EU firms want to benefit from public procurement in infrastructure and other sectors, Photo: Le Toan At a recent teleconference between the government and ministries and localities, Minister of Industry and Trade Tran Tuan Anh announced that the EU-Vietnam Free Trade Agreement (EVFTA) will be signed in October or November this year, and is expected to take effect early next year. After the deal comes into force, EU companies will, for the first time, be able to bid for public procurement contracts in Vietnam under the same conditions as Vietnamese companies, for a selective number of entities (see box). Currently, EU firms are not allowed to engage in bidding activities for government-funded projects. Public procurement is about how public authorities spend public money when buying goods, works or services. This can range from buying IT equipment or providing water, gas and electricity, to building a hospital or a road. The entities with which EU firms will be able to bid for … [Read more...] about EU firms to bid on public contracts
Managing public money
Ties between apartment management boards and residents to be tightened
Viet Nam News HÀ NỘI — Apartment management boards are meant to protect the rights of residents. But when a dispute between residents and the board arises, things can get ugly. Opaque financial reports are one major reason leading to conflicts between residents and managing boards. Residents of Văn Phú Victoria project in Hà Đông District have claimed that the annual operation expenses for the building reach VNĐ17 billion (US$750,000), according to the fees they have paid. How the money was allocated, distributed and paid remains unknown as the managing board refuses to publish it. A resident who did not want to reveal his name told Vietnam Television he did not know who held responsibility for undertaking those reports. “The total amount of money paid and the sum they calculated do not match,” he said. Residents, therefore, established a supervisory team to watch out for the management board. However, the effort … [Read more...] about Ties between apartment management boards and residents to be tightened
PM signs directive on strengthening management of cryptocurrency
Prime Minister Nguyen Xuan Phuc has signed a directive strengthening the management of activities related to bitcoin and other virtual currencies. The move comes after media reported an alleged cryptocurrency fraud worth VND15 trillion (US$666 million) affecting 32,000 people in HCM City. Authorities have previously repeatedly warned about the risks associated with bitcoin and other digital currencies, as well as its use for criminal activity such as money laundering, terrorist financing, illegal remittance, tax evasion and fraud. As these currencies are digital and pseudo-anonymous with no government backing, investment and trading activities, as well as raising capital through initial coin offerings (ICO) especially in a multi-level marketing mode, are getting complicated and risky and affecting the stability of the financial market and social order. To limit the risks and adverse impacts on society, as well as promptly detect, prevent and handle fraud, the Prime Minister asked the … [Read more...] about PM signs directive on strengthening management of cryptocurrency
Prime Minister signs directive on strengthening management of cryptocurrency
Prime Minister Nguyen Xuan Phuc has signed a directive strengthening the management of activities related to bitcoin and other virtual currencies. The action came after the media reported an alleged cryptocurrency fraud involving VND15 trillion (US$666 million) and affecting 32,000 people in HCM City. - Photo venturebeat.com The move comes after media reported an alleged cryptocurrency fraud worth VND15 trillion (US$666 million) affecting 32,000 people in Ho Chi Minh City. Authorities have previously repeatedly warned about the risks associated with bitcoin and other digital currencies, as well as its use for criminal activity such as money laundering, terrorist financing, illegal remittance, tax evasion and fraud. As these currencies are digital and pseudo-anonymous with no government backing, investment and trading activities, as well as raising capital through initial coin offerings (ICO) especially in a multi-level marketing mode, are getting complicated and risky and … [Read more...] about Prime Minister signs directive on strengthening management of cryptocurrency
Investors in public-private partnerships fear changing state policies
VietNamNet Bridge - Investors are reluctant to pour money into infrastructure projects under the PPP (private public partnership) mode because of fear of new policies which could lead to losses or bankruptcy. Investors are reluctant to pour money into infrastructure projects VCCI’s (the Vietnam Chamber of Commerce and Industry) head of Legal Department Dau Anh Tuan cited the example in Ba Ria – Vung Tau province of an enterprise signing a contract on an infrastructure project. Investors are reluctant to pour money into infrastructure projects under the PPP (private public partnership) mode because of fear of new policies which could lead to losses or bankruptcy. Vu Quynh Le, deputy director of the Bidding Management Agency, said that investments in PPP projects remain below expectations because of difficulties during implementation. RELATED NEWS Investors from Europe, US absent from Vietnam real estate market More Vietnamese investors are buyers in … [Read more...] about Investors in public-private partnerships fear changing state policies