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December 15

Released at: 12:55, 15/12/2017 PRESS WATCH

December 15

VET's round-up of news from Vietnamese media for December 15.

New laws announced

The Presidential Office announced six new laws at a press conference on December 14. The laws were adopted by the 14th National Assembly at its recent fourth session. They are the Forestry Law, the Law on Amending and Supplementing a Number of Articles of the Law on Credit Institutions, the Law on Amending and Supplementing a Number of Articles of the Law on Overseas Representative Missions of the Socialist Republic of Vietnam, the Fisheries Law, the Law on Public Debt Management, and the Planning Law. The Law on Amending and Supplementing a Number of Articles of the Law on Credit Institutions will take effect on January 15.

Vinacomin to restructure

Prime Minister Nguyen Xuan Phuc has approved a project to reshuffle the Vietnam National Coal and Mineral Industries Group (Vinacomin) in 2017-2020, aiming to make the firm a strong economic group with high technology and a highly professional governance model. The project is expected to simplify Vinacomin’s structure and improve its labor productivity, product quality, and competitiveness, thus making it operate more effectively. The firm is also hoped to play a key role in supplying coal for domestic use, ensuring national energy security.

Petrolimex & PVOil supplying bio-fuel

The Vietnam National Petroleum Corporation (Petrolimex) and the PetroVietnam Oil Corporation (PVOil) officially supplied E5 RON92 bio-fuel for sale nationwide on December 15, replacing RON 92 petrol; 15 days before a government deadline. Petrolimex said it has operated E5 fuel mixers at repositories in Hanoi, Hai Phong, Da Nang, Ho Chi Minh City, and Can Tho to prepare for the move. In 2018, the company will invest in two more mixers in Binh Dinh and Nghe An, lifting its total capacity to 1.8 million cu m per year. PVOil General Director Cao Hoai Duong said the company has upgraded and expanded its storage system and operates eleven mixing stations nationwide.

Can Tho to introduce tourism products

The Mekong Delta city of Can Tho will develop specific tourism products in 2018, such as Cai Rang floating market, night river tours, street music bands, and tours by electric vehicles. The city this year is forecast to attract 7.5 million tourists, for year-on-year growth of 40 per cent, and earn VND2.9 trillion ($128.9 million) in revenue, up 61 per cent year-on-year.

Viettel Global's 9M profit up 135%

Profit recorded by Viettel Global, a unit of the military-run telecoms company Viettel, reached nearly VND2.9 trillion ($129 million) in the first nine months of this year, up 135 per cent over the same period last year. Revenue in the period is estimated at VND13 trillion ($572 million), an annual increase of 19 per cent. In the third quarter alone, Viettel Global brought in VND4.2 trillion ($186 million), up 8 per cent from a year earlier. Viettel Global’s board of directors recently gave in principle approval to a plan to sell 2.24 billion shares on the UPCoM market. Its assets are estimated at more than VND50 trillion ($2.2 billion).

WB & MoF supporting financial reporting framework

A new World Bank report, jointly released on December 14 with the Ministry of Finance, will support the development of a sound financial reporting institutional framework by improving understanding of high-quality corporate financial reporting and auditing. The report, entitled “Reports on the Observance of Standards and Codes (ROSC): Accounting and Auditing Module” and part of a global initiative to improve compliance with internationally recognized standards and codes, focuses on accounting and auditing standards and practices for public interest entities as well as the institutional framework that underpins the corporate financial reporting system.

Virtually currency automatic data machines being imported

According to the Ho Chi Minh City Customs Department, as at the end of October, 98 import declarations for 1,478 Bitcoin and Litecoin automatic data processing machines were received at the Express Delivery Customs Sub-department. Those conducting procedures for importing these goods are individuals and organizations that do not have tax identification numbers. Automatic data processing machines are not on the list of prohibited or suspended imports and exports under the Decree on the international trading of goods, but the issuance and use of virtual currencies haven’t yet been recognized under Vietnamese law. As a result, the department reported to the General Department of Vietnam Customs for guidance when imports of the commodity increased rapidly in recent months and have the potential to cause many problems.

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