Region

Survey says Vietnamese Banks’ Internal Audit a Concern

Dec. 16 – Results of a survey done by an international auditing company reports that although Vietnam’s banking sector has developed the credibility of the banks’ internal audit is still a concern.

PricewaterhouseCoopers Vietnam said that 92.6 percent of of banks surveyed maintain internal audit function but only 41 percent of the existing internal audit functions were centralized.

The survey shows that in 78 percent of the cases the internal audit and the internal control functions overlap.

Vietnam May Devalue Currency Next Year

Dec. 10 – Next year, Vietnam's currency may be devalued because of slipping exports, deteriorating balance of payments and bank debts.

"The exchange rate now is overly high in Vietnam and the government should ease the rate a little bit to support exports," Le Dang Doanh, a research fellow at the independent think-tank Institute of Development Studies, was quoted as saying by the Reuters during a conference.

Remittances to Vietnam Forecast to Reach US$8 Billion

Dec. 4 – The State Bank of Vietnam estimates overseas remittances to the country may amount to US$8 billion by the end of the year, a 45.5 percent increase from last year's figures.

One of Western Union’s five agents,Vietnam Bank for Private Enterprises told Thanh Nien News, that revenues from money transfer service have increased by 70 percent this year.

Vietnam, U.K. in Talks for Legal Assistance Treaty

Nov. 27 – Vietnam and the U.K. are in now talks for a mutual legal assistance treaty on civil and commercial matters in Hanoi from November 25 to 27.

The discussions will be based on a proposal submitted by the Justice Ministry of Vietnam. If the treaty is approved, it will call for a legal foundation for the improved protection the legitimate interest of agencies, organizations and citizens of both countries.

Skilled Labor Shortage Plaguing Businesses in Vietnam

Oct. 23 – According to a human resources expert, businesses in Vietnam are having a hard time recruiting and retaining skilled workers because of a shortage of qualified labor in the market.

Frederic Laurencon, a human resources expert from a French financial consultancy company AG2R, spoke during a seminar on human resources policies in Hanoi.

He said that 94 percent of businesses in the country are making recruitment of skilled workers their top priority although the turnover rate remains high.

Flooding Threatens Countries along Mekong River

By Chua Siew Joo

Aug. 27 – According to the Integrated Regional Information Networks (IRIN), residents and environmentalists in Thailand have expressed suspicions that dams in China and destruction of small Mekong river islands to clear passage for Chinese cargo ships have contributed to severe flooding in the Mekong basin countries.

This year, Thailand experienced its worst flood in 100 years, causing an estimated damage of THB223 million. Large areas of Laos, Cambodia and Vietnam were also inundated.

The Mekong River Commission (MRC), established by Cambodia, Laos, Thailand and Vietnam in 1995, has since issued a statement in August accruing the abnormally high water runoff in the northern part of the Mekong basin following heavy rainfall to the tropical storm Kammuri.

Vietnam to Regulate Trade Unions and Wage Rates

Aug. 25 – The Ministry of Labor, War Invalid and Social Affairs has been tasked to manage wage rate regulations at foreign-invested enterprises (FIEs) for unskilled and skilled workers.

The Vietnam General Confederation of Labor (VGCL) said it will help expedite the establishment of grassroots trade-unions at FIEs. It added that only a third of operating FIEs had grassroots trade-unions despite the country’s labor code that required all companies to establish one within six months of obtaining their license.

HCMC Shipping Companies to Charge Extra Fees on Exports

HO CHI MINH CITY, Aug.8 – Shipping lines based in Ho Chi Minh City will start charging additional fees on backlog freight, ranging from US$50 to US$100 per ton due to delays at ports.

Recently, Japanese company Mitsui O.S.K Lines announced that it would charge an extra fee on exports shipped from Vietnam to the US and Canada beginning September 1.

Steel Export Duties Doubled to 20%

Aug. 5 – Vietnam is doubling export duties on steel to 20 percent to limit overseas sales of the product.

According to the official Vietnam News Agency, the new duty will replace the current 10 percent tax and be imposed on steel billets and finished products from Aug 10.

Yahoo! Vietnam Accused of Violating Content Laws

Aug. 1 – Yahoo! Vietnam has been accused by the Vietnam Software Association (Vinasa) of breaking digital content supply laws.

Vinasa says Yahoo! Vietnam had not obtained permission for its news website, www.yahoo.com.vn and is operating it illegally in the country.

It went on to say that Yahoo's activities were competing with domestic IT and game companies. The company has been providing web services of Vietnamese versions of Yahoo!Messenger, Yahoo!Answers and Yahoo!Mail without Online Services Provider permission from the government.

The company is licensed to operate in the country only as a representative office and is not allowed to engage in direct trading activities.