Paper maker urged to report on delayed mill projects
HAU GIANG — The People's Committee of the southern province of Hau Giang has asked Hong Kong-based Lee&Man Paper Manufacturing Limited to give a progress report on two paper and pulp projects by September 20.
The two paper and pulp projects, located in Song Hau Industrial Zone in Chau Thanh District, reportedly failed to meet the requirements set by local authorities and were stalled for a long time before work resumed in April.
If there is no response from the investor as of September 30, 2011, the province has pledged to revoke the project's investment licence.
Decree to set minimum capital requirements for auditors
HA NOI — The auditing enterprises operating under a limited company model need to possess legal capital of at least VND3 billion (US$144,000), according to a draft decree on legal guidelines for independent auditing.
Under the draft decree, the members as organisations could contribute money to the company, with a maximum amount set as 35 per cent of the company's charter capital.
A foreign auditing enterprise, which conducts its auditing activities in Viet Nam, needs to have an owner's equity of at least $500,000.
Bonded warehouses to be inspected in Quang Ninh
QUANG NINH — The Department of Viet Nam Customs has requested that the Customs Department of northeastern Quang Ninh Province check the operations of provincial bonded warehouses.
Bonded warehouses found to be without goods for a period of six months will be closed. Others will be forced to decrease their stocks if they appear overloaded. The managers of bonded warehouses will be required to report on warehouse operations and the state of stored goods to customs agencies.
Five foreign bank branches increase registered capital
HCM CITY — The State Bank of Viet Nam has allowed five foreign bank branches in HCM City and Ha Noi to increase their capital.
In HCM City, Woori Bank increased its capital to US$67 million, First Commercial Bank to $40 million, Industrial Bank of Korea to $115 million and NA Bank to $77 million.
The Korea Exchange Bank in Ha Noi was also allowed to increase its capital to $67 million.
ATM cardholders enabled to transfer funds between banks
HA NOI — Beginning Wednesday, Vietcombank, ACB, Sacombank and Eximbank have allowed their cardholders to transfer money between banks through ATMs.
This service permits customers to transfer money from anywhere, at anytime with no extra fee. In the past, customers of a bank could only transfer money to certain individuals via a transaction office or internet banking services.
By the end of this year, cardholders will be able to transfer money among any of 10 participating banks.
Capital city gives $7.4m to firms for price stabilisation
HA NOI – The Ha Noi People's Committee has decided to give a second-stage advance of VND155.5 billion (US$7.4 million) to enterprises in order to stabilise prices of essential commodities in and around the city.
The money, which was taken from the city's reserves, will help 12 enterprises to maintain prices of products including rice, pork, chicken, eggs, seafood and cooking oil.
The funding is expected to stabilise prices in the city's markets until April 2012. — VNS