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Vietnam's top watchdog has announced the findings of its investigation into state-run MobiFone’s acquisition of pay TV firm AVG, which caused a loss of over $310 million to the state. According to the Government Inspectorate, the Ministry of Information and Communications had violated the Investment Law by approving MobiFone’s acquisition of AVG without the Prime Minister’s approval. The ministry approved the deal despite the fact details of the price of the 95 percent stake in the TV operator and the project’s investment efficiency had not been fully assessed, the inspectorate added. The ministry reported to the Prime Minister and relevant agencies that 30 percent of funding for MobiFone’s acquisition of AVG was expected to come from the telco’s own equity, and the rest from loans. However, funding for the project was not clearly identified when the ministry approved the acquisition. In fact, 100 percent of funding for the acquisition came from … [Read more...] about Multiple ministries responsible for ‘illegal’ state telco acquisition of pay TV firm: watchdog

Fuel price stabilisation fund helps the central government manage domestic fuel price in a foreseeable future. The new Government Decree 83, which oversees regulations on fuel trading in the country, will continue to sanction the controversial fund. Fuel traders and transport companies have argued that the fund, which is funded by fuel consumers for the most part and therefore effectively adds to fuel price, delivers little to no benefits for traders and consumers alike. In addition, it also creates a gap between the domestic price for fuel and that of the international market which may encourage certain fraudulent activities and cross-border smuggling. The Government, however, has always maintained that the fund serves as a tool to manage domestic fuel price and is a necessity to make sure the interests of consumers and businesses are protected. The fund is part of an effort to keep fuel price in line with market mechanisms under the State management and help control inflation and … [Read more...] about VN to continue support for fuel price fund

The program drew the participation of leaders of the Vietnam Oil and Gas Group (PVN) and PV Gas, such as Vu Anh Tuan, deputy chairman of PVN Trade Union; Vo Thi Thanh Ngoc, member of PV Gas’ Board of Directors; Nguyen Van Hung, chairman of PV Gas Trade Union; Nguyen Cong Luan, secretary of PV Gas Youth Union, chief accountant of PV Gas; as well as leaders of authorities and departments and staff. On the hospital side, there were Associate Professor Nguyen Lan Hieu, director of the Hanoi Medical University Hospital; and 40 doctors and nurses. On behalf of the local government, Truong Dang Khoa, secretary of the U Minh District Party Committee, and Nguyen Thanh Toan, deputy chairman of the U Minh District People’s Committee, attended the program. The Hanoi Medical University Hospital has made great contributions to the development of the country’s medicine. Patients have confidence in the hospital, reinforcing the pride and determination of doctors in medical … [Read more...] about PV Gas conducts medical examination and treatment in Ca Mau

A fund raising event in Ho Chi Minh City on December 15 raised VND1.5 billion (over US$64,400) for children with cancer in the country. Child patients at the festival. (Photo: voh) The Sunflower Festival, the 12th of its kind, is among activities to mark the 12th year of the “Thuy’s Dream” programme held by the Vietnam Youth Union in coordination with the Tuoi Tre (Youth) newspaper. The Thuy’s Dream programme for children with cancer is named after Le Thanh Thuy – a high school girl known and admired for her long fight against bone cancer prior to her death on November 2, 2007. More than 3,000 people participated in the charity walk at the festival. For each participant, the Nutifood company donated VND50,000 to help children cancer patients. The programme also presented 160 scholarships to children who returned to school after treatment, and 1,000 gifts to children who are receiving treatment at 10 hospitals in HCM City, Da Nang, Thua Thien-Hue and … [Read more...] about Event raises VND1.5 billion for children with cancer

A Vietnamese navy frigate visits Russia and takes part for the first time in the Russian Navy Day parade last July. (Photo: VNA) Moscow (VNA) – The Vietnam People’s Army (VPA) will further enhance cooperation with Russian armed forces on the basis of mutual trust and respect, Vietnamese Ambassador to Russia Ngo Duc Manh said in a recent article. The article was published in Russia’s Independence newspaper on December 13 on the occasion of the 75th founding anniversary of the VPA (December 22). The ambassador stressed that the anniversary offers a chance to look back at the effective cooperation between Vietnam and Russia, highlighting the spiritual and material support from the former Soviet Union and present-day Russia during Vietnam’s struggle for national independence, as well as the cause of national construction, reform and defence. He stated that national defence is one of the important areas of cooperation in the Vietnam-Russia … [Read more...] about Defence ties important to Vietnam-Russia partnership: ambassador