Money

A luxury villa project in coastal central Việt Nam. Buying property under assumed names is a popular method of money laundering. — VNS Photo Công Thảnh Viet Nam News ĐÀ NẴNG — The 2015 penal code includes revised articles and supplements to fight money laundering. Chief Justice of the Supreme People’s Court Nguyễn Hòa Bình said at a workshop in Đà Nẵng yesterday that some of the regulations are unclear, and guidance is needed to ensure the laws against money laundering are effectively carried out. "Money laundering criminals often disguise illegal sources of money from their offensive activities with sophisticated means. So, we need a law enforcement force with legal knowledge support and the comprehensive legal system to fight the crime effectively," said Bình. "Many efforts have been made by Việt Nam’s judicial system in dealing with the crimes for years, and it’s still a challenge as Việt Nam has integrated more deeply into the global economy," he said. Binh said … [Read more...] about Việt Nam commits to fight money laundering

A man sit looking at the debris of his house which was destroyed by waste pond breakage. – VNA/VNS Photo Quốc Khánh Viet Nam News LÀO CAI — Households who were badly affected by waste fertiliser pond breakage in Bảo Thắng District of the northern mountainous province of Lào Cai were handed over financial assistance, reported e-newspaper vietnamplus.vn . The compensation was VNĐ10 million (US$460) for each family given by  DAP No.2 Stock Company under the National Chemical Group (Vinachem) based in Tằng Lỏong Industrial Zone in Bảo Thắng District. Previously, the Vinachem group and the company had offered VNĐ7 million for each household.  So far, the total compensation money reached VNĐ17 million (US$700) for each family who was affected by the incident. Last week, a waste pond breakage that discharged over 45,000cu.m of mud and untreated chemical-filled wastewater in the district has severely affected the local people’s lives and the ecosystems of surrounding areas. … [Read more...] about Households affected by pond breakage given assistant money

Raid on traffic policeman nets money, football betting papers (16-12-2005) HA NOI — Papers dealing with football betting and VND500 million have been seized in a raid on the house of Ha Noi traffic policeman Bui Quang Hung, 27. The raid by Public Security Ministry investigators followed the arrest of 22 Ha Noi policemen for allegedly gambling in the city’s Bach Thao (Botanical Gardens). The investigators also recovered VND2.5 million from the site; the alleged offenders were supposed to have been attending a refresher course. More than 10 of the policemen were still in custody midweek. Some of the accused gamblers are reported to have had associations with a major football betting syndicate. — VNS … [Read more...] about Raid on traffic policeman nets money, football betting papers

Speculative stocks attract money By Phuong Thao HCMC – Aside from large caps, small and speculative stocks attracted a huge amount of money on the Hochiminh Stock Exchange today, March 4, sending many in this group soaring on active transactions. HAG, a real estate company, went up to the ceiling price of VND6,040 after moving sideways during the morning phase. HAG also the led the southern market by liquidity with 13.5 million shares traded. FLC, another property firm, was next with 10.3 million shares exchanged, adding 0.18% at VND5,460. Other small stocks such as SCR, ITA and AMD also gained ground on high turnover. Nguyen Trung Du, director of securities service unit of VNDirect Securities Company, said big stocks on the market have rallied sharply after the traditional Lunar New Year holiday. Therefore, many investors are taking profits out of large stocks and seeking new opportunities at small and medium stocks. “This is a normal tendency as small and medium stocks … [Read more...] about Speculative stocks attract money

NA deputies discuss money matters, bad debts and banks (19-06-2006) HA NOI — A number of issues relating to the banking sector were discussed in the National Assembly (NA) on Friday, when NA deputies put questions to Governor of the State Bank of Viet Nam (SBV) Le Duc Thuy and Trade Minister Truong Dinh Tuyen. Le Duc Thuy was asked about several matters relating to preventing money laundering, the quality of polymer notes, handling commercial banks’ bad debts and raising the Vietnamese banking system’s competitive edge. Deputy Neang Kim Cheng of An Giang Province asked the governor about the money laundering situation and appropriate efforts to curb this matter in Viet Nam. Thuy replied that money laundering was rife all over the world, including in Viet Nam, where the legal system and measures preventing the problems had not yet been developed. To carry out Viet Nam’s commitments agreed with international organisations and foreign countries, the Government … [Read more...] about NA deputies discuss money matters, bad debts and banks

Money laundering more likely in banking, realty sectors The Saigon Times Daily A bank teller counts Vietnamese banknotes. Money laundering is more likely in the banking and realty sectors – PHOTO: THANH HOA HCMC – The banking and real estate sectors are where money can be easily laundered by those involved in criminal activities, according to a report released by the State Bank of Vietnam (SBV) at a teleconference in Hanoi on Friday. The central bank said in the report on the national risk assessment on money laundering and terrorism financing for 2012-2017 that the local banking sector plays a vital role in the financial system and the economy. Its total assets rose from VND4,993.9 trillion in 2011, equivalent to 180% of the country’s gross domestic product (GDP), to VND8,503.5 trillion, or 190% of GDP in 2016. With its extensive network and role as a financial intermediary providing a variety of financial products and services, such as lending, deposits, finance … [Read more...] about Money laundering more likely in banking, realty sectors

Mobile Money to boost noncash payments in Vietnam: minister The Saigon Times Daily A person uses ViettelPay app to make online payments. Mobile Money once launched in Vietnam will boost the growth of non-cash transactions - PHOTO: VNA HCMC – Mobile Money, once being put into pilot service in Vietnam, will be an effective solution for promoting noncash payments, stated Minister of Information and Communications Nguyen Manh Hung. The Mobile Money service allows users to transfer and receive money as well as make payments through mobile accounts. It uses a network of transaction points such as customer service agents and ATMs. The service must also be available to people with no bank accounts. Many topics such as ecommerce, startups and innovation have been discussed at meetings, but an effective payment method, which is the most important tool for encouraging the growth of these areas in the digital age, has yet to be mentioned, Minister Hung told an international … [Read more...] about Mobile Money to boost noncash payments in Vietnam: minister

City police charge three with smuggling jewellery, money (25-06-2008) HCM CITY — The HCM City police said on Monday it planned to charge three people with "illegally transporting goods and currencies out of the country". The three — Nguyen Xuan Hao, 31, a mechanic at Vietnam Airlines’ Enterprise A75, Dang To Hai, 37, a resident of Ba Ria-Vung Tau, and Le Trung Hieu, a driver at HCM City’s Flight Service Co. No. 919 — allegedly tried to smuggle out 1.54 kilograms of gold jewellery studded with gems. Hao was caught with the jewels climbing the steps of an aircraft at HCM City’s Tan Son Nhat Airport that was ready to leave for Russia in October 2006. Police said Hai had been asked by a Vietnamese-Russian named Thien to help smuggle jewels from Viet Nam to Russia by plane. Hai admitted he received the jewels placed in eight sealed cigarette packs. He then hired Hieu to hand over the packs to the pilot of the flight. Hieu received US$100 out of the $400 he was … [Read more...] about City police charge three with smuggling jewellery, money

VN joins Interpol on money laundering (11-12-2008) HA NOI — The State Bank of Viet Nam’s Anti-money Laundering Information Centre and the Ministry of Public Security’s Vietnam Interpol Office yesterday pledged to exchange information to counter money laundering in Ha Noi. At the signing ceremony, which was attended by representatives from the United Nations Office on Drugs and Crime, the two sides committed to exchanging information on the function, responsibilities and rights of organisations and agencies in the process of eliminating money laundering and other means of financial support for crime. The bank’s deputy governor, Tran Minh Tuan, said work on preventing and fighting money laundering and financial support for terror was the task of State authorised agencies. He added that it was an especially important task for the central bank, which is in charge of supervising doubtful banking transactions, and the Ministry of Public Security, which is responsible for … [Read more...] about VN joins Interpol on money laundering

HCMC reports difficulties reclaiming State money from Thu Thiem project By Le Anh A view of the Thu Thiem New Urban Area development project in HCMC’s District 2. The HCMC government reports that it is difficult to reclaim State money already spent for the Thu Thiem New Urban Area project – PHOTO: THANH HOA HCMC - The HCMC government has written to the central Government to report that it is difficult to have more than VND26.3 trillion (US$1.1 billion) returned, which the city had advanced from its own budget for the Thu Thiem New Urban Area project in District 2, as the money has already been paid to affected households and organizations. According to the Government Inspectorate’s conclusions on the Thu Thiem New Urban Area project, the HCMC government must return VND26.3 trillion to the State budget this year. If not, the inspectorate will transfer the case to the Investigation Agency, under the Ministry of Public Security. However, the money had been spent on … [Read more...] about HCMC reports difficulties reclaiming State money from Thu Thiem project