International marketing systems

At the workshop (Source: VNA) Hanoi (VNA) - Experience  in applying International Financial Reporting Standards (IFRS) from Japan, the Republic of Korea (RoK), the US, Malaysia and China was shared at a workshop in Hanoi on May 28. Jointly organised by the Ministry of Finance and the Japan International Cooperation Agency (JICA), the event also aimed to collect comments on the draft project on application of IFRS in Vietnam, thus rolling out orientation for the process in the country. Vu Duc Chinh, Director of the Accounting and Auditing Policies Department (AAPD) under the Ministry of Finance, said in the strategy until 2020, Vietnam’s accounting and auditing sector will approach international practices. Over the past 10 years, Vietnam issued 26 accounting standards, but they have exposed many shortcomings, requiring the Ministry of Finance to build a new standard system, he said.   However, the application of IFRS should be suitable to Vietnam’s … [Read more...] about Workshop discusses application of int’l financial reporting standards

Nguyen Tuan Anh, CEO of Grab Financial Group Vietnam, talks about strategies to help start-ups expand their markets at a recent event in HCM City (Source: VNA) HCM City (VNS/VNA) - Overcoming human resources problems, understanding local cultures and finding reliable partners are needed for Vietnamese start-ups to “go global,” the CEO of Grab Financial Group Vietnam Nguyen Tuan Anh has said. Speaking at a recent boot camp, a start-up training programme organised by VnExpress.net, Anh said reaching out to the world was not optional but imperative for a start-up to succeed. “You may not go global right away, but you must have a vision to do it in the next five to 10 years. “Vietnamese start-ups must conquer the global playground to increase the value, revenue and profit.” Anh was one of the first employees of the giant ride-hailing service when it entered the Vietnamese market in 2014 on the heels of its success in four other Southeast Asian countries, … [Read more...] about Start-ups must ‘go global’, says Grab’s Vietnam chief

BRUSSELS -- U.S. disruption of the global economic order reaches a major milestone on Tuesday as the World Trade Organization (WTO) loses its ability to intervene in trade wars, threatening the future of the Geneva-based body. Two years after starting to block appointments, the United States will finally paralyze the WTO’s Appellate Body, which acts as the supreme court for international trade, as two of three members exit and leave it unable to issue rulings. Major trade disputes, including the U.S. conflict with China and metal tariffs imposed by U.S. President Donald Trump, will not be resolved by the global trade arbiter. Stephen Vaughn, who served as general counsel to the U.S. Trade Representative during Trump’s first two years, said many disputes would be settled in future by negotiations. Critics say this means a return to a post-war period of inconsistent settlements, problems the WTO’s creation in 1995 was designed to fix. The EU ambassador to the WTO told … [Read more...] about U.S. trade offensive takes out WTO as global arbiter

Vietnam’s wood processing industry has maintained a high growth rate over the years, said Nguyen Quoc Khanh, chairman of the Handicraft and Wood Industry Association of HCMC (HAWA). From US$220 million in 2000, after 17 years, its turnover has reached US$8 billion, ranking among the seven sectors generating the greatest export value in the country. Particularly, in the first half of 2018, the export of wood and wood products earned US$4.13 billion, up 12.4% over the same period last year, according to the Ministry of Industry and Trade. Vietnamese firms in this industry are gradually gaining share from foreign-invested enterprises (FIEs), HAWA Vice Chairman Huynh Van Hanh said. In the early years of development, FIEs always accounted for more than 70% of the country’s total wood export sales. However, in the past three years, domestic enterprises have fared better and occupied 53% of total export turnover. When the domestic economy began to integrate, Vietnam’s wood … [Read more...] about Wood industry: Sustainable development

As of the second quarter of 2019, Vietnam had welcomed 8.48 million foreign tourists, making it a top 10 destination for international arrivals in the Asia-Pacific region, according to a report released Monday by the Pacific Asia Tourism Association (PATA). The Quarterly Tourism Monitor report said the U.S. was most visited country/territory in the region, followed by Hong Kong and Mexico. Macau and Thailand rounded out the top five while the rest of the top 10 included Japan, Malaysia, Singapore and Canada. In Southeast Asia, Vietnam was fourth after Thailand (19.7 million), Malaysia (13.3 million) and Singapore (9.3 million). The report also showed Vietnam’s tourism growth experienced a year-on-year surge of 7.5 percent, ranking 12nd in the Asia-Pacific region. PATA’s statistics are based on the number of foreign visitors to 35 destinations in the Asia-Pacific region in the first six months of this year. Accordingly, the region, excluding the Chinese market, received more … [Read more...] about Vietnam among top 10 Asia-Pacific tourist destinations