A customer fills up at a station in Ha Noi. Skyrocketing oil prices in the global market over recent months have fueled the retail price of petrol and oil in Viet Nam, forcing State management agencies to make use of the fund to intervene in the market. — VNA/VNS Photo The Government needs to carefully evaluate the effectiveness of the petrol and oil price stabilisation fund in keeping the commodity’s retail prices stable before deciding to maintain or eliminate the tool, experts said. Viet Nam is considering amending the Law on Price, which mentions several commodities under the Government’s price stabilisation scheme including petrol and oil. Currently, the Government is using the petrol and oil price stabilisation fund to support its regulation of domestic petrol and oil prices when necessary. Skyrocketing oil prices in the global market over recent months have fueled the rise in retail price of petrol and oil in Viet Nam, forcing State management agencies to make use of the … [Read more...] about Petrol and oil price stabilisation fund requires thorough appraisal
Uniben increases school fees
At the start of the new school year, there is a shortage of English teachers not only in public schools but also in private centers for foreign language teaching in Ho Chi Minh City and southern localities, though teachers are being offered great advantages. Tran Ngoc Duc, deputy director of H123 English Afterschool Center with eight branches in Binh Duong Province bordering Ho Chi Minh City, said his network of centers is back in operation since March after being closed for six months due to the COVID-19 pandemic. However, more teachers have been recruited since then as the number of existing teachers cannot meet learners' demands. Most foreign language centers are suffering from a shortage of both Vietnamese and foreign teachers. At the same time, at the beginning of the new school year, the number of students has increased by one and a half times, sometimes even two times, compared to pre-pandemic levels. Income increases of 30 percent for recruitment According to … [Read more...] about Southern cities and provinces in Vietnam short of English teachers
Bernard Wang Toon Kim-Partner, Audit Services KPMG in Vietnam Family business groups and the informal nature of business relationships typical in the Asian and Vietnam business landscape facilitate related-party transactions (RPT). Not all RPT are abusive. Some of these transactions help to achieve a better economy of scale and are recurring and unavoidable. Abusive RPT can be in the form of tunnelling or propping up. Tunnelling is the expropriation of assets, whereby dominant shareholders extract values from the controlled corporations through transactions with favourable terms for themselves or nominees controlled by them. When business owners want to avoid delisting or achieving certain financial results for specific reasons, their results may be propped up by abnormal RPT. Propped-up firms tend to have worse operating performance in the fiscal year preceding the announcement of the RPT. Abusive RPT may include overpriced and overpayment for an asset or assets disposed at … [Read more...] about Ideas for curbing abusive related-party transactions
The pandemic and geopolitical tensions have caused supply chain issues for Vietnamese manufacturers. How have these impacted BASF? CEO Erick Contreras BASF has been negatively affected by the increased costs of natural gas and other raw materials, especially in Europe. We have also experienced supply chain disruption and logistic issues, impacting raw material supplies and delivery timelines to our customers. The price surge due to inflation and currency exchange has impacted our customer affordability and price acceptance, leading to reduced demand and consumption, especially for export, for many Vietnamese manufacturers. We will keep monitoring the situation and work closely with our customers and partners across the value chain to ensure business continuity with minimal disruptions to their operations and businesses. How did these changes affect BASF’s business and commitments to Vietnam, and what has it done to respond to those changes? Despite all … [Read more...] about BASF Vietnam commits to sustainable funding strategy
At a VIR talk show last week on the role of buy now, pay later (BNPL) in shaping the future of retail payments, experts agreed that fast verification and credit-based payment with no interest are the biggest selling points of BNPL, in the context that fintech and online shopping are booming. Michal Skalicky, chief customer officer of Home Credit Vietnam, said that there are only three steps to register for Home PayLater: online registration with a copy of an ID card, a selfie, and online contract completion. “Unlike traditional instalment payment schemes that require customers to provide a bewildering array of documentation such as ID cards, household registration documents, bank statements, and others, Home PayLater services offer a simple and fast BNPL registration option that maximises the advantages of digital technology,” Skalicky said. “The application is then automatically processed without having to wait a long time for results.” According to Nguyen An Son, head … [Read more...] about BNPL services open up e-commerce options
Along with attending the Transforming Education Summit, Son had meetings with the U.S. Secretary of Education and representatives from the World Bank, Microsoft and New York University. He also had a working session with President of the U.S. Educational Testing Service (ETS) Amit Sevak, and held a Vietnam - U.S. education cooperation forum that drew leading U.S. educational organizations. Participants at the event discussed major cooperation issues in education-training between the two sides. On the sidelines of the forum, the minister had a meeting with leaders of College Board - a global non-profit organization connecting students to universities and career opportunities. College Board Vice President Rushi Sheth said that the number of Vietnamese students joining the advanced placement program has increased 219% since 2018, while those taking SAT tests rose 45%, showing the increasing demand for international education programs. He said that online SAT tests are likely to be … [Read more...] about Vietnam seeks stronger education partnership with U.S.