Transfer pricing in FDI sector increasingly complicatedBy Thuy Dung Participants are seen at the conference on transfer pricing in Hanoi City on July 19 – PHOTO: VNA HANOI – Transfer pricing has become increasingly sophisticated in both foreign direct investment (FDI) and domestic enterprises, which is why the State Audit Office of Vietnam (SAV) needs more vehicles to deal with this difficult problem. Do Thien Anh Tuan, a lecturer at Fulbright University Vietnam, said the contribution of the FDI sector to the Vietnamese economy is undeniable, but it is worth noting that many FDI enterprises are participating in tax evasions and transfer pricing. He was speaking at an international conference on transfer pricing organized by SAV and the United Kingdom’s Association of Chartered Certified Accountants in Hanoi City today. Transfer pricing occurs when two companies that are part of the same multinational group trade with each other. Transfer pricing is not, in … [Read more...] about Transfer pricing in FDI sector increasingly complicated
Local property market unlikely to freeze: experts
Local property market unlikely to freeze: expertsThe Saigon Times Daily Condo buildings are seen in HCMC’s Binh Thanh District. Experts say the local property market is unlikely to freeze in the near future – PHOTO: DINH DUNG HCMC – Despite the recent surge in land prices, the domestic real estate market is unlikely to see a suspension in the near future, reported Thanh Nien newspaper, quoting property experts and enterprises at a seminar it held in HCMC on July 18. At the seminar, titled, “Crisis cycle and investment opportunities in real estate,” Tran Tuu, deputy general director of Hung Thinh Corporation, noted that timely policies and acceptable lending rates had helped manage the land price fever. Hoang Duc Khuong from An Gia Co., Ltd, agreed that the real estate market remains attractive as many foreign enterprises are still keen on domestic real estate projects. The company will cooperate with the Standard Chartered investment fund late … [Read more...] about Local property market unlikely to freeze: experts
Index up as money flow still profuse
Index up as money flow still profuseBy Phuong Thao HCMC – Banking and property stocks on July 19 encountered high profit taking pressure but the VN-Index of the Hochiminh Stock Exchange still advanced thanks to strong cash flow. Closing the day, the main index increased a slight 1.58 points, or 0.17%, at 943.97, extending its winning streak to the sixth straight session. The southern bourse saw over 199 million shares worth VND4.5 trillion changing hands, down 11% and 8.5% versus Wednesday, respectively. VJC, a low-cost airline, jumped 4.1% at VND140,000 a share due to the signing of large aircraft purchase agreement on July 18, and reported matching volume of nearly 1.2 million shares. Leading oil and gas firm GAS added 1.4% at VND84,200 per share for positive business results in the second quarter of 2018 while steelmaker HSG hit the ceiling price of VND11,550 a share. Meanwhile, all nine listed banks on the HCMC exchange declined. MBB was the volume leader in the banking … [Read more...] about Index up as money flow still profuse
Fishing boats ordered to install positioning devices by October
Fishing boats ordered to install positioning devices by October By Trung Chanh A man is seen cutting a big tuna, one of the seafood products exported to EU market. Fishing boats are ordered to install positioning devices by October – PHOTO: TRUNG CHANH CAN THO - The Ministry of Agriculture and Rural Development has asked localities to finish installing satellite-positioning devices on offshore fishing boats by October this year. According to a source, the ministry has ordered the recall of positioning devices on small fishing boats that measure less than 24 meters in length to have them installed on larger boats instead. The leftover devices should be returned to the Fisheries Surveillance Department so that they can be distributed to other localities. According to the Vietnam Association of Seafood Exporters and Producers, Vietnam has roughly 110,000 fishing boats, 33,000 of which are offshore fishing boats. Of this, only some 3,000 boats are equipped with … [Read more...] about Fishing boats ordered to install positioning devices by October
VNAT launches website for tourists
VNAT launches website for touristsBy Dao Loan Visitors pose for a photograph at Japanese Covered Bridge in Hoian - PHOTO: DAO LOAN HCMC – The Vietnam National Administration of Tourism (VNAT) has launched an official website, https://www.vietnam.travel, which provides useful information for tourists visiting Vietnam, such as visa procedures, preferable itineraries and recommendations for first-time visitors to the country. The website also offers information on tourist destinations, recommended places to go, things to do and special deals or promotional programs at hotels and travel agencies throughout the country. In addition, visitors can watch 360-degree videos featuring UNESCO World Heritage Sites in Vietnam. At Hoian Ancient Town, for instance, they can not only view stunning images of the Japanese Covered Bridge, Tran Phu Street and the interiors of ancient houses but can also learn more about the town’s history, such as who built the bridge and when. The … [Read more...] about VNAT launches website for tourists
Danang takes steps to better serve Northeast Asian tourists
Danang takes steps to better serve Northeast Asian touristsBy Nhan Tam A South Korean family visits Danang Cathedral, or the Rooster Church, in Danang City - PHOTO: NHAN TAM DANANG – Danang City is weighing measures to better control the increasing number of Northeast Asian tourist arrivals, particularly from China and South Korea, while maintaining the hefty profits from these source markets. Arrivals from South Korea and China accounted for more than 70% of the foreign tourists visiting the city in the first half of the year, resulting in a sharp increase in the city's tourism revenue. A Northeast Asian visitor reportedly spends an average of VND10-12 million, including tour expenses and shopping, according to a recent survey. However, as the number of tourists surge, many issues have also surfaced, requiring appropriate measures to ensure sustainable growth of the hospitality industry in Danang, municipal authorities said at a press conference on the tourism scenario … [Read more...] about Danang takes steps to better serve Northeast Asian tourists
Fed walks careful line on trade, but downside risks emerging
Fed walks careful line on trade, but downside risks emergingThe Saigon Times Daily Federal Reserve Chairman Jerome Powell testifies before a House Financial Services Committee hearing on the “Semiannual Monetary Policy Report to Congress," at the Rayburn House Office Building in Washington, U.S., July 18, 2018 - PHOTO: REUTERS WASHINGTON (REUTERS) - Federal Reserve Chairman Jerome Powell's official line on U.S. trade policy is one of careful deference to the Trump administration, acknowledging it is outside the Fed's responsibility and that it might all turn out for the best. But in two days of congressional testimony and a broadcast interview last week the central banker also hinted the Fed may be more concerned about current trade tensions than it is letting on, as uncertainty reshapes business investment in ways that could alter the course of the economy and thus Fed policy. "Lots and lots of individual companies have been harmed by this. We don't see it in the … [Read more...] about Fed walks careful line on trade, but downside risks emerging
Sarri just wants to have fun at Chelsea
Sarri just wants to have fun at ChelseaThe Saigon Times Daily New Chelsea manager Maurizio Sarri poses with the club shirt after the press conference at Stamford Bridge, London, Britain July 18, 2018 - PHOTO: REUTERS LONDON (REUTERS) - New Chelsea manager Maurizio Sarri wants to establish a fun atmosphere at the Premier League club in order to achieve his objectives. The 59-year-old Italian replaced compatriot Antonio Conte who was sacked, a year after leading the team to the title, after Chelsea failed to qualify for next season’s Champions League. “My goal is to have fun and be competitive in all the competitions until the end,” Sarri told a news conference on Wednesday. “If a team has fun, often the fans have fun too. This is very important. We want to reach high-level objectives, but first we must have fun.” Spanish media have linked Chelsea playmaker Eden Hazard and goalkeeper Thibaut Courtois with Real Madrid and although Sarri wants to … [Read more...] about Sarri just wants to have fun at Chelsea
SBV demands stricter compliance over lending rates for priority sectors
SBV demands stricter compliance over lending rates for priority sectorsThe Saigon Times Daily Bank tellers are seen working besides stacks of dollar and Vietnamese banknotes. SBV demands stricter control over lending rates for priority sectors – PHOTO: THANH HOA HCMC – The State Bank of Vietnam (SBV) has issued an official dispatch asking credit institutions and branches of foreign banks to strictly conform to regulations over the lending rates offered to enterprises in the priority sectors, reported news website Vietnamplus. Accordingly, credit institutions will need to control their credit growth in line with their capital mobilization capacity and credit growth targets announced earlier by SBV. The move is aimed at effectively applying interest rate and credit stability solutions and SBV’s regulations on lending rates for the priority sectors. Credit institutions should also focus on pumping capital into manufacturing activities; priority sectors such as … [Read more...] about SBV demands stricter compliance over lending rates for priority sectors
Saigontourist offers special promotions to celebrate 43rd anniversary
Saigontourist offers special promotions to celebrate 43rd anniversary By Thanh Van A view of Saigon-Phu Yen Hotel - PHOTO: COURTESY OF SAIGONTOURIST Multiple affiliates of Saigontourist Holding Company including hotels, resorts, tourism firms and restaurants are rolling out special promotions to celebrate the 43rd anniversary of the establishment of the HCMC-based company. Kim Do Hotel (Royal Hotel Saigon) Address: 133 Nguyen Hue Boulevard, District 1, HCMC Tel: (84 28) 3822 5914 - 3822 5915 Email: [email protected] or [email protected] Great hospitality and customized services of the four-star Kim Do Hotel will certainly satisfy both business and leisure travelers to HCMC. Perfectly located in the heart of the city, the hotel offers easy access to government offices, major business buildings, tourist attractions, and shopping and entertainment areas. From July 15 to August 31, Kim Do Hotel provides free welcome fruits and limousine airport transfers for guests … [Read more...] about Saigontourist offers special promotions to celebrate 43rd anniversary