bankruptcy

Update news bankruptcy

Bonus cuts threaten to spoil Tet celebrations

 VietNamNet Bridge – Tet, or the Lunar New Year, is a significant event that most Vietnamese people look forward to, not just because of the long holiday break, but also because of the customary Tet bonus.

Wanton competition drives electronics stores into bankruptcy

 VietNamNet Bridge – Many electronics stores in Vietnam are facing the risk of bankruptcy after a period of rapid expansion and competition.

BUSINESS IN BRIEF 15/12

 HCM City’s 2011-2013 remittance nears US$14 billion; Lazada announces strong investment in e-commerce; Fuel imports keep falling on lower demand, Seasonal labor demand for Tet drops sharply

Vinashin bankruptcy means wasted land in Haiphong

 VietNamNet Bridge – The bankruptcy of the Vietnam Shipbuilding Industry Group (Vinashin) has caused the delay of many projects, leading to serious land waste in Haiphong City, affecting local households.

Mechanisation transforms craft villages

VietNamNet Bridge – The recent mechanisation of sedge-mat production brought wealth to some Mekong Delta villagers. But those who can't afford the pricey machines are being left out of the economic windfall, opting instead for industrial jobs

South Korean contractor denounced for USD2.1 million debt refusal

 VietNamNet Bridge – Thirty nine Vietnamese sub-contractors have accused South Korea-owned Hyupjin Vina Company of refusing the debt of VND44 billion (USD2.1 million), allegedly owed them.

BUSINESS IN BRIEF 22/9

 Motorshow 2013 to be launched in HCM City; Vietnam,Turkey aim for US$3 billion trade turnover by 2015; Farmers apprehensive before new sugarcane season

New bankruptcy law to help defaulted businesses die more easily

 VietNamNet Bridge – A new bankruptcy law is being compiled which is hoped to help declare death for tens of businesses which do not exist in reality, but still exist on papers. However, some provisions of the laws prove to be more complicated.

Rail firm files for bankruptcy after Canada disaster

 The owners of a train that derailed in Canada last month leaving dozens dead has filed for bankruptcy, the company said.

BUSINESS IN BRIEF 27/7

 Samsung exports three times higher than city’s IPs, EPZs; Policy incentive boost for high tech projects; Piaggio Vietnam’s test track system opened; Japan retailer Nojima enters local electronics market

Many businesses died, arrears of tax reach over $3 billion

According to a report from the General Department of Taxation, arrears of tax in the first half of 2013 reached VND64.632 trillion ($3.23 billion), up 32 percent compared to 2012 and 30 percent over the same period.

U.S. city Detroit files for bankruptcy

 U.S. city Detroit filed for bankruptcy Thursday, making it the largest-ever municipal bankruptcy in U.S. history, local media reported.

New decree to come out to handle bad debts at SOEs

VietNamNet Bridge – The Ministry of Finance will present to the Government a decree on handling bad debts at State-owned enterprises which will serve as a legal basis to require enterprises to classify debts and better handle bad debts.

Unable to go bankrupt, businesses turn to crimes

 VietNamNet Bridge – A lot of businesses which cannot declare bankruptcy, have become the “zombies” which operate under disguised marks, cheat partners and evade tax.

Slump puts coffee firms in hot water

VietNamNet Bridge – Despite the warning from the Viet Nam Coffee & Cocoa Association that the country's coffee harvest may decline for a second straight year because of drought in the main growing regions, prices have continued to drop,

BUSINESS IN BRIEF 7/5

Enterprises seek funds to bid for gold; Many local firms in race to expand distribution networks; Hanoi rental market lifts real estate gloom; Electronic traders target innocent rural residents

Workforce doesn’t change over the last 5 years

The number of workers at enterprises has reportedly not increased over the last 5 years. New workers have been employed to offset the left ones, not to serve the enterprises’ business expansion plans.

New rule aims to reduce number of weak banks

 VietNamNet Bridge – Under performing banks may have to file for bankruptcy if they cannot meet new conditions set out by the central bank under a recently issued circular that is effective on April 27.

Cyprus bailout 'no' sparks joy

 Thousands of demonstrators burst into cheers and applause as their MPs on Tuesday flatly voted down a painful EU bailout plan aimed at rescuing Cyprus from bankruptcy.

Vinashinlines to go bankrupt

The Vinashin ocean shipping company will be one of two subsidies of the Vietnam Maritime Corporation (Vinalines) that will be permitted to go bankrupt in the process of restructuring Vinalines.