The Hanoitimes - The government will intensify inspections over not only all SOEs and state-funded projects, but also over the heads of these enterprises about how they have obeyed state regulations about privatization and divestment. The pace of the country’s state-owned enterprises (SOEs) privatization has remained languid this year despite the government’s efforts, preventing foreign investors from pouring in the firms despite their strong interest. Vietnam Pharmaceutical Corporation has failed to complete its divestment plan According to reports from the Ministry of Finance, only twelve SOEs were privatized in the first eleven months of the year, with total value of more than VND29.747 trillion (US$1.29 billion). Meanwhile, the government plans to sell 85 SOEs in 2018. In addition, the divestment process for SOEs has also lagged behind schedule. Some 135 SOEs were scheduled for divestment in 2017 and 181 others in 2018. However, only 31 firms have finished … [Read more...] about Slow privatization hinders Vietnam from luring more foreign investment
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Mai Linh launches cooperative to attract idle cars Mai Linh Group on November 15 will officially introduce and start the operation of Hoa Binh Xanh Taxi Cooperative in HCMC, which will call for the participation of owners of idle cars. According to the group’s press release, the cooperative is expected to offer more choices to the group’s customers. Early joiners of Hoa Binh Xanh Cooperative will be exempt from the management fee until December 31. They will also receive a uniform, free training courses and practicing certificates. After that, they will have to pay the management fee of only 13.9% of revenues for the duration of their contracts. Hoa Binh Xanh Cooperative will share Mai Linh’s taxi booking app and use call center 1055. The cooperative’s taxicabs will not be forced to have bright colors or be repainted in green, the traditional color of Mai Linh. However, they will have a lightbox highlighting the word “Taxi,” the Hoa Binh Xanh logo … [Read more...] about BUSINESS NEWS IN BRIEF 15/11
The Hanoitimes - High economic growth and effective policy reforms will help Vietnam continue being one of hot spots in attracting foreign investments next time despite tensions in the global market, experts forecast. Vietnam has gained a great success in welcoming an ever-accelerating flow of foreign investment into the country in recent years. However, a question on how the inflow will be next time is raised when many external factors can cause adverse impacts on it. Foreign manufacturers are forecast to relocate their facilities from China to Vietnam Currently, there are many external factors, such as the geopolitical tensions and the US’s strong protectionism policy, which can diminish foreign inflow to a country. Besides, many countries have recently also applied tightened monetary policies, which will cause a decline in direct and indirect investment inflows to emerging markets. However, if considering its intrinsic value, Vietnam will still be a bright spot … [Read more...] about Vietnam forecast bright spot in FDI attraction despite global volatility
Higher ceiling for foreign homeownership?By Le Anh Estate projects in districts 2 and 7 are favored by foreign homebuyers - PHOTO: THANH HOA The foreign ownership ceilings of some real estate projects in HCMC, especially those in districts 2 and 7, have been reached as the demand from foreign homebuyers is rising. In this context, should the foreign homeownership limit be raised? Nguyen Duc Tai, a real estate broker in District 2, just received another request a short while ago. Two South Korean customers contacted Tai asking him to search for an apartment in the district that they could own. Current regulations set the ceiling of foreign ownership in realty projects at 30% of the total number of houses or apartments. The problem was that limit in all the projects which meet the Korean house seekers’ requirements offered by Tai’s firms had been crossed. “I’ve tried to search for other projects but I’ve failed to find one that suits the need … [Read more...] about Higher ceiling for foreign homeownership?
Vinatex completes 65% of yearly revenue target Viet Nam National Textile and Garment Group (Vinatex) has completed 65 per cent of the yearly target set for total revenues with its eight-month result (excluding VAT) reaching over VND31.45 trillion (US$1.34 billion). This figure also represented a rise of 7 per cent against the same period last year, the textile group reported in a filing to the Ministry of Planning and Investment. In August alone, it earned VND4.48 trillion in revenue, down 5 per cent year-on-year, of which turnover of the parent company and subsidiaries with its holdings of over 50 per cent capital reached almost VND1.74 trillion. Revenues from other affiliate companies in which the group holds less than 50 per cent capital reached a combined VND2.74 trillion. Vinatex attributed the growth in total revenues to increases in sales of fibre products (96,051 tonnes, up 9.5 per cent year-on-year), fabric of all kinds (100.7 million m3, up 18.6 per cent) … [Read more...] about BUSINESS NEWS IN BRIEF 1/9