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1,000 largest corporate income tax payers in Vietnam announced

In Uncategorized on October 22, 2010 at 3:55 pm

1,000 largest corporate income tax payers in Vietnam announced

QĐND – Friday, October 22, 2010, 22:35 (GMT+7)

A press conference to announce Vietnam’s 1,000 largest corporate income tax payers was held in Hanoi on October 22 by Tax Magazine and VietnamNet online newspaper.

The top 1,000 enterprises in 10 sectors contributed over VND84.000 billion to the national budget from 2007 – 2009. 77 percent of the total came from Hanoi and HCM City.

The banking sector accounted for 22 percent, the telecommunications sector for 14 percent, the mining sector 11 percent, and the rest came from real estate, food, construction materials, security, and so on.

Agriculture, forestry, and fisheries contributed only about 3 percent.

Source: VOV

Source: QDND

Japan corporate investment to bounce back: survey

In Uncategorized on May 30, 2010 at 9:15 am

TOKYO (AFP) – Capital spending by big Japanese companies is set to rise for the first time in three years as auto and electronics makers invest more abroad, a survey said Sunday.

According to the poll of 1,472 leading firms by business daily Nikkei, the companies plan to invest a total of 23.35 trillion yen (257 billion dollars) in plant and equipment in the business year to March 2011.

The annual total would be up 11 percent from the year to March 2010 when their combined capital spending plunged 23.7 percent, the steepest fall since the survey began in 1973, Nikkei said.

But the 2010-2011 estimate is still the second lowest in the past five years, at around 80 percent of the level seen in the year to March 2008, before the global financial crisis struck.

A worker walks between newly assembled Toyota vehicles at its plant in Aichi Prefecture. AFP file

And corporate Japan may once again pare back investment in 2011-2012, because the yen’s appreciation against the euro as a result of Europe’s sovereign debt crisis is making many firms cautious, the report said.

In the current year, export-led auto and electronics firms intend to boost their capital spending, mostly overseas, expecting steady growth in emerging markets including China, it said.

But retailers and other sectors more reliant on domestic demand in deflation-hobbled Japan plan to spend significantly less than the last business year.

Spending by manufacturers is projected to rise 17.3 percent to 12.79 trillion yen, with 14 of the 17 sectors posting year-on-year growth.

Car giant Toyota plans to boost its capital spending by 27.8 percent from the previous year when the amount dipped 55.5 percent, Nikkei said.

It is likely to spend 41 percent of its total outlays overseas, up from 32 percent in the year to March 2010, indicating Japanese carmakers’ accelerating moves to relocate their production overseas.

The ratio of Honda’s overseas investment to its total capital spending is expected to jump from 50 percent to 67 percent as it plans to expand its production in China, Nikkei said.

Source: SGGP

US corporate figures boost Asian markets

In Uncategorized on April 21, 2010 at 8:42 am

HONG KONG, April 21, 2010 (AFP) – Strong corporate results from the United States and a rally on Wall Street stoked optimism in Asia on Wednesday, with stocks posting a second straight day of gains.

Financial companies, which had been sold heavily on Monday after news that investment bank Goldman Sachs had been charged with fraud in the United States, were big winners, while technology chips were also boosted.

Goldman announced on Tuesday that first quarter earnings rose 91 percent year on year to 3.46 billion dollars, while Bank of America said it had returned to profit with better than expected net income of 3.2 billion dollars.

Goldman chief executive Lloyd Blankfein said his firm’s result “reflects more signs of growth across the economy”.

Also on Tuesday Apple Corp said fiscal second-quarter profit surged 90 percent on strong computer and iPhone sales, showing that consumer demand for gadgets was picking up in the general economic recovery.

The announcements followed strong results from Citigroup and computer giant IBM the previous day and pushed Wall Street 0.23 percent higher, causing a domino effect in Asia.

Tokyo gained 1.54 percent, Hong Kong was 0.32 percent higher and Sydney climbed 0.90 percent while Seoul added 1.3 percent.

“There are lots of concerns (such as Goldman Sachs’ impending lawsuit and China monetary tightening) but one by one the market seems to overcome them, ” Mattia Ciancaleoni, director of equity sales at Citigroup Global Markets Japan, told Dow Jones Newswires.

“I don’t see why people should take profits here”.

Shanghai rose 0.46 percent on bargain hunting after recent steep falls caused by China’s announcement of various measures to clamp down on property speculation, dealers said.

The euro fell to 1.3413 dollars in Tokyo late morning trade from 1.3436 dollars in New York late Tuesday, and to 124.84 yen from 125.28 yen.

The dollar edged down to 93.06 yen from 93.17 yen as Japanese exporters sold the greenback, repatriating earnings.

Dealers will also be focusing attention on Greece’s debt crisis as Athens prepares to begin talks later Wednesday with EU, IMF and European Central Bank officials on the technical aspects of a loan rescue deal.

Oil was higher, with New York’s main contract, light sweet crude for delivery in June, up 36 cents at 84.21 dollars a barrel.

Brent North Sea crude for June rose 47 cents to 85.27 dollars.

However, the International Monetary Fund warned Tuesday in a biannual report that the economic crisis could be entering a “new phase” with rising public debt threatening to undermine the stability of the global financial system.

“Risks to global financial stability have eased as the economic recovery has gained steam, but concerns about advanced country sovereign risks could undermine stability gains and prolong the collapse of credit,” the Global Financial Stability Report said.

“Without more fully restoring the health of financial and household balance sheets, a worsening of public debt sustainability could be transmitted back to banking systems or across borders.”

Gold opened at 1,142.00-1,143.00 US dollars an ounce, up from Tuesday’s close of 1,141.50-1,142.50 dollars.

Source: SGGP

Corporate director Pamela Flaherty talks about NY Citi

In Uncategorized on August 27, 2008 at 4:16 pm

What is the Citi Foundation and what does it do?

The Citi Foundation is based in New York and it is the philanthropic arm of Citi, the leading global financial services company. The Citi Foundation is committed to enhancing economic opportunities for under-served individuals and families in the communities where we work so that these groups can improve their standard of living.

Globally, the Citi Foundation focuses its grant giving on microfinance and microentrepreneurship, which helps individuals become economically self-sufficient; small and growing businesses lead to economic expansion and job creation; education, which prepares young people for personal and professional success; financial education, which helps individuals make informed financial decisions; and the environment, with a focus on sustainable enterprises that generate jobs and stimulate economic growth while preserving the environment.

In 2007, the Citi Foundation gave US$95.6 million, of which 44 per cent was given outside the United States.

How does Citi support microfinance programmes globally?

Over the past decade, the Citi Foundation has contributed more than $60 million to 250 microfinance institutions, microfinance networks and microenterprise programmes in 55 countries.

Since 1997, in Asia alone, the Citi Foundation has committed more than $18 million in funding for microfinance-related programmes.

More importantly, in addition to our funding, we support the microfinance sector through many other activities such as facilitating engagement with Citi business managers, promoting the exchange of information and best practices, making introductions to other players in the industry and sponsoring and participating in symposiums.

Recently, we announced the Citi Network Strengthening Program, a three-year, $11.2 million global initiative launched in 2008 in collaboration with the Small Enterprise Education and Promotion (SEEP) Network. An example of how this project benefits microfinance networks is the Asia Network Summit, organised by the region’s Banking With The Poor Network and SEEP in Ha Noi earlier this week. This was the first Asia-wide gathering of microfinance networks, including the Vietnam Microfinance Working Group, and has already contributed to improving dialogue between networks across the region.

Citi has also established a microfinance business group that works across the Citi businesses, product groups and with employees to establish commercial relationships with the microfinance sector to build scale, lower costs and introduce new products. Since it started in 2005, Citi Microfinance has established commercial relationships with more than 70 MFIs in over 35 countries in Latin America, Africa, Asia, Eastern Europe and the Middle East, as well as global microfinance networks, specialised fund managers and investors.

How has Citi supported the development of microfinance in Viet Nam?

Since 2001, through Citi Foundation grants, Citi Vietnam has given VND3.3 billion ($168,000) to Save the Children US to support its microfinance programme in Thanh Hoa and enable more than 10,000 women from low-income households to start their own microenterprises. Today, it is one of the few examples of microfinance programmes in Viet Nam that has become financially sustainable.

In 2007, in partnership with the Vietnam Microfinance Working Group and its secretariat, the Microfinance and Development Centre, we launched the Citi Microentrepreneurship Awards to promote microentrepreneurship and increase awareness of microfinance in Viet Nam. In its inaugural year, 60 exceptional microfinance clients and 30 credit officers from rural and remote areas of Viet Nam received awards.

In 2007, Citi Vietnam gave a Citi Foundation grant to another microfinance provider, the Binh Minh Community Development Company, to initiate a financial literacy project in Dong Anh District. Based on a Citi Foundation-funded global financial education curriculum for the poor, this programme is developing customised Vietnamese-language financial education materials for microfinance clients and aims to improve the financial literacy of 15,000 microfinance clients by 2010. —

Social responsibility sharpens corporate competiveness

In Uncategorized on August 9, 2008 at 1:45 pm

– In the context of increasing international integration, local businesses are working to develop corporate social responsibility (CSR) as a new competitive edge alongside improving product pricing and quality.

Recalling a story 20 years ago when Binh Tien Consumer Goods Company (Biti’s) first received requests from major European and American partners to inspect its CSR implementation, the former export director Nguyen Van Toan said the move has brought the company a lot of benefits.

After first feeling confusesd about customer demands to see payrolls, talk directly with workers and examine the canteen, Biti’s leaders eventually understood the importance of these requirements.

Toan said Biti’s successfully sought more large clients because the “good performance of CSR is the best way of advertisement to partners.”

A survey conducted by the Institute of Labour Science and Social Affairs at 24 labour-intensive garment and leather shoe enterprises showed that due to the strict execution of CSR, their revenues grow by 25 percent per year and the productivity also increases remarkably.

In addition to economic gains, surveyed businesses have benefited in the long term from building a strong reputation with partners and public alike, alongside attracting workers, particularly skilled ones.

In 2005, the annual “Corporate Responsibility Award” was initiated and has received a positive response from business circles.

More than 60 garment and shoe companies have to date been honoured with the award for social responsibility initiatives that bring better benefits to workers, the society and the environment.

However, CSR has mainly been applied to businesses that produce goods for export to such major markets as the European Union (EU), the United States and Japan.

According to the director of the Institute of Labour Science and Social Affairs, Nguyen Huu Dung, Vietnam needs to work out a clear roadmap for the CSR performance for local businesses in line with its economic development and international integration.

Carey Zesiger, project development director of the consulting group Global Standards, said Vietnam’s competitive strength in a number of key industries will be improved strongly if it strictly implements CSR issues.-