Factory workers at Changshin Vietnam Co., Ltd. - Photo: A Loc
Labor costs in Vietnam are less than half those in China.
In its recently published FDI report, HSBC Bank stated that several favorable fundamental factors give Vietnam a superior position in attracting foreign direct investment compared to other countries in the region.
This includes competitive costs and policies supporting FDI. Compared to labor costs in Asia, manufacturing wages in Vietnam are less than half of those in China and significantly lower than the nearly $2,000 in Singapore or other countries in the region.
While the Vietnamese people have a solid level of general education , as evidenced by Vietnam's high PISA survey results (Programme for International Student Assessment assessing the knowledge and skills of 15-year-old students).
Other costs, such as the energy needed to operate the plant, are also competitive in Vietnam, according to HSBC. When comparing electricity prices for businesses, Vietnam is lower than other countries such as Singapore, the Philippines, Malaysia, Thailand, etc., according to HSBC.
Ho Chi Minh City reorganizes the steering committee for the arrangement of public land and housing.
On August 9th, the Ho Chi Minh City People's Committee decided to sue the Steering Committee for the Reorganization and Handling of State-Owned Land and Housing in Ho Chi Minh City (Steering Committee 167).
Accordingly, the Chairman of the People's Committee of Ho Chi Minh City, Phan Van Mai, serves as the head of the steering committee. The head of the steering committee is responsible for managing operations, issuing operating regulations, establishing a team of experts to assist the steering committee, and issuing operating regulations for the team of experts.
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In addition, the Vice Chairman of the Ho Chi Minh City People's Committee, Nguyen Van Dung, serves as the deputy head of the committee. The Director of the Ho Chi Minh City Department of Finance, Nguyen Hoang Hai, serves as a standing member.
In addition, the Steering Committee has 9 other members including the Deputy Chief of the Ho Chi Minh City People's Committee Office, the City Inspectorate; and the Deputy Directors of the Departments of Finance, Justice, Construction, Planning and Architecture, Natural Resources and Environment, and Planning and Investment.
The Steering Committee 167 is responsible for implementing the tasks stipulated in Decree No. 167/2017/ND-CP on the restructuring and handling of public assets and Decree No. 67/2021/ND-CP amending and supplementing some articles of Decree No. 167/2017/ND-CP.
Should the Mid-Autumn Festival be an official holiday?
Giant lanterns made by student teams from schools across Khanh Hoa province "light up" schoolyards during the Mid-Autumn Festival - Photo: TRAN HOAI
A survey conducted by Mondelez Kinh Do Vietnam in collaboration with Nielsen IQ revealed that 94% of Vietnamese people want more attention to be paid to the Mid-Autumn Festival in order to preserve the beautiful cultural traditions of the Vietnamese nation.
On the website dedicated to Mid-Autumn Festival celebrations, there have been over 334,000 votes in favor of making the Mid-Autumn Festival an official holiday. Some employees have already taken the day off, and more than 20 Vietnamese businesses have supported this idea.
Ho Chi Minh City will continue to provide free digital signatures to citizens until July 31, 2025.
The Ho Chi Minh City Department of Information and Communications has just sent a document to departments, districts, and units requesting them to continue providing free digital signatures to citizens from now until July 31, 2025. Viettel Telecommunications Corporation, however, will continue to do so until December 31, 2024.
Accordingly, for the new digital signature issuance service, public digital signature certification service providers including VNPT Ho Chi Minh City, Viettel Telecommunications Corporation, MISA Joint Stock Company, BKAV Joint Stock Company, FPT Information Systems Company Limited, and Nacencomm Card Technology Joint Stock Company will issue the service free of charge.
For digital signature renewal services, public digital signature certification service providers such as MISA Joint Stock Company, BKAV Joint Stock Company, FPT Information Systems Company Limited, and Nacencomm Card Technology Joint Stock Company offer the service free of charge. VNPT Ho Chi Minh City and Viettel Telecommunications Corporation charge fees according to their respective company policies.
Earlier in mid-June 2023, the Department of Information and Communications issued a document to implement the free issuance of digital signatures to citizens. To date, more than 1.5 million digital signatures have been issued.
Tech giant VNG fined for withholding information about Big V loan.
The State Securities Commission has just issued a decision imposing administrative penalties in the securities sector on VNG Joint Stock Company.
Accordingly, VNG was fined 92.5 million VND for failing to disclose certain documents that were required to be disclosed, such as: the Board of Directors' resolution dated September 8, 2022, approving the pledging of company assets to secure the debt obligations of Big V Technology Joint Stock Company (a major shareholder and related party).
This company also failed to publish its audited separate and consolidated financial statements for 2023, as well as its 2023 annual report, within the prescribed deadline.
VNG was also fined 65 million VND for failing to disclose complete information as required by law.
Specifically, in 2022 and 2023, VNG had transactions with a related party, Big V Technology Joint Stock Company. Accordingly, VNG used its deposit account opened at Citibank to secure a loan from its major shareholder, Big V Technology Joint Stock Company.
However, in its audited financial statements for 2022 and 2023, VNG did not fully disclose the transaction with this related party.
The total amount of fines imposed on VNG is nearly 160 million VND.
Notable news from Tuoi Tre daily newspaper on August 10th. To read Tuoi Tre print newspaper in e-paper format, please register for Tuoi Tre Sao HERE.
Today's weather news, August 10th - Graphics: NGOC THANH
Source: https://tuoitre.vn/tin-tuc-sang-10-8-luong-nhan-cong-san-xuat-o-viet-nam-re-chua-bang-mot-nua-trung-quoc-20240809223442328.htm
