and the inventions of startups. We will continue to boost tax policy reforms and corporate income tax will be decreased to 15-17 per cent from the current 20-22 per cent,” stated Prime Minister Nguyen Xuan Phuc at the sixth Greater Mekong Subregion (GMS) Summit. At the summit, the PM said that in 2017, Vietnam continued to maintain one of Asia’s highest economic growths, with inflation controlled at 3.5 per cent. The country’s interest and exchange rates remained stable, trade turnover reached a record $425 billion, and foreign reserves have exceeded $60 billion. According to the World Bank, Vietnam’s Ease of Doing Business Index last year jumped 14 places to stand 68th among 190 economies. The World Economic Forum (WEF) placed Vietnam’s Global Competitiveness Index (GCI) at 55th out of … [Read more...] about PM promises 5 7 per cent corporate income tax cuts at GMS Summit