18:33 (GMT +7) - Tuesday 11/12/2018


November 14

Released at: 11:41, 14/11/2017 PRESS WATCH

November 14

VET's round-up of news from Vietnamese media for November 14.

Tiki.vn seeks $43 million

Tiki.vn has just called for VND1 trillion ($43 million) in capital to prepare for business expansion in the near future. Three major investors will take up the offer. One is known to be JD.com, China’s second-largest e-commerce site. According to Mr. Tran Ngoc Thai Son, Managing Director of Tiki.vn, most of the funding will be invested in human resources to optimize its warehousing.

SBV imposes credit card cash withdrawal limit

Credit card holders will not be allowed to withdraw cash of more than VND5 million ($217) for domestic transactions and VND30 million ($1,300) in foreign currency. The State Bank of Vietnam released a draft circular amending and supplementing Circular No. 19/2016/TT-NHNN on bank card operations. For the withdrawal of cash by cards abroad, to limit the use of cash as foreign currency spent for improper purposes that are not permitted by the law, the draft stipulates that cash withdrawal transactions will be subject to a daily cap limit.

HCMC plans Metro Line No. 3A

Ho Chi Minh City has put forth a plan to build Metro Line No. 3A from Ben Thanh Market in District 1 to Tan Kien in Binh Chanh district that, together with Metro Line No. 1, will connect the western, central and eastern parts of the city. Metro Line No. 3A linked with Metro Line No. 1 from Ben Thanh market to Suoi Tien Park, which is now under construction, will form an urban railway network that connects two major bus stations in the city - Mien Dong in the east and Mien Tay in the west - and will pass through central districts.

MARD to inspect illegal fishing claims

Vietnam will never tolerate or permit activities related to illegal, unreported, and unregulated (IUU) fishing, Deputy Minister of Agriculture and Rural Development Vu Van Tam said. Mr. Tam made the comment on November 11 after receiving information that a foreign fishing vessel had violated IUU fishing regulations and was suspected to have docked in Vietnam. The Ministry of Agriculture and Rural Development has assigned relevant agencies, especially the Directorate of Fisheries and the Department of Animal Health, to verify this information and report to the ministry this week.

Sawaco to exit Quang Truong

The Saigon Water Supply One Member Limited Company (Sawaco) is expected to sell its entire stake, equivalent to 30 per cent of charter capital, in the Quang Truong International Service Trading JSC. Sawaco will hold an auction of its 9 million shares on December 11.

Airport one-stop shop goes national

The national one-stop shop (OSS) mechanism in airline services will be implemented at all international airports around Vietnam from November 15, the General Department of Vietnam Customs has announced. After a pilot implementation of the OSS mechanism at Hanoi’s Noi Bai International Airport from January 1, Vietnam Customs is now ready to launch a national OSS system. All airlines have confirmed they will participate.

NA approves State budget

The National Assembly has approved the State budget for 2018, which aims for a deficit of VND204 trillion ($9 billion), or 3.7 per cent of GDP. The associated resolution was passed on November 13, with more than 86 per cent of delegates voting in favor. Vietnam will need to borrow more than VND360 trillion ($15.65 billion) to cover the deficit and repay debts. The government is required to enforce laws on taxes and fees properly, step up tax administrative reforms, create a conducive business climate, prevent trade fraud, and strive to reduce the ratio of tax arrears to total revenue to below 5 per cent.

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