Vietnam Morning News For September 12

Too many barriers stifle startups
A report from the Ministry of Information and Communication (MIC) released in 2016 showed that about 1,000 startups are registered every year in Vietnam. However, only 10 percent of them now exist.
— VietnamNet Bridge

Vietnam’s prosecutors implicate multiple state firms in massive graft case
PetroVietnam units have been identified among the recipients of illegal interest payments worth $70.4 million from OceanBank.
— VnExpress

Vietnam joins ASEAN drill against cyber threats
The Vietnam Computer Emergency Response Team (VNCERT) participated in an ASEAN-wide drill against cyber threats arising from a lack of verification and poor access management.
— Nhan Dan Online

SA, Vietnam to expand cooperation on increasing veg production
Vietnam and South Africa are looking to foster wide-ranging trade ties, the Deputy Prime Minister and Foreign Minister, Pham Binh Minh, stated during talks with South Africa’s Minister of International Relations and Cooperation, MaiteNkoana-Mashabane, in Hanoi on September 7.
— Fresh Plaza

Slavery report sounds alarm over Vietnamese nail bar workers
Britain’s nail bars have such a high risk of modern slavery that a licensing scheme should be introduced to prevent trafficked Vietnamese migrants being employed in slavery-like conditions, Britain’s independent anti-trafficking commissioner is proposing.
— The Guardian

Amazon offers cloud computing services in VN
Amazon Web Services (AWS) officially set up a legal entity in Việt Nam to support its customers using the company’s products, an AWS representative said at a conference last week.
— Viet Nam News

SeABank and BRG Group receive ASEAN awards
The Southeast Asia Commercial Joint Stock Bank (SeABank) was recently honoured by the ASEAN Business Awards (ABA) for its social responsibility.
— Viet Nam News

500 Startups Vietnam Filing. Christine Tsai Submitted Sep 11 D Filing
The California-based 500 Startups Vietnam, L.P. filed Form D about $10.00 million offering. The date of first sale was 2017-04-20.
— Weekly Hub

Vietnamese rush to import bitcoin-mining machines
In Vietnam, investors are seeking profits with bitcoins through two ways, either surfing for investment by trading bitcoins on trading floors, or generating bitcoins themselves with mining machines.
— VietnamNet Bridge

PM expects more Brazilian investments in Vietnam
Both Prime Minister Nguyen Xuan Phuc and Brazilian Foreign Minister Aloysio Nunes Ferreira have expressed their hope that more and more Vietnamese and Brazilian would invest in each other’s countries.
— Nhan Dan Online

Samsung, Panasonic face $21mn in back taxes in Vietnam
Samsung Vina Electronics and Panasonic AVC Vietnam may have to pay a combined total of over US$21 million in back taxes for incorrectly declaring imported liquid crystal (LC) films.
— Tuoi Tre

As Vietnam races to future, it must reckon with past
Colorful propaganda posters and vintage war-era relics decorate a downtown cafe in the former capital of South Vietnam.
— USA Today

Japanese firms seek investment opportunities in Ha Nam
A business delegation from Hyogo prefecture and Kobe city of Japan held a working session with leaders of northern Ha Nam province on September 11 to inquire about the local investment environment.
— VietnamPlus

HCM City urged to build ports for cruise ships
In recent years, as the ports are too busy receiving container ships, their major business field, there is no spare room for cruise ships. Therefore, big cruise ships have to carry passengers to Ba Ria – Vung Tau province, where travelers go by bus to HCMC.
— VietnamNet Bridge

VinaLand makes tender offer and divests from Vina Square
VinaLand Limited, the AIM-quoted investment vehicle established to target strategic segments within Vietnam’s emerging real estate market, has announced it will conduct a distribution of up to $60 million to shareholders through a tender offer to purchase ordinary shares in the company for $0.01 each.
— Vietnam Economic Times

Outgoing Cuban Ambassador pledges to further ties with Vietnam
Outgoing Cuban Ambassador to Vietnam Herminio Lopez Diaz vowed to continue making contributions to the development of bilateral relations at a meeting with Party General Secretary Nguyen Phu Trong in Hanoi on September 11.
— Nhan Dan Online

VAT increase could add $3.1bn to State budget in 2019
The tax hikes, including two drafts on amending and supplementing the Law on Environmental Protection Tax and the current laws on five types of tax – VAT, special sales tax, corporate income tax, personal income tax, and natural resources tax – is the latest solution the MoF has come up to tackle rising public debt and State budget losses.
— VietnamNet Bridge

Economists warn about FDI flow into real estate
In 2006-2007, Berjaya became the first Malaysian conglomerate which received a license to develop nine large projects in Vietnam, including the Thach Ban new urban area project in Hanoi, the Vietnam Finance Center (VFC) in HCMC, and VIUT in HCMC, covering an area of 925 hectares in total.
— VietnamNet Bridge

Shares volatile on fears of correction
The benchmark VN-Index closed Monday morning trade in positive territory, up 0.12 per cent at 802.14 points.
— Bizhub

Japanese firm gets customs priority status
The General Department of Customs (GDC) has recognised Japanese printer manufacturer Fuji Xerox Hai Phong Co Ltd in the northern port city of Hai Phong, as a priority enterprise.
— Bizhub

Debate continues over definition of Uber & Grab
Uber and Grab are not types of taxis but are types of contract cars, Mr. Nguyen Duc Thanh, Director of the Vietnam Center for Economic and Policy Research (VEPR), told a workshop entitled “Urban Traffic Regulation Policy in the Digital Era” held by VEPR on September 8 in Hanoi.
— Vietnam Economic Times

Feature photo ADB Photo/Tran Viet Tuan
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