Vietnamese Auditor General Hồ Đức Phớc (second from right) responded to media questions during a press conference on the conclusion of the Asian Organisation of Supreme Audit Institutions 14th assembly held in Hà Nội during September 19-22. — VNS Photo Trọng KiênViet Nam News HÀ NỘI — Auditor General of the State Audit of Việt Nam (SAV) Hồ Đức Phớc has vowed to take concrete actions to foster co-operation within the Asian Organisation of Supreme Audit Institutions (ASOSAI) to bring into play the potential of its members. Environmental issues were becoming a serious threat to the growth of each country, making environmental audits more important, said the new ASOSAI chairman, referring to the theme of the 14th ASOSAI Assembly. The SAV would step up environmental audits and strengthen operation audits to assess the management and use of resources and environmental protection of State … [Read more...] about Asian supreme audit assembly concludes, adopts Hà Nội Declaration
Second party audit
Workers at Trung Dung Co Ltd, a manufacturer of elastic threads and yarn in Tan Trieu Commune in Hanoi’s suburban district Thanh Tri. The company employs around 200 employees. (Photo: VNA) Hanoi (VNA) - A forum on measures to improve capital access for small- and medium-sized enterprises (SMEs) took place in Hanoi on August 8, looking at difficulties of both firms and banks in the matter. According a report of the Vietnam Chamber of Commerce and Industry (VCCI), loans provided for SMEs account for 21 percent of the total outstanding loans. Up to 60 percent of SMEs are still unable to access or use bank capital, particularly start-ups who begin with ideas and plans rather than capital and assets. The SME Development Fund, set up in 2014 with total capital of 2 trillion VND (88 million USD), has so far lent 145 billion VND to 19 businesses, heard the forum. VCCI Chairman Vu Tien Loc said the credit shortage for SMEs is blamed on three parties. The first is the State whose … [Read more...] about Forum delves into credit shortage for SMEs
State authorities, financial institutions and enterprises must sit together to tackle credit shortages for small- and medium-sized enterprises. Chairman of the Viet Nam Chamber of Commerce and Industry (VCCI) Vu Tien Loc made the statement at the forum titled ‘Solutions to improve capital access for SMEs’ held on Tuesday in Ha Noi. Viet Nam’s business climate has improved substantially over 30 years of renovation and development, but capital shortage remains the biggest obstacle hindering the growth of SMEs, Loc said. Loans provided to SMEs account for only 21 per cent of total outstanding loans. Although the State authorities and banks have been more open to lending to SMEs, up to 60 per cent of these businesses are still unable to access or use bank capital. At the same time, not all enterprises have the capacity to raise capital from other channels such as issuing shares or bonds. Meanwhile, SME development funds do not work effectively, Loc said. The SME … [Read more...] about Tackling credit shortage for SMEs
EVNGenco 2 to be “make up” before IPO to lure investors Fluctuating profit Not unlike EVNGenco 3, whose IPO was a massive failure (it only sold 7.4 million of the 267 million shares launched), EVNGenco 2 operates in the state-owned sector with great development potential. Alongside subsidiaries fully owned by EVN and accounting units that are dependent on the parent company (Can Tho Thermal Power Company, Quang Tri Hydroelectricity Company, Song Bung Hydroelectricity Company), EVNGenco 2 owns 50 per cent of the charter capital of companies like Haiphong Thermal Power Company, Pha Lai Thermal Power Company, and Thac Mo Hydroelectricity Company. In addition, EVNGenco 2 is in charge of many energy investment projects, including Hai Phong Thermal Power II, O Mon Thermal Power 1, 2, 3, 4, Trung Son Hydroelectricity, and Expanded Thac Mo Hydroelectricity, among others. Although EVNGenco 2 generates increasing revenue, its profit has steadily decreased between 2014 and 2017. … [Read more...] about EVNGenco 2 to be effectively improved before IPO?
The Viet Nam Listed Company Awards (VLCA) kicked off its 2018 season in HCM City on Tuesday. The awards, given jointly by the HCM City Stock Exchange (HOSE), the Ha Noi Stock Exchange (HNX) and Viet Nam Investment Review magazine, and sponsored by Dragon Capital Group, are an extension of the Viet Nam Annual Awards (ARA), an event that has accompanied the growth of Viet Nam’s stock market and listed companies for a decade now. Besides the annual reporting awards and the sustainability reporting awards, this year’s contest will also conduct an in-depth review of corporate governance standards at listed companies. The aim of the review is to encourage listed firms to adopt international standards of governance and promote sustainability. A corporate governance set of standards developed by the VLCA’s organising committee is based on the standards of Organisation for Economic Co-operation and Development (OECD) countries, with adjustments made to suit the local … [Read more...] about Annual awards recognise listed firms for corporate governance, success