18:28 (GMT +7) - Saturday 25/11/2017

PRESS WATCH

November 3

Released at: 11:08, 03/11/2017 PRESS WATCH

November 3

VET's round-up of news from Vietnamese media for November 3.


Suncity Group picks up 34% of Hoiana casino complex

Hong Kong’s Suncity Group is finalizing its acquisition of a 34 per cent stake in the central Vietnam-based Hoiana casino complex (formerly known as Hoi An South). Suncity Group, the largest casino operator in Macau, pledged to allocate $26.2 million for the first phase of the project. The $4-billion Hoiana project’s management company has invested $89 million in the first phase, costing $650 million, and has also received a $484 million loan. Another $77 million is needed to launch the first phase, with Suncity to contribute $26.11 million for a 34 per cent stake.


HCMC calls for high tax on second homes

The Ho Chi Minh City People’s Committee has proposed that the Ministry of Construction apply a high tax rate on second and subsequent homes and when there are a high number of real estate transactions within a year. The People’s Committee said the move was targeted at ensuring equality in home ownership. It also proposed a so-called asset tax on land lots and land’s added value. It said the ministry should issue urban and construction bonds and raise capital from banks and credit institutions, both inside and outside of the country.


State budget spending to be reined in

The government will keep State budget overspending at under 3.5 per cent of GDP and less than VND178 trillion ($7.8 billion), as set by the National Assembly (NA). At the fourth sitting of the 14th NA on November 1, Minister of Finance Dinh Tien Dung said budget overspending has been curbed for the first time in the last decade, adding that the government plans to adjust its proposal of budget overspending of 3.7 per cent of GDP in 2018 to 3.6 per cent and 3.4 per cent in 2020.


MoF rejects call for tariff-free double-decker buses

The Ministry of Finance has rejected a proposal by local transport companies for an import tariff exemption for double-decker buses used for public transport. Some transport companies in Hanoi, Ho Chi Minh City, Da Nang, Quang Nam, Thua Thien Hue, Lam Dong, and Kien Giang have been running double-decker services on a trial basis since June.


Uber & Grab must display signage

Uber and Grab’s motor vehicles must display the name and phone number of the business unit on both sides of the vehicle and bear an identification logo, as regulated by the Ministry of Transport.


MB launches Mcredit

The Military Commercial Joint Stock Bank (MB) has officially announced the launch of the MB Shinsei Finance Company (Mcredit), the new legal form of the Financial One-Member Limited Liability Company Military Commercial Joint Stock Bank, launched in December 2016. MB contributed 50 per cent to Mcredit, Shinsei Bank 49 per cent, and the Xuan Thanh Investment Development and Construction Company Limited 1 per cent.


Vietcombank to auction shares in SaigonBank

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) will auction shares worth VND132.5 billion ($5.76 million), or 4.3 per cent of charter capital, in the Saigon Commercial Bank (SaigonBank) at a starting price of VND12,550 per share. The auction will be held at the Hanoi Stock Exchange. SaigonBank was the first joint stock commercial bank established in Vietnam, in 1987.

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