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VietNamNews

Cambodian tobacco, rice to be tax-exempt

Update: December, 15/2010 - 09:04

HA NOI — Rice and dried tobacco leaves imported from Cambodia in 2010 and 2011 will not be subject to import tax, the Ministry of Finance has said.

Under Circular No 37/2010/TT – BTC that becomes effective on January 17, 2011, the zero rate will apply to goods registered with customs offices from November 1, 2010 to December 31, 2010 and declared rice and tobacco from January 1, 2011 to December 31, 2011.

Bank issues new ATM cards in 15 minutes

HA NOI — Asia Commercial Bank has launched an express bank card issuance service that allows customers to pick up new or replacement cards within 15 minutes.

The issuance scheme applies to Styles and Visa debit cards, Visa Prepaid cards, Master Card Dynamic, magnetic and EMV Chip cards.

In addition, ACB customers will receive free card issuance from December 1 year to February 28.

Bank honoured by British magazine

HA NOI — Sai Gon-Ha Noi Joint Stock Bank (SHB) has been named "Best Bank in Viet Nam in 2010" by the UK-based Banker Magazine.

Selection criteria for the magazine's "Best bank in Viet Nam in 2010" award included growth in capital, total assets, profit, return on capital and bad debt. SHB was earlier named "Best commercial support bank in Viet Nam" by the Global Finance and Finance Asia magazines.

Vinamilk increases milk price by 3%

HA NOI — The Viet Nam Dairy Products Joint Stock Co (Vinamilk) has increased its milk price by 3 per cent due to the rising cost of unprocessed milk.

The cost of unprocessed milk has risen by VND12.020 (55 US cent) per kilo – an increase of 12 per cent.

The price of Vinamilk's fresh milk is now VND4,100 (20 US cent) per carton, compared with VND3.900 (19.5 US cent) formally.

Domestic producers supply 60 per cent of the company's fresh milk requirements, or 370 tonnes per day.

PG Bank launches 61st branch office

BINH DUONG — Petrolimex Commercial Joint Stock Bank (PG Bank) has opened its 61th branch in Thu Dau 1 District, southern Binh Duong Province.

PG Bank launched a promotion campaign on November 4 to encourage customers to deposit savings. — VNS

Ocean Group to pay 10% dividend

HCM CITY — Financial conglomerate Ocean Group has announced that it will pay a 10-per-cent cash dividend. It is also seeking shareholder approval to offer bonus shares to existing shareholders at a ratio of 5:1. Ocean Group earned VND1.1 trillion (US$53.5 million) in the first nine months of the year and posted a profit of VND602 billion ($28.7 million).

Hapaco Yen Son to issue shares

HA NOI — Hapaco Yen Son Co (YSC) will issue 2 million additional shares, including an offer of 1.1 million to existing shareholders at a 1:1 ratio. These shares will be offered at face value, while the remaining 900,000 shares will be auctioned to the public at an initial price of VND12,000 per share. The company expects to raise about VND21.8 billion ($1 million) from the issue.

Fines levied for An Phat trades

HA NOI — State Securities Commission has fined FC Investing Co and Tam Son Investing Cod VND60 million ($2,900) for failure to disclose a sale of shares in An Phat Plastic and Green Environment Co (AAA) for 10 days in August. The Tam Son Investing Co has also been fined VND80 million ($3,800) for it selling 150,000 shares in An Phat while the Ha Noi Stock Exchange was considering the firm's listing.

Tam Son had also announced plans to sell another 3 million AAA shares between August 20 to October 20, while the Ha Noi Stock Exchange had scheduled an auction of AAA shares between August 25 to October 20.

Forest products company plans IPO

HCM CITY — The Material Supply-Construction and Forest Product Co will auction over 2 million shares at VND10,500 a piece on the Ha Noi Stock Exchange on December 27.

Dong A Securities Co is the underwriter for this IPO. Investors must register to participte with the Dong A, ACB or Thang Long securities companies by December 20. The forest products company has charter capital of VND63 billion ($3 million), of which State holds 60 per cent. — VNS

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