Similarities and differences between public and private sector procurement

Jointly organized by the Japan International Cooperation Agency (JICA) and the Accounting and Auditing Supervisory Department (AASD) under the Ministry of Finance, the event gathered over 600 delegates from agencies, units, listed businesses, auditing companies and universities. The second event of its kind is within the framework of the technical cooperation project between AASD and JICA  on “strengthening the capacity of the AASD to promote the application of financial reporting standards in Vietnam” funded by the Japanese government. The forum is expected to help agencies of the Government, private sectors and training institutions in Vietnam understand the differences between Vietnamese accounting standards (VAS) and IFRS; as well as promote the exchange of views on the road-map for applying IFRS. Kobayashi Masaya, a representative of JICA  in Vietnam, expressed hope that the policy discussions will be promoted to find the best approach for the application of IFRS in … [Read more...] about Forum promotes application of int’l financial reporting standards in Vietnam

Participants at the third session of the 15th National Assembly on Thursday morning. — VNA/VNS Photo HÀ NỘI — The 15th National Assembly heard a report on and debated the draft Law on Inspection (amended) on Thursday morning as part of its ongoing third session. Most of the participants agreed on the need to amend the Law on Inspection but there were some different opinions on the regulations on the system inspection agencies. The current inspection agency system includes Government Inspectorate and inspectorates at provincial and district levels. Regarding the district-level inspectorate system, there are two different opinions on this system. The first opinion supports maintaining the operation of the district-level inspection system and the second opinion wants to stop inspection activities at the district level. Inspector General of Government Inspectorate Đoàn Hồng Phong said lawmakers proposed to maintain the district-level inspectorate in the … [Read more...] about Lawmakers deal with overlap in inspection and draft mobile police law

Real estate bonds shackled by rules - illustration photo At last week’s conference on corporate bonds held by the Vietnam Chamber of Commerce and Industry, experts discussed ways to develop an efficient and sustainable corporate bond market. One of the common recommendations regarded appropriate approaches to credit ratings. According to Can Van Luc, BIDV’s chief economist, there should be clear regulations on credit ratings to help investors easily determine business quality and the risk level of the issued bonds. “It is necessary to identify where a credit rating is mandatory and where a credit rating is encouraged. High-risk businesses should go through compulsory credit rating before bond issuance,” Luc said. “On the other hand, for businesses that have been audited and internationally rated with a long-standing history, a credit rating might not be necessary.” In recent years, the State Bank of Vietnam (SBV) has steadily redirected loan flows towards industry, services … [Read more...] about Real estate bonds shackled by rules