New container port helps shorten way to Europe, Americas PM Nguyen Xuan Phuc on Sunday attended the grand opening of Hai Phong International Container Terminal, which allows direct shipments to Europe and the Americas. Present at the ceremony included Japanese Ambassador to Viet Nam Umeda Kunio and representatives of the city local authorities. The Terminal means exports from North Viet Nam will not have to be transited through other ports before reaching the above markets, thus helping reduce business costs and increase competitiveness of Vietnamese exports. The Terminal is jointly invested by Sai Gon Newport Corporation (Viet Nam), MITSUI O.S.K Lines and Itochu (Japan) and Wan Hai Lines (Chinese Taipei), in which the Vietnamese corporation holds 51% stake. Located in Cat Hai district, it is the first deep-water seaport in the Northern region, capable of receiving vessels up to 160,000 DWT. Construction of the terminal began on May 12, 2016. Vietjet Air to open Hai Phong-Busan … [Read more...] about BUSINESS IN BRIEF 15/5
Kuala lumpur regional centre for arbitration
As the International Chamber of Commerce (ICC) gets set to hold its regional conferences in March to launch its new ICC Mediation Rules, it is now more pertinent than ever that Vietnam’s business community are aware that when it comes to resolving commercial disputes, there are far cheaper, quicker and more amicable options than simply going to court or arbitration, writes Logan Leung from LNT & Partners Mediation has for many years maintained a position as a viable alternative to resolving disputes for both private and public bodies. In Vietnam, the process is, with the exception of certain labour disputes and administrative matters, compulsorily employed at the courts (court-annexed mediation) and it is also frequently used for small-scale local disputes (grassroots mediation). Yet, mediation has seemingly flown under the radar of businesses when it comes to resolving disputes involving foreign parties. Private commercial mediation explained The process of mediation … [Read more...] about Is commerical mediation a face saver?
Deputy PM discusses bad debt settlement with VAMC Deputy Prime Minister Vuong Dinh Hue and the Vietnam Asset Management Company (VAMC) discussed the settlement of bad debts during a working session in Hanoi on April 27. Chairman of the VAMC board of directors Nguyen Quoc Hung said the VAMC has purchased more than 24,500 debts worth over 244 trillion VND (11 billion USD). The VAMC has worked closely with the State Bank of Vietnam (SBV) to build a legal corridor for debt trading, he said, adding that it has also classified purchased bad debts, to adopt appropriate solutions. Hue admitted that VAMC still meets difficulties involving mechanisms, legal regulations and management. The Deputy PM said he requested the SBV review the three-year implementation of the Prime Minister's decision on bad debt settlement among credit organisations, thereby devising a similar scheme for 2016-2020 in which those regarding legal regulations, market development and VAMC's improved efficiency must be … [Read more...] about BUSINESS IN BRIEF 28/4
Thousands of workers back to work after strike at Korean firm Over 1,500 workers at Panko Company, a subsidiary of South Korean Panko Group, returned to work this morning after four days of a strike for higher payment in Tam Ky city, the central province of Quang Nam. The workers went on strike on July 9 after three months of working because the company paid them lower than promised wages. Specifically, the salary was only VND2.7-3.1 million per worker a month instead of VND4 million (US$180) as per its recruitment announcement. In addition, Panko Company did not assist workers with accommodation and lunch allowance as the announcement. The workers came back to work after the company agreed to conduct four commitments, which have been reached after the Quang Nam Province Labor Union worked with the company and worker representatives. First, the company will increase lunch allowance from VND11,500 to VND15,000 a worker and improve the menu. Second, it will review working ability and … [Read more...] about Social News 14/7
KUALA LUMPUR, June 15 - Southeast Asian countries withdrew a statement that expressed the region's deep concerns over rising tensions in the disputed East Vietnam Sea, where China has been involved in territorial disputes. KUALA LUMPUR, June 15 - Southeast Asian countries withdrew a statement that expressed the region's deep concerns over rising tensions in the disputed East Vietnam Sea, where China has been involved in territorial disputes. The strongly-worded statement by the Association of Southeast Asian Nations (ASEAN), released by the Malaysian foreign ministry, did not name China directly but warned against raising tensions in the contested waters, where Beijing has been building artificial islands and increasing its military presence. "We expressed our serious concerns over recent and ongoing developments, which have eroded trust and confidence, increased tensions and which may have the potential to undermine peace, security and stability in the [East Vietnam Sea]," said … [Read more...] about ASEAN countries retract statement expressing concerns on East Vietnam Sea