DOCSLIB.ORG

Annual Report Content Annual Report 2016

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report Content Annual Report 2016 CNG VIETNAM JSC - ANNUAL REPORT 2016 REPORT CNG VIETNAM JSC - ANNUAL CNG VIETNAM JOINT STOCK COMPANY [ ] : 7th Floor, GAS Tower, No. 61B, 30/4 Street, Thang Nhat Ward, Vung Tau City [ ] : (84.64) 3574635 [ ] : (84.64) 3574619 2016 [ ] : www.cng-vietnam.com ANNUAL REPORT CONTENT ANNUAL REPORT 2016 05 Message from the Chairman 78 REPORT OF THE BOM AND BUSINESS OPERATION ANALYSIS LIST OF ABBREVIATIONS 07 CEO’s Letter 79 2016 financial highlights 08 CNG VIETNAM AND VALUE CREATION PROCESS 81 Outstanding managerial solutions in 2016 ASM Annual Shareholders' Meeting 09 Overview of CNG Vietnam 83 Business results in 2016 BOD Board of Directors 10 Vision - Mission - Core Values 85 Report on project implementation progress BOM Board of Management 11 Objectives and Development Orientations 86 Financial analysis BOS Board of Supervisors 14 Development milestone and Achievements 96 SUSTAINABLE DEVELOPMENT CNG Compressed Natural Gas 17 Shareholder’s structure and Capital increase history 97 Overview 18 Scope of business and Key customers CNG Vietnam/the Company CNG Vietnam Joint Stock Company 98 Related important parties and reporting areas 19 About CNG – Green fuel 100 Safety in manufacturing, transportation and customer service IP/IZ Industrial Park/Zone 22 Value creation process and Main resources 104 Incentives for human resources ISO ISO standards 31 Core competitive advantages 110 Responsibility for environment LNG Liquefied Natural Gas 35 BUSINESS CONTEXT AND DEVELOPMENT STRATEGIES 118 Economic contribution LPG Liquefied Petroleum Gas 36 Macroeconomic and business environment in 2016 119 Responsibility for community OHSAS Occupational Health and Safety standards 39 2017 market outlook and business strategy 123 FINANCIAL STATEMENTS (AUDITED) PRU Pressure Reducing Unit 44 Strategic business orientations in 2017 124 Report of the Board of Management PVGas PetroVietnam Gas Joint Stock Corporation 46 Specific plan for the year 2017 126 Independent audit report PVGas North PetroVietnam Northern Gas Joint Stock Company 47 CORPORATE GOVERNANCE 128 Balance sheet 130 Income statement PVGas South PetroVietnam Southern Gas Joint Stock Company 48 Governance model and Management structure 131 Cash flow statement PVGas-D PetroVietnam Low Pressure Gas Distribution Joint Stock Company 52 Introduction of BOD, BOS and BOM 59 Report of the Board of Directors 132 Notes to financial statements PVN/PetroVietnam Vietnam National Oil and Gas Group 66 Report of the Board of Supervisors 69 Transaction, remuneration and benefits of the BOD, BOS and BOM 69 Investor Relations 72 Risk management 3 MESSAGE FROM THE CHAIRMAN Dear Valued Shareholders, Partners and Staffs, The year 2016 saw a lot of changes in CNG Vietnam’s z Profit after tax reached VND 120.3 billion, 13.5% organizational structure and governance. Specifically, CNG higher than the annual plan and increased by 1.3% Vietnam officially became a subsidiary of PetroVietnam Gas compared to 2015. EPS respectively was VND 3,900. Joint Stock Corporation (PVGas) in March 2016, following the restructuring guidance of PVGas and PetroVietnam. The BOD, in 2016, focused on the following: strategy formation, operational control and supervision and risk CNG Vietnam subsequently rearranged the organizational structure to be in line with operational model of PVGas, under the direction of CEO Vu Van Thuc since 07 April 2016. In respect of business environment, the oil price in 2016 fluctuated in the range of only USD 40-50/barrel despite of many favourable factors. The oil price tended to fluctuate in VND BIL a more complex manner, which made our business planning 898.1 and management become more difficult. totaL REVENUE The Management clearly perceived the difficulties and 108.6% ANNUAL PLAN challenges which the Company were facing and had worked out flexible solutions for the management as well 2016 2015 Item Unit Planned Actual (%) Planned (%) Consumption volume Million Sm3 110.0 119.6 108.7 94.3 126.8 Southern region Million Sm3 82.2 92.4 112.4 85.3 108.3 Northern region Million Sm3 27.8 27.2 97.8 9.0 302.2 Total income Billion VND 827.1 898.1 108.6 959 93.7 Total expenses Billion VND 695.0 750.4 108.0 814 92.2 Profit before tax Billion VND 132.0 147.7 111.9 145 101.8 Profit after tax Billion VND 106.0 120.3 113.5 118.7 101.3 as business operation, in order to ensure efficient business management. In the coming years, the BOD will continue to activities and appropriate strategy. accompany and support the BOM to overcome difficulties caused by the markets, make use of internal strengths and Thanks to the above, the Company gained several competitive advantages to bring CNG Vietnam reach new outstanding achievements in the year 2016: heights. z CNG consumption volume reached 119.6 million Sm3, We wish you and your family good health, success and completed 108.7% of the annual plan. happiness. z Total revenue was VND 898.1 billion, completed Yours faithfully, 108.6% of the annual plan. z Profit before tax reached VND 147.7 billion, completed 111.9% of the annual plan and increased by 1.8% Vu Tuan Ngoc Chairman of the BOD compared to 2015. 4 ANNUAL REPORT 2016 5 www.cng-vietnam.com CEO’S LETTER Dear Valued Shareholders, Partners and Staffs, Being in charge of CEO since April 2016, I rapidly witnessed the solidarity, consensus, high determination of the staffs as well as support and close direction of PVGas and the BOD in stabilizing the organizational structure, orientating the business strategy and operation. 119.6 120 Despite of many complex fluctuations on the world as well as domestic oil and gas markets, CNG Vietnam gained many 110 outstanding achievements in 2016. Specifically: 100 94.3 90 z Customers increased strongly from 41 to 47. 80 74.6 z CNG consumption volume reached 119.6 million Sm3, 70 significantly increased by 26.8% compared to 2015 62.3 and completed 108.7% of the annual plan. 60 53.0 50 z CNG sales declined but profit after tax still increased by 1.3% to VND 120.3 billion and completed 113.5% of 40 the annual plan. 30 z Market capitalization of the Company passed the VND 20 1,000 billion level, reached approximately VND 1,102 billion, and cash dividend at a high rate of 30% was 10 maintained. 0 2012 2013 2014 2015 2016 26.8% z Compensation and benefit policy for employees was well maintained. CONSUMPTION VOLUME (Mil Sm3) z Sustainable development activities were continually enhanced. The Management appreciates the solidarity, efforts of departments, branches and staffs in the year 2016. Our goals set for 2017 and coming years will be rough to achieve given many difficulties and complications. Hence, the BOM calls all staffs to hold solidarity spirit, together promote creativeness, enthusiasm in order to achieve the 2017 targets, and step by 47 CUSTOMERS step to realize the Company’s long-term visions. as COMPARED TO 41 On behalf of CNG Vietnam, I would like to take this occasion to convey my thanks to the BOD, PVGas for their support, CUstomers IN 2015 close direction in the past and hope to receive more support in the coming period. Yours faithfully, In 2017, the global and domestic economic environment will continue to have complex fluctuations, which make our business forecast and management become more difficult. Vu Van Thuc Meanwhile, fuel prices will be still kept at low level and input gas prices of the Company will be modified to rise. Chief Executive Officer 6 ANNUAL REPORT 2016 7 www.cng-vietnam.com CNG VIETNAM AND VALUE OVERVIEW OF CNG VIETNAM 01 CREATION PROCESS 09 Overview of CNG Vietnam 10 Vision - Mission - Core Values 11 Objectives and Development Orientations 14 Development milestone and Achievements 17 Shareholder’s structure and Capital increase history 18 Scope of business and Key customers Vietnamese name : Công ty Cổ phần CNG Việt Nam 19 About CNG – Green fuel English name : CNG Vietnam Joint Stock Company 22 Value creation process and Main resources 31 Core competitive advantages Abbreviation : CNG VIETNAM Stock symbol : CNG Company logo Business Registration Certificate No. 492032000040 (first registration on 28 May 2007 and 11th registration change on 19 September 2016 issued by the Industrial Zone Management Agency of Ba Ria - Vung Tau Province) Chartered capital : VND 270 billion (Two hundred and seventy billion VND) Headquarter : Road No 15, Phu My 1 Industrial Zone, Tan Thanh District, BR - VT Province Transaction Office : 7th Floor, GAS Tower, No 61B, Street 30/4, Thang Nhat Ward, Vung Tau City Telephone : (064) 357 4635 Fax : (064) 357 4619 Website : www.cng-vietnam.com Green - Clean TO CREATE VALUES 9 3. OBJECTIVES AND DEVELOPMENT VISION - MISSION - CORE VALUES ORIENTATIONS VISION To build and develop CNG Vietnam Joint Stock Company for sustainable growth, to become a leading supplier of CNG, LNG in Vietnam, pioneer in technology and market share’s leader in CNG, LNG market. MISSION To build trust for customers to use CNG, LNG as a OBJECTIVES AND DEVELOPMENT ORIENTATIONS clean, safe and efficient fuel. Therefore, to reinforce the Company’s growth, bring in sustainable values To build CNG Vietnam to become a company with strong brandname and business 11 presence across the country. for customers, shareholders, employees and society. To develop CNG Vietnam based on diversified business activities with CNG, LNG as the core 2 business. CORE VALUES The Company is committed to the To train staffs to have solid technical skills, discipline and meet all requirements of advanced 3 technology of CNG, LNG. following values MEDIUM-TERM AND LONG-TERM DEVELOPMENT strateGIES SOCIAL Quality Safety Cooperation EFFICIENCY responsibility 1.To build CNG Vietnam brand and culture: z To make short-term and long-term marketing strategies be appropriate with development process in order to improve the brand reputation.
Load more

Recommended publications
  • Doing Business in (Insert Country Name Here)
    DOING BUSINESS IN VIETNAM Country Commercial Guide 2015 Prepared by U.S. Commercial Service and U.S. Embassy in Vietnam June 2015 International Copyright ©2015 U.S. Commercial Service and U.S. Department of State All rights reserved outside the United States of America. Table of Contents This report contains numerous hyperlinks. Click on any blue text in this document in order to navigate within the document or be directed to a related external web link. Chapter 1: Doing Business in Vietnam……………………………………………………. 4 Market Overview ……………………………………………………….………………………. 4 Market Challenges ……………………………………………………………………….……. 6 Market Opportunities ………………………………………………………………….………. 7 Market Entry Strategy …………………………………………………………………………. 7 Chapter 2: Political and Economic Environment…………..……………………….…… 9 Chapter 3: Selling U.S. Products and Services…………………………………………. 10 Using an Agent or Distributor ………………………………………………………………... 10 Establishing an Office ……………………………………………………………..…………. 11 Franchising …………………………………………………………………...…..……….…... 13 Direct Marketing ……………………………………………………………….……….……... 13 Joint Ventures/Licensing ………………………………………………………..…….……… 14 Selling to the Government …………………………………………………………...………. 14 Distribution and Sales Channels ……………………………………………………..……... 15 Selling Factors/Techniques …………………………………………………………..……… 17 Electronic Commerce …………………………………………………………………...……. 18 Trade Promotion and Advertising ……………………………………………………...……. 19 Pricing ………………………………………………………………………………………….. 20 Sales Service/Customer Support ……………………………………………………..…….. 21 Protecting
    [Show full text]
  • Overseas Environmental Measures of Japanese Companies(Vietnam )
    Chapter 1 Overview of Environmental Issues and Environmental Conservation Practices in Vietnam This chapter is divided into seven sections that provide basic information necessary for Japanese companies to implement effective environmental measures in Vietnam. Section 1 presents the outline of Vietnam and discusses its relations with Japan and Japanese companies, and Section 2 gives information about environmental problems in the country as they exist now. Section 3 explains the country's environmental policy, legislation, administrative structure, and other related matters. Sections 4 through 6 provide information about the scheme and content of the country's specific environmental regulations designed to deal with water pollution, air pollution, and industrial waste, which are the country's principal environmental challenges and at the same time the problems against which Japanese companies are required to take countermeasures. Finally, Section 7 describes the process of environmental impact assessment required to be performed prior to building industrial plants or other facilities. In addition, Appendix 1 in the references at the end of this report carries the whole text of the Law on Environmental Protection, which was put into effect in January 1994 and constitutes the basis for Vietnam's environmental policy. Appendices 2 through 4 contain excerpts of three pieces of environmental legislation that have a lot to do with Japanese companies doing business in Vietnam. 1 Section 1 Vietnam and Japanese Companies 3 Chapter 1 – Section 1 1. Increasingly Closer Japan-Vietnam Relations Centering in Economy The Socialist Republic of Vietnam (hereinafter called Vietnam), located in the eastern part of the Indochina, has a population of 77 million, the second largest in Southeast Asia after Indonesia.
    [Show full text]
  • Vietnam Guide.Pdf
    Contents 1. Overview of Vietnam P. 3 – 10 2. Legal Environment and Competition Law P. 11 – 21 3. Taxation, Transfer Pricing, Banking and Currency Control P. 22 – 33 4. Labour, Compensation Rule and Labour Supply Situation P. 34 – 47 5. Research and Development Environment P. 48 – 58 6. Supply Chain Environment P. 59 – 66 7. Infrastructure P. 67– 75 8. Types of Industries Encouraged by the Local Government P. 76 – 80 9. Key Government Incentives P. 81 – 87 10. Environmental Requirements P. 88 - 111 Disclaimer This material is prepared and intended for general information and reference purposes only. It does not cover exhaustively the subject it treats, but is intended to answer some of the important broad questions that may arise. When specific issues arise in practice, it will often be necessary to consider the relevant laws and regulations, and to obtain appropriate professional advice. The information contained here is current at the date of publishing and may change over time, and no representation, expressed or implied, is made as to its accuracy, completeness or correctness. Hong Kong Productivity Council (“HKPC”), the Government of the Hong Kong Special Administrative Region, the publishers and authors are not responsible for the result of any actions which are undertaken based on information contained within this material, nor for any errors in, or omissions from, this material. In no event shall HKPC, or its council members, directors, employees or agents, be liable to you or anyone else for any decision made or action taken in reliance on this material for any business losses, including without limitation loss of or damage to profits, income, revenues, use, production, anticipated savings, businesses, contracts, commercial opportunities or goodwill as well as any consequential, special or similar damages sustained.
    [Show full text]
  • Trade and Sustainable Development in Vietnam
    Trade and Sustainable Development in Vietnam IISD is producing this paper as part of its capacity building program for developing countries on the issues of trade and sustainable development – the Trade Knowledge Network Project. This work was carried out with the aid of a grant from the International Development Research Centre, Ottawa, Canada. The full version of this research, and the work of other members of the Trade Knowledge Network, is available on IISDnet at http://iisd.ca/tkn/default.htm. The Knowledge Networks Project aims to build capacity in developing countries to address the issues of trade and sustainable development. It consists of three main areas of work: domestic-level research and workshops on the linkages between trade and sustainable development at the local and international levels; additional research on cross-cutting themes of interest to developing country policy-makers; and the linking of developing country research institutions in a trade and sustainable development knowledge network. For more information on the Trade Knowledge Network Project, see http://iisd.ca/tkn/default.htm, or contact IISD at [email protected]. IISD contributes to sustainable development by advancing policy recommendations on international trade and investment, economic instruments, climate change, measurement and indicators, and natural resource management. Using Internet communications, we report on international negotiations and broker knowledge gained through collaborative projects with global partners, resulting in more rigorous research, capacity building in developing countries and better dialogue between North and South. IISD’s vision is better living for all -- sustainably; its mission is to champion innovation, enabling societies to live sustainably.
    [Show full text]
  • 2020 Tobacco Industry Interference Index
    VIETNAM 2020 TOBACCO INDUSTRY INTERFERENCE INDEX Background and Introduction Vietnam is one of the few countries with the highest rates of adult male smoking (45%). Annually, more than 40,000 deaths from tobacco-related diseases and the number will increase to 70,000 cases per year in 2030 if Vietnam fails to implement strong and effective tobacco control measures.1 The dominant component of the tobacco industry (TI) in Vietnam is state-owned. It belongs to the central government, Ministry of Finance and the communist party. The world’s three biggest transnational tobacco companies have invested and operate in Vietnam through a joint venture and partnership with local companies in production and distribution of their tobacco products. These include: British American Tobacco (BAT), Phillip Morris International (PMI) and Japan Tobacco International (JTI). Overall, Vietnam National Tobacco Corporation (VINATABA) dominates the cigarette market share with 60.5%, followed by BAT Vietnam (23%), Imperial Tobacco (8%), PMI (3.5%), JTI and all other companies have a combined share of 5% in 2018 (Figure 1).2 Vietnam has made much progress in implementing tobacco control measures according to the WHO Framework Convention on Tobacco Control (FCTC) and in reducing smoking prevalence. However, tobacco industry interference is a problem that challenges and impedes the progress of strengthening of policies to protect public health. This TI Interference IndeX is a civil society report assessing the implementation of FCTC Article 5.3 on the protection of public health policies with respect to tobacco control from commercial and other vested interests of the tobacco industry and its guideline in Vietnam.
    [Show full text]
  • Study on Strengthening Food Standards and the Certification System in the Socialist Republic of Vietnam
    Study on Strengthening Food Standards and The Certification System in the Socialist Republic of Vietnam Study Report February 2006 Engineering and Consulting Firms Association, Japan Overseas Merchandise Inspection Co., Ltd. Study on Strengthening Food Standards and the Certification System in the Socialist Republic of Vietnam Executive Summary 1 1． Introduction ・・・・・・・・・・・・・・・・・・・・・・・・・・・ 7 1.1 Background and Objectives ・・・・・・・・・・・・・・・・・ 7 1.2 Scope of Work ・・・・・・・・・・・・・・・・・・・・・・・ 11 1.3 Study Area in Vietnam ・・・・・・・・・・・・・・・・・・・・ 12 1.4 Study Schedule ・・・・・・・・・・・・・・・・・・・・・・・ 12 1.5 Study Team Participants ・・・・・・・・・・・・・・・・・・・・ 12 2． Overview of Vietnam ・・・・・・・・・・・・・・・・・・・・・・・ 13 3． Present situation in the food and agricultural sector in Vietnam ・・・・・ 15 3.1 Food sector in Vietnam ・・・・・・・・・・・・・・・・・・・・ 15 3.2 Food products in Vietnam ・・・・・・・・・・・・・・・・・・・・ 16 3.3 Some constraints on the food sector in Vietnam ・・・・・・・・・・・ 17 3.4 Food safety management system in Vietnam and related regulations and laws ・・・・・・・・・・・・・・・・・・・・・ 18 3.5 Food safety standards and organization ・・・・・・・・・・・・ 19 3.6 Accreditation and certification system food in Vietnam ・・・ 21 3.7 Agricultural systems in Vietnam ・・・・・・・・・・・・・・・・ 23 3.8 Constraints in agricultural sector in Vietnam ・・・・・・・・・・ 23 3.9 Recent efforts in Vietnam ・・・・・・・・・・・・・・・・・・・ 26 3.10 Good Agricultural Practice (GAP) System in Vietnam ・・・・・ 27 4． Food Standards and Certification Systems in Asian countries ・・・・ 29 < Case study 1: Thailand > 4.1 Overview of present situation on food safety in Thailand
    [Show full text]
  • National Implementation Plan for Stockholm Convention on Persistent Organic Pollutants
    NATIONAL IMPLEMENTATION PLAN FOR STOCKHOLM CONVENTION ON PERSISTENT ORGANIC POLLUTANTS HANOI, 2017 ABBREVIATIONS AFTA ASEAN Free Trade Area APEC Asia-Pacific Economic Cooperation APC Air pollution control ASEM Asia-Europe Meeting BAT/BEP Best Available Techniques/ Best Environmental Practices BOF Basic oxygen furnace DDT [1,1,1-trichloro-2,2-bis (4-chlorophenyl) ethane] DBDE Decabromodiphenyl ether DOIT Department of Industry and Trade DONRE Department of Natural Resources and Environment EAF Electric Arc Furnace EEE Electrical and Electronic Equipment EVN Vietnam Electricity FDI Foreign Direct Investment GDP Gross Domestic Product GEF Global Environment Facility GHG Greenhouse Gas HBB Hexabromobiphenyl HBCD Hexabromocyclododecane HCB Hexachlorobenzene HCBD Hexachlorobutadiene MARD Ministry of Agriculture and Rural Development MEA Multilateral Environmental Agreement MIC Ministry of Information and Communication MOC Ministry of Construction MOF Ministry of Finance MOH Ministry of Health MOD Ministry of Defense MOIT Ministry of Industry and Trade MOLISA Ministry of Labor, Invalid and Social Affairs MONRE Ministry of Natural Resources and Environment MOST Ministry of Science and Technology MOT Ministry of Transport MPI Ministry of Planning and Investment MPS Ministry of Public Security OCP Organochlorine Pesticide PBDEs Polybrominated diphenyl ethers PCA Framework agreement on comprehensive partnership and cooperation PCBs Polychlorinated biphenyls ii PCD Pollution Control Department PCDDs Polychlorinated dibenzo-p-dioxins PCDFs Polychlorinated
    [Show full text]
  • Eurocham Healthcare Forum 122 A
    OVERVIEW TABLE OF CONTENTS TABLE OF CONTENTS INTRODUCTORY REMARKS Page About EuroCham ii Message from the Co-Chairmen iii Message from the EU Ambassador iv Message from Business Associations v Overview of EuroCham Advocacy Services ix SEA IPR SME Helpdesk x EU-Vietnam Business Network xii User's Guide 13 Disclaimer 14 OVERVIEW 15 Contextual introduction 16 Executive Summary 21 PART 1: CROSS-SECTORAL ISSUES 39 1. EVFTA 40 2. Energy and Electricity 44 3. Green Growth 51 4. Human Resources and Training 61 5. Intellectual Property Rights 71 6. Judicial and Arbitral Recourse 80 7. Mediation 85 8. Mergers and Acquisitions 91 9. Public Private Partnerships 98 10. Taxation 106 11. Transportation and Logistics 112 PART 2: SECTORAL ISSUES 121 12. EuroCham Healthcare Forum 122 a. International Quality Generics 126 b. Medical Devices and Diagnostics 135 c. Pharmaceuticals 141 13. Food, Agri and Aqua Business 147 14. CropLife Vietnam 156 15. Information and Communication Technology 164 16. Mobility a. Automotive 171 b. Motorcycle 184 17. Nutrition and Milk Formula Products 189 18. Real Estate 192 19. Tourism and Hospitality 201 20. Wine and Spirits 211 LIST OF TABLES AND FIGURES 220 LIST OF ABBREVIATIONS AND ACRONYMS 221 ACKNOWLEDGEMENTS 225 Publication Licence: Produced by: www.shumedia.com.vn WHITEBOOK 2019 | TRADE & INVESTMENT ISSUES AND RECOMMENDATIONS | i ABOUT EUROCHAM ABOUT EUROCHAM ABOUT EUROCHAM Since its establishment with just 60 members in 1998, the European Chamber of Commerce in Vietnam (EuroCham) has grown to represent over 1,000 European businesses, counting among its members some of the world’s leading enterprises. With offices in both Hanoi and Ho Chi Minh City, and Chapters in the Central, Northeastern and Southeastern regions of Vietnam, EuroCham’s mission is to represent the business interests of our members in Vietnam and to improve the business environment in the country for the benefit of all.
    [Show full text]
  • Download Doing Business in Vietnam
    1. QuickIntroduction Facts about Vietnam Doing Business in Vietnam do Doing Business in Vietnam 1 Doing Business in Vietnam LEVEL 2, SOMERSET CHANCELLOR COURT, 21 - 23 NGUYEN THI MINH KHAI STREET, DISTRICT 1, HO CHI MINH CITY, VIETNAM T: +84 28 38224539 | F: +84 28 38224239 | W: ACSVLEGAL.COM Doing Business in Vietnam TABLE OF CONTENTS Introduction .......................................................................................................................................................................... 2 1. Quick Facts about Vietnam ............................................................................................................................................. 4 .... Geography ................................................................................................................................................................... 4 .... National Assembly and Government .......................................................................................................................... 4 .... Economy ...................................................................................................................................................................... 5 .... Trade, Import and Export ............................................................................................................................................ 6 .... Trade Organisations and Free Trade Agreements ...................................................................................................... 6 .... Population
    [Show full text]
  • Vietnam Commercial Guide
    Vietnam Table of Contents Doing Business in Vietnam __________________________ 8 Market Overview __________________________________ 8 Market Challenges _________________________________ 10 Market Opportunities _______________________________ 11 Market Entry Strategy _______________________________ 12 Political Environment _____________________________ 13 Political Environment _______________________________ 13 Selling US Products & Services ________________________14 Using an Agent to Sell US Products and Services ________________ 14 Establishing an Office _______________________________ 15 Franchising _____________________________________ 18 Direct Marketing __________________________________ 18 Joint Ventures/Licensing _____________________________ 19 Selling to the Government _____________________________ 19 Distribution & Sales Channels___________________________ 21 Express Delivery __________________________________ 23 Selling Factors & Techniques ___________________________ 23 eCommerce _____________________________________ 25 Overview__________________________________________25 Current Market Trends _________________________________ 26 Domestic eCommerce (B2C) ______________________________ 26 Cross-Border eCommerce ________________________________ 27 B2B eCommerce ______________________________________ 27 eCommerce Services ___________________________________ 27 eCommerce Intellectual Property Rights ________________________28 Procedures in handling of administrative violations in e-commerce: ________28 Popular eCommerce Sites
    [Show full text]
  • Motivating a Conflicted Environmental State
    1 2 3 4 MOTIVATING A CONFLICTED 5 6 7 ENVIRONMENTAL STATE: 8 9 COMMUNITY-DRIVEN 10111 11 REGULATION IN VIETNAM 12 13 14 15 Dara O’Rourke 16 17 18 19 Without the support of the public, even the easiest task cannot be accomplished. 20111 With the support of the public, even the hardest task can be fulfilled. 21 22 Vietnamese Communist Party slogan 23 24 INTRODUCTION 25 26 27 The Vietnamese government, like many countries, faces significant conflicts 28 between developmental goals and environmental protection. Although the 29 government has proclaimed a commitment to protecting the country’s ecosys- 30111 tems, workers, and urban environments, and has recently created national 31 environmental institutions and provincial enforcement agencies, Vietnam 32 continues to experience problems in the implementation of its environmental 33 laws. A lack of funds, trained personnel, and political influence severely 34 constrain the effectiveness of state environmental agencies. More importantly, 35 contradictions and conflicts within the state – between developmentalist and 36 environmental concerns – create disincentives for enforcement of environmental 37 regulations. 38 39 40111 The Environmental State Under Pressure, Volume 10, pages 221–244. Copyright © 2002 by Elsevier Science Ltd. All rights of reproduction in any form reserved. ISBN: 0-7623-0854-0 221 222 DARA O’ROURKE 1 While certainly common in developing countries (and many industrialized 2 countries as well), these conflicts are particularly stark in Vietnam. Vietnam 3 appears to combine the worst of both Soviet-bloc environmental callousness with 4 East Asian development-at-all-costs. Beginning from a base of 1950s-vintage 5 highly polluting heavy industry, adding the recent expansion of export-oriented 6 light industry, and acknowledging the state’s limited capacity for environmental 7 8 regulation, the country seems destined for rapid urban and environmental 9 degradation.
    [Show full text]
  • Accounting Standards 25
    REPORT ON THE OBSERVANCE Public Disclosure Authorized OF STANDARDS AND CODES ROSC Public Disclosure Authorized ROSC Public Disclosure Authorized ROSC Public Disclosure Authorized ACCOUNTING AND AUDITING MODULE Vietnam, 2016 REPORT ON THE OBSERVANCE OF STANDARDS AND CODES (ROSC)ROSC ACCOUNTING AND AUDITING MODULE Vietnam, 2016 ROSC ROSC HONG DUC PUBLISHING HOUSE TABLE OF CONTENT ACRONYMS AND ABBREVIATIONS 3 PREFACE 4 EXECUTIVE SUMMARY 6 I. INTRODUCTION 13 II. DEMAND FOR AND PERCEPTIONS OF THE QUALITY OF FINANCIAL REPORTING AND AUDIT 19 III. STATUTORY FRAMEWORK 22 IV. ACCOUNTING STANDARDS 25 V. AUDITING STANDARDS 32 VI. STATUTORY REPORTING AND AUDITING REQUIREMENTS 36 VII. PUBLIC OVERSIGHT, MONITORING AND ENFORCEMENT 41 VIII. PROFESSIONAL ACCOUNTANCY ORGANIZATIONS (PAOs) 47 IX. PROFESSIONAL QUALIFICATION REQUIREMENTS 51 X. ACCOUNTING EDUCATION 55 APPENDIX I – FINANCIAL REPORTING IN THE FINANCIAL SECTOR 61 APPENDIX II – FINANCIAL REPORTING IN THE SOE SECTOR 68 APPENDIX III – NON-COMPLIANCE WITH NATIONAL ACCOUNTING STANDARDS (VAS) 71 APPENDIX IV – LAW REFERENCES 75 APPENDIX V – GOVERNMENT MULTI TASK FORCE 79 ACRONYMS AND ABBREVIATIONS AAPD Accounting and Auditing Policy Department MDG Millennium Development Goals ACCA Association of Chartered Certified MOET Ministry of Education and Training Accountants MOF Ministry of Finance AFA Asian Federation of Accountants MRA Mutual Recognition Agreement ASEAN Association of Southeast Asian Nations NPL Non-performing Loan BCP Basel Core Principle PAO Professional Accountancy Organization CAPA Confederation
    [Show full text]