Vietnam arrests real estate tycoon over financial frauds

A Vietnamese real estate tycoon was arrested on suspicion of financial fraud, the police said on Saturday, as the country broadens its years-long anti-graft drive.Truong My Lan , chairwoman of Ho Chi Minh City-based Van Thinh Phat Holdings Group , was accused of illegally issuing bonds to raise trillions of dong (tens of millions of dollars) from investors during the 2018-2019 period, the Ministry of Public Security said in a news release on Saturday. "Further investigation is underway to clarify the frauds," the ministry said.Lan's company did not immediately respond to Reuters request for comment. Vietnam recently broadened its anti-graft drive with a series of high-profile corporate arrests, including top stockbrokers, property developers and even regulators.Three others accused of involvement in Lan's case were also arrested, the police-run ministry said on Saturday.The ministry said on Friday there had been irregularities in Van Thinh Phat Holdings' acquisition of several state-owned land slots at prime locations in downtown Ho Chi Minh City Rumours about the imminent arrest of Lan earlier on social media this week had triggered a run on Saigon Joint Stock Commercial Bank (SCB) over suspicions of ties between Lan and the bank.Vietnam's central bank on Saturday reassured depositors at SCB and said it was monitoring the situation there. "The State Bank of Vietnam affirmed that it will have solutions and policies in accordance with the law to ensure the rights and interests of depositors, maintain the stability of SCB in particular and the system of credit institutions in general," the central bank said in a statement.Calls to SCB went unanswered on Saturday.

October 08, 2022 10:32 UTC


New Zealand remains promising market for Vietnam's exports: Insiders

Coffee is one of the major export products in New Zealand (Photo: VNA)– Vietnam is trying to tap great potential to increase exports to New Zealand, a promising market where it has won only 1.7% of the local market share, held insiders.In the first eight months of this year, two-way trade between reached 1.7 billion NZD (963.81 million USD), up 21.4% year on year.Upturn was seen in the revenue of many Vietnamese exports, including tea and coffee (52%), pottery and ceramics products (108%), paper and paper products (48%), steel (36.8%), and garment, footwear and accessories (22.8%).According to the Vietnamese trade office in New Zealand, revenue of the majority of the exports has recorded double-digit growth, especially construction materials. It explained that along with an increase in export volume, the prices of products in New Zealand has also risen.The office forecast that Vietnam’s exports to the market will continue to grow as the two countries have been members of many common trade deals which provide many tariff advantages in the market, thus increasing the competitiveness of Vietnamese products.Alongside, many businesses are considering switching their supply chains and seek more suppliers from Vietnam, especially in garment and construction materials.At the same time, thanks to the development requirement after the COVID-19 pandemic and the recovering consumption and travel demands, economic cooperation and trade between Vietnam and New Zealand are likely to be lifted up in the future, according to the office.However, it reminded exporters to make sure that their products meet food safety requirements in this choosy market.The office stressed the need for Vietnam to design a systematic and long-term strategy to promote exports to the market, focusing on creating a smooth legal corridor for the export of agro-forestry-fisheries products, asking New Zealand to continue to widen its door for Vietnamese farm produce and aquatic products, building value chains and improving food processing technologies to enhance product quality, and strengthening trade promotion activities./.

October 07, 2022 10:03 UTC


Vietnam attends int’l inter-party conference on sustainable development

The Vietnamese delegation attends the international inter-party conference via videoconference on October 6. (Photo: VNA)– A delegation of the Communist Party of Vietnam (CPV) attended virtually an international inter-party conference on ecological security and sustainable development held by the United Russia party in Sakhalinsk city on October 6.The hybrid event saw the presence of Chairman of the United Russia party and Vice Chairman of the Security Council of Russia Dmitry Medvedev, President of the Cambodian People’s Party and Prime Minister of Cambodia Hun Sen, along with leaders of the ruling parties in some Asian-Pacific countries.In his speech, Le Hoai Trung, member of the CPV Central Committee and Chairman of the CPV Central Committee’s Commission for External Relations, highlighted the main content of Vietnam’s sustainable development policy.He affirmed that the sustainable development policy of Vietnam both reflects common positive trends in the world and appropriately applies them in a way that takes into account the country’s conditions, with the consistent goal of socialism, rich people, and a strong, democratic, equitable, and civilised nation.The official also suggested some orientations for strengthening cooperation among political parties, as well as international cooperation for the sake of sustainable development and ecological security At the event, participants shared the view that cooperation among political parties plays an increasingly important role in promoting the settlement of global issues, making policies, identifying risks and challenges, and devising general solutions to risks and challenges in terms of ecological security to serve sustainable development around the world and in each country.They held that political parties should engage more actively in resolving urgent issues in bilateral and multilateral cooperation in different areas.Vietnamese Ambassador to Russia Dang Minh Khoi directly took part in the conference, held on October 6 - 7./.

October 06, 2022 19:59 UTC


Vietnam seeks ways to increase export of organic farm produce

Organic farming has become a trend as consumers are looking for better food to ensure health. (Photo: VNA)Vietnam was seeking ways to expand the export of organic farm produce as global demand was anticipated to increase rapidly with consumers paying more attention to health.According to the Ministry of Agriculture and Rural Development, the global organic farm produce market expanded rapidly in the past two decades, from just 18 billion USD in 2020 to 188 billion USD in 2021. The market is forecast to reach 208 billion USD this year.The US and the EU are the largest markets for organic products, all together holding a market share of 90%. Many organic agriculture producers were forced to give up because of losses, she said.Nguyen Hong Lam, Chairman of Que Lam Group, pointed out that the bottlenecks in the development of organic agriculture were the lack of trust among enterprises, farmers and consumers and the exploitation of resources to the point of exhaustion.Lam said that the focus should be placed on developing policies to encourage enterprises to establish organic value chains together with enhancing quality control measures.“Organic agriculture production is a long-term process. We must persevere, there is no other way,” he stressed.Nguyen Quoc Toan, Director of the Department of Agricultural Product Processing and Market Development, said organic production played an important role in the green growth of the agricultural sector.He pointed out a number of difficulties enterprises were encountering during the process of moving towards organic production such as building trust of consumers in organic products, limited conditions for large-scale production, and the lack of synergy to further promote organic production on a larger scale.The key would be traceability, transparency and digitalisation of organic products, Toan said.Currently, there are about 17,000 organic agriculture producers, 555 processors and 60 exporters in Vietnam./.

October 06, 2022 04:46 UTC


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