US-backed retail giant Sears Holdings’ file for bankruptcy, involving a Vietnamese firm which may lose millions of US dollars, has led to warnings about risks in doing business with foreign partners. Thanh Cong is owed around $4.1 million from US giant Sears but may find it tricky to recover the debt, Photo: Le Toan According to Nguyen Thanh Ha, managing partner of SBLaw Company, Vietnamese companies should look carefully at business contracts to seek out provisions which could protect their rights and interests, or stipulate sharing risk among parties in case the unthinkable occurs. “Businesses should carry out tasks quickly and proactively in order to get any compensation they are due in an early fashion, such as preparing documents, collecting data and information related to transactions and other parties, and seeking legal support from those who deal in similar cases of international trade,” emphasised Ha. Ha’s advice came after the … [Read more...] about Thanh Cong falls foul of Sears mess
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BUSINESS NEWS IN BRIEF 19/10
Norwegian solar companies seek cooperation opportunity in Vietnam A group of Norway’s leading solar companies attended a Norwegian Solar Seminar in Hanoi on October 15 to look for cooperation opportunities with local partners in the solar energy sector. The event is co-organized by Royal Norwegian Embassy and Power Engineering Consulting Joint Stock Company 1 (PECC1), under the Electricity of Vietnam (EVN) with the attendance of Norweiginan Ambassador designate, Ms Grete Lochen, Commercial Counsellor Mr Harald Naevdal, General Director of EVN PECC1 Mr Pham Nguyen Hung, representatives from the Ministry of Industry and Trade, and over 70 participants from the EVN and its subsidiaries, independent power plant owners, construction companies, private investors from Vietnam and Laos, suppliers and consultants and other stakeholders. At the seminar, an energy consultant of the World Bank presents an overview of Vietnam’s solar energy, highlighting the achievements of … [Read more...] about BUSINESS NEWS IN BRIEF 19/10
BUSINESS NEWS IN BRIEF 30/8
E-commerce key for farm exportersVietnamese enterprises should take advantage of e-commerce development to boost exports of farm produce to China, experts said at a meeting on Sunday in HCM City.Wen Xi Chen, economic counselor at the Chinese Consulate General in the city, said Vietnamese enterprises should cooperate with well-known Chinese e-commerce enterprises to open online stores of high-quality farm produce for export to China.While e-commerce has narrowed the production and consumption gap, and extended consumer markets, traditional sale channels have not updated market information regularly, he said.To develop e-commerce for agricultural products, logistics service, traceability and human resources should ensure product quality, he added.Nguyen Hoang Anh, member of the Advisory Council for Reform, who is also vice president of the Digital Agriculture Association (DAA) Viet Nam, said China remained a major market for agricultural products exported from Viet Nam due to similarity … [Read more...] about BUSINESS NEWS IN BRIEF 30/8
BUSINESS NEWS IN BRIEF 1/8
Vinh Phuc seeks investment from S Korea The northern province of Vinh Phuc promoted its potential and called for investment at a conference held in Gyeonggi Province in South Korea on Friday. Speaking before an audience of South Korean businesspeople, Chairman of Vinh Phuc provincial People’s Committee Nguyen Van Tri highlighted the province’s convenient location in Viet Nam’s northern key economic zone and favourable natural conditions suitable for industry, tourism and hi-tech agriculture. He informed the South Korean business circle that the province has made efforts to streamline its administrative procedures, upgrade infrastructure, especially at industrial zones, and train the local labour force. The provincial leader reported that Vinh Phuc is now home to more than 300 foreign direct investment (FDI) projects, including many run by South Korean corporations such as Partron Vina, Haesung Vina, Bangjoo and Interflex. Several more South Korean … [Read more...] about BUSINESS NEWS IN BRIEF 1/8
Change needed to save the oceans from plastic
Plastic items can remain in the environment for up to 2,000 years without degrading, causing hazards for animal life, photo Le Toan When I heard about how a rare green turtle had died from eating plastic bags, mistaking them for jellyfish – its favourite food – I suddenly became acutely aware of my lifestyle choices. Looking down at my work desk, I see a bunch of beautiful red roses that will never wither as they are made entirely of plastic, and some empty plastic containers that used to hold individually-wrapped sweets. Reflecting honestly for a moment, I realised these are only small examples of a wider disposable plastic habit that I should be ashamed of, being someone who hopes to contribute to a better environment. Earlier, I picked up a bubble tea served in a tall plastic cup, sealed with a plastic cover, pierced with a plastic straw, and carried in a plastic bag – all just so I could escape the heat, transporting it the 100 metres to my office in central … [Read more...] about Change needed to save the oceans from plastic