Nguyen Hoang Phan Long

Nguyen Hoang Phan Long

Recently, in Hanoi, AASC Auditing firm had collaborated with 1C Community and 1 VS company organizing a seminar  "Guidance on the enterprise accounting regime in accordance with Circular No 200/2014 / TT-BTC (referred to as Circular 200) to assist businesses in general administration and financial risk management.

The congress was attended by prestigious and experienced speaker Ms. Ha Thi Ngoc Ha-Deputy Director of Accounting and Auditing Regulators Department- Ministry of Finance, Vice President-Head of Vietnam Association of Certified Public Accountants (VACPA). 1C Community, AASC Auditing Firm Company, 1 VS company, and about 300 guests who working under Finance and Accounting field.

Circular 200 marked changes in both thinking and approaches in order to bridge the gap between Vietnam’s accounting standard and international. Therefore, the Circular challenges not just for accountants in corporate governance in general but accounting system in particular. Through this seminar, speakers Ms.Ha Thi Ngoc Ha had shared and guided the new content of the Circular as well as address obstacles which enterprises facing, thereby assissting firms apply a new accounting regime in an effective manner.

At the seminar, the Deputy General Director of AASC Auditing Firm, Mr. Do Manh Cuong expressed his attitude toward the success of the Seminar because it had helped many enterprises overcome troubles in order to implement the new content. Also, he confirmed that AASC Auditing Firm always strives to provide professional services to customers. In the future, the AASC Auditing Firm will continue to coordinate with other units to organize more useful seminars and training courses which lead enterprises enhancing the efficiency of financial management and accounting regime towards the objective of sustainable development andprosperity. 

Pictures at the Congress:    

Hoi thao TT200 Anh 1   Speaker Ms Ha Thi Ngoc Ha talking about new contents of Circular 200

Hoi thao TT200 Anh 2     Deputy General Director of AASC Do Manh Cuong gave a speech at the Congress

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On May 19, 2015, AASC Auditing Firm Company held its congress party in tenure 2015-2020 to celebrate the 125th anniversary of President Ho Chi Minh‘s birthday(19/05/1890-19 /05/2015). The congress participation consists of Mr. Ngo Huu Loi - Member of the Executive Committee Party, Director General of Department of Legal Affairs- Ministry of Finance, Mr. Tran Xuan Tu - Chief of Office Party of Ministry of Finance; Mr. Do Le Tuan - Deputy Head of Public Relations Committee Party of Ministry of Finance, AASC’s Executive Committee Party and a large of party members, who are working at AASC Auditing Firm.

At the congress, the Party Secretary, Chairman of Board of Members and General Director of AASC Auditing Firm’s, Mr.Ngo Duc Doan presented the report which summarizing the results of the party tenure 2013 - 2015, the tasks for the tenure 2015 – 2020 of  AASC’s party. In the context of Vietnam's economic downturn and political ideology declined, many enterprises were dissolved, however, with solidarity and high determination, AASC’s Executive Committee Party has coordinated closely with the company’s Board of Directors in order to accomplish assigned political duties to maintain sustainable development therefore ensuring the leading position among independent audit firms in Vietnam. The company always complies with the Party's resolutions aiming to build a clean and strong Party’s environment. The secretary, Mr. Ngo Duc Doan reminds all AASC’s party members always improving knowledge and ethics, learn and perform following Ho Chi Minh’s thought. Besides that, it is necessary to be proactive and creative in order to contribute effectively for the growth of AASC’s party as well as the development of AASC Auditing Firm. 

Spoke at the event, Mr. Ngo Huu Loi recognized and praised the achievements of AASC’s party in tenure 2013 – 2015, also he pointed out the limitations, which needed to overcome in the party’s activities. On the other hand, he shared the orientation and effective solutions in order to improve company's party performance for the upcoming tenure 2015-2020.

End of conference, the secretary, Mr. Ngo Duc Doan expressed his attitude to the Executive Committee Party of Ministry of Finance and the delegation team. He believes that with the directive of AASC’s Executive Committee Party in new tenure (2015-2020), the concern of Ministry of Finance Party as well as the cohession of all party members, AASC’s Party will continue to accomplish more brilliant achievements, thus,  leading AASC Auditing Firm on  par with Big 4 in Vietnam. 

Pictures at the Congress

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The Party Secretary, Chairman of Board of Members and General Director of AASC Auditing Firm presented the report 

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Mr. Ngo Huu Loi - Member of the Executive Committee Party, Director General of Department of Legal Affairs- Ministry of Finance recognized and praised the achievements of AASC’s party in tenure 2013 – 2015

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 AASC’s Executive Committee Party in tenure 2015-2020

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May 13, 2015 - In Hanoi, AASC Auditing Firm jubilantly organized a ceremony marking 24th anniversary of AASC establishment, 8th anniversary of the successful auction to transfer AASC from a SOE to a limited company with more than two members, 2nd anniversary of launching AASC’s new brand name (17/05/2013-17/05/2015). For 24 years of operation, AASC has continuously developed and maintained sustainable growth to stand at the top position among Vietnamese Independent Auditing Firm.

Attendees at the ceremony include former leaders of Ministry of Finance (MoF): Former Finance Minister Ho Te, former Deputy Minister Pham Van Trong. Vu Mong Giao, Tran Van Ta, Nguyen Ngoc Tuan, Chairman of Vietnam Association of Certified Public Accountants (VACPA), former Deputy Minister Pham Sy Danh. Speaking at the ceremony, AASC Chairman of the Member Board, General Director Ngo Duc Doan reviewed golden milestones in the development of the Company, particularly the transformation from a State-owned enterprise (SOE) to a limited company on July 2, 2007, which marked a significant change in AASC’s operation. The General Director also expressed his sincere thanks to distinguished guests for their support and encouragement throughout AASC transition moments. AASC always treasure and promote the noble tradition as one of the two first accounting and auditing companies established by MoF in Vietnam. In addition, AASC has positive contribution to the development of Vietnam independent audit profession, Vietnam Association of Certified Public Accountants (VACPA), Vietnam Association of Accountants and Auditors (VAA) and other professional associations in Vietnam, etc.

Also at the ceremony, former Finance Minister Ho Te shared about difficulties and challenges that AASC and Vietnam Independent Audit Profession encountered at the beginning. However, with the consensus reached by all members, leaders, auditors and AASC staff, AASC has overcome all obstacles and achieve successes today.  Chairman of VACPA Pham Sy Danh recognized all the efforts and results of the Company in nearly 24 years of operation as well as encouraged AASC to mobilize its strengths and strengthen quality control system in order to maintain its leading position among Vietnamese auditing firms and gradually narrow the gap with the Big 4 auditing firms operating in Vietnam.

Photos of the ceremony

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AASC Chairman of the Member Board, General Director Ngo Duc Doan delivered speech at the ceremony

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Former Finance Minister Ho Te shared about difficulties at the beginning of Vietnam Audit Profession and AASC establishment

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Leaders of AASC, former leaders of MoF and other distinguished guests at the ceremony

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To commemorate the 24th anniversary of the establishment of AASC Auditing Firm Company Limited, as well as the establishment of the Vietnamese Independent Auditing Sector, the Editorial Board publishes in honor the speech of Mr.Ngo Duc Doan- AASC Chairman of the Member Board, Secretary Committee Party, and General Director as bellows:

 

THE SPEECH AT THE CEREMONY MARKING 24TH ANNIVERSARY OF AASC ESTABLISHMENT

(13/05/1991-13/05/2015)

 

Dear former leaders from Ministry of Finance and Finance Departments,  

Dear distinguished guests,

Dear the members of the Member Board, the Leader of AASC Auditing Firm and colleagues,

There are number of milestones commemorating the historic May. For the world, on 1/5-the International Labour Day, 09/05/1945-the Red Army defeated Nazi Germany. For Vietnam, on 19/05/1890 celebrated the birthday of Ho Chi Minh President; on 09/05/1954 saw the Dien Bien Phu victory. For AASC Auditing Firm (known as Auditing and Accounting Financial Consultancy Services Limited Company before) on 13/05/1991 marked the foundation of the Company since Mr. Hoang Quy- Former Minister of Finance signed the establishment decision. Further, 02/05/2007, AASC held a successful auction to transform AASC from a State-owned enterprise into a Limited company with more than two members. 17/05/2013 is the date of publication of the company’s brand and renamed as AASC Auditing Firm Company Limited.

24 years ago on 21/09/1991, Mr. Ho Te-Former Finance Minister held a press conference at the Hall of Finance Academy - located at number 8, Phan Huy Chu -   introducing the establishment of the first two companies of Vietnam Independent Auditing Profession: ASC Accounting Service Company and VACO Auditing Service Company. Also at this historic place, 8 years ago, on 26/03/2007, Mr. Tran Van Ta-Former Standing Finance Deputy Minister and Leaders of Ministry of Finance signed the decision implementing procedures to transform business structure from Auditing and Accounting Financial Consultancy Services Limited Company into a Limited company with more than two members, as AASC Auditing Firm Company Limited today. On 13/05/2015, AASC Party, AASC Board of Members and Board of Directors held a ceremony marking 24th anniversary of the establishment of both AASC Auditing Firm and Vietnam Independent Auditing Profession (13/05/1991-13 05/2015), 8 years of organizing successful auctions (02/05/2007 - 02/05/2015) and 2 years of introducing the new brand AASC (17/05/2013-17/05/2015).

Dear distinguished guests,

Dear AASC’s Board of Members, and colleagues,  

Through 24 years of operation with16 years is a State-owned enterprise under the leadership and guidance of the Ministry of Finance, 8 years is a Limited company with more than two members, AASC today deserves as the leader of Vietnam Auditing Company Profession. AASC and its members achieve many honor awards from the Party and State: 1st place Labor Medal, 2nd place Labor Medal and 3rd place Labor Medal, Government’s Emulation Flag. Beside that are the Merit from the Prime Minister, Emulation Flag and Merit from Minister of Finance as well as from Chairman of Hanoi People’s Committee, the award of Vietnam Association of Certified Public Accountants (VACPA), Vietnam Union of Science & Technology Association (VUSTA) for outstanding achievements of:

1. Leading in annual revenue

2. Increasing in annual amount to State Budget

3. Leading in settlement reports of completed projects

4. Nearly100 Auditors in which nine of them have International Certificate: ACCA, CPA Australia, and CPA US and a number of Pricing Appraisers who have professional skills, and business ethics  

5. Expanding Audit, Valuation and Advisory services, etc

6. Cooperation, competition with the Big 4 Group operating in Vietnam

7. Cooperation, assistance for other Vietnam Auditing Firms

AASC always cherishes, preserves and promotes the image and tradition of an auditing and accounting company, which is the first and leading company established in Vietnam by Ministry of Finance in the field. AASC responded positively and greatly contributed to Vietnam Independent Auditing Profession, Vietnam Association of Certified Public Accountants (VACPA), Vietnam Association of Accountants and Auditors, Vietnam Valuation Association (VAA) and Vietnam Tax Consultants' Association (VTCA).

Towards the celebration of this glorious traditional day (13/05/1991), AASC Board of Members, AASC Party Committee and the Board of Directors would like to express a deep gratitude to the Generation Leadership of Ministry of Finance, clients, partners and distinguished guests who attend the meeting today.

Wish the Ministry of Finance’s former leaders, distinguished guests healthy, happy and we hope to receive more encouragement and assistance from all.

Wish AASC Member Council, colleagues healthy to perform and accomplish successfully assigned tasks towards sustainable development and prosperity of AASC.

Thank you all for your attendance! 

BBT

- Time: All day 15/05/2015 (Friday, 8am-5pm)

- Address: No 19, Le Thanh Tong Street, Hanoi (Nguy Nhu Kon Tum Hall- College of Natural Science)

- Lecturer: Ms. Ha Thi Ngoc Ha-Deputy Director of Accounting and Auditing Regime Department-Ministry of Finance, Vice President- Head Inspector of Vietnam Association of Certified Public Accountants (VACPA)

- Entry fees: Free

- Document fees: VND 30.000 (compulsory)

- Organizer: “1C Community” Club under the sponsorship of AASC Auditing Firm and 1VS Company

- Register to attend:

  Number of guests is limited (150 guests), who come first serves first.

According to Railway Project Management Unit (Ministry of Transport), the fund needed for Cat Linh – Ha Dong elevated railway project worth more than VND 1.300 billion (USD 63 million).

Transport engineering construction and quality management bureau announced evaluation result of the estimated cost approval for sky train line project Cat Linh-Ha Dong is over $63 million, and based on valuation certificate of AASC Auditing Firm Company Limited.

Duong sat Do thi Cat Linh - Ha Dong

the fund needed for Cat Linh – Ha Dong elevated railway project worth more than USD 63 million

During the evaluation process, Transport engineering construction and quality management bureau has petitioned the Ministry of Transport to adjust therequirements for the train’s items, imported equipment of the EPC contract(Engineering, Procurement and Construction) onthe unit price approved by the Government.

In addition, the evaluation for the trains is based on the non-market price (not available in Vietnam), so the proposal to the Ministry of Transport for an approval based on the valuation of AASC.

An estimation of almost $4 million regarding insurance costs and transporting cost to the construction site, which approved by investors is in accordance with the current regulations according to the Department of Quality Management.

Earlier, the Rail Project Management Unit has proposed to the Ministry of Transport for an approval of train procurement for two scenarios. Option 1 is based on a comparative price, the price estimated by the General Contractor and assessed by Transport Engineering Design Inc. (TEDI). The estimated price for this option after the exchange rate correction would be US$63.2 million (package price and transporting trains to site).

Option 2 is based on the total investment value of US$51.7 million including the cost of procurement of US$47 million for the trains and the provision expense of US$4.7 million.

This is the first time Vietnam has performed the sky train line project and due to the complexity of estimation; so that Railway Project Management Board has not yet propose to the Ministry of Transport approving any options.

Urban railway line No. 3 Cat Linh - Ha Dong, 13.5 km in length designed as double track, 1.435 m in width, electrification, technical standards following the design of China, withstand an earthquake of level 8.

According to the plan, by the end of 2015, the project must be completed the basic infrastructure and train test, and fully operated in March 2016.

Source: http://vnexpress.net/

 

Thực hiện Nghị quyết của Đảng Bộ Công ty TNHH Hãng Kiểm toán AASC về việc tổ chức Đại hội các Chi bộ trực thuộc hướng tới Đại hội Đảng bộ AASC nhiệm kỳ 2015 - 2017, ngày 17/04/2015, Chi bộ 1 đã tổ chức thí điểm Đại hội lần thứ III (nhiệm kỳ 2015 - 2017) nhằm tổng kết việc thực hiện Nghị quyết Đại hội Chi bộ nhiệm kỳ 2012-2015, đồng thời đề ra phương hướng nhiệm vụ của Chi bộ nhiệm kỳ 2015-2017.

Theo sự phân công, Bí thư Chi bộ 1 Hoàng San đã trình bày Báo cáo tổng kết công tác Đảng Chi bộ 1 nhiệm kỳ 2012 - 2015, phương hướng nhiệm vụ nhiệm kỳ 2015 - 2017. Báo cáo đã nêu rõ những thành tích mà Chi bộ 1 Đảng bộ AASC đã đạt được trong nhiệm kỳ vừa qua trong công tác chấp hành các Chỉ thị Nghị quyết của Đảng ủy Bộ Tài chính, của Đảng bộ công ty, tổ chức thực hiện và hoàn thành tốt nhiệm vụ chính trị mà Đảng bộ Công ty giao; Tích cực hỗ trợ các Phòng, Ban công ty thực hiện nhiệm vụ chuyên môn, góp phần nâng Hãng Kiểm toán AASC lên vị thế đầu đàn trong Hệ thống các Công ty Kiểm toán của Việt Nam. Chi bộ 1 cũng luôn phấn đấu xây dựng Chi bộ trong sạch, vững mạnh đồng thời chú trọng rèn luyện, bồi dưỡng và thực hiện tốt công tác Đảng. Nhiệm kỳ qua Chi bộ đã cử 05 quần chúng ưu tú tham gia lớp Đối tượng kết nạp Đảng và đã kết nạp 03 Đảng viên mới, nâng tổng số Đảng viên của Chi bộ lên 10 Đảng viên. Năm 2013 và năm 2014, Chi bộ được Đảng uỷ Khối Cơ quan Bộ Tài chính công nhận là Chi bộ trong sạch vững mạnh.

Đại hội đã kiểm điểm, rút kinh nghiệm về tồn tại, hạn chế của Chi bộ trong nhiệm kỳ 2012-2015 đồng thời tiếp thu ý kiến của các Đại biểu đại diện các Chi bộ dự Đại hội và ý kiến chỉ đạo của Đảng ủy Công ty thông qua đồng chí Bí thư Đảng bộ Công ty phát biểu tại Đại hội. Đại hội cũng đã tín nhiệm bầu đồng chí Nguyễn Lan Anh giữ chức vụ Bí thư Chi bộ, đồng chí Lê Thị Thu Hiền giữ chức vụ Phó Bí thư Chi bộ nhiệm kỳ 2015 - 2017. Có thể nói, Đại hội Chi bộ không chỉ là đợt sinh hoạt chính trị sâu rộng của Cán bộ nhân viên đơn vị mà còn là dịp để mỗi Cán bộ Đảng viên tự kiểm điểm lại mình, từ đó có sự chuyển biến trong nhận thức và hành động, góp phần thực hiện thắng lợi Nghị quyết Đảng bộ đề ra. Thành công của Đại hội còn mang một ý nghĩa quan trọng bởi đây là đại hội đầu tiên của toàn Đảng bộ Công ty, là cơ sở để các Chi bộ trực thuộc Đảng bộ Công ty rút kinh nghiệm tổ chức Đại hội Chi bộ, hướng tới thành công Đại hội Đảng bộ AASC, Đại hội Đảng bộ Bộ Tài chính và Đại hội Đại biểu toàn quốc lần thứ XII của Đảng.

Hình ảnh tại Đại hội 

Dai hoi Dang bo 1 AASC anh 2

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(Stock Investment) The market for Financial Audit and Consultancy services is growing in potential but the competitive pressures in this field are still not cool down due to the market expansion strategy of International Auditing Firms-Big 4 or the price-cutting strategy of auditing enterprises. In New Year, what will Vietnamese Auditing Profession do to overcome these challenges?

Mr. Do Manh Cuong-Member of Board of Member, Deputy General Director of AASC Auditing Firm had a conversation with Stock Investment.

Do Manh Cuong portrait5 "

 " ...the gap between Big 4 Group and domestic auditing firms is narrowing in terms of service quality and personnel development. Domestic enterprises are outstanding in basic construction auditing services ...  

In 2014, the market witnessed numerous expansion activities from Big 4 Group in Vietnam. How do you feel about the competition from this segment?     

The influence of Big 4 Group in Vietnam is one of the inevitable development trends of market during integration period. However, the gap between Big 4 Group and domestic auditing firms is narrowing in terms of service quality and personnel development. Domestic enterprises are outstanding in basic construction auditing services, and considered equally in the list, which voted by international financial institution in Vietnam. Regarding the currently domestic human resources, there are more and more people graduate and granted international certificate. Domestic firms also focus on training and self-development of employees in order to narrow the gap with Big 4 Group.   

At several meetings held by Ministry of Finance and Accounting and Auditing Associations, lower the audit fees have been a hot issue. During the year, whether have we handled this situation or not, sir?

Frankly, this issue was discussed for many times, but still has no suitable solutions. Like a domino effect, when the big companies charge lower prices to reach the segment of smaller companies, either the smaller companies will discount to maintain the number of customers, or approach the segment of other smaller companies, so this process has been repeated in recent years. Due to impact of this problem, a number of Professional Associations like VACPA has to offer a temporary solution, in which strengthen inspection the quality of low price service contracts.

Several areas have implemented restructuring by reducing quantity and increasing quality. In the auditing field, how is it going, sir?

Establishing an audit firm in newly- formed market would require at least 03 Auditors with few year experiences according to the formal regulation set by competent authority, as the result there were more than 150 companies established during that time. Until the Independent Auditing Law came into force in Vietnam, the requirements for establishment have been raised about the number of auditors and charter capital, etc. On the other hand, there are several companies consolidated in the market in order to increase the competitiveness. As of June 10, 2014, there are more than 134 firms granted the certificate of eligibility for providing auditing services by Ministry of Finance. In my opinion, this process should continue to perform.

According to forecast of the year 2015, the whole economy will be much better, along with changes in regulations, and the enterprise’s awareness about financial environment. What do you think about the opportunities for enterprises and Audit Sector in general?

The market will pave the way for auditing firms growing up. For example, the demand for equitization, business valuation, auditing and FDI enterprise sector consultancy services, restructuring the economy in general as well as the banking sector, the state-owned corporations operating ineffective in particular. New Procurement Law, which took effect from July 1, 2014 lower requirement of organizing public tender on auditing and consulting contracts with a value of VND 3 billion down to  VND 500 million. Due to this result, number of project and work, which should be audited, is expanding.

Facing the opportunities and challenges from such competitions, what should Vietnamese Auditing Enterprises do in order to proactively involve?

The audit firms should pay attention to the professional investment, specialization and computerization of services provided towards becoming a reliable partner. In order to have enough competitive resources, domestic audit firms should prioritize the development of human resources and networking, forming the "supply chain" in the field through joint venture, association, merging into a big company, or joining the international accounting networks to combine and share the advantages of each member towards creating a favorably environment. After becoming a member of HLB International, AASC has more opportunities to spillover the brand to foreign customers. In 2014, AASC has hired senior personnel for many service sectors as well as preferential recruitment of foreign personnel who in charge of foreign customer sector. AASC also is about completing trial run of Caseware and customer database management software in order to ensure the quality and efficiency of service provided.   

I believe that image of Vietnamese Auditing Firms would be promoted widely on the market by enhancing the quality of service thanks to the above investment factors bring back.

Source: The stock Investment

Following the success of the training course at the Vietnam Forestry Corporation, from February 28 to March 01, 2015, AASC Auditing Firm has collaborated with the Southern Food Corporation (SFC) to organize a training course on new enterprise accounting regime issued together with Circular No. 200/2014/TT-BTC dated 22/12/2014 of the Ministry of Finance for more than 140 officers and staff of SFC.

In the training course, lecturer Trinh Duc Vinh, manager of Enterprise Accounting Regime Unit under Accounting and Auditing Regulation Department, Ministry of Finance shared with finance officers of SFC about changes having critical effect on the business operation of the Corporation and its unit members. Vinh also advised on actions that need to be done in order to apply new provision efficiently. Newly updated knowledge on accounting regime will also help officers and staff of SFC to understand and implement their assigned tasks in 2015 successfully.

After the training course, Deputy General Director of AASC Bui Van Thao expressed his happiness on the success of the course as well as the trust of the SFC Board of Management for AASC professional services. Thao also pledged that AASC will do its utmost to provide services of highest quality and always be the trusted consultant for the long-term and stable development of all clients.

Photos of the training course

Dao tao Luong thuc. Anh 1

Deputy General Director of SFC Huynh Thong delivered speech at the training course

Dao tao Luong thuc. Anh 2

Attendees of the training course

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On February 14, 2015 in Hanoi, AASC Auditing Firm jubilantly organized 2015 Labor Conference in the happy atmosphere of 2015 Lunar New Year.

The Conference was honored to receive distinguished guests including Prof. Dr. Dang Thai Hung, Manager of Accounting and Auditing Regulation Department – Ministry of Finance (MoF), Mr. Nguyen Hung Minh, Manager of Emulation and Commendation Department, Prof. Dr. Tran Van Ta, Chairman of VACPA and former Standing Deputy Minister of Ministry of MoF, Mr. Dang Van Thanh, Chairman of VAA and former Vice Director of National Assembly finance and budget commission, Mr. Nguyen Ngoc Tuan, Chairman of VVA and former Deputy Minister of MoF, leaders of MoF Communist Party, Trade Union, etc.

Speaking at the conference, Dang Thai Hung recognized and appreciated great achievements of AASC in 2014. Hung also congratulated AASC to be selected as one of two auditing firms to implement Vietnamese Auditing and Accounting Strategy towards 2020, with a vision to 2030 approved by the Prime Minister. In addition, the Department Manager encouraged AASC to strive for the highest standards of professional services and maintain the leading position among Vietnamese Auditing Firms.

On behalf of AASC Board of Management, auditors and officers, General Manager Ngo Duc Doan expressed sincere thanks to all distinguished guests, professional bodies, departments and unit for their support. Doan believed that with the consensus of all leaders, auditors and officers of the Company, AASC will strongly develop in a sustainable way and gradually be on a par with Big 4 Auditing Firms operating in Vietnam.

Also at the conference, AASC was honorably received prestigious awards for outstanding departments and individuals including the 3rd Labor Medal for the Construction Auditing Department, Merit Certificate of the Prime Minister for Manager of Auditing Department No. 3 Hoang Thu Huong, Manager of Training and Quality Control Department Do Thi Ngoc Dung. These awards are the recognition for all efforts and contributions of AASC departments and officers to the development of AASC and Vietnam Independent Audit profession.

Photos of the Labor Conference

Nguoi lao dong 2014 Anh 1

 

Manager of Accounting and Auditing Regulation Department Dang Thai Hung delivered speech at the Conference

Nguoi lao dong 2014 Anh 2

AASC General Director Ngo Duc Doan speaking at the Conference

Nguoi lao dong 2014 Anh 3

Nguoi lao dong 2014 Anh 4

Manager of Emulation and Commendation Department Nguyen Hung Minh awarded 3rd Labor Medel and Merit Certificate to outstanding departments and officers of AASC

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In the highly enthusiastic and happy atmosphere of the Year of the Goat, on the morning of 24/02/2015 (The January 6th of the Lunar New Year), the Party Committee, Board of General Directors, leaders of departments and units, auditors, audit assistants, technicians and staff of AASC Auditing Firm have jubilantly organized a meeting, toasting to a happy new year.

On behalf of the Member Board, the Board of General Director, Mr. Ngo Duc Doan, Chairman of the Member Board, General Director of AASC wished all officers, Party members, auditors, audit assistants, technicians and the whole company staff a new year filled with health, prosperity and great achievements in the implementation of target missions of the 8th fiscal year. In addition, Mr. Doan also believed that in the New Year, all departments and units of AASC will do their utmost to overcome all difficulties and challenges to satisfy clients’ demand, achieve new accomplishments, positively contribute to the growth of AASC and bring AASC’s image and position to a new height regionally and globally.

Following the 2015 working schedule, immediately after the New Year celebration, a number of AASC officers and staff have taken the first business trip of the New Year and been ready to outstandingly complete all assigned tasks with a proud feeling of AASC’s great achievements last year. There is a belief ingrained in their mind that in the New Year, AASC will maintain its leading position among Vietnamese Auditing Firm, deeply integrate with global standards and continuously develop in a sustainable way.

Photos of the meeting

Le khai xuan Anh 1

 

Chairman of the Member Board, General Director Ngo Duc Doan delivered speech at the meeting

Le khai xuan Anh 2

Le khai xuan Anh 3

Le khai xuan Anh 4

BBT

On 13/02/2015, in a cheerful and enthusiastic atmosphere towards AASC Labor Conference 2014, AASC Auditing Firm has successfully organized friendly table tennis league with Department of Accounting and Auditing Regulation, Department of Emulation and Commendation - Ministry of Finance. Attendees at the league include Prof. Dr. Dang Thai Hung - Director of Department of Accounting and Auditing Regulation, Mr. Nguyen Hung Minh - Director of Department of Emulation and Commendation, Mr. Ngo Duc Doan - Chairman of the Member Board, General Director of AASC as well as players and fans of both teams.

In the spirit of learning and wellness, all matches were open with numerous attractive situations. Owning well-trained players, the team from Department of Auditing And Accounting Regulation and Department of Emulation and commendation has beautiful start with 02 consecutive winning matches. However, the players of AASC have quickly regained spirit and adjusted tactics. Therefore, the next matches were more attractive with equal winning for both teams. The tournament ends successfully in the applause and satisfaction of all audience.

AASC Board of Management always takes care of and facilitates the development of cultural activities and sports inside and outside the company where AASC members can exercise physical health and broaden relationships after stressful working hours. This is also an opportunity for AASC to tighten relationships with clients, departments and agencies as well as improve AASC image – The leading Auditing Firm among Vietnamese ones.

Photo of the league

Bong ban Anh 1

 

Bong ban Anh 2

Bong ban Anh 3

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Recently, in Thai Nguyen province, Thai Nguyen Iron and Steel joint stock Corporation (TISCO) has jubilantly organized 2014 Customer Conference to review the operating results in the aspect of customer and partner relationship. At the conference, AASC Auditing Firm was honorably received the title “Trusted partner for 2014” selected by TISCO.

Speaking at the conference, TISCO General Director Tran Van Kham confirmed that Customer Conference has been a major annual event of TISCO. This is not only an opportunity for TISCO to meet clients and listen to useful ideas for stable development but also an opportunity for TISCO to express sincere thanks to all clients and partners. The title “Trusted partner” prove for the recognition and appreciation of the TISCO Board of Management for the quality of AASC professional services and efforts of AASC staff through years.

Also at the conference, on behalf of AASC Board of Management, auditors and staff, Deputy General Director Nguyen Thanh Tung extended thanks to TISCO Board of Management for their trust in AASC services and hoped to lift up ties between two parties in the coming time. Tung also pledged that AASC would continue enhancing service quality and always be the trusted partner supporting TISCO to strongly develop, achieve great successes and significantly contribute to the prosperity of the community and the country.

Doi tac Uy tin

 

BBT

 

From February 11 to February 12, 2015, AASC Auditing Firm organized a training course on new accounting regime applied from January 1, 2015 and issued together with Circular No. 200/2014/TT-BTC dated December 22, 2014 of the Ministry of Finance for finance staff of Vietnam Forestry Corporation (VFC).

Understanding and implementing regulations of new accounting regime is a concerning issue for enterprises. At the training course, experts of AASC Auditing Firm and the Department of Auditing and Accounting Regulation, Ministry of Finance shared with finance officers of VFC on new changes having critical effects on the business operation of VFC and unit members as well as implementing plan to apply new regulations appropriately and effectively. Differences between accounting regime and tax regulations have been thoroughly compared analyzed to establish solutions for problems in the implementation process.

Speaking at the training course, AASC Deputy General Director Pham Thi Thanh Giang expressed the happiness in the success of the training course. Deputy General Director emphasized that AASC Auditing Firm always do its utmost to provide professional services with highest standards to clients and support clients to grow strongly in a sustainable way. On behalf of AASC Board of Management and experts, Deputy General Director pledged that AASC would continue providing highest quality services to VFC in particular and other enterprises in general and being a trusted consultant for all clients in the field of accounting, auditing and financial consultancy. 

Photos of the training course

Vinafor Anh 1

General Director of Vietnam Forestry Corporation Cao Van Thuy delivered speech at the training course

Vinafor Anh 2

Vice Manager of Department of Accounting and Auditing Ha Thi Ngoc Ha shared about new regulations of Circular No. 200/2014/TT-BTC

Vinafor Anh 3

AASC Deputy General Director Pham Thi Thanh Giang delivered speech at the training course

BBT

Vietnamese manufacturing continued to strengthen in January, supported by a further growth in new orders and jobs, according to HSBC.

Vietnam economy is currently in recover period.

Purchasing Managers' Index (PMI) is reported as decline from 52.7 in December to 51.5, however the conditions in the manufacturing economy in Vietnam reflect the improvement.   

Both output and new orders continued to rise at the start of 2015. Jobs are seen the most improvement since December 2013. Meanwhile, input costs decreased at the fastest pace in the survey's history as the result of falling fuel prices. 

Dieu kien san xuat cua Vietnam

This in turn led manufacturing firms to reduce their output prices sharply.

Besides, improving client demand had been increased leading to the rise in jobs, in turn leading firms to raise production. New export orders, meanwhile, rose only slightly amid some reports of weakening demand in export markets. Falls in the global price of oil led a number of respondents to report reduced fuel costs. Consequently, input prices decreased at the sharpest pace in the survey's history, surpassing the previous record. In response to sharp reductions in input costs, manufacturers lowered their prices accordingly with the sharpest decline during 2.5 years.

Expert of HSBC- Trinh Nguyen said, "The deceleration of global demand is taking a bite at output growth, although competitive pricing helps counter the slowdown of external demand.

"Employment rose sharply, highlighting strong demand for Vietnamese goods, necessitating new headcount.

"With input prices decelerating, thanks to the sharp decline in oil prices, and inventories low, we expect output to continue to expand in February, although the Lunar New Year festivity means there will be some seasonal slowdown."

Sources: Vietnamnews

Monday, 02 February 2015 09:40

Opportunity for Stock Market to Spurt

The State Bank of Vietnam (SBV) recently issued Circular 36/2014/TT-NHNN on capital adequacy and liquidity requirements for commercial banks. Circular 36 is said to have an impact on the stock market in the past few sessions. Some new regulations are more stringent, but necessary, particularly those related to bank cross-ownership. Will stock investors have the opportunity or not when Circular 36 taking effect on February 01, 2015 is enacted?

Approaching professionalism

Mr Pham Huyen Anh, Director of Banking Operation Policy Security Department under the SBV, said Circular 36 not only amended inappropriate provisions in Circular 13 but also completed, supplemented and approached more closely to international practices and banking governance, managed and supervised banks, gradually implemented the Basel II regulations on capital adequacy at banks. Particularly, Circular 36 helps improve risk management and ensure the good control of operational quality, solvency, liquidity, safe investment, capital contribution, share purchase and credit lending at credit institutions and foreign bank branches.

Co hoi but pha thi truong Chung khoan

According to experts, Circular 36 will restrict cash flows from banks into the stock market. Commercial banks will be only allowed to provide credit in the form of loans and discounts of valuable papers for customers to invest and trade stocks when such lenders meet capital adequacy conditions and have a bad debt ratio of 3 percent or lower. Loans for stock business cannot exceed 5 percent of outstanding credits of banks. Although the Circular takes effect on February 1, 2015, it is causing considerable effects on the stock market. The stock market has lost ground in the past few days.

Mr Pham Phu Khoi, General Director of ACB Securities Company, said that stricter regulations on lending for securities investment will leave substantial impacts on the stock market in the short term. In addition, securities companies which entirely rely on bank loans to finance margin trading will have to face mortgage release if funding banks have lent more than 5 percent for securities investment.

Opportunity for stock market

After Circular 36 limits total credit for this field from 20 percent of registered capital to 15 percent, securities companies have started to recalculate the limit that banks can provide for equity investment. However, these calculations are only estimated because the limit varies from time to time. Input data like total loans, bad debt ratio (banks are disallowed to provide loans for equity investment if their bad debt ratio is 3 percent or higher) are elastic and changeable every day. Input variables will lead to output variables. Therefore, the total quota calculation is not necessary.

According to experts, calculating the total quota will not be as important as the following:

Firstly, banks (especially commercial banks) always give a priority for bankers to borrow their money to invest in bank stocks. If this is tightened, they will withdraw their loans from other borrowers to boost internal lending. “Parent banks” may also stop providing credit for their securities companies. Credit supplies will decline in these two channels.

Secondly, many big bank shareholders borrow to invest in real estate. If their lending is limited, they will give priority to real estate to securities because shares are more liquid. If they have to repay some loans to banks, they may prefer cutting shares to real estate projects. Who will consume such release?

Thirdly, according to Item 5, Article 14, bank credit grant to customers to invest in shares shall not be secured by such shares. This means that assets formed from loans shall not be used as the security for loans. Margin lending will be once only.

Perhaps, bank shares will be first hit and this blow will cause a domino effect on other securities. So, why will Circular 36 pave the way for stocks?

The developments on the stock market in the past months show that blue-chips and stocks with good fundamentals have not increased. A half of trading value on both stock exchanges is leveraged by margin loans. Meanwhile, margin loans are spent on speculative stocks, thus sending the market into a state of instability. If margin lending is slashed, the market will undergo corrections to be healthier. Then, real money will be used on the market and a solid foundation for the market will be established.

The stock market will enjoy a strong growth when gasoline prices plummet. Lower input costs are helping revive manufacturing. Manufacturing companies, including listed ones, will benefit from this. Inflation in 2014 was forecast at 3 percent, the lowest in a decade. This may encourage lenders to slash interest rates by another 1 percent. Meanwhile, traditional investment channels such as gold and foreign currencies are no longer an appeal and real estate market has not fully recovered. Unemployed money will sooner or later be poured into the stock. Good-performing companies and those with high dividend payout ratios will be the destinations of cash flows. The second opportunity for stock investors after 2007 is coming.

Dinh Thanh

(Source: vccinews.vn)

(ĐTCK) Dẫu môi trường cạnh tranh ngày càng gay gắt, nhưng AASC, một trong hai DN kiểm toán đầu tiên của Việt Nam vẫn có số lượng khách hàng lớn, doanh thu nổi trội và trở thành niềm tự hào của làng kiểm toán Việt.

Ban Lanh dao

 

Ban Lãnh đạo Hãng Kiểm toán AASC

Lượng khách hàng đông đảo và đa dạng

Sức ép cạnh tranh trên thị trường dịch vụ kiểm toán ngày càng gay gắt, khi có sự góp mặt của đầy đủ các thương hiệu kiểm toán lớn trên thế giới. Các DN kiểm toán này thừa hưởng lượng khách hàng lớn từ các hãng quốc tế cũng như cổ đông nhiều DN niêm yết có tâm lý “tin dùng” dịch vụ kiểm toán ngoại, nên có lợi thế cạnh tranh so với các công ty kiểm toán trong nước. Một số công ty kiểm toán nội chọn con đường hợp nhất, sáp nhập để gia tăng sức cạnh tranh. Trong bối cảnh đó, AASC đã nỗ lực giữ vững truyền thống và không ngừng vươn lên, bồi đắp thương hiệu.

Những năm qua, AASC luôn nằm trong Top 5 DN kiểm toán (liền kề Big 4) có doanh thu, hệ thống khách hàng và có số lượng kiểm toán viên và nhân viên lớn trên thị trường. Số liệu của Hội Kiểm toán viên hành nghề Việt Nam (VACPA) cho thấy, AASC hiện đứng thứ 2 toàn thị trường về số lượng khách hàng và đứng thứ nhất trong hệ thống các công ty kiểm toán Việt Nam về doanh thu. Lãnh đạo AASC cho biết, năm 2013, đã có tới trên 1.160 khách hàng sử dụng dịch vụ của Hãng, thuộc nhiều loại hình DN và hoạt động trong mọi lĩnh vực của nền kinh tế, từ các tập đoàn, tổng công ty nhà nước, công ty có vốn đầu tư nước ngoài, đến các công ty niêm yết, các dự án đầu tư xây dựng cơ bản, các dự án do các tổ chức tài chính quốc tế tài trợ…

Xây dựng bản sắc riêng

Để có được hệ thống khách hàng đa dạng về thành phần, lĩnh vực hoạt động, “trong suốt hơn 23 năm qua, AASC luôn đi đúng tôn chỉ, mục đích là công ty kiểm toán thuần Việt cung cấp những dịch vụ có chất lượng cao, vì lợi ích hợp pháp của khách hàng”, lãnh đạo Công ty chia sẻ.

Việc AASC trở thành thành viên của HLB Quốc tế - mạng lưới các hãng kiểm toán và tư vấn quản trị DN với khoảng 1.900 chủ phần hùn và trên 14.000 nhân viên tại hơn 100 quốc gia - từ năm 2011 cũng nhằm đem đến cho các khách hàng những dịch vụ tốt nhất và đạt tiêu chuẩn quốc tế.

Dẫu vậy, lãnh đạo AASC vẫn còn không ít trăn trở. Dù có số lượng khách hàng đứng thứ hai thị trường, song AASC vẫn cần tiếp tục phấn đấu, tăng trưởng doanh thu, từng bước rút ngắn khoảng cách với các DN trong nhóm Big 4.

Để cùng hoạt động với các công ty kiểm toán Big 4 tại Việt Nam, AASC không chủ trương cạnh tranh đối đầu, mà hướng tới những lĩnh vực, những phân khúc thị trường ít cạnh tranh hơn mà Công ty có ưu thế riêng. Với ưu thế là một trong hai DN chuyên ngành đầu tiên của Việt Nam, AASC luôn nổi trội với thế mạnh cung cấp dịch vụ kiểm toán, tư vấn tài chính - kế toán và thuế. Đặc biệt, về dịch vụ kiểm toán báo cáo quyết toán vốn đầu tư, AASC là công ty kiểm toán đầu tiên thực hiện dịch vụ này và là một trong những đơn vị có số lượng khách hàng và chất lượng dịch vụ tốt nhất trên thị trường. Theo báo cáo tổng hợp của VACPA công bố năm 2012 và 2013, AASC đứng đầu về doanh thu dịch vụ kiểm toán quyết toán vốn đầu tư hoàn thành, đứng thứ 2 về doanh thu dịch vụ kiểm toán cho các tập đoàn, tổng công ty nhà nước.

AASC cũng là một trong số ít công ty kiểm toán của Việt Nam được lựa chọn vào danh sách ngắn của WB và ADB cùng nhiều tổ chức tín dụng để kiểm toán dự án do các tổ chức này tài trợ.

Dịch vụ xác định giá trị DN và tư vấn cổ phần hóa của AASC nhận được sự tín nhiệm của đông đảo khách hàng. Nhiều DN đã tin tưởng yêu cầu Công ty cung cấp thêm các dịch vụ tư vấn để đẩy nhanh tiến trình cổ phần hóa, tư vấn xác định giá trị DN...

Không chỉ đi sâu vào những phân khúc có thế mạnh, cung cấp những dịch vụ mang bản sắc riêng, AASC còn tăng cường hợp tác với các DN trong ngành. “Hiện AASC đã và đang hợp tác với các công ty trong Big 4 cũng như một số công ty kiểm toán lớn trong nước. Thực tế cho thấy, việc hợp tác giữa các công ty kiểm toán đem lại nhiều lợi ích cho các bên, giúp tăng cường chất lượng và gia tăng giá trị dịch vụ”, lãnh đạo AASC chia sẻ.

Nguồn: Báo Đầu tư Chứng khoán

Trước yêu cầu minh bạch thông tin tài chính DN trong thời gian qua, nhiều công ty kiểm toán “nội” được thành lập. Số lượng nhiều nhưng kiểm toán “nội” hiện còn lép vế với DN kiểm toán “ngoại”. Làm sao để nâng cao sức cạnh tranh cho hoạt động kiểm toán nói chung và kiểm toán “nội” nói riêng? Để tìm câu trả lời, phóng viên Tạp chí Vietnam Business Forum đã có cuộc phỏng vấn ông Ngô Đức Đoàn - Tổng Giám đốc Công ty TNHH Hãng Kiểm toán AASC. Ngọc Anh thực hiện.

Nang cao suc canh tranh kiem toan VietLà  một  trong  hai  đơn  vị  kiểm toán  độc  lập  “nội”  đầu  tiên, ông đánh  giá  thế  nào  về ngành  Kiểm toán Việt Nam? 

Hình  thành  sau  những  năm 1990, ngành Kiểm toán Việt còn khá non trẻ nhưng  đang  ngày  càng trưởng  thành hơn, chất lượng dịch vụ có những bước tiến  đáng  kể và  được  khách  hàng  tin tưởng. tuy vậy, các DN Kiểm toán hiện còn gặp  nhiều  khó  khăn  trong  hoạt động;  năng  lực  cạnh  tranh  hạn  chế, trình độ nhân lực yếu, dịch vụ chưa đa dạng; khách hàng hạn hẹp… Hơn nữa các công ty kiểm toán độc lập chưa hợp tác chặt chẽ với nhau và còn tình trạng cạnh  tranh  thiếu  lành  mạnh.  nhiều doanh  nghiệp  kiểm  toán  kể  cả  nhóm Big 4 hoạt động tại Việt nam cũng sẵn sàng hạ giá phí  thấp  theo khách hàng thông báo.  Một số công ty nội địa đưa mức phí thấp nên cũng phục vụ “thấp” về chất  lượng như: không bố  trí đúng nhân  sự,  cắt  giảm  thủ  tục,  quy  trình soát  xét  kiểm  toán.  “Con  sâu  làm rầu nồi canh”,vài DN đã làm ảnh hưởng uy tín cả dịch vụ Kiểm toán.

Ông vừa nhắc đến Big4 (các công ty kiểm toán nước ngoài), có ý kiến cho rằng hiện  Big4 đã thâu tóm hầu hết thị trường Việt Nam; vậy yếu tố nào giúp họ bỏ xa chúng ta?

Theo  thống  kê  của  Hội  Kiểm  toán viên hành nghề Việt nam (VACPA), năm 2013, Big4 chiếm 58% doanh  thu  toàn thị  trường,  tức  130  công  ty  kiểm toán nội địa chỉ giữ 42% còn  lại. năm 2013, trong  khi  bình  quân  doanh  thu mỗi công ty kiểm toán tại Việt nam là 31 tỷ đồng thì của Big4 lên tới 599 tỷ còn 130 công ty “nội” chỉ đạt 14 tỷ đồng. AASC hiện có số lượng khách hàng lớn thứ hai trong hệ thống các Công ty Kiểm toán Việt Nam và vị  trí doanh  thu xếp ngay sau  nhóm  Big4  nhưng  xét  về  giá  trị tuyệt đối  thì vẫn còn khoảng cách khá xa so với họ. Big4  làm được điều đó vì họ  sở  hữu  thương  hiệu  mạnh, thừa hưởng nguồn khách hàng của nhà đầu tư,  tổ  chức  tài  chính nước ngoài thậm chí do cả yếu tố hạ giá phí.

AASC hiện đang  làm gì để cạnh tranh  cùng  nhóm  Big4  và  thu  hẹp khoảng  cách  với  Kiểm  toán  nước ngoài?

AASC không chọn đối đầu mà chọn hợp tác và đang thực hiện điều đó với nhóm  Big4  cũng  như một  số  công  ty kiểm  toán  vừa  và  nhỏ.  Bởi  chúng tôi quan  niệm,  hợp  tác  sẽ  đem  lại  lợi  ích cho  các  bên,  giúp  tăng  cường chất lượng  dịch  vụ;  củng  cố  và  nâng  cao niềm  tin  của  công  chúng  và gia  tăng doanh số kiểm  toán… song nếu buộc phải cạnh tranh, chúng tôi sẽ tìm kiếm những lĩnh vực, phân khúc thị trường ít “va chạm” hơn.

Để thu hẹp khoảng cách giữa kiểm toán  “nội”  và  kiểm  toán  “ngoại”  cần phải tạo  nên một  nền  kiểm  toán  “Uy tín  -  trung  thực  -  Minh  bạch”,  phát triển bền vững bằng việc hội nhập với khu vực và thế giới. năm 2013, chúng tôi đã công bố thương hiệu và đổi tên thành  Hãng  Kiểm  toán  AASC.  Tôi  hy vọng sự ra đời thương hiệu mới sẽ góp phần nâng cao  tín nhiệm và niềm  tin của AASC nói  riêng và Kiểm  toán Việt nói chung.

Theo  ông,  cần  yếu  tố  nào  để phát  triển  một  ngành  kiểm  toán phát triển bền vững?

Để phát triển một ngành kiểm toán vững mạnh, minh  bạch,  đáp  ứng  yêu cầu thực  tế  thì  các DN  nên  tập  trung phát  triển  nhân  lực;  trước  hết  phải  rà soát, đánh giá, bồi dưỡng, tu dưỡng rèn luyện  đội  ngũ  Kiểm  toán  viên,  nhân viên giỏi về chuyên môn, sáng ngời về đạo  đức  nghề  nghiệp,  tôi  luyện  bản lĩnh  trong  khi  thực hiện  các nhiệm vụ dịch vụ kiểm toán và tư vấn. Các công ty cũng cần hoàn  thiện mô hình quản lý, quản trị DN bài bản, chuyên nghiệp, công khai, minh bạch để cán bộ, nhân viên luôn đồng thuận nhất tâm.

Nguồn: Tạp chí Vietnam Business Forum

Wednesday, 28 January 2015 08:58

Vietnam's economic outlook in 2015

Vietnam’s GDP growth promises to continue its upward trend while macro economy will also be strengthened in 2015, making the country’s economy even brighter than in 2014, according to experts.

Trien vong kinh te Viet Nam 2015 

Optimistic forecast

The UN World Economic Situation and Prospects 2015 released on December 10, 2014 a forecast that the global economy would continue to grow in the next two years despite remnants of the global financial crisis, geopolitical challenges and negative effects of the Ebola epidemic in West Africa that has curbed growth.

The global economy is forecast to grow 3.1% in 2015 and 3.3% in 2016. However, the world will still face many challenges and confusion about restructuring and searching for a new growth engine, plus high and prolonged unemployment, increasing pressure from public debt, military and political tensions, and territorial disputes.

Forecasts by several international organisations said that, in 2015, Vietnam would achieve GDP growth of 5.8 to 6.2%; a CPI below 7% and export sector would gain more important breakthroughs by getting more active momentum from FTAs that Vietnam is and will be involved in, mostly the ASEAN Economic Community, TPP, and FTAs between Vietnam and the Republic of Korea, and with Customs Union of Russia, Belarus and Kazakhstan…

A resolution on the socio-economic development plan in 2015 passed by the National Assembly, with 89.54% of votes, has set a number of goals for 2015, targeting 6.2% GDP growth rate; total exports increasing by about 10%; deficit of about 5%; CPI about 5%; total social investment accounting for 30 to 32% of GDP; poverty rate falling by 1.7 to 2%; creating jobs for 1.6 million workers; urban unemployment rate at less than 4%; trained employees reached 50% and percentage of malnourished children under five dropping to below 15%.

According to the National Financial Supervisory Commission (NFSC), economic growth in 2015 will continue its recovery trend and the growth target of 6.2% is feasible. Meanwhile, the macroeconomic environment will have more favourable conditions to maintain its stability, especially for inflation control target.

With a forecast reduction of 33% in the world’s oil price in 2015 and assuming that domestic petroleum prices also decrease respectively, NFSC estimates that domestic production costs will decrease by 3%.

Besides gains thanks to an improvement in consumption and private investment, according to the NFSC, there are still difficulties including the slow global economic recovery; lower oil prices affecting budget balance and investment for development; decreased global commodity prices; and a rapid decline of export growth, especially in the foreign invested sector.

Tourism, agriculture, and aqua-culture will continue to grow smoothly. Labour exports, including doctors and nurses, will be a focus in creating new breakthroughs for employment growth. Auxiliary industries will be gradually shaped and developed towards participating in the international supply chain with Vietnam’s partners in FTAs.

However, difficulties remain among high-end real estate, mechanical industry, small and medium-sized businesses with outdated technologies, and stagnant State-owned enterprises with slow innovation in organisation, equipment, technologies and management capabilities.

The banking system is still facing pressure on bad debt, cross-ownership, governance improvement and standardisation of operation norms under international standards and integration commitments. M&A activities are expected to increase, especially in the field of real estate, consumer goods, banking, textiles, and mechanical engineering.

Priorities given to macroeconomic stabilisation

In the medium term, according to many experts, Vietnam's economy in 2015 will turn bright, in which the foreign investment sector continues to play an important role as a driving force of economic growth. Reforms in SOEs will be accelerated to achieve the set targets.

Accelerating reform of the banking sector continues to be a priority. Interest rates are unlikely to continue to decrease but credit growth will be facilitated due to more opened investment opportunities and credit conditions, thus creating a thrust to support economic growth. Bad debt is under control and is handled flexibly step by step under the goal of ensuring system’s stability and gradually approaching common standards and practices.

Sectors expected to see strong growth in 2015 and onwards include real estate; construction materials and services; consumption services; consumer products; and agro-forestry products. Investing in open-ended funds is an option that has drawn more and more attention from private investors.

In particular, a new cycle of the real estate market is forming, increasingly growing in size and speed, and turning more stable and more efficient in the last years of this decade, with the most promising segment lying in social housing with reasonable areas and affordable prices.

To achieve the 2015 socio-economic development goals, Vietnam should implement effective strategic breakthroughs, focusing on economic restructuring associated with the conversion of the growth model; improving quality, efficiency and competitiveness of products, businesses and the economy; and raising the effectiveness of State management. It is also necessary to improve the efficiency of public investment, while securing public debt, government debt and foreign debt within the national security limits.

There is also special need to ensure disbursement from the State budget, government bonds, and ODA for infrastructure development, especially for key facilities that are likely to be completed in 2015 and for urgent projects on residential stability and facilitating livelihoods for people.

Vietnam should effectively implement international treaties to which it is a party; actively negotiating and signing bilateral and multilateral FTAs; participating in building the ASEAN Community in 2015; and promoting appropriate communication, guidance and support to businesses and individuals to be more active in the integration process.

Positive growth for Vietnam's economy will be realised once economic development goes together with the promotion of comprehensive reform, acceleration of economic restructuring associated with growth model innovation, and improvement of State management capacity, in addition to promoting democracy and strengthening anti-corruption work.

Confidence reflects efficiency and contributes to the success of national policies. Maintaining and strengthening confidence has increasingly become an orientation and regular, consistent task; as it is both an objective and a motivation for the reform and development processes of the country and business community.

Dr. Nguyen Minh Phong

Source: Nhandanonline

Friday, 23 January 2015 13:34

10 financial highlights in 2014

In 2014, overcoming loads of difficulties and challenges, Financial Sector has drastically and synchronously implemented solutions to financial and state budget missions which were set out by the National Assemble and the Government and achieved positive results which has shown important milestones in all fields. On the basis of achieved results, the functional units and the press agencies of Financial Sector have voted for 10 financial highlights in 2014, the PORTAL of Ministry of Finance will warmly introduce these highlights as follows:

1. Exceeding the estimated State budget revenue in2014 estimates, contributing to economic growth, ensuring security and defense, social security of the country.

10 su kien. Anh 1

2. Having breakthroughs in administrative procedures reform in the fields of Taxation, Customs and State Treasury.

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3. Succeeding in developing financial legal system.

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4. Successfully issuing 1-billion-USD Government bonds to international capital market.

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5. Achieving positive results in price management, market stabilization, inflation control.

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6. 389 Nations Steering Committee was established in order to take part in preventing and fighting against smuggling, trade frauds and counterfeit goods effectively.

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7. The Ministry of Finance topped the ICT Index 2014 chart.

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8. "Restructuring the stock market" contributed in restructuring the economy.

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9. Insurance operations stabilized investment environment, encouraging the fishermen clinging to the sea and protect Vietnam’s sea islands.

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10. Inaugurating upgraded Construction WorkNational Martyr cemetery Road 9.

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Source: MOF webiste 

 

Friday, 23 January 2015 13:24

Viettel invests in Myanmar

Viettel Global Investment JSC (Viettel Global), a subsidiary of Viettel Group, has approved a resolution to invest in a telecommunications company in Myanmar with the total registered investment capital of $1.8 billion, according to the company’s website.

Viettel-dau-tu-myanmar

Accordingly, Viettel Global, which is in charge of the implementation and management of overseas projects of Viettel Group, will cooperate with companies in Myanmar to establish Viettel Myanmar to implement the investment in a telecommunications network project in the Southeast Asian country.

In December 2014, Viettel unveiled the $1.8 billion plan to invest in Myanmar, in which Viettel Global would invest approximately $800 million and its foreign partners about $1 billion.

Myanmar is considered an attractive market for telecommunications. According to Viettel, as of the second quarter of 2014, the total number of mobile phone subscribers in Myanmar reached 6.5 million, accounting for 10.7 per cent of the total population and 13.1 per cent of the population in the age of mobile usage (from 12 to 70 years old) - the lowest in Southeast Asia. Meanwhile, in Vietnam, the figure is 94 per cent of the population in the age of mobile usage with 66.7 million subscribers.

Prior to 2014, the telecommunications market, including mobile and landline networks, in Myanmar was monopolised by state company Myanmar Posts and Telecommunications.

In 2013, Myanmar held a bid to call foreign investors into its potential telecommunications market. Viettel is the only Vietnamese firm participating in this bidding but did not win against two international network operators Ooredoo (Qatar) and Telenor (Norway).

The representative of Viettel then said Viettel would not give up because it could continue to cooperate with Telenor and Ooredoo in joint investment projects in the telecommunications industry in Myanmar. 

Furthermore, investing in Myanmar is a part of plan in Viettel’s global telecommunications expansion network.

Viettel Global began its overseas investment in 2006. As of March 2014, Viettel Global has been operating investment projects in nine countries. Viettel has already run business operation in five countries including Cambodia, Laos, Mozambique, Haiti and East Timor and has been preparing for official launch in Peru and Cameroon. Most recently, Viettel Global has just been granted an investment certificate in Burundi and is in negotiation to get a licence in Tanzania. 

Tao Duc Thang, Viettel Global General Director said, “Viettel Global is going to have 300 million users in overseas markets in 2015 and become one of the top ten telecommunications companies in the world.

Source: Vietnam Investment Review 

The State Bank of Vietnam (SBV) in the last month consecutively approved the capital raising proposals of all four banks, including Orient Commercial Joint Stock Bank (OCB), Nam A Commercial Joint Stock Bank (NamA Bank), Saigon Commercial Joint Stock Bank (SCB), and Military Commercial Joint Stock Bank (MB).

4 ngan hang tang von

Tran Ngo Phuc Vu, general director of NamA Bank shared that on 8th January 2015, NamA Bank was officially approved to raise charter capital from 3000 billion dong to 4 billion dong. 

NamA Bank will soon proceed to issue shares and expect to complete the capital raising in the first quarter of 2015. NamA Bank will then join the stock exchange and propose an M&A plan, in order to improve its financial capacity.

Besides, SCB is also in the process of raising charter capital by 2000 billion dong, after the central bank approved the capital increase to 14,294 billion dong at the end of 2014. SCB will carry out a private equity offering of 200 million shares. Prices will be agreed between SCB and investors, but not lower than the par value.

Vo Van Tan Hoang, CEO of SCB said that the capital raising plan of SCB aims to enhance financial capacity, especially when SCB is in the last stage of the restructuring phase.

With the additional capital, SCB will use 250 billion dong for investment and capital contribution; 255 billion dong to modernise information technology; 45 billion dong to construct and refurbish its branches; and 1,450 billion dong for business capital.

MB was approved to increase its charter capital to 11,600 billion dong, under Decision No. 2736/QD-NHNN dated December 25. Meanwhile OCB was also allowed to raise capital to 4 billion dong from 3,234 billion dong at the end of 2014. In the first phase, OCB plans to issue just over 31.3 million shares, the release rate of 10 percent of after tax profit on January 15, 2015.

However, there are many banks have not successfully completed their capital raising plans, such as Viet A Commercial Joint Stock Bank (VietA Bank), Saigon Commercial Joint Stock Bank (SaigonBank), Bao Viet Commercial Joint Stock Bank (BaoViet Bank), Dong A Commercial Joint Stock Bank (DongA Bank), etc. This dues to the reduction of the stock market, bank shares thus are under restructuring pressure, M&A activities of small banks are then difficult to attract investors.

This happened to DongA Bank. The bank was approved to increase charter capital from 5,000 billion dong to 6,000 billion dong in 2014. However, it failed to complete the raising scheme, though half of the capital needed was raised, as investors were not able to make complete payment. NamA Bank and OCB have to break the scheme into several periods in order to put less pressure on investors.

Dr Le Xuan Nghia, director general of the Business Development Institute (BDI) said that with the restructuring plan of SBV, only banks with the efficient financial capacity and strong growth would survive.

Capital raising plan thus is one of the solutions to ensure competitiveness in the future, which will not only be chosen by small banks but by all banks. However, because of the difficult situation of the market, raising fund is not easy. 

Some banks will therefore have to choose to be merged into larger scale banks. 

Source: Bao dau tu, Stocbiz

Friday, 09 January 2015 09:53

10 outstanding events of AASC in 2014

Walking on air of the New Year 2015, we would like to introduce 10 outstanding events of AASC Auditing Firm in 2014:

1. Foster cooperation and expand market share in the region and the world

In 2014, AASC was honorably selected as consultant for many priority projects such as: Project “Cayson Phomvihan Cultural House”, a meaningful present of the Vietnamese Communist Party, State and people to Laos; Project: “Mekong River  Sub-region highway expansion” funded by Thailand Ministry of Transport. This is clear evidence showing that AASC image has been increasingly expanded in the region and the world.

Bo Giao thong Van tai Thai Lan 1 

2. HLB international reviewed and appreciated the quality of AASC audit documentation

In two days from 16th to 17th January, 2014, at AASC head office, Mr. Darryl Swindells, a member of Quality Control Committee of HLB International has reviewed and assessed audit and financial consultant documentation of AASC Auditing Firm - Member of HLB International in Vietnam. After the review according to strict regulations of HLB quality control policy, Darry Swindells has given a good grade on quality of AASC documentation, consulted and supported AASC to enhance the quality in accordance with HLB and international standards.

HLB ra soat Final 

3. Promote appraisal and asset valuation

In order to diversify the service range, in 2014, AASC Auditing Firm has stayed focus on promoting appraisal and asset valuation services to transfer state-owned companies into joint stock companies such as: Airports Corporation of Vietnam; Vietnam Cement Corporation, Corporation No. 36 – Ministry of Defense, Railway Project Management Unit – Ministry of Transport. AASC has cooperated with Price Management Department – Ministry of Finance and Vietnam Valuation Association to ensure the best quality of professional services provided to clients.

 Hop Hoi Tham dinh gia

4. Preliminary results from cooperation with other auditing companies

Along with Big 4 auditing companies, in 2014, AASC has expanded the cooperation with Vietnamese auditing companies and achieved good preliminary results. Through cooperation, the service fee, quality and timing has been significantly improved.

5. Invest in facilities in Ho Chi Minh City and Southern provinces

Following AASC Development Strategy in accordance with Vietnam Auditing and Accounting Development Strategy approved by the Prime Minister and Minister of Finance, in 2014, AASC has signed a contract to purchase the rights to use more than 600 m2 office space at District 4, Ho Chi Minh City. This office, which is positioned closely to District 1, will come to operation in early 2016 on the occasion of 25 years establishment of AASC and Vietnamese Independent Audit profession.

Galaxy 9 2 

6. Lift up cooperation with international professional bodies

Along with ACCA, in 2014, AASC has been recognized by ICAEW and CPA Australia as “recognized employee partner”. Besides close operation with prestige professional body as ACCA, ICAEW, CPA Australia, AASC pledges to continuously improve the quality of human resource and professional services provided to clients in accordance with international standards.

At the ceremony to announce recognized partner certificate of CPA Australia, AASC Deputy General Manager Do Manh Cuong has also honorably become a new member of CPA Australia. At present, Cuong is a member of both ACCA and CPA Australia.

CPA Australia cong nhan AASC. Anh 2 CPA Australia cong nhan AASC. Anh 1

7. Revenue in the 7th fiscal year reached more than VND 136 billion

In 2014, AASC has achieved revenue of more than VND 136 billion, of which revenue generated from construction audit is VND 32 billion. That affirms the top position of AASC among Vietnamese auditing firms and helps AASC gradually be on a par with Big 4 auditing firms operating in Vietnam. Accordingly, AASC contributions to State Budget and charity have remarkably increased and living standards of AASC’s staff and their families have been improved.

8. AASC Branch in Ho Chi Minh City achieved highest revenue among departments and units of AASC

In the emulation atmosphere of all AASC’s Departments, Units and Branches before the 8th  meeting of AASC’s Board of Member, AASC Branch in Ho Chi Minh City has become a bright example in increasing revenue in the whole company. AASC’s image has been expanded and trusted by numerous clients in Ho Chi Minh City and southern provinces. Chairman of the Member Board, General Director of AASC Ngo Duc Doan recognized the hard working and determination of all leaders and staff of AASC Branch in Ho Chi Minh City and believed that this Branch will continue accomplishing great achievements and contribute significantly to the stable development of AASC.

AASC HCM tong ket Anh 2 

9. Establish new auditing departments (FIS1, FIS2) and appoint new key leaders

In order to strengthen the management model, AASC has established Foreign Investment Service Department No. 1 (FIS 1) and Foreign Investment Service Department No. 2 (FIS 2) from the former Foreign Investment Service and appointed new key leaders to these departments. AASC Board of Directors believed that the establishment of these two units will help AASC Auditing Firm improve the quality of professional services in accordance with international standards and expand AASC image in the region and the world.

Anh 2

10. The 8th Meeting of AASC Board of Member successfully organized, setting a new direction for the company’s operation

The 8th meeting of AASC Board of Member successfully took place in November 18th, 2014, summarized achievement of the company in the 7th financial year and 7 years of transformation from a SOE. The meeting also set a new direction for the company’s operation.

At the meeting, AASC Member Board has reached consensus on the company’s development strategy for the period from 2015 to 2017 in accordance with Vietnam Auditing and Accounting Development Strategy towards 2020, with a vision to 2030 approved by the Prime Minister in 2013.

Hop HDTV lan Tam anh 2. Final

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On the occasion of the 70th anniversary of Vietnam People’s Army (22/12/1944-22/12/2014) and 25th anniversary of National Defense Day, with encouragement of AASC Board of Directors and Party Committee, on 22/12/2014, AASC Auditing Firm held a cordial meeting to express thanks to veterans and soldiers currently working at the Company.

Speaking at the ceremony, on behalf of AASC Board of General Directors, Mr. Nguyen Thanh Tung, Deputy General Director of AASC recalled the noble traditions of Vietnam People’s Army and expressed sincere thanks to veterans and soldiers for their contribution to AASC. In the peaceful time of the country, the spirit, determination and of a soldier is still running through their veins, assisting them to overcome all difficulties and achieve successes. Recognizing and praising all their achievements, Tung hoped that all veterans and soldiers working at AASC will always be healthy, complete all assigned tasks and contribute more significantly to the development and prosperity of AASC and Vietnamese Independent Audit profession.

 Also at the meeting, on behalf of veterans, Head of AASC Veteran, Chairman of the Member Board, General Director of AASC Ngo Duc Doan was delighted to announce that AASC Veteran has been honorably to receive a Merit of Certificate of Minister of Finance according to Decision No. 3273/QD-BTC dated 18/12/2014 for great achievement in the emulation period from 2009 to 2014. General Director also believed that in the field of auditing and consulting, AASC veterans will always be active, creative and full of determination to help AASC strongly develop and be on a par with Big 4 Auditing Firms operating in Vietnam.

Photos of the meeting

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Deputy General Director Nguyen Thanh Tung recalled the noble traditions of Vietnam People’s Army

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Deputy General Director Nguyen Thanh Tung presented colorful flower to AASC veterans

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Head of AASC Veteran, Chairman of the Member Board, General Director Ngo Duc Doan delivered speech at the meeting

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Foreigners now feel secure to buy houses in Vietnam, Savills Vietnam Co., Ltd said on November 26, the day after the National Assembly adopted the amended Law on Housing, which allows foreigners and Vietnamese people residing abroad to hire and own real estate in Vietnam. 
Under the Law, foreigners will be entitled to own up to 30 percent of the apartments in a building, or 250 villas/ townhouses in a project. Moreover, the housing ownership certificate will be valid for 50 years. 
Statistics of Savills Vietnam show that overseas remittances to Vietnam in 2013 hit 11 billion USD, up 10 percent against the previous year. This is an abundant source to be poured into the real estate market once the law officially comes into force on July 1, 2015, said the firm.
The amendment of the law will make Vietnam’s real estate market more competitive and allow investors to gain better access to this attractive and potential market.
The adoption of the law at a time when foreign investors are paying more attention to the local property market will help promote business activities and create a more competitive and healthier financial climate, said Savills Vietnam.
According to the US-based property service provider CBRE Group, it is essential to simplify and concretize administrative procedures so as to create conditions for foreigners to rent and buy houses in Vietnam. 
The law will help increase the liquidity in the segment of high-end apartment in the coming time, said CBRE CEO in Hanoi Richard Leech, noting that it needs time to bring the law into life.

(Source: Vietnamplus.vn)

AASC Auditing Firm has recently organized the 8th Board of Member’s Meeting at Ho Tram, Ba Ria - Vung Tau province in a jubilant atmosphere to celebrate its achievements in the 7th fiscal year and during 7 years of transformation from a State owned Enterprise to a Company Limited with more than two members.

At the meeting, all members have passed AASC Comprehensive Annual Financial report for the 7th fiscal year, set up mission and implementation plan for the 8th fiscal year, summarized training and quality control activities and amended the company charterer, etc.  The Member Board has discussed thoroughly about managing human resources, improving quality and expanding market share in provision of audit, financial and tax consultancy services. Additionally, the Member Board has reached a consensus about the development plan of AASC for the period 2015-2017 in accordance with Vietnamese Auditing and Accounting strategy towards 2020 with a vision to 2030 approved by the Prime Minister.  

Speaking at the meeting, Chairman, General Director of AASC Ngo Duc Doan has called for wholehearted contribution of all members for AASC’s development of AASC in the following years. The Chairman also believed that with the right strategy and the consensus of all members, Board of General Directors, auditors, managers and staff, AASC Auditing Firm will develop strongly and stably, being a bright example in the Vietnamese Auditing companies and lifting AASC image to a new height in the region and the world.

Photos of the 8th Board of Member’s Meeting

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Chairman of the Member Board, General Director Ngo Duc Doan delivered speech at the meeting

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The Member Board of AASC Auditing Firm

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AASC has recently established new departments, appointed new key leaders and organized a ceremony to summarize operating results of Foreign Investment Service Department in the 7th financial year at its head office, No. 1 Le Phung Hieu Street. Attendees at the ceremony include AASC Party Secretariat, Chairman of the Member Board, General Director Ngo Duc Doan, Deputy General Director Do Manh Cuong, leaders of General Affair Department, Business Support Unit and FIS.

For nearly a quarter century, including 7 years of transformation from a State-owned enterprise into a limited liability company with more than two members, AASC has continuously developed with great achievements and maintained its leading position among Vietnamese Auditing Firms. In order to strengthen the management model, AASC has established Foreign Investment Service Department No. 1 (FIS 1) and Foreign Investment Service Department No. 2 (FIS 2) from the former Foreign Investment Service Department (FIS), appointed Mrs. Ngo Thi Huong as Manager of FIS 2, Mr. Nguyen Pham Hung as Deputy Manager of FIS 2, Mrs. Do Thi Hong Thuy as Deputy Manager of FIS 1 and tasked key leaders of these two units. AASC Board of Directors believed that the establishment of these two units will help AASC Auditing Firm improve the quality of professional services in accordance with international standards.

Speaking at the ceremony, AASC Party Secretary, Chairman of the Member Board, General Director Ngo Duc Doan has congratulated, recognized and praised the great success of FIS (former department of FIS 1 and FIS 2) as well as newly appointed leaders in the 7th fiscal year. General Director also believed that FIS 1 and FIS 2 will develop strongly, reach more achievements and expand AASC image in the region and the world.

Photos of the ceremony

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General Director Ngo Duc Doan granted the Decision on Personnel Appointment to Manager of FIS 2 Ngo Thi Huong

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General Director Ngo Duc Doan and key leaders of FIS 1 and FIS 2

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The newly appointed leaders pledged to continue to strive for greater achievements and contribute significantly to the prosperity of AASC Auditing Firm

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Thursday, 06 November 2014 15:06

Fitch upgrades Vietnam's credit ratings

September 3, 2014, Fitch Ratings has made an announcement of upgrading Vietnam's credit rating. Particularly, industrial development revenue bonds (IDR) in Vietnam dong and foreign currency has upgraded from B+ to BB-.

November 1, 2014_ AASC Branch in in Ho Chi Minh City jubilantly held a ceremony to summarize its operating results in the 7th fiscal year and plan activities in the 8th fiscal year.

At the ceremony, on behalf of AASC Branch’s Board of Management, Mr. Bui Van Thao, AASC Deputy General Director and Director of AASC Branch, has announced operating results in the 7th fiscal year of AASC Branch. Accordingly, at September 30, 2014, AASC Branch has reached VND 20 billion in revenue, increasing by 12% compared to that of the 6th fiscal year and successfully implemented its mission stated in the 7th Resolution of AASC’s Board of Members.

In the emulation atmosphere of all AASC’s Departments, Units and Branches before the 8th  meeting of AASC’s Board of Member, AASC Branch in Ho Chi Minh City has become a bright example in increasing revenue in the whole company. AASC’s image has been expanded and trusted by numerous clients in Ho Chi Minh City and southern provinces. Chairman of the Member Board, General Director of AASC Ngo Duc Doan recognized the hard working and determination of all leaders and staff of AASC Branch in Ho Chi Minh City and believed that AASC Branch will continue accomplishing great achievements and contribute significantly to the stable development of AASC.

Photos of the ceremony

AASC HCM tong ket Anh 1

General Director Ngo Duc Doan recognized and praised the efforts and determination of all leaders and staff of AASC Branch

AASC HCM tong ket Anh 2

General Director Ngo Duc Doan took picture with leaders of AASC Branch in Ho Chi Minh City

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ICAEW, a world leader of the accountancy and finance profession, has signed a Memorandum of Understanding (MoU) with the Vietnam Association of Accountants and Auditors (VAA) to strengthen its commitment to advance the accountancy profession. ICAEW also welcomed 12 Authorised Training Employers (ATEs) which will provide training for aspiring accountants. 

ICAEW that chat cam ket

The MoU was signed by ICAEW Regional Director for Southeast Asia, Mr Mark Billington, with VAA President and Former Vice Chairman of Economics and Budgetary Committee of the National Assembly, Associate Professor Dr Dang Van Thanh. 

Through the MoU, ICAEW and VAA will be working closely together to strengthen the accountancy profession in Vietnam. The two bodies will collaborate on matters of mutual interest, such as corporate governance, professional ethics, technical research, continuing professional development and training. 

Dr Dang Van Thanh, President of VAA, said: “This MoU presents an excellent opportunity for VAA to leverage ICAEW’s expertise and experience in conducting continuing professional development programmes and applying them in Vietnam, so as to ensure that the skills of our accountants are globally relevant and meet high international standards.”  

ICAEW will also be renewing an earlier MoU signed with the Vietnam Association of Certified Public Accountants (VACPA) in 2011, for a three-year term from 2014 to 2017. Building on the good working relationship forged between ICAEW and VACPA, both parties seek to renew its commitment to jointly develop the accountancy profession in Vietnam. 

VACPA President and Former Vice Minister of Finance, Associate Professor Dr Tran Van Ta said: “We value the good working relationship developed with ICAEW and the opportunity to draw from its views as a leading professional accountancy body. With the upcoming renewal of our MoU, we will continue to jointly develop international-standard accounting practices and regulations in Vietnam to further advance the profession.” 

As part of its continued efforts to promote and cultivate accountancy talent, ICAEW is also working closely with leading industry partners in Vietnam as Authorised Training Employers (ATEs) to provide the professional training needed for students to qualify as ICAEW Chartered Accountants. 

To date, ICAEW has welcomed a total of 12 ATEs in Vietnam. They are key industry players including AASC Auditing Firm, Crowe Horwath, EY, Grant Thornton, KPMG, Mazars Vietnam, NEXIA STT, PwC, Russell Bedford KTC, Standard Chartered Bank, Techcombank and UHY Vietnam Audit and Advisory, who join more than 2,850 ICAEW ATEs around the world. 

ICAEW and AASC

Mr. Mark Billington, ICAEW Regional Director Southeast Asia said: “Accountancy is a hugely dynamic and relevant profession for Vietnam’s fast-growing economy. The MoUs with VACPA and VAA address important issues such as corporate governance, professional ethics, technical research, continuing professional development and training, which are important elements for a successful economy.” 

“As a world leading membership organisation with a public interest focus, ICAEW works with national accountancy bodies around the world to promote and develop best practice. We are pleased to be working with VACPA and VAA to help shape and influence the accountancy profession and promote excellence in technical and ethical standards.”

Source: ICAEW Vietnam

 

From 8 October to 9 October, CPA Australia has organized the ceremony of member certificate presentation and recognized partner certificate in Hanoi and Ho Chi Minh City. At the ceremony, CPA Australia has acknowledged AASC Auditing Firms as its recognized partner for the period from 10 September, 2014 to 10 September, 2017.

CPA Australia cong nhan AASC. Anh 1

Deputy General Director honorably received “Recognized partner certificate” in Hanoi

CPA Australia cong nhan AASC. Anh 2

Deputy General Director, Director of AASC Branch in Ho Chi Minh City honorably received REP certificate in Ho Chi Minh City

CPA Australia is one of the largest professional accounting bodies in the world with a history that stretches back more than 126 years, comprising more than 144,000 members in over 127 countries. CPA Australia has established a representative office in Vietnam since 2008 and closely cooperated with prestige universities and professional associations such as Vietnam Association of Certified Public Accountants (VACPA), Vietnam Association of Accountants and Auditors (VAA). Currently, AASC Auditing Firm has 14 officers enrolling in CPA Australia training programs.  

CPA Australia cong nhan AASC. Anh 3

At the ceremony, AASC Deputy Manager Do Manh Cuong has honorably received member certificate of CPA Australia. Mr. Cuong is also a member of Association of Chartered Certified Accountants (ACCA). 

BBT 

 

In the happy atmosphere to celebrate the success of the 7th fiscal year and great achievements during 7 years of AASC’s transformation from a SOE to a company limited with more than two members, with encouragement of the Chairman of the Member Board and the Board of Directors (BoD), on 17th October, 2014, AASC Auditing Firm jubilantly held the 84th anniversary of Vietnam Woman’s Union Establishment (20/10/1930 – 20/10/2014) at AASC head office.

At the event, on behalf of AASC female members, Mrs. Nguyen Thi Hoang Lan, Head of the Woman’s Union, summarized the accomplishments and contributions of female members to the growth of AASC in 2013 and during 7 years of transformation. Despite the economic difficulty of the country and intense competition among auditing firms, AASC female members successfully implemented and completed all tasks assigned by the BoD, strongly developed AASC client system and provided highest quality of professional services to all clients. AASC female members, who are not only good at state affairs but also good at housework, always show positive attitude to job, work hard and have strong determination of solving difficult problems. All female members have significantly contributed to AASC success in maintaining the leading position among Vietnamese auditing firms. 

Also at the event, on behalf of the Member Board, the BoD, Deputy General Director Nguyen Thanh Tung recognized and praised remarkable contributions of female members to AASC’s development in the 7th fiscal year and during 7 years of transformation. Presenting colorful flower to female members, Deputy General Director wished them all the happiness, charming, health and hope they will continue making great contributions to the long-term and firm development of AASC.  

Photos of 84th anniversary of Vietnam Woman’s Union establishment

Anh 1

Head of the Woman's Union Nguyen Hoang Lan summarized activities and contribution of AASC female members to the growth of AASC in 2014 and during 7 years of transformation

Anh 2

Anh 3

Deputy General Manager Nguyen Thanh Tung and Deputy General Manager Nguyen Quoc Dung praised contributions and presented colorful flowers to AASC female members 

BBT 

 

Farming products account for a large proportion of total agricultural products. However, the growth of farming seems unstable growth in many years and slows down recently, Minister of Agriculture and Rural Development Cao Duc Phat addressed at Farming Restructure Conference on 23 September, 2014.

In 2011, farming saw an increase of 2.4% in value but only 2.3% in 2013. The low growth rate of farming leads to the decrease in growth of agricultural- forestry – fishery products.

Rice is the main farming product in many localities but it is difficult to increase the growth of this product, especially when the area of farmland cannot be expanded.

The Ministry of Agriculture and Rural Development has implemented the Project “Agriculture Restructure on added value and sustainable development” to reach the full potential of this field.

Minister Phat added that the awareness and approach to farming must be innovated first. It is required to change the production mode, approach method from quantity approach to improve sustainable added value and more specifically, towards the income of sustainable farmers.

 “Additionally, we need to have synchronous methods to implement succesffuly the plan”, Phat emphasized.

Along with the restructuring scheme of cultivation, the Ministry of Agriculture and Rural Development also conducted a parallel plan for the protection of vegetation (PPD) to accelerate the structure of cultivation.

Nguyen Xuan Hong, Director of the Department of Plant Protection (Ministry of Agriculture and Rural Development) revealed at present, farmers still mainly rely on pesticides to protect plants. Abuse of pesticides has strongly increased the cost of production.

"We can reduce 50% of current pesticides. Many experts have assessed that 80% of injection drug is not necessary" Mr. Hong said.

Currently, the restructuring of the farming sector has been performing strongly on three key products: rice, coffee and cashew. However, according to the Minister, there are still many difficulties to implement this project.

In the coming time, localities and businesses need to identify the key products with high competitiveness to invest in and obtain the highest efficiency.

Since then, there will be appropriate evaluation and replication of such investments in the whole country.

Source: Web Portal of the Ministry of Agriculture and Rural Development

The Construction Auditing Department of AASC has summarized its operating results in the seventh fiscal year and planned tasks in the eighth fiscal year at Kim Boi, Hoa Binh province recently.

According to leaders of the Construction Auditing Department and AASC Chief Accountant, at the end of the seventh fiscal year (September 30, 2014) since the privatization from State-owned enterprise to Company Limited with more than 2 members, the Construction Auditing Department has excellently completed tasks assigned by AASC Board of Directors with revenue achieved at VND 13.66 billion, increasing by 17% compared to that of the 6th fiscal year and successfully implemented mission stated in the seventh Resolution of the Board of Members.

In the jubilant atmosphere of emulation of all AASC’s Departments, Units and Branches before the eighth meeting of AASC’s Board of Member, the Construction Auditing Department has become a bright example for the successful increase in revenue in the whole Company. This achievement has proved the excellent leadership and ability of the Chairman of Board of Member, Board of General Directors and the consensus of all auditors and staff of AASC Construction Auditing Department. This success will be a motive force which encourages all Departments, Units and Branches to implement and complete the eighth fiscal year plan, maintain the position of AASC as the leading auditing firms among Vietnamese Auditing companies and gradually become an auditing firm on par with the Big4 Auditing Firms operating in Vietnam.

CONGRATULATION ON THE SUCCESS OF THE CONSTRUCTION AUDITING DEPARTMENT

Phong KT XDCB tong ket

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On October 4, 2014, in Hanoi, the North Power Corporation of Vietnam Electricity (EVN NPC) jubilantly organized the ceremony “45 years of establishment (October 6, 1969-October 6, 2014) and receipt of First Independent Medal”. Attendees at the event include Deputy Prime Minister Nguyen Thi Doan, former Chairman of the National Assembly Nguyen Van An, leaders of Ministry, Sectors and distinguished guests. Speaking at the ceremony, Nguyen Phuc Vinh, Chairman and General Director of EVN NPC, expressed his proud on the development of the Corporation in the last 45 years: “Throughout its history, NPC has significantly contributed to the establishment and development of electricity sector of Vietnam”.

On behalf of the Board of Members and Board of Director of AASC, Chairman of the Member Board, General Director Ngo Duc Doan attended the ceremony and congratulated leaders of EVN EPC. The Corporation has been honored to receive prestige awards of the Communist Party of Vietnam and the Government such as the First Independent Medal and numerous merit certificates for EVN NPC leaders and staff. With its utmost effort, AASC Auditing Firm pledges to be a trusted and prestige consultant who will strongly support EVN NPC to continue contributing to the prosperity of the country and the community development.

Photos of the ceremony

45 nam EVN NPC Anh 1

Chairman, General Director of EVN NPC Nguyen Phuc Vinh delivered speech at the ceremony

45 nam EVN NPC Anh 2

Chairman of the Member Board, General Director of AASC Auditing Firm Ngo Duc Doan attended the ceremony and shared happiness with leaders of EVN NPC

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On the morning of 30/09/2014, the inauguration ceremony of the project “Office Building of the Communist Party of Vietnam Committees (the CPV Committee)” was solemnly held at No. 1A, Hung Vuong Street, Hanoi. The ceremony was honored to receive Mr. Ngo Van Du, Politburo member, Secretary of the Party Central Committee (PCC) and Head of the PCC Commission for Inspection, Mr. Tran Quoc Vuong, Secretary of the PCC, Chief of the Secretariat and other distinguished guests attending and congratulating on the success of the project. Mr. Ngo Duc Doan, Chairman of the Member Board and General Director of AASC Auditing Firm also attended the ceremony to congratulate leaders of PCC Commission for Inspections, leaders of Party Central Office and Management Board of CPV construction projects - the project investment owner.

The Office Building, which has been constructed from 02/12/2012 under the supervision of the Management Board of CPV construction projects, is a major project of CPV that AASC is trusted and appointed as consultant to provide service of auditing settlement report. This Building is expected to improve working conditions of the PCC Commission for Inspection and other Committees as well as facilitate the management of those committees in new circumstances of the country.

Photos of the inauguration ceremony

Khanh thanh Anh 1

 

Khanh thanh Anh 2

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The Government issued Decree No. 86/2014/ND-CP providing new regulations on conditions for car transportation.

Van tai bang oto

Taxi driver must print invoice

Since 1/7/2015, for car from 10 seats or more, enterprises engaged in auto transportation business must inform Transportation Department where transport license is granted about itinerary, number of guests, pickup points, and duration of contract before implementing a transportation contract or a travel contract.

Since 1/7/2016, enterprises are required to install invoice-printing devices stick to cash clock in taxi and taxi drivers must print invoice and handover customers.

Regarding conditions for auto transportation business: Transport enterprises must register car transport certificate, guarantee technical safety and install tracking device on vehicles as regulated. Service staff must be trained in travel knowledge according to transport law and relevant statutory regulations.

Additionally, transport enterprises must possess vehicles with tracking devices, install computer with internet connection, supervise and handle information displayed in tracking devices, supervise traffic safety, etc.

Converted cars are not allowed to carry tourists

Duration: Passenger cars with 10 seats or more are allowed to operate in 15 years for journeys over 300 km (since 1/1/2016, converted cars are not allowed to carry passengers), and 20 years for journeys of 300 km or less. For vehicles converted to passenger cars before 1/1/2002, the duration is 17 years.

The duration for taxi is 8 years at special urban areas and 12 years at other localities.

The duration for tourist vehicles is 15 years and converted cars are not allowed to carry tourists.

Additionally, in cases transport enterprises do not perform transport services according to business certificate, over 50% of drivers breach transport law causing serious accidents in a year, repeat an offence against transport law and condition for car transportation causing serious accidents, the business certificate may be revoked.

Source: Web Portal of the Government

Wednesday, 24 September 2014 10:40

Buy or rent a house?

The trend to rent a house instead of buying increases dramatically in Hanoi and Hochiminh City, nowadays.

High demand for house

Demand for house experiences dramatically increase in large urban areas with high urbanization speed. The population of Vietnam currently is over 90 million people, of which, the urban population accounts for 32.5%, especially in Hanoi or HCMC. It is estimated that inhabitants in Hanoi and Hochiminh are approximately 7.1 million and 7.8 million, respectively.

Of 14.9 million people, 6.3 million people are at working age and more than 6 million people are employed. According to the market research, it is estimated that about 10% of employed people hunger for houses, average size of households was 3.85 persons, therefore, at least 155,800 families are in need housing.

Therefore, buying or renting a house is big decision for inhabitant. According to CBRE, the trend to rent a house seems to be reasonable to many people.

Vietnamese used to stick with the traditional option of buying a house for the settlement. Besides, some of them suppose that the real estate might bring benefit in short-term of 1-2 year or might be longer 5-10 years. Additionally, inhabitants who own houses, especially in Hanoi or Hochiminh could have return from the leases.

However, recent pressure from the increase in immigration leads to the boost of house renting in Vietnam. House renting used to be supposed “temporary” and is not a preferred choice of the majority of Vietnamese.

According to the survey of housing resources in Hanoi and Hochiminh city:

Buy or rent a house. Final 1

Buy or rent?

According to the survey of CBRE Vietnam, Vietnamese have more choice to buy or rent houses due to current interest rate. In Vietnam, real estate price is much higher than average income, especially 5-10 years ago. However, the housing market experiences the recession, housing prices were pretty lower than before. Besides, the appearance is widespread source of cheap houses from 500-800 USD / m2 has made owning an apartment becomes more feasible.

Interest rate of home loans was also down for four consecutive years, from a peak of 21% / year in 2011 to less than 12% / year this year.

According to CBRE, with middle level apartments at VND 1.6 billion, young families can afford to pay 50% equivalent to VND 800 million and assume their mortgage lending flat 50% within 15 years with average interest rate of 12%, then, according to CBRE, every month they have to pay both principal and interest in approximately 9.6 million / month. After deducting the opportunity cost of apartment prices, income from savings, net payments to buy a house is about VND1.3 billion.

Meanwhile, according to CBRE, for renting the equivalent apartments in Hanoi and Hochiminh City, people have to pay around VND 6 million /month and approximately VND 7 million /month, respectively. Assuming that renting price rose by 2% per year, the total cost after 15 years lease in Hanoi around VND 1.29 billion and VND 1.5 billion in HCMC. 

As the result of this study, it is better to buy house in Hochiminh City and rent house in Hanoi. However, it is noted that, interest expense should be firstly considered because it depends on the high or low prepaid amount. Therefore, if inhabitant in Hanoi can prepay a large sum of money, their better choice will be “buy”. And in HCMC, with higher rent than in the Hanoi and conditions as the incentive interest rate from bank, it will be the better buy.

Source: Brief news from Gia Bao, Infonet

 

Wednesday, 24 September 2014 08:54

Medical Spare Parts Exempted From Import Duties

The Prime Minister Nguyen Tan Dung issued Decision No. 54/2014/QD-TTg on import duty exemption for medical spare parts imported for production and assembly of medical equipment being subjects to research and manufacture priority.

Accordingly, spare parts imported for production and assembly of medical equipment and devices being subjects to research and manufacture priority will be exempted from import duties within five years, dating from the date of commencing production and assembling activities.

The medical spare parts must be those which Vietnam are unable to produce and used for production of diagnostic, therapeutic, sterilization, testing, waste water treatment equipment, medical waste, rehabilitation equipment, medical equipment for families and individuals.

Source: Web Portal of the Ministry of Finance

Russia aims to boost bilateral trade with Vietnam in the field of agricultural products, said Mr. Maxim Golikov – Head representative of Russia Commercial Department in Vietnam. Additionally, a ban on importing fruits imposed by EU also pushes Russia to Asian suppliers.

Nga muon nhap Nong san Vietnam

In particular, list of import goods which are in high demand includes tomato, potato, apple, vegetables, shrimp, fish fillet, wood, catfish, basa fish, tea, coffee, tea, vegetables fruit, pepper, cashew, rubber, cashews... and other fruits.

Since tension grows between EU and Russia, Vietnamese enterprises have good opportunities to approach Russia market, Golikov revealed. As statistic of the Import-Export Department, the number of Vietnamese fishery enterprises operating in Russia has increased from 10 to 20.

Vietnam has qualified fishery and agricultural products that meet Russia’s requirement but it is still difficult to penetrate this market, said Mr. Nguyen Binh Giang, the Import-Export Department, Ministry of Industry and Trade.

Particularly, high tax rate and long-time transportation were obstacles that reduce competitive advantages of Vietnamese products; tight technology barriers, difficulty in RUB to VND conversion and payment method under 20-30% deposit term also restrain Vietnamese products to Russia market and push Vietnamese enterprises into debts.

Therefore, Giang proposed that Russia side approves the list of Vietnamese enterprises eligible for exporting fishery-forestry-agricultural products into Russia issued by the Import-Export Department

Russia Commerce Department shall submit recommendations from Vietnamese side to Russian Government for resolutions and facilitation of RUB to VND conversion, Golikov said.

The Import-Export Department believes that exporting Vietnamese agricultural products into Russia shall not be stuck thanks to high demand from this market.

However, post-harvest process in Vietnam is still not developed when added value earned is much lower than potential. In specific, agricultural products exported to Russia accounts for only 1.6% of the total agriculture exports.

According to experts, Vietnam must improve the post-harvest process and enhance collaboration between enterprises and the Government so as to increase agriculture export to Russia. In which, the Government shall support enterprises via trade promotion opportunities and policies to bolster export. Vietnamese enterprises must also propose and participate in making state policies so that the Government can deeply understand the demand, difficulty and advantage of enterprises, market information so as to issue appropriate policies.

Source: http://xttm.mard.gov.vn - Ministry of Agriculture and Rural Development

Deputy Finance Minister Do Hoang Anh Tuan issued Circular No. 126/2014/TT-BTC providing regulations on tax declaration, payment, late payment, fines for late payment and other fees applicable to imports and exports.

In the happy atmosphere towards Mid-Autumn Ceremony 2014, on 05/09/2014, AASC Auditing Firm jubilantly held “Moon Festival 2014” for children of auditors and staff of AASC. The festival was successfully organized with exciting and meaningful stories and performances.

Chairman of the Member Board, General Director of AASC Mr. Ngo Duc Doan, members of the Board of Directors, leaders of departments and numerous staff of AASC attended the festival and shared the joy of all children.

The festival was opened with excellent songs and dance performed by children. With the lovely voice and professional style, all performances received enthusiastic cheering from audience. Following is the lion dance which brought the excited atmosphere of the traditional moon festival to all children and parents. Along with the vibrant folk games, all children had opportunity to meet fairy characters in their dream such as Cuoi Uncle, Phoebe, etc. and listen to meaningful stories which educate them to study hard and be good boys.

Besides business activities, AASC always focuses on social responsibilities in the history of the Company, particularly organizing activities for children of AASC employees who may become high quality staff of AASC in the future. Giving meaningful presents to children with high results in studying, Mr. Doan expected that all staff and their children had a happy and cozy mid – autumn ceremony.

Photo of the festival

Trung thu 2014 anh 1

AASC Chairman, General Director Ngo Duc Doan delivered speech at the festival

Trung thu 2014 anh 2

Leaders of AASC present gifts to children with high results in study

Trung thu 2014 anh 3

Art performance by children 

Trung thu 2014 anh 4.final

Lion dance brought exciting atmosphere to the festival

Trung thu 2014 anh 5

Children meet Cuoi Uncle and the Phoebe in folk games

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On 06/8/2014, the Ministry of Finance issued Circular No. 103/2014 / TT-BTC guiding the implementation of tax obligations applicable to organizations and individuals operating business or having income in Vietnam.

Huong dan ve thue 06.08.2014

Accordingly, VAT will be imposed on services or services associated with goods subject to VAT provided by foreign contractors and subcontractors according to contracts and used for production, sales and consumption in Vietnam.

In case goods are supplied under a contract inside the territory of Vietnam or associated with services conducted in Vietnam such as installation, commissioning, warranty, maintenance, replacement and other services (including free services), whether the provision of such services is in the contract price or not, goods and associated services will only be subject to VAT at the import gate as regulated. If the contract does not separate the value of goods and services (including free services), both will be imposed VAT.

Taxable income of foreign contractors and subcontractors is income arising from the provision and distribution of goods; provision of services or services in association with goods and services in Vietnam according to contracts.

Where goods are delivered inside Vietnam or the supply of goods together with a number of services carried out in Vietnam as advertising and marketing services (marketing), trade promotion activities, after-sales services, installation services, commissioning, warranty, maintenance, replacement and other services (including free services), whether the provision of such services is in the contract price or not, the taxable income of foreign contractors and subcontractors is the total value of goods and services.

The Circular also regulates the direct method of paying VAT (value-added tax) and CIT (corporate income tax).

Revenues from provision of services, machine and equipment leasing, insurance, construction and installation without the supply of raw materials, machinery and equipment will be subject to a VAT rate of 5%. For production, transportation and services in association with products, construction and installation with the supply of raw materials, machinery and equipment, the rate is 3% and other business activities, the rate is 2%.

Trade distribution, goods supply, materials, supplies, machinery and equipment; distribution and goods supply, materials, supplies, machinery and equipment in association with service in Viet Nam will be subject to a corporate income tax rate of 1%; for services, equipment leasing, insurance, oil rig rent, the tax rate is 5%; for other production, business, transportation (including shipping, air transport), the rate is 2%; for the transfer of securities, certificates of deposit, foreign reinsurance, and reinsurance commission, the rate of 0.1% will be applied.

This Circular takes effect from October 1, 2014 and replaces Circular No. 60/2012/TT-BTC dated April 12, 2012 of the Ministry of Finance guiding on tax obligations applicable to foreign organizations or individuals trading or receiving incomes in Vietnam.

Source: The Ministry of Finance Portal

 

 

The Government promulgated Decree no. 71/2014/ND-CP dated July 21, 2014 detailing Law on Competition handling violation in competition domain.

Quang cao gian doi

Accordingly, since September 15, 2014, enterprises are subject to a fine of from VND 60 million to 80 million for imitating other advertising products to mislead clients, comparing their products or services directly with those of the same kind of other enterprise, VND from 80 million to 140 million for using misguided advertising on price, quantity, quality, utility, warranty time etc.

Another notable point is the Decree increases fines imposed on acts of promotion for unfair competition and violation on multi-level sale. Accordingly, since September 15, 2014, a fine of between VND 50 million to 80 million, increasing by VND 45 million to 55 million from previous fines, is applied to acts of promotion giving false information on prizes or products to mislead clients. For enterprises paying the multi-level salespeople the totally annual commission, bonus and other financial benefits which exceed the 40% of the turnover of such year of the multi-level marketing companies, enterprises asking salespeople to deposit or buy products to participate in the network, a fine from VND 40 million to VND 60 million and from VND 60 million to VND 100 million will be applied respectively.

Since September 15, 2014, an enterprise whose combined market share in the relevant markets is at least 30 % shall be fined up to 10% of its turnover of the financial year before the year in which one of these following violations is committed: Agreement on a fixed price for some or all goods; Agreement to reduce or raise the price at a specific rate; Exclusive dealing and market division, agreement to limit production and sales..

This fine also applied to enterprises committing following violations: Imposing the sale prices for goods and services, which causes damage to the customers; Imposing the quantity of supplied goods and services to create the scarcity in the market; Bid rigging; Agreement to prevent other enterprises from getting into market or developing business, etc.

This Decree takes effect from September 15, 2014.

Source: Ministry of Industry and Trade Website

Thursday, 07 August 2014 09:05

Standards on quality of mobile messages

The Ministry of Information and Communications (MIC) promulgated Circular No. 07/2014/TT-BTTTT taking effect from 15/1/2015 and providing national technical standards on quality of short message service on the Public Land Mobile Network.

Quy chuan tin nhan di dong

These standards will apply to state management agencies and enterprises providing short message service. The quality of short message service on the Public Land Mobile Network will be managed according to regulations of State and the MIC.

In addition, these standards will serve as a basis for users supervising the quality of short message service on the Public Land Mobile Network.

Successfully delivered and received messages must account for 92% of total messages.

It is required that the times of successful assess to service is more than 95% out of total assess according to the standards.

The delay time to access the service successfully is set at less than 5 seconds (average) and the rate of successfully delivered messages is no less than 92% out of total messages delivered (excluding false messages).

Enterprises proving short messages in Public Land Mobile Network must ensure the quality of services according to these standards, conduct procedures of announcement of technical-regulation conformity and be subject to inspection and supervision by competent state agencies.

Responsibilities of enterprises providing message services are also detailed in regulations on telecommunications service quality control of Circular No. 08/2013/TT-BTTTT of the MIC.

Additionally, Vietnam Telecommunications Authority and Department of Information and Communication are responsible for guiding and implementing the management of quality of message service on Public Land Mobile Network as prescribed in these standards.

Source: Portal of the Ministry of Information and Communications

Friday, 01 August 2014 08:24

“Donating blood - Lighting hope”

Following the work plan of the Youth Union in 2014 and according to Plan No. 81-KH/ĐTN-BTC dated 30/06/2014 of the Standing Committee of the MoF Youth Union regarding the organization of blood donation campaign 2014, in response to the movement “Red Journey-Connecting Vietnamese blood”, on 31/07/2014, members of AASC Auditing Firm Youth Union participated in Blood Donation Ceremony organized by MoF Youth Union and National Institute of Hematology and Blood Transfusion.

Giving blood to save people’s lives is a noble gesture, a precious tradition of Vietnamese people in general and AASC Auditing Firm in particular. Members of AASC Youth Union have enthusiastically participated in the movement, donating blood and bringing hope to patients. Particularly, Mr. Vu Xuan Bien - Manager of Auditing Department No. 2 and Mrs. Nguyen Hoang Trinh, Deputy Manager of Project Auditing Department and a number of AASC Youth Union members also donated blood this time, after giving blood in the movement 2013. This movement was a meaningful act, showing great humanity and mutual affection between Vietnamese people and attracted numerous citizens to take part in. This is also one of activities spreading the spirit and tradition of solidarity as well as responsibility of AASC Auditing Firm to the community, to the auditing and consulting profession.

Photo of the ceremony

Hien mau anh 1

 

Hien mau anh 2

Hien mau anh 3

AASC Youth Union

The agriculture sector earned USD 2.38 billion in July, pushing the seven-month results to USD 17.43 billion, a rise of 11.8 percent over the same period last year.

Xuat khau nong lam thuy san

According to the Ministry of Agriculture and Rural Development, agro-products exports reached USD 8.31 billion, up 5.9 percent, fishery products exports enjoyed a rise of 24.5 percent with USD 4.2 billion and forestry products generated USD 3.52 billion from export, up 13.2 percent.

Coffee and pepper, cashew nut, aquatic products, wood and wood products maintained growth in both volume and value while main farm products as rice, rubber, tea, cassava and cassava products saw a year-on-year fall.

Strongest growth was seen in pepper export with 9,000 tons shipped abroad in July for USD 74 million, pushing the volume of pepper export in 7 months to 119,000 tons for USD 862 million, representing an increase of 28.6 percent in volume and 41.8 percent in value compared to 2013.

The coffee sector experienced strong growth in July with 77,000 tons shipped worth USD 179 million, bringing the earnings from coffee export in 7 months to USD 2.31 billion with 1.12 million tons shipped, a year on year increase of 26.9 percent in volume and 21.9 percent in value.

Cashew nut sector enjoy a rise of 15.7 percent and 17.5 percent in volume and value respectively over the same period of 2013. In July, cashew nut exports reached USD 169 million with 25,000 tons, lifting export volume of cashew nut in 7 months to 158,000 tons with USD 1.02 billion.

Meanwhile, aquatic exports brought home USD 647 million in July and 4.2 billion USD in 7 months, up 24.5 percent year on year.

A drop in both volume and value was seen in the export of a number of products, particularly in rubber sector with a decrease of 10 percent in volume and 32.3 percent in value compared to 2013. In July, rubber exports reached USD 175 million with 103,000 tons shipped as estimated, which made up USD 828 million earned in 7 months with 451,000 tons exported.

Rice exports suffered from a decrease of 7.9 percent in volume and 4.8 percent in value. The country exported 606,000 tons of rice for 278 million USD as estimated, bringing the volume of rice export in 7 months to 3.86 million tons with USD 1.75 billion.

Source: Office of Ministry of Agriculture and Rural Development

Anh luu tru hang nhap khau tai VietnamJuly 17, 2014 - Ministry of Finance promulgated Circular No. 94/2014/TT-BTC regulating on customs procedure, supervision and inspection of goods temporarily imported, transferred through border-gate and stored in bonded warehouse and solutions in case goods are denied to receive.

Accordingly, goods temporarily imported for re-export could be kept in Vietnam up to 60 days since the date customs procedure for the temporary import is completed. For each consignment, extensions could be made maximum 2 times but not exceed 30 days of each. When the storage duration was over, the goods would be forcibly re-exported from Vietnam through the border gate of temporary import in 15 days. If not, they would be seized and demolished.

Additionally, according to the Circular, it is not allowed to divide containers in transit of goods from temporary import border gate to inspection areas of customs authorities, re-export gate, customs clearance place. In case the division of container or other changes are necessary, enterprises must submit a request to Head of direct customs office at the place where goods are kept.

Upon the completion of customs procedure, goods must be placed in full and re-exported within 8 working hours since their arrival at the export gate and receipt of customs authorities’ confirmation in the handover report. In cases the whole or a part of consignment cannot be exported, the Head of Customs Office may consider the request of enterprises to extend the time for exporting, but the export date must be in storage duration in Vietnam.

This Circular takes effect from 30/08/2014 and abrogates Circular No. 59/2013/TT-BTC dated 08/05/2013.

Source: Portal of Ministry of Industry and Trade

Following policies of the Communist Party of Vietnam (the CPV) and the Government on transformation of state-owned enterprises into joint stock companies, since 2003, AASC has provided business valuation for equalization service to a large number of clients and achieved significant successes in this field. AASC has not only affirmed its prestige in the country but also has been a trusted consultant of numerous enterprises and organizations in building financial solutions and managing business efficiency.

Professional services supplied by AASC have always been trusted by diversified clients nationwide. After the completion of business valuation services, most companies have asked AASC to provide further consultancy services to fasten the equitization progress and business valuation services (stage 2) for the transformation from State owned companies to joint stock companies as well as auditing financial statements of joint stock companies after equitization. Numberous enterprises under Ministries and localities, General Corporations have trusted in AASC services for years. Recently, Airports Corporations of Vietnam under Ministry of Transportation and Corporation 36 under Ministry of Defense have also appointed AASC as consultant on business evaluation for equitization.

Tong Cong ty 36

General Director of AASC and General Director of Corporation 36 at the ceremony of signing consutancy contract

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The World Bank has committed US$2 billion to 30 Vietnamese cities to carry out urban development and management, institution and infrastructure construction projects.

WB ho tro 2 ty do

WB country director for Vietnam Victoria Kwakwa disclosed the figure at an annual conference on the Vietnam Urban Forum (VUF) in Hanoi on June 27.

Effective urbanisation is the main topic of the dialogue.

Minister of Construction Trinh Dinh Dung, the forum’s co-president, stated that the Vietnamese urban system has been developing and is a driving force behind national construction and development.

VUF serves as a bridge between the Government and donors, investors, management agencies, associations, non-governmental organisations and businesses. Its activities have contributed to accelerating international integration on urban development, he said.

Serge Allou, an expert of the World Cities Alliance, said with the participation of international donors, their recommendations will help contribute to urban development in Vietnam.

Vietnam has more than 770 urban residential areas that make up 33% of total country’s population. However, urban development remains difficult and challenging.

VUF announced its strategic plan in the 2014-2020 period, with a focus on promoting dialogue to share experience and knowledge among organisations and individuals in all economic sectors as well as donors for urban management and development.

WB country director for Vietnam Victoria Kwakwa disclosed the figure at an annual conference on the Vietnam Urban Forum (VUF) in Hanoi on June 27.

Kwakwa – the forum’s co-president - said Vietnam is a developing country and its urbanisation must be implemented effectively to contribute to economic development. Effective urbanisation will optimise human, land, and capital resources, spur social welfare, and remove barriers to development.

Vietnam has more than 770 urban residential areas that make up 33% of total country’s population. However, urban development remains difficult and challenging. Supervising the implementation of urbannisation plan, coordination between areas, investments inconsistent with schedule and lack of investment orientation are main barriers to develop urban areas.

VUF announced its strategic plan in the 2014-2020 period, with a focus on promoting dialogue to share experience and knowledge among organisations and individuals in all economic sectors as well as donors for urban management and development.

VUF is recognized for policy dialogues, sharing knowledge, information management and policy proposal.

Source: Bao Xay dung online - Ministry of Construction

On the morning of July 21, 2014, in Hanoi, the Ministry of Finance, in collaboration with Vietnam Association of Certified Public Accountant (VACPA), held an annual meeting of directors of auditing companies 2013-2014. The meeting was chaired by Assoc. Prof. Dr. Dang Thai Hung, Director of Accounting & Auditing Policy Department and Assoc. Prof. Dr. Tran Van Ta, Chairman of VACPA. Attendees at the meeting  include leaders of departments of the Ministry of Finance (the MoF), State Securities Commission, professional associations and over 60 accounting firms in Northern Vietnam. Chairman of the Member Board, General Director of AASC Ngo Duc Doan also took part in and delivered speech at this meeting.

Under the authority of leaders of the MoF, Director Dang Thai Hung summarized and evaluated the situation of auditing profession in 2013 and announced 2014 direction. In general, operating results of auditing firms in 2013 showed positive signs and witnessed a boost in both scale, revenue, number of clients and services as well as service quality provided to clients. Among Vietnamese auditing firms, AASC maintained its leading position in the aspect of revenue with over VND 130 billion achieved. Particularly, AASC revenue from auditing finalization reports of completed constructions reached over VND 30.7 billion, which kept AASC at top in the independent audit profession. Director Hung also announced the direction for independent audit profession in 2014 and resolutions to tackle misstatements in the operation of auditing firm, aiming to build a more transparent audit market.

Speaking at the meeting, Assoc. Pro. Dr. Tran Van Ta - Chairman of VACPA reported on the operation of the association in 2013 and shared useful information in organizing training course for continuing professional development, establishing 10 Vietnamese standards on auditing (stage 2), promulgating 37 prevailing standards. Chairman Tran Van Ta also hoped that with the support from the MoF, professional associations such as ACCA, CPA Australia, etc. VACPA and its collective members as weill as individual members will positively contribute to independent audit profession in the time ahead.

As  the leading one among Vietnamese auditing firm and a collective member of VACPA, AASC Auditing Firm commits to close cooperate with other auditing firms to develop professional knowledge and skill, enhance professional ethics of auditors to provide clients with diversified and highest quality services and significantly contribute to the development of independent audit profession.

Photos of the meeting

Hop Giam doc Anh 1

Director Dang Thai Hung summarized the situation of independent audit profession in 2013 and announced 2014 direction

Hop Giam doc Anh 2

Chairman of VACPA Tran Van Ta reported on the operation of VACPA 2013 and shared information of VACPA training courses

Hop Giam doc Anh 3

Leaders of more than 60 auditing firms and professional associations at the meeting

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As financial news on July 03, 2014, while banks are required to apply cap interest rate, financial companies might not face weaknesses like cap interest rate, complicated lending procedures, illiquidity, etc. These are advantages of financial companies that banks should keep in mind in order to boost the retail market, especially after the promulgation of Decree No. 39/2014/ND-CP.

It could be named some recently cases reflecting the M&A such as VP bank and Vinacomin Finance Company, the Housing Development Joint Stock Commercial Bank (HDBank) and Société Générale Viet Finance (SGVF), one of the largest foreign-owned consumer finance companies in the country. To be hunger for benefit, banks unveiled plans to acquire finance companies to take advantage of their retail business and boost lending and avoid disadvantages as mentioned above. Especially, newly promulgated Decree No. 39/2014/ND-CP on operation of financial companies also attract bank to buy to expands the business fields of financial companies. Particularly, financial companies could borrow loans from domestic and overseas credit institutions and financial institution provide bank guarantee and issue credit cards. In term of financial companies, the experience of loss seen in Post Financial Company, Rubber Financial Company, pressures of divestment and restructuring from the State, emerging to bank could be a brighter future for them.

As statistics, Vietnam currently has 5 foreign financial companies such as Prudential (Anh), PPF (Hollands), Toyota Vietnam (Japan), Vietnam JACCS (Japan), Miare Asset and 12 financial companies under the State owned Corporation and Group. While the 5 companies have no intention to be sold, bank could have only one choice to buy the State-owned companies to boost their retail sales.

 

Source: Financial news (VTV1)

Tuesday, 08 July 2014 15:18

EVN pulls out from property sector

Electricity of Viet Nam (EVN) has completed divestment from its real estate holdings and is hurrying to withdraw capital from financial organizations, according to officials.

EVN thoai von o DN BDS

The group's recent report on its business operation in the first half of the year showed that it completed divestment at Saigon Vina Real Estate Company (Land Sai Gon) and the Central Power Real Estate Joint Stock Company (Land Mien Trung), as approved by the Ministry of Industry and Trade.

EVN also completed the transfer of its 1 million shares at Global Insurance Corporation (GIC) to International ERGO Company to reduce its stake in the company from 22.5 to 20 per cent.

Further, EVN sold more than 25.2 million shares at An Binh Bank (ABBank) to Ha Noi Import-Export Company (GELEXIMCO). Its stake at ABBank has now been lowered from 21.27 to 16.02 per cent.

Currently, EVN's capital at ABBank included profits from shares and cash. Its investment at the bank will continue to lessen, based upon the Government's requirements.

The group added that it has withdrawn all capital from EVN Investment and Construction Company, as it sold 500,000 shares at the company to ensure the highest effectiveness of the transfer.

It has also been carrying out procedures to divest investments from An Binh Securities Company (ABS), auctioning off 11.4 million shares as approval of Ministry of Industry and Trade.

The ministry approved its divestment plan at EVN Finance Company (EVNFinance) to reduce its stake from the current 40 per cent to 15 per cent. Under the group's restructuring plan, EVN would withdraw from seven joint stock companies by the end of 2015.

Source: Vietnamplus.vn

(ĐTCK) Dẫu môi trường cạnh tranh ngày càng gay gắt, nhưng AASC, một trong hai DN kiểm toán đầu tiên của Việt Nam vẫn có số lượng khách hàng lớn, doanh thu nổi trội và trở thành niềm tự hào của làng kiểm toán Việt.

In order to implement the Law on Independent Audit and development strategy of AASC according to Vietnam Auditing and Accounting Strategy towards 2020, with a vision to 2030, under the direction of the Board of Directors, from 23/06/2014 to 04/07/2014, the Training and Quality Control Department, in collaboration with the general affairs departments, has organized a training course for newly hired 59 employees of AASC in 2014.

During 2 weeks of the training courses, all trainees have tried their best to study, acquire professional knowledge and practical experiences from lecturers. With the assistance and supervision of lecturers, trainees have experienced requisite disciplines and basic requirements of AASC working environment and been equipped with necessary knowledge and skills to take part in some audit sections of the audit courses.

At the ending ceremony, Mr. Ngo Duc Doan - Chairman of the Member Board, General Director of AASC congratulated and praised trainees with high results in the exam at the end of the training course, offered words of criticism to ones with bad results and requested leaders of departments, new employees of AASC to successfully implement and complete the assigned tasks.

Also at the ending ceremony of the training course, on behalf of new employees of AASC, Mr. Nguyen Xuan Truong expressed his proud of being a new member of AASC and sincere thanks to AASC and lecturers for organizing the useful training course and sharing the precious practical experiences. Mr. Truong also pledged to strive for mastery and contribute positively to the development of AASC. In addition, Mr. Dao Trung Thanh, new audit assistant of AASC in Ho Chi Minh city, expressed his happiness to join the training course, where he could not only study with new trainees from Hanoi and Quang Ninh, but also build new friendship through extracurricular activities.

AASC believes that, with the success of the training course 2014, new employess will get acquainted with the company working environment quickly. They will become new outstanding staff and remarkably contribute to the sustainable development of AASC - the Vietnamese prestigious auditing firm.

Photo of the ceremony

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General Director Ngo Duc Doan congratulated all new employees and assigned tasks to leaders and new employees

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Manager of Training and Quality Control Department Do Ngoc Duc summarized results of the training course

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Audit Assistant Nguyen Xuan Truong expressed ideas at the ending ceremony

BBT

Aiming to empower AASC Communist Party, on 02/07/2014, in Ho Chi Minh city, a ceremony to appoint new party members including: Mr. Nguyen Thai, auditor, Deputy Director and Mrs. Le Kim Yen, auditor of AASC branch in Ho Chi Minh city was successfully organized.

After the appointment ceremony, in order to implement AASC development strategy according to Vietnam Auditing and Accounting Strategy towards 2020, vision to 2030 approved by the Prime Minister, Chairman of the Member Board, General Director of AASC Ngo Duc Doan announced Decision No. 40/2014/QĐ-AASC dated 26/06/2014 designating Deputy Manager of Project Auditing Department Duong Hai Vu as new manager, working at AASC Branch in Ho Chi Minh city.

This appointment has reinforced AASC presence at Ho Chi Minh City to provide clients in Southern Vietnam high quality professional services of auditing and consulting. AASC BOD believes that, Mr. Vu, with extensive experience and firm knowledge through many years working at AASC, together with leaders, auditor and official of AASC Ho Chi Minh, will remarkably extend the company market share in Ho Chi Minh City and positively contribute to the sustainable development of AASC Auditing Firm.

Photo of the ceremony

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Members of Standing Committee of AASC Communist Party and 02 newly appointed members

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Chairman of the Member Board, General Director Ngo Duc Doan announced Decision designating Manager Duong Hai Vu

AASC to chuc ket nap anh 3

 

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Vietnamese Ministry of Agriculture and Rural Development (MARD) has recently approved the proposal on improving the added value of agricultural, forestry and fishery products and reducing post-harvest losses.

The objective of the proposal is to increase the added value of agricultural, forestry and fishery products by 20% compared to current level. In particular, the added value of some key commodities is expected to increase such as rice by 20%, coffee by 13%, tea by 30%, fishery products by 20%, etc.

Another objective of the proposal is to decrease the post – harvest losses in the agricultural and fishery products by 50%. Particularly, the post-harvest losses for rice is expected to decrease from current 11-13% to 5-6% by means of mechanized harvesting, dryer, paddy storage... and by 2020, rice harvest done by machines will account for 60% of the total harvesting production, the drying capacity reaches 80%.

The post-harvest losses for rice will decrease from current 11-13% to 5-6% by means of mechanized harvesting, dryer, paddy storage... and until 2020, rice harvest done by machines will account for 60% of the total harvesting capacity and the drying capacity is expected to increase to more than 80%.

In fishery industry, the proposal aims to lower the rate of post-harvest losses from 20% to 10% by 2020 by upgrading logistic services in fisheries and at fishing ports.

Another solution is to invest in technology and equipment to handle and take full advantage of the waste agricultural products to produce high value added products. For rice, waste products such as husk, bran will be processed into valuable products such as wood husk, round - husk, plywood, rice bran oil, foodstuff for cattle. Straw will be used in production of mushroom or processed into foodstuff for cattle, fuel or organic fertilizer, etc.

For fisheries, waste products will be used in processing. It is important to install modern technology to produce value-added output used in food and non-food production such as collagen, glucosamine, active calcium, fish meal, fish oil, etc.

The proposal also creates favorable conditions for producers, processors and traders in agricultural, forestry and fishery sectors to build up their brand name and credibility, which are linked with geological indications. By 2020, 40 – 50 percent of Vietnamese processors and exporters are expected to have well-known brand names in the EU, the U.S. and Japan.

Source: Office of Ministry of Agriculture and rural development

On the afternoon of 23/06/2014, at AASC head office, Chairman of the Member Board, General Director of AASC Ngo Duc Doan received and worked with representatives of the Institute of Chartered Accountants in England and Wales (ICAEW) including Mr. Mark Billington FCA, Regional Director of ICAEW Southeast Asia and Mrs. Dang Thi Mai Trang, Head of ICAEW Vietnam.

At the meeting, on behalf of ICAEW representatives, Mr. Mark Billington introduced the establishment and development stages of ICAEW. With approximate 136,000 members in more than 160 countries and over 130 years working in the field of accounting and auditing, ICAEW has established quality control procedures that satisfy international standards on accounting and auditing applied in the European countries and over the world. Mr .Mark Billington also appreciated the potential of Vietnam economy in general and Auditing, Accounting market in particular. Head of ICAEW Vietnam, Dang Thi Mai Trang emphasized, according to the commitment with Ministry of Finance and following the Memorandum of Understanding between ICAEW and Vietnam Association of Certified Public Accountants (VACPA), ICAEW will continue to broaden partnership and promote activities aimed at developing high-quality human resources and empowering Auditing, Accounting profession in Vietnam and the Southeast Asia. Dang Thi Mai Trang hoped that AASC will appoint officials with good qualifications and extensive experience to participate in training courses to become members of ICAEW in the coming time.

On behalf of AASC leaders, Chairman of the Member Board, General Director Ngo Duc Doan recognized the support that ICAEW expressed to AASC through the visit of Mr. Mark Billington and congratulated Mrs. Dang Thi Mai Trang to be appointed head of ICAEW in Vietnam - the world's leading professional network in the domain of finance and accounting. Mr. Doan believed that with the credibility and knowledge achieved after years working at the Association of Chartered Certified Accountants (ACCA), the Ministry of Finance and the State Treasury, Mrs. Trang will positively contribute to the establishment and development of ICAEW in Vietnam as well as deploy robustly activities to support auditing and accounting profession. Mr. Doan also hoped that AASC will have a lof of outstanding staff to join ICAEW as its members, and the two parties would foster close cooperation and support each other for the development of independent audit profession in Vietnam.

Photos of the meeting

Lam viec ICAEW

 BBT

(Chinhphu.vn) - On 5/6, a specialized page of “Publicize, disclose business activities of electricity and gasoline” was officially launched on e-portal of the Ministry of Industry and Trade (MOIT) at: http://minhbach.vecita.gov.vn.

The function of this specialized page is to provide to the people and businesses full and timely legal documents related to the monitoring price, business activities of power and gasoline; information and data related to the price of electricity and gasoline such as retail prices, base prices, world prices, factors and costs forming prices, etc…; and report on business results of enterprises.

The page is to help people and enterprises to monitor the operation of producing gasoline and electricity of enterprises, as well as management activities of the State agencies.

According to the Minister of Industry and Trade Vu Huy Hoang, although the State agencies regularly organize inspection and monitoring activities in the field of electricity, gasoline and publicize available information about the business and production of these enterprises; however, a lot of information have not been publicized and disclosed fully due to lacking of a systematical and continuous implementation.

This publicity activity of the MOIT will gradually overcome deficiencies and shortcomings in the previous time, facilitate people to access a full and impartial business situation of the two industries, and understand the reason of purchase prices of electricity and gasoline.

In the time coming, the MOIT continues to direct relevant units in coordination with e-portal of the Ministry to implement seriously and timely the activities of publicizing information via the specialized page “Publicize and dislcose business activities of electricity and gasoline".

Source: e-portal of the Vietnamese Government.

With 872 hours were bitten for tax payment every year, Vietnam has become the most time-consuming country for tax payment in the region.

Doanh nghiep mat 872h

Vietnam achieves the average level of Asean6 (six business performance indicators including business licensing, tax payment, implementation of customs procedures, access to the electrical system, protection of investors, access to credit and bankruptcy procedures), the country’s business environment will be improved dramatically. However, Vietnam is still inferior to many countries in the region, especially in tax payment index.

Currently, Vietnam ranks 149 in the tax payment index, the lowest in the region. In which, time for tax payment is four times higher than the average of countries in Asia -Pacific region (208 hours). Specifically, the tax payment time is only 259 hours in Indonesia, 264 hours in Thailand, 193 hours in the Philippines, 133 hours in Malaysia and 82 hours in Singapore.

Out of the 872 hours, the number of hours that businesses spend on paying taxes and contributing to social security accounts for the majority with 335 hours. This stems from the requirement to comply five kinds of taxes levied on before-tax income and the obligation to complete procedures on personal income tax returns. Out of the remaining, it takes 320 hours for businesses to pay VAT costs, 217 hours to pay corporate income tax. In which, the monthly and yearly tax payment procedure requires that the tax declaration must be in detail and must be carried out many times in a year which can be both in paper and online, along with long payment procedures.

The Prime Minister has issued Resolution 19 on tasks and solutions to improve the business environment and enhance national competitiveness. Accordingly, by 2015, the tax industry must reduce tax payment time from 872 hours per year to 171 hours. This requires concerned ministries and agencies to have a big leap forward in which ministers play a crucial role and that requires a major change.

Source: Stockbiz.vn

On 23/05/2014, Ministry of Industry and Trade promulgated Decision No.4579/QD-BTC  supplementing the zoning plan for exploration, exploitation, process and use of gold ore, copper, nickel, molybdenum in Vietnam in 2015, with a vision towards 2025. 

Accordingly, the Decision adds three gold ore areas in Ta Phoi commune, Lao Cai city, Trung Chai commune, Sapa district, Tong Sanh commune, Bat Xat district, Lao Cai province to the List of projects  for exploration of gold ore from 2008 to 2015 (Appendix 3 of Decision No. 11/2008/QD-BCT dated 05/06/2008 on zoning plan for exploration, exploitation, processing and use of gold ore, copper, nickel, molybdenum in Vietnam in 2015, and with a vision towards 2025. 

The total areas of oreas added to the plan is about 580 hectare. 

This Decision supplements Desion No. 11/2008/QD-BCT dated 05/06/2008. Other contents of Desion No. 11/2008/QD-BCT remain unchanged. 

This Decision takes effect from the issuance date. 

Source: Ministry of Industry and Trade Web Portal 

On the afternoon of May 27, 2014, Hanoi, on behalf of AASC BOD, Deputy General Director- Do Manh Cuong and consultant team attended the "Saitama Business Network Reception in Vietnam" workshop organized by the Embassy of Japan, Japan External Trade Organization (JETRO) and Forval Group.  

According to representatives of Saitama authorities, this city already attracted more than 13,000 Japanese enterprises with advantages in the field of automobile industry and manufacturing, construction, food processing, finance banking and so on, some of which such as Honda, Nissan, Mitsubishi, Canon... have invested in Vietnam. Saitama authorities and enterprises consider Vietnam a great potential country with low-risk investment environment and easy technology transfer condition and express interests to continue investing in Vietnam. Representatives of the Embassy of Japan and JETRO also delivered speech on the attracting investment situations in Vietnam in recent years as well as the given supports by these organizations to Japanese enterprises operating and planning to set up business in Vietnam.

On behalf of AASC leaders, Mr. Toshio Sudoh presented updated information on tax policy and other relevant regulations applicable in 2014. AASC consultant team also responded questions of the Japanese firms relating to the new regulations and amendments on Value-Added Tax (VAT), Corporate Income Tax (CIT), Personal Income Tax (PIT) and transfer pricing issues…

Saitama authorities appreciated AASC’s shares at the workshop and hoped to lift up closed relationship with AASC in the like workshops in near future as well as receive professional services rendered by AASC such as Consulting, Accounting, Auditing and Tax. AASC Auditing Firm also committed to support Japanese investors in seeking business opportunities in Vietnam and will be trusted consultant of Saitama enterprises in particular and Japanese enterprises in general during their “doing deals in Vietnam”. 

Photos of the conference

Hoi thao Nhat ban anh 1

Mr. Toshio Sudoh presented and answered questions of Saitama enterprises

Hoi thao Nhat ban anh 2

AASC consultants at workshop

Hoi thao Nhat ban anh 3

Hoi thao Nhat ban anh 4

BBT

 

Wednesday, 28 May 2014 11:26

Retailing market 2014: Lots of prospects

In Vietnam market, modern retailing channels account for 20% domestic retailing market, and still have ability to continue increasing, expected to rise to 40% in 2014.

Statistics of Vietnam Report from the Biggest 500 businesses in Vietnam 2013 show that retailing sector ranks the 6th in terms of Return on Assets (ROA).

Thi truong ban le viet nam

Image for illustration

AT Kearney Consulting (U.S.) forecasts retailing revenue in Vietnam may increase by 23%/year. This means that Vietnam retailing market has a lot of chances, especially when consumers have trends to purchase in supermarkets and modern shops.

Therefore, a lot of foreign retailers such as International Retail Group BigC, Metro, LotteMart, Takashimaya, Index Living Mall… have expanded their investments in Vietnam.

In addition, the corporation between NUTC FairPrice (Singapore) and Saigon Co.op launched two hypermarket chains with brands Co.opXtra and Co.opXtra plus. The expansion of system and service quality improvement of Co.opMart, HaproMart, FiviMart, Maximart, OceanMart, BigC, Vien Thong A, Fahasa, Nguyen Kim, Pico… is a prove for the special attraction of Vietnam retail market in next time.

Positioning domestic businesses

Domestic businesses have faced with competitive pressure from foreign competitors having advantages in capital and management competence. However, this pressure still has a positive impact on the market that has not been fully exploited in Vietnam. It forces domestic businesses to invest, to adapt to change. The more competitive the market is, the more types of products and services will become professional and profitable for purchasers.

Although the retail market share of foreign businesses accounts for nearly 70% total revenue in 2013, domestic businesses have gradually developed in both quality and quantity to position in the country.

Mr. Nguyen Thanh Nhan, Director of Co.opmart supermarket chain, said domestics businesses in Vietnam retailing sector have dramatically changes in operation model in order to improve their positions in domestic market.

An example for this is Saigon Co.op. Now it has developed 69 supermarkets nationwide (including 27 ones in Ho Chi Minh City and 42 in provinces). Revenue in recent 2 years has had an average growth at 20%.

Besides, in order to diversify retailing activities, Co.op mart has had a plan to develop retail channel thorough the country to bring Vietnamese products directly to consumers, including remote areas. Improving service quality and convenience for customers is what Co.op mart retailing system put at the first priority.

Apart from expanding the supermarket system,  Co.op mart has also applied modern types of sale to facilitate consumers such as implementing a number of online marketing tools - typically launching a Fanpage of Co.opmart; television shopping, internet or telephone shopping; delivery service, etc…

In the field of culture, Fahasa is emerged and known as the biggest publisher in the country specializing in providing and publishing cultural products with sales of over VND 1,500 billion, is in the Top500 leading retailer in Asia and Top10 leading retailer in Vietnam, and has 56 book stores nationwide.

According to Mrs. Nguyen Thi My Loan, Deputy General Director of Fahasa; however, in order to develop retailing channel sustainably, domestic retailers should improve their serve and marketing activities apart from investing in expansion and extension of distribution system to influence the purchasing decisions of consumers.

In line with Vietnam’s commitment to WTO, from 11 January 2015, foreign retailers are allowed to establish an 100% foreign owned business in Vietnam instead of the maximum of 50% as current regulation. It seems that it couldn’t be more appropriate time for domestic retailers to adapt their business strategy to attract customers and increase market share other than this time, when the year 2014 has just begun.

Resource: baodientu.chinhphu.vn

On the morning of 23/05/2014, in Hanoi , Vietnam Certified Public Accountants Association (VACPA) organized a ceremony to receive Emulation Flag of Ministry of Finance, Labor Best Practice Award and reward VACPA Members in 2013 ". AASC Auditing Firm and 13 members of AASC Board of Management were honored to receive VACPA Chairman’s Certificate of Merit.

Prof. Dr. Tran Van Ta, VACPA Chairman presided ceremony with the presence of representatives of the Emulation and Commendation of Ministry of Finance , Prof. Dr. Dang Vu Minh, Chairman of Vietnam Union Science and Technology , Members of VACPA Executive Board and numerous members and auditors of auditing companies. After receiving Emulation Flag and Labor Best Practice title, on behalf of VACPA Executive Committee, Chairman Tran Van Ta recognized and appreciated the outstanding achievements of members in professional work and positive contributions to the development and operation of VACPA in 2013. In the ceremony, VACPA Chairman awarded Certificates of Merit to 10 collective members and 56 individual members. In which, AASC Auditing Firm is an awarded collective member having individual members contributing effectively to the growth of VACPA and Independent Audit Profession of Vietnam.

Photo of the ceremony

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VAPCA honorably received “MoF Emulation Flag” at the ceremony

VACPA trao thuong anh 2

VACPA President Tran Van Ta presented Certificate of Merit to AASC Auditing Firm for positive contribution to VACPA operation in 2013

VACPA trao thuong anh 3

VACPA President Tran Van Ta and Vice President Bui Van Mai took photos with members of AASC Management Board at the ceremony

BBT

On the morning of May 17, 2014, at Au Co theatre, Hanoi, the award ceremony “Vietnam Entrepreneurs study and follow morality of President Ho Chi Minh” has taken place and televised live in VTC1 Channel, VTC Digital. At the ceremony, Party Secretary, Chairman of the Member Board, General Director of AASC Ngo Duc Doan honorably received this prestigious award.

The award honored the enterprising spirit, innovations in leading and managing the enterprise and recognized outstanding achievements and positive contributions to AASC Auditing Firm in particular and Vietnamese Audit Profession in general. This award also encouraged all leaders, auditor and AASC staff to strive for mastery, improve knowledge, study and follow morality of President Ho Chi Minh and positively contribute to the prosperity of Vietnam.

After the award ceremony, on the afternoon of May, 17, at Presidential Palace, General Director Ngo Duc Doan and other awarded entrepreneurs have met up and discussed with Vice President Nguyen Thi Doan.

At the meeting, Ms. Nguyen Thi Doan recognized the significant contributions of awarded entrepreneurs to the country and encouraged them to continue promoting businesses by upgrading technology, improving human resources, innovating management model, building image and maintaining clients’ trust. Ms. Doan also hoped that all awarded entrepreneurs will maintain and bring into play the entrepreneur spirit to achieve more accomplishments, positively contribute to economic development and support national sovereignty protection. To AASC in particular and Vietnamese auditing firms in general, achievements in the fields of auditing and consulting are sincere thanks and respect that all leaders, auditor and AASC staff expressed to the great President Ho Chi Minh.

Photos of the ceremony

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General Director Ngo Duc Doan honorably received the award at the ceremony

DN lam theo loi Bac anh 3

Vice President Nguyen Thi Doan presented medal to Chairman of the Member Board, General Director of AASC Ngo Duc Doan

DN lam theo loi Bac anh 4

Awarded entrepreneurs at the ceremony

BBT

On the morning of May 16, 2013, AASC Auditing Firm jubilantly organized the celebration of 23 years of AASC establishment (13/05/1991-13/05/2014), 7 years of successful auction (2/7/2007-2/7/2014), 1 year of launching new brand name (17/05/2013-17/05/2014) and mobilized the emulation movement towards beloved islands and East China Sea. During 23 years of building and development, generations of leaders, auditors and AASC staff together overcame all challenges and difficulties to achieve great successes, bringing AASC to the leading position of Vietnamese Independent Auditing Firms.

Speaking at the ceremony, Deputy General Director Nguyen Thanh Tung reviewed all great moments in the history of AASC, particularly from 2007 to 2014. In which, AASC transformation from a state-owned enterprise to a limited company on 2/7/2007 marked a golden milestone in the development of AASC.

After that, Deputy General Director, Head of AASC Brand Identity Committee, Mr. Do Manh Cuong summarized all ups and downs of AASC after 1 year launching new brand name as well as significant changes in the company’s history. After 1 year, a new dynamic and professional image of AASC has pervaded to clients nationwide and worldwide.

Also at the ceremony, after summarization report of Vice Secretary of AASC Communist Party Le Thi Kim Oanh, Party Secretary, Chairman of the Member Board Ngo Duc Doan presented Certificate of Merit and colorful flowers to awarded candidates in the contest “Writing about AASC” launched by Party Committee and Trade Union. All articles expressed deep feelings and emotions of AASC members and staff for AASC family.

On this occasion, Mr. Doan shared his thoughts and emotions after his visit to Spratly Islands from December 1 to December 12, 2014. Mr. Doan also encouraged all AASC staff to strive for more successes in auditing and consulting, contributing knowledge and efforts to the prosperity of Vietnam and supporting Spratly people. At the end of the ceremony, the rhythm of “Khuc Quan ca Truong Sa”, which was strongly performed by all AASC Board of Director and staff, was a firm declaration expressing the patriotism and eternal belief of AASC in Vietnam.

Photos of the ceremony

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Deputy General Director Nguyen Thanh Tung delivered speech at the ceremony

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Deputy General Director, Head of AASC Brand Identity Committee Do Manh Cuong summarized 1 years of launching AASC brand name

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General Director Ngo Duc Doan presented Certificate of Merit to awarded candidate in the contest “Writing about AASC”

23 nam ky niem anh 4

Mr. Doan shared thoughts and called for emulation movements “Towards beloved Spratly Islands”

BBT

Tuesday, 13 May 2014 18:20

Spratly Islands in AASC's heart

Anh cong tac Truong sa anh 1Following Decision No. 798/QD-BTC dated 04.18.2014 of Ministry of Finance assigning delegates in financial sector to visit Spratly Islands, the focal point of the whole country in recent days, from 05/01/2014 to 05/12/2014, Chairman of the Member Board, General Director of AASC Auditing Firm Ngo Duc Doan, together with delegation No. 9 of Ministry of Finance, participated in the trip to visit and encourage officers, soldiers and people in Spratly Islands and the oil-rig DK1.

In the islands, the delegates have reviewed the preparation and army ordnance as well as encouraged the military spirit of all soldiers and citizens. On behalf of the delegation, team leader Tran Van Vuong, Chief Inspector of the Ministry of Finance, expressed admiration for the determination to overcome difficulties and protect national sovereignty of the army and inhabitants in Spratly Islands and the oil-rig DK1. Mr. Vuong also presented meaningful gift for all workers, soldiers and inhabitants.

Concurrently, witnessing daily life of officers and soldiers in remote islands is a prestigious experience for all members of the delegation. For many people, the flag-raising ceremony has become so familiar, but standing in the shadow of the national flag flying under the blue sky of islands and singing the National Anthem is undebatably an unforgettable memory for every Vietnamese. The image of navy forces taking ten oaths under the flag together with their valiant faces and iron makes every member of the delegations feel secure and strongly believe in their ability to protect national sovereignty.

Back from the Spratly Islands trip, along with deep gratitude for the courage, the spirit of sacrifice of officers, soldiers, people on the island, General Director Ngo Duc Doan shared and called the all members, auditors and AASC staff to strive for mastery, achieve more outstanding achievements in auditing and consulting and positively contribute to the country and support inhabitants of Spratly Islands. AASC Board of Directors, Auditors and employees will always follow situations of Spratly Island, propagate our sovereignty nationwide and worldwide and participate in movements to support Spratly Island soldiers and citizens.

Photos of the Spratly Islands trip

Anh cong tac Truong sa anh 2

 The flag-raising ceremony in Son Ca Island

Anh cong tac Truong sa anh 3

The delegation No. 9 presented meaningful gifts to officers, soldiers and citizens in islands

Anh cong tac Truong sa anh 4

Commemoration of revolutionary martyr sacrificed for national sovereignty

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Farewell ceremony to Delegation No. 9 in “Truong Sa Lon” Island

BBT

23 year AASC.finalTowards 23 years of AASC and Vietnam Independent Profession's establishment (13/05/1991-13/05/2014), 1 year of launching the company's new brand name, the Board of Directors wish AASC's leaders, auditor and staff all the best.

On the morning of 15/04/2014, at AASC head office, No. 1 Le Phung Hieu street, Hanoi, AASC Auditing Firm organized a ceremony to praise and reward employees with high results in ACCA and CPA Vietnam exam. Attendees at the meeting include Mr. Ngo Duc Doan, Chairman of the Member Board, General Director of AASC, Board of General Directors, Managers of departments and representatives of new auditors.

Speaking at the ceremony, on behalf of Board of General Director, Chairman of the Member Board, General Director Ngo Duc Doan recognized and praised all new auditors for their efforts to overcome all difficulties as well as their desire to study. Under high pressure of working environment, new auditors not only tried their best to complete all assigned tasks but also upgraded their professional knowledge. In 2013, AASC welcomed 11 new CPA auditors, 01 new ACCA auditor (Ms. Do Hong Thuy), heightening the number of AASC auditors to approximately 80 CPA, 03 ACCA, 01 CPA America. AASC’s staff with extensive professional knowledge and deeply practical experiences is the key factor for AASC’s stable development in the future. The success of AASC’s staff is an excellent result of AASC’s training policies as well as the significant support of AASC Board of Directors to the Company staff.      

Also at the ceremony, Mr. Doan presented colorful flowers and meaningful gifts to new auditors in praise of their good performance in CPA and ACCA exams. Mr. Doan also believed that, the success of new auditors will be a bright example to stimulate other people to upgrade their knowledge and significantly contribute to the prosperity of AASC Auditing Firm.

Photos of the ceremony

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Chairman of the Member Board, General Director Ngo Duc Doan presented “Awarding Certificate” and colorful flowers to new auditors

Khen thuong KTV anh 2

General Director Ngo Duc Doan made speech at the ceremony

Khen thuong KTV anh 3

Mr. Pham Anh Tuan, Manager of Auditing Department No.1 encouraged all new auditors

Khen thuong KTV anh 4

AASC leaders and new auditors

BBT

Towards the celebration of major national anniversaries in 2014 and 69 years of Ministry of Finance’s establishment, AASC Youth Union enthusiastically participated in the 2014 mini football league organized by the MoF Youth Union.

Immediately after opening ceremony on 14/04/2014, first-round matches of the league took place in Minh Kiet stadium, Cau Giay Dist, Hanoi. All stadiums were covered up by the enthusiastic environment from players and audiences. The classy match between AASC and MoF Joint Football team 3, among all matches, drove all audience crazy by exciting situations.

AASC, the league champion in 2 consecutive years (2012, 2013), had a dazzling first half. AASC players, with pace, pressing and incredible energy presented lighting starts to force the MoF team to the baseline. Their work-rate and desire helped keep the MoF players under pressure for almost the entire first half. After numerous opportunities were created, the brilliant forward Nguyen Nhu Tu had a shining day with a hat trick, giving AASC the 3-0 lead after first half and proved that he would be the No.1 seed for “Top Scorer” title.  

The MoF joint football team 3 was a transformed team after the break, with determination rising up and players flooding AASC’s half. Their efforts were made up with 2 goals pulled back to push the match into a new thrilling level. However, AASC showed why they could hold the league cup for 2 consecutive years by cementing the defense and sharply counter-attacking before scoring one more to seize AASC 4-2 victory over the MoF team.   

Grabbing a thrilling victory, AASC proved the strength and skills  of a champion, the strength of solidarity, teamwork and determination. This result brings AASC great advantage to go deeper in the league and motivates all players to achieve the target mission: Win the league cup in 3 consecutive years.

Photos of the match

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AASC team participating the MoF league

Giai bong da mini Anh 2

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Exciting match between AASC and MOF joint football team 3

BBT

Friday, 04 April 2014 10:12

Facilitate foreign retails businesses

A newly significant change of the Vietnam Government for foreign invested businesses has been made, which is they are exempt from Economic Needs Test (ENT) when expanding retails stores with square less than 500m2.

On 28th March a Talk-show and Consult with businesses on principles of Economic Needs Test (ENT) to the establishment of retailing stores of FDI businesses in Vietnam was held in Ho Chi Minh City.

According to the representative of Eurocharm Vietnam, Korean Chamber of Commerce and attending businesses, there are a lot of businesses wish to expand their investment in retails system in Vietnam currently.

However, there are still difficulties in licensing for distributors and transferring in retails for FDI businesses in Vietnam. The implementation of ENT at provinces and cities is not consistent and synchronous, and there is no regulation on time limit for the conclusion of ENT committee to allow businesses to expand investment from the time receiving dossier.

Therefore, according to Mr. Hong Sun, Secretary-General of Korean Chamber of Commerce in Vietnam, a licensing process and clear guidelines on the establishment of a new ENT assessment committee will improve the transparency in licensing process in general. Mr. Hong Sun also said, for the planning areas which have been developed infrastructure for retails services, they should be exempt from ENT.

In order that ENT process is implemented quickly and conveniently for investors at locality, Prof. Pham Huu Thin, Manager of Materials Trading, Department of Domestic Market (Ministry of Industry and Trade - MOIT) said, ENT committee at each locality should be flexible in assessing ENT, choosing representatives of departments, sectors directly related to the assessed issues to involve in the committee.

Mr. Thin said, at the moment, there is lack of representative of Department of Industry and Trade in assessing ENT at some localities. Meanwhile, in order to assess ENT for the establishment of retails store at each locality, Department of Industry and Trade is the agent who have the most aware of retails system in that locality.

Representative of domestic distributors and retailers, Dr. Dinh Thi My Loan, Chairwoman of Association of Vietnam Retailers, said that Vietnam committed to open market of distribution and retailing at 4 types: agent, wholesales, retails (including multiple-level sale activities); and commerce transferring when it joined WTO.

In fact, Vietnam has opened earlier than its commitment. Right after Vietnam joined WTO, the ownership ratio of foreign side in retail distribution businesses is regulated not exceeding 49%, until 2008, this ratio is below 100% and from 2009, foreign businesses in retail distribution can be established with 100% foreign capital investment.

Mr. Vo Van Quyen, Director General of Department of Domestic Market (MOIT) said, in order to facilitate foreign retail distributors to expand their operation in Vietnam, in 2013, MOIT issued Circular no. 08/2013/TT-BCT allowing business with foreign investment to be exempt from ENT when expanding retails stores with square less than 500m2. This is a new significant change of the Vietnam Government for foreign investors.

Foreign investors are attracted into Vietnamese market due to the potential of a huge scale market they find and a continuously rapid increase in consumption.

The Ministry of Finance has issued Circular No. 31/2014/TT-BTC guiding administrative sanctions in price management detailed at Decree No. 109/2013/ND-CP of the Government on administrative violations in the field of price management, expenses, fees and invoices.

Friday, 04 April 2014 09:44

Pressure on reducing interest

Supply of credit is high while demand of that is pretty low and no sign of improvement. Pressure for inflation is not high could be the important factor for the reduction of interest rate further 1-2% from now until the end of the year.

From April 01, 2014, the charges applied to the auction sale of securities according to the Securities Law will be promulgated in Circular No. 09/2014/TT-BTC issued by Ministry of Finance.

Friday, 04 April 2014 08:36

New criteria for classifying bad debts

The State bank of Vietnam has just issued new Circular No. 09/2014/TT-NHNN providing on classification of assets, levels and method of setting up of risk provisions, and use of provisions against credit risks compared to Circular No. 02/2013.

During the quarter II/2014, entities which haven not sold all shares, must continue to seek strategic partners; Vietnam Airlines Company endeavors to find strategic shareholders. Maritime; Shipbuilding and Vietnam Railways companies continue to implement drastic restructuring.

Agreed the method calculating flat area and the penalty for wrong construction without authority’s permission or no permission...are the new policy taking effect from April 2014.

Friday, 04 April 2014 08:03

Workshop on construction law (amendment)

On March 31, in HCMC, Commission of Science, Technology and Environment - National Assembly XIII collaborates with the Ministry of Construction held a seminar on Construction Law (as amended).

According to Ministry of Agriculture and Rural Development, in Quarter II, exporting agricultural, forestry and fishery products experienced the boost in both quantity and quality.

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Exporting coffee experienced the boost in quarter I/2014

 

The State bank of Vietnam is on the way to prepare the Circular stimulating lending money according to Decision No. 68/2013/QD-TTg dated November 14, 2013 of Prime Minister on the supporting policy for loss reduction in agriculture.

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General department of Geology and Minerals of Vietnam (Minister of Natural Resources and Environment) has just organized the training session gathering 63 provinces, cities on the calculation method and charge for granting the mineral mining right according to Decree No. 203/2013/ND-CP. 

According to Decision No. 329/QD-BTC dated February 20, 2014 issued by the Ministry of Finance on implementation of administrative procedures controls of Ministry in 2014, General department of tax already carries out to bring the convenience to taxpayers.

On 25/03/2014, in Hanoi, Mr. Ngo Duc Doan, Chairman of the Member Board, General Director of AASC attended the 7th general meeting of Vietnam Football Federation (VFF), tenure 2014-2018 and disclosed audit results of financial statements of VFF for the fiscal year 2009, 2010, 2011, 2012 and the financial report on annual Financial Assistance Program of FIFA for the 6th tenure of VFF.

In the 6th tenure of VFF, AASC, the leading one of Vietnamese Auditing Firms, provided high quality service of financial statement audit to VFF and consulted VFF on financial and accounting, tax management in accordance with the practical business environment of Vietnam as well as requirements of the Fédération Internationale de Football Association (FIFA). Leaders of VFF fully appreciated the quality of AASC professional services of auditing, financial accounting and tax consultancy and hoped to foster the long-term relationship between two parties in the 7th tenure of VFF (2014-2018). In response, Mr. Doan committed that AASC will, with high prestige of the company, auditors with in-depth professional knowledge and extensive practical experience, the consensus of all staff, successfully implement and complete engagement courses, rendering best professional services to clients in compliance with auditing standards and strict requirements of FIFA.

At 16.15 pm, all delegates at the VFF general meeting voted to appoint AASC as the audit consultant of VFF in the 7th tenure (2014-2018).

Photos of the VFF general meeting

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VFF President Le Hung Dung announced the appointment of AASC as the audit consultant of VFF in the tenure from 2014 to 2018

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100% of the delegates at the general meeting voted to appoint AASC as the audit consultant of VFF in the tenure from 2014 to 2018

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Anh hoa bao cao kiem toan 1For many Vietnamese people, March is generally regarded as the month to praise and honor the woman and the youth. For AASC members, March also means the month to issue our financial statements audited. We consider each of issued audit report as a flower to express our passionate love for AASC. In March, auditors, officers and the whole staff of AASC have excitingly emulated towards the celebration of the Ho Chi Minh Communist Youth Union’s establishment day and one year of launching ceremony of AASC Auditing Firm (17/05/2013-17/05/2014), rebranding Auditing and Accounting Financial Consultancy Company Limited (AASC) into AASC Auditing Firm and marking a new glorious milestone in the development of the company.

As statistics of all departments, units and branches, in March, AASC has issued over 1,000 audit reports nationwide like 1,000 fragrant blooming flowers. The scent of flowers illustrated our sentiment for AASC, the pure color of flowers implied the loyalty of all AASC staff to AASC family and AASC building at No. 1 Le Phung Hieu street, Hoan Kiem district, Hanoi. At AASC, the Youth is encouraged and facilitated to reach their full potential and greatly contribute to auditing and consulting profession.

On the celebration of the 83rd anniversary of Ho Chi Minh Communist Youth Union (26/03/1931-26/03/2014) and one year of launching ceremony of AASC Auditing Firm (17/05/2013-17/05/2014), AASC wishes that all auditors and AASC staff will always be healthy, energetic and continue contributing significantly to the firm and stable development of AASC.

Anh hoa bao cao kiem toan 2

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Accordingly, coal mining declined 9.3%; crude oil fell 2.3%; production of animal feed, poultry and aquatic products dropped 0.5%; fertilizer production decreased 3.1%...

The Ministry of Finance (MOF) and the Ministry Industry and Trade recently issued Circular 26/2014/TTLT-BTC-BCT dated February 18, 2013 on the use and management of the national and local industry promotion funding.

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funding for national industrial promotion activities managed and implemented by the Ministry of Industry and Trade and local budget to ensure funding for the promotion of local activities managed and implemented by (Provincial or commune) People’s Committees.

Besides, the Circular also specifically details budget for activities as below: The maximum aid funding for new establishment operating in rural industrial production in difficult areas is VND10 million; National industry promotion activities will be supported up to a maximum of 30 percent, but not exceeding VND500 million per technical demonstration model; The maximum aid funding for efficient rural industrial facilities that need to be expanded for other organizations and individuals to follow is VND100 million a model; Up to 50 percent but not exceeding VND200 million per new technological application; 100% ticket for rural agricultural base to survey participants, study abroad experiences, etc

Ministry of Industry and Trade is responsible for monitoring, evaluating and periodically reporting to The Prime Minister on the implementation task in rural industrial activities nationwide.

The Circular take effects on April 08, 2014 and replace Circular No. 125/2009/TTLT-BTC-BCT dated June 17, 2009.

On 19 February 2014, the Minister of Industry and Trade issued Decision No. 1371/QD-BCT providing list of additional machinery, equipment, supplies, material can be produced domestically.

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According to Decision No. 1371/QD-BCT, the list of domestically produced machinery, equipment, supplies and material includes motorbikes weighing 155 kg with 04 period engine, 02 cylinders and air -cooled engine with a capacity up to 233 cm3; and motorcycles with electricity generation and charge specializing for lights, sirens, speakers, walkie-talkie with engine capacity up to 233 cm3, are used for traffic police men, traffic inspectors, military inspectors, construction inspectors, military port and the professional security companies, etc. ..

This list is used as the basis for the Ministries, Departments, People's Committees and municipalities to implement, particularly, not encouraging to import goods which domestics could produced and access currency exchange and using in bidding of investment projects funded by the State under the Directive 494/CT-TTg Prime Minister on 20 April, 2010.

This Decision will come into effect from the date of signing.

 

Following the development strategy of AASC Auditing Firm to 2020, with a vision towards 2030, on a working visit from 21/01/2014 to 25/02/2014, AASC delegation led by Mr. Ngo Duc Doan, General Director of AASC, investigated and undertook the audit course of the Cayson Phomvihan Cultural House construction, a meaningful present of the Vietnamese Communist Party, State and people to Laos.

Accordingly, AASC delegation visited and discussed with Cayson Phomvihan Cultural House Project Management Unit (the PMU) on the audit plan as well as conducted field investigation of the construction. AASC delegation also shared experiences and consulted the PMU on the financial and investment capital management of the project in compliance with applicable laws and regulations. Speaking at the meetings, Mr. Doan believed that AASC will implement and outstandingly complete this audit course, provide the PMU professional services with highest quality in response to the trust of the Lao People's Revolutionary Party, the Vietnamese Communist Party and the PMU. This working visit of AASC delegation will be a good premise for the development of the long-term relationship between AASC Auditing Firm and the Central Office of the Vietnamese Communist Party.

Photos of the working visit.

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Cayson Phomvihan Cultural House

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 General Director Mr. Ngo Duc Doan visited and discussed with the PMU

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AASC delegation conducted field investigation of the construction

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During engagement course of the project “Cayson Phomvihan Cultural House”, a meaningful present of the Communist Party of Vietnam, State and people to Laos, Mr. Ngo Duc Doan, Chairman of the Member Board and General Director of AASC Auditing Firm, attended the ceremony awarding regional prizes to approximately 300 enterprises operating in Vietnam, Lao and Cambodia.

According to Circular no. 04/2014/TT-BCT of the Ministry of Industry and Trade, a number of used goods are prohibited from import such as cellphone, laptop including notebook and subnotebook.

The Ministry of Finance has promulgated Circular no. 25/2014/TT-BTC regarding a general evaluation method for goods and service, which takes effect from 15/4/2014.

On December 26, 2013, the State Bank of Vietnam (SBV) issued Circular No. 33/2013/TT-NHNN on guidelines the approval procedures for exports and imports of foreign currency.

On  February 18, 2014, Moody's issued the report about the outlook of banking system in 2014, which assessed the bad debt ratio of the banking system of Vietnam must be at least 15%.

Monday, 24 February 2014 17:35

Change the basic law of payment in cash

On December 31, 2013, the Government issued Decree No. 222/2013/ND-CP on cash payment (Decree 222). This Decree shall take effect from 01/3/2014.

So as to improve the overcrowding at My Dinh Bus Station (Tu Liem district) while the needs of people in western city are growing nowadays, the People's Committee of Hanoi has decided to invest over 51 billion to expand the bus station in 2014.

Monday, 24 February 2014 17:28

Tightening real estate business conditions

On February 19, the Minister of Construction Trinh Dinh Dung chaired the meeting, listened and commented on the draft Law on Housing and the Law on Real Estate. Deputy Minister of Construction Nguyen Tran Nam also attended the meeting.

 

According to the Decree on the development and management of social housing, from the beginning of next year, there will be more incentives for social housing development.

From January 10, 2014, projects for social housing development will receive some supports and incentives as outlined in Decree No. 188/2013/ND-CP on management development of social housing.

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