Ernst & Young Vietnam role to be examined

The State Securities Commission (SSC) would check DVD auditing files in Ernst & Young in late September, according to SSC’s vice chairwoman Vu Thi Kim Lien. The Accounting and Auditing Department and Vietnam Association of Certificated Public Accountants also join the inspection. A&C Auditing & Consulting, which audit the DVD’s 2008 financial statement, would be checked as well.

Building materials sales to rise

Steel sales in August increased by 50,000 tonnes to 410,000 tonnes against the previous month, said Nguyen Tien Nghi, deputy chairman of the Viet Nam Steel Association (VSA). That trend was expected to continue untill the end of the year, Nghi added.

Economic crisis hits leather, shoe exports

The industry currently faces many challenges, ranging from macroeconomic policies and trade barriers to the world market, in hitting its export targets while continuing to develop. Nguyen Thi Tong, general secretary of the Viet Nam Leather and Footwear Association, spoke about these issues.

Digital printing industry set to grow in Vietnam

Nguyen Van Dzong, chairman of the Vietnam Printing Association, told the two-day Asia-Pacific Premier Partner Annual Conference organised by Fuji Xerox that offset printing still accounted for 65 per cent of all printing done in the country while digital printing accounted for much less than 5 per cent. Though the latter had not developed as much in Vietnam as in other countries, it would develop strongly in future, especially when orders became larger and required strict control over quality and design and rapid changes.

Vietnam-Malaysia bilateral trade hits US$4 billion

Malaysian Consul General Shazryll Zahiran and Chairman of the Vietnam-Malaysia Friendship Association in Ho Chi Minh City said the friendship and cooperative relations between the two countries have been developing strongly in the fields of politics, diplomacy, economics, trade, investment, education, training, tourism, defence and security.

Domestic retailers tend to join hands with foreign

It is a growing tendency that domestic retailers join forces with foreign groups to develop business. Dr Dinh Thi My Loan, Deputy Chair and Secretary General of the Vietnam Retailers’ Association, said that the establishment of joint ventures in the retail sector is foreseeable. “It is understandable why domestic retailers want to team up with foreign investors. It is their right to do that,” she said.

Higher required compulsory reserve ratios would burden banks

Duong Thu Huong, Secretary General of the Vietnam Banking Association, (VNBA) believes that if the central bank raises the required compulsory reserve ratios now, it would be unbearable for banks.

Tourism looks for that extra push

Vietnam Hotel Association chairwoman Do Thi Hong Xoan said current land taxes on tourism residences were unreasonable. “A resort covers 20 hectares, but the developer builds facilities on 35-40 per cent of the total area only. However, the same tax rate is applied to the whole area, costing the business a hefty sum and it is unreasonable,” Xoan said.

Vietnam’s rubber export forecasted at $3b in 2011

The latest forecast from Association of Natural Rubber Production Countries (ANRPC) showed the global natural rubber output in 2011 would increase 8% to 10.06 million tones against 9.32 million tones last year thanks to favorable weather condition. According to International Rubber Study Group (IRSG), the world rubber demand would reach about 26.1 million tones this year, increasing 1.7 million tones from last year. The world rubber consumption this year is predicted to reach 25.5 million tones and it would be 27.5 million tones by 2012.

Exports to Japan remain strong

Contrary to initial forecasts that Viet Nam's exports to Japan have dropped sharply after the latter was hit by an earthquake and tsunami, Vietnamese companies, especially seafood exporters, are very busy completing contracts to export to Japan, according to Ly Van Thuan, general secretary of the Ca Mau Province's Association of Seafood Exporters and Processors. Orders from Japanese partners to import Vietnamese commodities, including food, rose sharply in recent days, with prices still at high levels, Thuan said.

Carrying on an epic tradition

"I have visited maybe thousands of villages, but I haven't been anywhere that had better epic singers than Dac Lac and Dac Nong," said Dieu Thi Mai. "I'm so sad because they are getting older and older, and passing away." Mai was named the best epic singer in the Central Highlands at the age of 18. "At that time, many people couldn't understand why she followed her father to recite epics while she was so young," said head of the Dac N'Rung Women's Association. "At some village festivals, she recited so passionately that everyone was moved to tears."

Rising labour costs bring benefits

According to the Thai Garment Manufacturers Association (TGMA), rising local production costs have pushed five major Thai garment manufacturers to relocate to Vietnam, transferring combined investment of $50 million.

Opportunity to boost seafood exports to Japan

General Secretary of the Ca Mau Association of Seafood Processors and Exporters Ly Van Thuan said contrary to a forecast that seafood exports to the Japanese market will face difficulties due to earthquake and tsunami impacts, the number of orders to export seafood to Japan have skyrocketed in recent days, especially frozen shrimp and fillet tra fish products.

Rise in coal prices causes pressure on cement industry

On March 31, Vietnam Cement Association confirmed the above information. Nguyen Van Thien, the association president said “Associates were noticed about the price increase. Accordingly, Vinacomin’s coal suppliers required cement makers to sign extra contract appendix on a 40% rise in coal prices but this has not been written in official document”.

Experts explore potential products for securities market

At the meeting held by the State Securities Commission of Viet Nam (SSC), Nguyen Thanh Ky, general secretary of Viet Nam Association of Securities Business suggested that Ministry of Finance (MoF) and SSC should consider policies to help create more new products for the stock market. Suggestions include allowing an investor to sell and trade shares during the same session while being able to open more than transaction account at different securities firms.

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