Risk of disputes from transactions through social networks in Vietnam
Social networks have become popular and become an indispensable part of modern life. Along with the development of the internet, social networking applications are also used by many people as a transaction method to exchange and conclude contracts or business transaction with each other. When a dispute occurs, it is difficult for the parties to prove the transactions and the parties involved. Hence, it is important to conduct background check on the business counterparts from financial, operational aspects instead of blind belief in t…
Korean Investors Research to Invest in Solar Power Projects in Quang Tri Province
IL Yang Industrial Company (Korea) is planning to invest in Vietnam, conducting research, study, proceed to set up company building solar power plant in Quang Tri province, Vietnam. On December 22nd, IL Yang Industrial Company (Korea) had a meeting with Quang Tri People’s Committee to discuss their investment in solar power project in Quang Tri province. Previously IL Yang Industrial Company had a field trip in Hai Lang and Vinh Linh district, Quang Tri province. According to IL Yang Industrial Company, through surveys, the Company found th…
Vietnam attracts Korean investment in research and development
In recent times, the investment shift out of China is being carried out by many international investors. Vietnam is a country that has enough factors to receive investment shift, especially in the manufacturing sector with low-cost labor and low expenses. However, at present, Vietnam has changed its method of attracting FDI, instead of taking advantage of low expenses and low-cost labor, Vietnam now aims to take advantage of highly skilled workers and many incentives in research and development activities. Recently, many Korean investors ha…
Why is it necessary to verify business partners when entering the Vietnam market?
The verification of business information of partners in Vietnam about legal status, financial capacity, technology, reputation, and experience is important but often overlooked by foreign companies seeking investment partners, or business cooperation partners in Vietnam. If done systematically, the verification and evaluation of partners’ business information for the purpose of trading goods, or investment or cooperation will help foreign businesses avoid dealing with the business not as described, or the businesses partners having unsuitab…
Why employee background check is important?
It has been increasingly important for employer to understand about the employee through employee background check to reduce potential hiring risks. The risk of wrong hiring could be accessing the wrong talent, exposure to criminal activities, legal issues, reputation matters that impact the business, workforce or customers. It is understandable that if applicants are dishonest in how they obtained a job, they may be dishonest once they have the job. This could not be found out during the interview. Hence, it is important to consider inves…
US Investors Continue Pouring Capital into Vietnam
Vietnam has become an attractive destination for US investors, up to now, the United States ranks 9th among countries and territories set up company in Vietnam with foreign direct investment. Dow Chemical, Coca-Cola, Uber... are well-known US companies that deploying expansion investment projects in Vietnam. In addition, such names as Exxon Mobil, Cargill, General Electric, Johnson and Johnson, Pfizer... have become familiar, not only because of the huge capital brought into Vietnam, but also help to increase production capacity, contribut…
New Solar Power Plant Project in Binh Dinh
Solar energy is encouraged to invest by Vietnam Government. Therefore, there were many foreign business delegations come to Vietnam to find out opportunities in this area. On January 11 th 2017, Chairman of Binh Dinh Province has met and worked with the President of Truong Thanh Investment and Development Co., Ltd (Vietnam) and Truong Thanh's partners from Japan and Spain to find out opportunities to invest in solar energy plant project in Binh Dinh, Vietnam. According to representatives of Truong Thanh, in recent time, the Company h…
Textile Industry in Vietnam
Vietnam textile industry for many years has always been one of the major export sectors of Vietnam. With the development in technology, the number of skilled worker is growing along with many preferential policies from the Government, the textile industry has obtained encouraging results, creating the value of goods, ensuring domestic demand and export. 1.Overview of the industry According to the General Department of Customs, in 2014, the value of exports textiles reached 20.91 billion dollars, increasing 16.6% compared to 2013. The value …
FDI in Real Estate Reached 1 Billion USD in 2016
The area of real estate business attracted total FDI capital reached 1 billion USD in the first 9 months of 2016. Foreign Investment Department (Ministry of Planning and Investment) has announced FDI report for the first 9 months of 2016. Accordingly, there were 1,820 newly licensed projects with total registered capital of 11.02 billion USD, increased by 1.1% over the same period. Meanwhile, there are 851 projects registered to adjust capital with the added value of 5.3 billion USD, decreased by 13.9% over the same period. Generally in t…
Danang Resort Real Estate Is Growing Well
Savills Vietnam has just published a report updating the situation of Danang real estate market in the first half of 2016. Accordingly, the segment of hotel, resort and villa continues to be exciting with the launch of many new projects as well as the presence of many famous brands in the world. Specifically, according to Savills Vietnam, in the first half of 2016, the number of tourists coming to Da Nang has increased by 28% year on year, while domestic passenger traffic increased by 4% year on year. Thanks to the flourishing of the tour…
Hong Kong Investment Funds Investing in Real Estate, Banking of Vietnam
In the talks with Vietnam Prime Minister Nguyen Xuan Phuc on September 14 th 2016, representatives of corporations and large investment funds from Hong Kong have expressed their interest in investment opportunities in Vietnam. Talking to Hong Kong enterprises, Government leaders said that Vietnam has amended the Law on Investment towards more open and transparent, creating stable investment environment, ensuring maximum property rights of investors and enterprises; conducting strong reform of administrative procedures in areas such as taxe…
Why do we have to undertake background check before recruitment?
Recruitment is the process of screening and recruiting qualified people to meet a job in an organization in general and in particular business. Recruitment plays a very important role in business development. Effective recruitment will provide businesses with a team of skilled, active, creative employees and provide human resources in accordance with the business performance of the business. Only when doing well the recruitment stage can we do well in the next stages. Therefore, businesses need to recruit the right people right the first ti…
Startup in Ho Chi Minh City Will Be as Convenient as in Singapore
A series of specific commitments has been confirmed by HCMC’s Party Secretary Nguyen Thien Nhan to help startup environment in HCMC becoming as favorable as in Singapore. The city is committed to preparing an industrial park reserved for newly startup and innovative businesses. Secondly, the procedure for setting up company in Ho Chi Minh City will be as good as in Singapore. Third, in addition to private investment, the city will also, on a case-by-case basis, pilot public-private partnerships in support of innovative entrepreneurship. I…
Toyoda Gosei Invests in Auto Parts Factory in Tien Hai Industrial Park
Toyoda Gosei Group, the world's leading manufacturer of auto parts, supplying for Toyota (Japan) has decided to choose Tien Hai Industrial Park, Viglacera as the location to set up factory in Vietnam . Viglacera Real Estate Trading Company and Toyoda Gosei Group of Japan have just signed a land lease contract with an area of 11.3 hectares in Tien Hai Industrial Park, Thai Binh province, which is invested by Viglacera Corporation. Toyoda Gosei is the world's leading auto parts manufacturer, supplying for Toyota, with a network of ab…
IHI Corporation (Japan) Wants to Participate in Transportation Projects in Hai Phong
Japan is a familiar investor in the Vietnamese market , many Japanese companies have set up business in Vietnam and IHI Corporation is not an exception. Recently, Hai Phong People's Committee has been working with the delegation of IHI Corporation (Japan) to explore opportunities to participate in transportation projects in Hai Phong. At the meeting, Mr Atsushi Kutawa - Managing Director of Operations, President in charge of business of IHI Corporation has talked about the company's business situation with city leaders. In particu…
Tetra Pak Construct 110 Million USD Packaging Factory in Binh Duong
Tetra Pak (Sweden) has started construction of a 110 million USD packaging factory on an area of 10,000 m2 and a total capacity of 20 billion packages per year at Vietnam - Singapore Industrial Park II - A (Binh Duong). This information has been announced since the end of 2016. The factory is expected to come into operation by the beginning of 2019. According to the Deputy Minister of Planning and Investment, this is the factory with largest scale among 54 projects that Sweden investors have invested in Vietnam. Moreover, he affirmed that t…
Signs of possible corporate frauds to notice and avoid
Vietnam has signed many Free Trade Agreements with many countries and regions around the world, which makes international economic exchange easier. However, the expansion of international trade also makes many businesses at risk when they encounter fraudulent customers in their business. According to the Ministry of Industry and Trade, in 2020, the Trade and Embassy of Vietnam in the a number of countries continuously received invitations to sell, buy goods and sign commercial transaction contracts which have signs of fraud and scams. Despi…
Idemisu Q8 - The First 100% Foreign Capital Petrol Station in Hanoi
On October 5 th 2017, at the Thang Long Industrial Park (Hanoi), the opening ceremony of the Idemisu Q8 petrol station was held, marking the first 100% foreign capital petroleum station participating in the Vietnam petroleum retail market. IQ8 is a joint venture between Kuwait International Petroleum (Kuwait) and Idemitsu Kosan (Japan). Based on the experiences that both Kuwait Petroleum and Idemitsu have achieved in Europe and Japan, IQ8 Petroleum Joint Venture is aiming to develop professional petroleum business in Vietnam in the next …
Set-up Business in Vietnam
Foreign investors could make direct investment in Vietnam through setting up one hundred per cent (100%) capital of foreign investors, or establishing joint venture between domestic and foreign investors, or investing in the contractual forms of: BCC, BO, BTO, and BT. Types of enterprise for foreign investors to invest in Vietnam are as following: a) Set-up Limited Liability Company in Vietnam Limited Liability Company is a form of enterprise which is established by contributing of members. A member shall be liable for the debts and …
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