Investment banking law

Deputy PM calls on S. Korean firms to buy Vietnam’s weak banks The Saigon Times Daily Deputy Prime Minister Vuong Dinh Hue (R) shakes hands with Hyundai Vice Chairman Jin Hyng-chung. Deputy PM Hue has called on banks and large groups from South Korea to acquire Vietnam’s poor-performing banks - PHOTO: VNA HCMC – Deputy Prime Minister Vuong Dinh Hue has called on banks and large groups from South Korea to acquire poor-performing banks in Vietnam, such as Ocean Bank, Global Petroleum Bank (GPBank) and Construction Bank (CBBank). At a meeting with the leaders of Korean banks, financial companies and Hyundai and Samsung Vietnam in South Korea’s capital of Seoul on June 20, as part of his ongoing visit to South Korea, Hue also called on these banks and firms to purchase shares in Vietnamese financial companies and participate in tenders for the North-South Expressway project, the local media reported. Leaders of Shinhan Financial Group and Alliex Company expressed … [Read more...] about Deputy PM calls on S. Korean firms to buy Vietnam’s weak banks

If the Law on Planning is not passed during the next session of the National Assembly (NA), many opportunities would be missed, as the law relates to the establishment of a planning strategy for the next five years, NA Chairwoman Nguyễn Thị Kim Ngân said at a meeting yesterday. — VNA/VNS Photo Nguyễn Dân HÀ NỘI – If the Law on Planning is not passed during the next session of the National Assembly (NA), many opportunities would be missed, as the law relates to the establishment of a planning strategy for the next five years, NA Chairwoman Nguyễn Thị Kim Ngân said at a meeting yesterday. The NA Standing Committee (NASC) yesterday continued its session discussing the draft Law on Planning, which faces many differing opinions. The draft law, which has been reviewed by the NA in previous sessions, in principle met the demands of developing a legal framework regulating planning activities, said the NA Economic Committee Chairman Vũ Hồng Thanh. However, it needed to be revised … [Read more...] about NASC urges passing planning law

Quảng Ninh Province Centre for Planning, Fair and Exhibition is the common hub of exhibitions on te province's socio-economic achievements as well as the venue of domestic and international trade events. — VNA/VNS Photo Viet Nam News HÀ NỘI — The Public Administrative Reform (PAR) Index released yesterday showed Quảng Ninh the top province in terms of administrative reform, sharing the leading position with the State Bank of Việt Nam. Meanwhile, the health ministry and planning ministry dropped rankings. The index was compiled by the Ministry of Home Affairs (MoHA). According to the ministry, the average score of 19 ministries and ministry-level agencies in 2017 was 79.92 per cent, with no ministries scoring below the 70 per cent mark and 12 out of 19 scoring above the average level. In 2017, Việt Nam central bank scored 92.36 per cent for its efforts in administrative reforms, successfully holding on to the first place three years in a row, with a slight drop (0.32 per … [Read more...] about State Bank leads in administrative reforms; health ministry lags behind: Report

HCM City authorities on November 14 signed a Memorandum of Understanding (MoU) with the World Bank on a comprehensive partnership for strategic engagements in the 2018-21 period. — VNA/VNS Phto Xuân Khu HCM CITY — HCM City authorities on November 14 signed a Memorandum of Understanding (MoU) with the World Bank on a comprehensive partnership for strategic engagements in the 2018-21 period. Speaking at the signing ceremony, Nguyễn Thành Phong, chairman of HCM City’s People’s Committee, said the signing of the MoU was an important milestone, deepening the cooperation between the World Bank and HCM City in the coming time. The World Bank is one of HCM City’s long-term partners, he said, adding that its investment projects and technical assistance have contributed to improving infrastructure and the quality of life of its residents. He said the city hoped to continue to receive assistance from foreign partners so that it could maintain its role as a driving force for economic … [Read more...] about HCM City signs MoU with World Bank

Former Chairman of BIDV Trần Bắc Hà. — VNA/VNS Photo Viet Nam News HÀ NỘI — Trần Bắc Hà, 61, former chairman of the State-owned Bank for Investment and Development of Việt Nam (BIDV), one of the largest in the country, was detained and had his house searched on Thursday, the Ministry of Public Security announced. Trần Lục Lang, former director-general of BIDV, and Kiều Đình Hòa, former director of the bank’s branch in the central province of Hà Tĩnh, were also held in custody, while Lê Thị Vân Anh, former head of corporate clients of the Hà Tĩnh’s branch, was ordered not to leave her residence. The four are alleged to have been involved in violations of banking regulations taking place at the BIDV which was connected with the ongoing trial into a “major economic mismanagement case” at the corruption-ridden Việt Nam Construction Bank (VNCB). Hà was considered to have made alleged arbitrary decision to approve the loan of VNĐ4.7 trillion (US$210.7 million) to 12 ghost … [Read more...] about Former BIDV Chairman detained for serious banking violations

Defendants at the trial on losses incurred by Đông Á Bank in HCM City on December 7. — VNA/VNS Photo by Thành Chung Viet Nam News HCM CITY — The HCM City People’s Procuracy on Friday sought life imprisonment for Trần Phương Bình, former general director and vice chairman of Đông Á Bank for “abusing power to appropriate assets,” and another 20 years for “lack of responsibility, causing serious consequences”. It also wanted Bình to pay the bank VNĐ3.568 trillion (US$153 million) in compensation. Bình is one of 26 defendants in the ongoing trial, with Phan Văn Anh Vũ, aka Vũ Nhôm, former chairman of Đà Nẵng-based Bắc Nam 79 Construction Joint-Stock Co, and Nguyễn Thị Kim Xuyến, the lender’s former deputy general director, being among the others. They also face charges of causing losses by “intentionally violating regulations on economic management, causing serious consequences.” The prosecutors have sought 15-17 years’ imprisonment for Vũ. Vũ was sentenced … [Read more...] about Prosecutors demand life sentence for former Đông Á Bank chief

NA Chairwoman’s New Year wishes: The private and foreign-investment sectors’ great contribution to national economic development While the country was still inspired by her economic achievements last year, on Monday, February 11, or the seventh day of the first lunar month, National Assembly Chairwoman Nguyen Thi Kim Ngan paid a visit to staff of HDBank and Vietjet, those among the most prominent private business groups in Vietnam. National Assembly Chairwoman Nguyen Thi Kim Ngan highly appreciates business results of HDBank and Vietjet in 2018 While the country was still inspired by her economic achievements last year, on Monday, February 11, or the seventh day of the first lunar month, National Assembly Chairwoman Nguyen Thi Kim Ngan paid a visit to the staff of HDBank and Vietjet, those among the most prominent private business groups in Vietnam. Speaking to members of the two business groups on the occasion of the Lunar New Year, Chairwoman Nguyen Thi Kim Ngan … [Read more...] about NA Chairwoman’s New Year wishes: The private and foreign-investment sectors’ great contribution to national economic development

Talking Law (19-10-2005) Amendments to Law on Credit Institutions Looking at the economies of developed countries, we can see most of them have efficient capital markets. And, credit institutions play a key role in these markets. Becoming aware of the importance of a capital market and credit institutions for socio-economic development, the Vietnamese Government has been going about establishing a legal framework for the functioning of credit institutions, including revised Law on Credit Institutions. The Law on Credit Institutions was passed by the National Assembly on December 12, 1997, and took effect on October, 1998. Five years on, the law has been exposed as having severe limitations in fostering Viet Nam’s industrialiaation and modernisation, economic integration, and administrative reform. It also has a number of regulations that allow intervention by State authorities in the professional operation of credit institutions, rendering them ineffective. … [Read more...] about Amendments to Law on Credit Institutions

Talking Law (28-12-2005) Laws to provide equal footing for investors by Tran Anh Duc and Jesse Lieberman, lawyers of VILAF-Hong Duc The National Assembly passed the unified Enterprise Law and the common Investment Law in November. They will replace the existing Enterprise Law and Foreign Investment Law on July 1, 2006. As it is with much of Vietnamese law, it is difficult to clearly interpret the law and fully predict the impact without implementing decrees. While the common Investment Law has many ambiguities and vague clauses, it should be noted that significant changes were made throughout the drafting process. The previous drafts left out certain Government guarantees, shifted the burden of establishing incentives on investors, and left resolution of disputes in the hands of the Government. In a matter of weeks these important issues were discussed and resolved. Vietnamese authorities still have work to do when drafting implementing decrees: filling in … [Read more...] about Laws to provide equal footing for investors

Law to facilitate new technology (01-04-2006) HA NOI — The National Assembly Standing Committee agreed yesterday that the proposed Technology Transfer Law should encourage the widespread application of advanced technology for both production and commerce. And the parliamentarians want the new law to ensure Viet Nam does not become a dumping ground for obsolete technology. The Standing Committee reached its consensus after Science and Technology Minister Hoang Van Phong told them that the purpose of the draft law was to encourage technology transfer. It dealt with State policies for the buying of new technology and its commitment to support technology application and renovation, he said. But Science, Technology and Environment Committee Chairman Ho Duc Viet said some provisions of the draft law may not be workable. For example, Clause 2, Article 37 says: "Enterprises can deduct at least 10 per cent of the profits gained from applying or renovating technology … [Read more...] about Law to facilitate new technology