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BUSINESS IN BRIEF 26/5   2010-05-26 - VietNamNet/VNA

Forum seeks to develop merger and acquisition

 

The second forum on merger and acquisition (M&A) was held in Ho Chi Minh City on May 25 in an effort to boost these kinds of transactions in the country.

 

Addressing the forum, Deputy Minister of Planning and Investment Bui Quang Vinh stressed that the event is a good chance for competent agencies to hear experts’ and entrepreneurs’ opinions in order to help them complete mechanisms and policies to facilitate M&A in the country.

 

In addition, the forum is a venue for businesses to share experiences in seeking strategic partners in M&A and make predictions on the market trends in the coming time, he said.

 

The forum entitled “Looking towards successful M&As” was jointly held by the Dau Tu (Investment) newspaper, the Avalue Vietnam Consultancy Company and the Ministry of Planning and Investment. It drew the participation of 300 representatives from ministries, branches and securities exchanges as well as domestic and foreign experts and businesspeople in the city.

 

According to Nguyen Anh Tuan, the Dau Tu’s Editor in Chief, M&A have boomed in the country since 2006. Nearly 300 M&As worth some 1.1 billion USD were carried out last year.

 

In the first quarter of this year, the market was more ebullient with larger acquisitions: the Vietnam Industrial and Commercial Bank (Vietinbank) sold 10 percent and 15 percent of its statutory capital to the International Finance Corporation (IFC) and Canada ’s Nova Scotia Bank, and VNPT Global sold 10 percent of its shares to the Singapore Technologies Telemedia (ST Telemedia).

 

Notably, the Hung Vuong Fishery Joint Stock Company (HVG) offered to buy 3.75 million shares of the An Giang Fishery Import-Export Joint Stock Company (AGF) in a bid to raise its share in AGF to 51 percent. This is the first time a firm listed on the country’s stock market has asked to buy shares of another listed firm publicly.

 

Vietnamese businesses should boost M&A transactions both in the country and overseas to strengthen their positions in the region and the world, especially in potential industries, said Dr. Christopher Kummer, a leading expert in M&A.

 

According to him, merger is a good way to develop, particularly when businesses do not afford an acquisition.

 

Airlines increases flights to Nha Trang during summer

 

 
The national flag carrier, Vietnam Airlines and the low-cost Jestar Pacific airlines will increase flights to Nha Trang city of the central province of Khanh Hoa to meet tourists’ rising demand during the vacation season.

 

Between June and August, Vietnam Airlines will increase the number of flights on the Hanoi-Nha Trang route to four per day and from Ho Chi Minh City -to Nha Trang to five per day.

 

Meanwhile Jestar Pacific will reopen the Hanoi-Nha Trang route on June 1 with two flights from each destination per day.

 

Regulations issued to stop tax fraud in auto market

 

Tax agencies would have the authority to intervene in cases where it suspects car dealers of tax evasion, according to a new circular issued by the Ministry of Finance (MoF).

 

Circular No71/2010/TT-BTC, which will take effect on June 20, is expected to result in the collection of several trillion dong that were uncollected because of false price declarations. Car dealers consistently record lower prices on their invoices than what the customers actually paid in order to pay lower taxes.

 

According to the circular, the tax agencies would have the right to adjust the price on the invoice if it discovers the price set by dealers was lower than the market rate.

 

Dealers will have to pay the value added tax (VAT), corporate income tax (CIT) and personal income tax based on the price set by the tax authority.

 

The tax agencies will also send a list of the current market prices of cars and motorbikes to relevant authorities in cities and provinces to facilitate the calculation of vehicle registration fees.

 

Reasonable prices will be set by the tax agencies after a survey of the market is conducted. Surveyors will consult many sources, including the market price bulletin, manufacturers’ suggested retail prices and other trade establishments.

 

A task force in charge of market price surveys will be made up of representatives from price appraisal centres under local finance department’s local industry, and trade departments and local market control sub-departments.

 

The customs agencies have set fixed minimum prices for imported vehicles to calculate import and special consumption taxes because many vehicle importers have low-balled their import and sale price declarations in order to evade taxes.

 

According to the current regulations, car and motorbike manufacturers and dealers are required to report their annual car sales to the tax agencies. Required information includes total sales in the period, and retail and wholesale prices.

 

Vietnam Airlines to join SkyTeam on June 10

 

Vietnam Airlines said it will officially join the global airline alliance SkyTeam on June 10, becoming the first country in Southeast Asia to be admitted to one of the world’s three main airline unions.

 

To celebrate the event, the national flag carrier has kicked off a promotion campaign, offering a 10 percent discount for all flight tickets bought via its official website http://www.vietnamairlines.com from 9 p.m of June 9 until 20:59 the next day.

 

Once joining the SkyTeam, Vietnam Airlines said, its customers will enjoy greater benefits such as access to the global systems of products and services including an airline network of more than 850 destinations around the globe, friendly services throughout their journeys, departure lounge system of the global airline alliance and most notably wider variety of choices regarding ticket prices.

 

SkyTeam is one of the world’s three airline alliances with ten official members and three associate members in four continents. It has a large airline network connecting 905 locations in 169 countries across the world.

 

Deal to facilitate Vietnam-Japan capital exchanges

 

An agreement to foster capital exchanges between Vietnam and Japan was signed in Hanoi on May 25 by the Japan Asia Group, Aizawa Securities, MB Capital and Thang Long Securities Joint Stock Co.

 

The parties to the agreement pledged to step up cooperation in attracting Japanese indirect investment into Vietnam through securities and real estate investment funds.

 

They will also cooperate in offering brokerage services and developing banking services, as well as providing consultancy services to companies that want to list on overseas stock markets.

 

The signing ceremony also marks the cooperation between two securities companies – Japan Securities Inc (JSI) and Thang Long Securities Co.

 

The two companies announced at the ceremony the establishment of the 100 million USD Vietnam Dream Fund in Japan and the 200 billion VND (10.5 million USD) MB Japan Asia Fund in Vietnam .

 

The two funds, expected to start operation next month, would bridge business opportunities between Vietnamese and Japanese capital markets.

 

Suzuki launches light truck Super Carry Pro

 

Suzuki Vietnam Corp has launched a new light van, the Super Carry Pro, in Vietnam , targeting customers including shop owners and traders of consumer goods.

 

The van with loading capacity of 740kg is imported from Indonesia . It is equipped with a 1.6-litre engine.

 

General Director Yoshiyuki Hakamata expects monthly sales of 60 units this year, which will increase to 100 units in 2011.

 

Last year Suzuki held a 45 percent share of Vietnam ’s light trucks market of less then one tonne loading capacity.

 

Law to allow e-invoices for trading goods, services

 

The Government issued Decree No 51/2010/ND-CP on May 14, replacing Decree No 89/2002/ND-CP on the management and use of invoices.

 

In contrast to the earlier decree, Decree No 51 does not require a uniform type of invoice but allows enterprises and organisation that satisfy conditions set by law to design its own specimen invoices.

 

The decree also defines electronic invoices for the first time under Vietnamese law as those issued and processed on a computerised network of organisations or individuals with tax codes when trading in goods or services and which are filed by computer in accordance with legal provisions on electronic transactions.

 

Organisations and enterprises which do not meet requirements under law for generating their own invoices or using electronic invoices must continue to use invoices under a form issued by provincial taxation departments.

 

An invoice is not required for transactions of less than 200,000 VND, unless requested by the buyer. However, proceeds on transactions of less than 200,000 VND not documented by invoices must be totaled at the end of each business day and a total of “retail without invoices” reported on a separate invoice.

 

Decree No 51 also sets administrative penalties, including fines of 1-100,000,000 VND in addition to some supplementary sanctions. The new decree takes effect on January 1 of next year.


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