Vietnam needs new policies to tighten management and penalties to improve the quality of the e-commerce market, Photo: Le Toan Vietnam’s authorised agencies have recently inspected Shopee Vietnam after various media outlets had reported on third-party vendors selling illegal toys on its e-commerce marketplace. The e-commerce website was accused of selling toys depicting a Chinese map violating Vietnam’s sovereignty. Shopee Vietnam was ordered to remove listings of the illegal toy map depicting the illegal nine-dash line that China has used to claim Vietnamese territory in the East Sea. However, Shopee is not the only e-commerce company that has caused trouble for customers with its lax management of vendors. Lazada.vn has also repeatedly been in hot water over the past few years, with numerous complaints from customers about used items, fake promotions, and wrong prices, among other issues. Information provided by the Vietnam Competition Authority (VCA) under the … [Read more...] about Lax rules open doors for online fraud
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BUSINESS IN BRIEF 21/6
PM requires careful monetary policies On June 18, PM Nguyen Tan Dung issued Instruction No. 19 on the socio-economic development plan and budget estimates for 2013, and State budget investment plan from 2013-2015. In the Instruction, the PM set targets for 2013, including economic development targets related to economic restructuring. The main tasks in developing the economy during the next year include monetary polices, credit, tax, land, administrative innovation, and improved economic growth to reach GDP growth of 6-6.5%. Restructuring the economy will focus on three main fields, including investment, the financial markets, and enterprises. The PM also urged the restructuring of State-owned enterprises, improved competitiveness and better operational effectiveness of state economic groups. Serious and explicit sanctions need to be applied to raise the effectiveness of state-owned capital and assets. Monetary policies will favour private enterprises to help them access … [Read more...] about BUSINESS IN BRIEF 21/6
BUSINESS IN BRIEF 30/10
Ministry urges State firms to restructure Restructuring state-owned enterprises (SOEs) is vital to the economic health of the country, according to the Ministry of Planning and Investment. The ministry said State-owned businesses accounted for only 37-38 per cent of GDP even though they represented 70 per cent of social services investment, 50 per cent of State investment, 60 per cent of loans from commercial banks, and 70 per cent of Official Development Assistance loans. The ministry's Central Economic Management Research Institute said that SOEs were not as profitable as businesses in other sectors. They also had weak managers who failed to implement policies, it said. Monitoring systems at businesses had also been weak, and, as a result, capital sources are not used effectively, he said. Experts said the SOEs must become more competitive and the State's managing and regulating roles must be improved. The restructuring of SOEs has been done at a sluggish pace, and … [Read more...] about BUSINESS IN BRIEF 30/10
BUSINESS IN BRIEF 14/4
Vietinbank sells off loads of shares Vietinbank (CTG) announced it had finished issuing nearly 598.8 million shares to increase its charter capital to VND26.2 trillion (US$1.2 billion) from VND20.2 trillion ($961.9 million). Around 80.3 per cent of the shares were sold to State shareholders. Funding for the issuance was raised from undistributed profit last year and capital surplus. The bank has decided to list more than 117.9 million shares, which were issued to non-state shareholders. Companies fined for disclosure violations Six listed firms were fined for violating disclosure regulations this week, the State Securities Commission reported. Construction firm Chi Linh (MCL), Yen Bai Cement and Minerals (YBC), Cavico Manpower Services (CMS), Drilling Mud Corp (PVC) and Huu Nghi Vinh Sinh Mining and Mechanic (MAX) were fined VND60-70 million (US$2,800-3,000) each for failing to release financial statements on time. Property developer Idico Petroleum (PXL) was fined … [Read more...] about BUSINESS IN BRIEF 14/4
BUSINESS IN BRIEF 10/11
First Cat Chu mangoes hit shelves in Japan The first batch of fresh Cat Chu mangoes from Vietnam hit shelves at an Aeon supermarket in Chiba prefecture, Japan on November 7. According to Trade Counselor to Japan Nguyen Trung Dung, about 3.5 tonnes of Cat Chu mangoes were exported to Japan in the first shipment. The mangoes are scheduled to go on sale at more than 200 Aeon grocery stores throughout Japan and sell for 429 to 645 JPY (3.48 to 5.24 USD) each. More than 80 tonnes of fresh mangoes will be shipped to the island country by air and sea by the end of 2015. Mangoes are loved by many Japanese people, but they are very expensive when grown in Japan, and can cost from 5,000 to 10,000 JPY (40.6-81.2 USD) each, a representative from Aeon said, adding that Cat Chu mangoes will enjoy good sales thanks to their affordable price. In addition to mangoes, red-fleshed dragon fruit will make its way to Japan. Vietnam, Italy enhance economic cooperation Visiting Italian President Sergio … [Read more...] about BUSINESS IN BRIEF 10/11