DOCSLIB.ORG

KPMG Vietnam Transparency Report 2016

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
KPMG Vietnam Transparency Report 2016 Transparency Report December 2016 kpmg.com.vn TRANSPARENCY REPORT 2016 1 Contents Who we are 4 Our structure and governance 4 System of quality control 6 Financial Information 20 Partner remuneration 21 Network arrangements 22 Statement by the Board of Management of 24 KPMG Limited on the effectiveness of quality controls and independence Appendices 25 TRANSPARENCY REPORT 2016 2 Foreword We are pleased to present the 2016 KPMG Limited Transparency Report, covering our financial year to 30 September 2016. In the report, we take the opportunity to provide stakeholders with a description of KPMG’s audit quality initiatives and how we are: – building public trust and inspiring confidence in capital markets, by bringing to life our commitment to quality, ethics and integrity through our culture and values – ensuring that our people are extraordinary, by nurturing talent, creating high- performing teams and deploying talented staff globally to help deliver insights and innovative ideas – driving a relentless focus on quality and excellence in our engagements and providing valued insights, so that clients see a difference in us – driving continuous improvement and getting to the root cause of quality issues. Audit quality, supported by our methodologies and processes, is at the heart of our culture of integrity and our drive for continuous improvement. We trust that you find this report useful in understanding how we manage our firm to ensure that we deliver quality services and in particular quality audits. We fully expect that this report will also provide the opportunity for feedback from our stakeholders and we would welcome your views on how we can improve the quality of the information presented herein in future years. Warrick Cleine Chairman and Chief Executive Officer TRANSPARENCY REPORT 2016 3 1. Who we are 1.1 Our business 1.2 Our strategy KPMG Limited (“the firm”) is a The strategy for our firm is set by the professional services firm that delivers Partners and has remained consistent audit, assurance and related services. for some time. Our partners have We work closely with other KPMG determined that our overall ambition member firms in Vietnam, including remains to be the clear choice for KPMG Tax and Advisory Limited and clients who require professional KPMG Legal Limited, which offer services in Vietnam. tax, advisory and legal services. We We have determined that a operate out of four offices across commitment to quality is one of Vietnam and had an average of 615 the most important priorities in our personnel in the year to 30 September strategy. We recognize that if we 2016. do not get the quality of our service and deliverables right then each and Full details of the services offered by every one of the other objectives in KPMG member firms in Vietnam can our business plan may be jeopardized. be found on our website. Each of the priorities in our strategy is underpinned by an enabling program to look at how we continually reinforce the importance of quality across our practice. 2. Our structure & governance 2.1 Legal structure KPMG Limited is a limited liability Legal structure and ownership company incorporated under the Enterprise Law 60/2005/QH11 KPMG Limited is affiliated with KPMG dated 29/11/2005 of Vietnam. It is International Cooperative (“KPMG wholly owned by KPMG Vietnam International”). KPMG International is and Cambodia Limited, a company a Swiss cooperative which is a legal incorporated in the Cayman Islands. entity formed under Swiss law. It is KPMG Vietnam and Cambodia the entity with which all the member Limited is a member firm of KPMG firms of the KPMG network are International. affiliated. Further details about KPMG International and its business, including During the year to 30 September 2016, our relationship with it, are available there was an average of 14 partners in in the supplement to the KPMG KPMG Limited. International Transparency Report. KPMG International is a global network of professional services firms providing Audit, Tax, and Advisory services to a wide variety of public and private sector organizations. KPMG International’s structure is designed to support consistency of service quality and adherence to agreed values wherever the member firms operate. TRANSPARENCY REPORT 2016 4 2.2 Name, ownership and legal 2.4 Governance structure and CEO is supported by a number relationships KPMG Limited applies high standards of members of Senior Management who together comprise the firm’s KPMG is the registered trademark of of corporate governance. Operations Committee (OPSCO). KPMG International and is the name by 2.4.1 Chairman and CEO The OPSCO is responsible for which the member firms are commonly implementing firm policies as known. The rights of member firms to The Chairman and CEO is responsible promulgated by the Chairman and use the KPMG name and marks are for chairing meetings of Partners, CEO, developing strategies and tactical contained within agreements with acting as chief spokesman for the firm, and operational plans to support such KPMG International. liaising with major clients, mentoring Partners, and ensuring Partners policies and for the sound operations Member firms are generally locally are contributing positively to the of the firm. In addition, the OPSCO owned and managed. Each member development, growth and technical is also responsible for coordination firm is responsible for its own excellence of KPMG. In addition he and guidance of all Infrastructure obligations and liabilities. KPMG is also responsible for all aspects of Departments and Teams including International and other member firms management and implementation maintenance of budgetary spend, are not responsible for a member of the firm’s strategy. This includes defining and realizing benefits, and firm’s obligations or liabilities. recommending the appointment of monitoring risks, quality, timeliness, and ultimately ensuring efficiency right Member firms may consist of more leaders such as Senior Partners in each across the firm. than one separate legal entity. If this office, and taking responsibility for The firm’s current OPSCO includes: is the case, each separate legal entity areas such as Sales & Markets, Brand CFO, Head of Brand & Innovation, will be responsible only for its own & Innovation, People, Performance Head of Human Resources & PPC and obligations and liabilities, unless it has and Culture, Human Resources, the Office of the Chairman. expressly agreed otherwise. Legal, Finance and Administration and Information Technology. 2.3 Responsibilities and The Chairman and CEO is elected on a obligations of member firms 5 year term basis based on a majority Under agreements with KPMG vote by the Participating Partners, and International, member firms are in this capacity, may act on all matters required to comply with KPMG on behalf of the firm. International’s policies and regulations including quality standards governing 2.4.2 Executive Committee (ExCo) how they operate and how they Under our governance framework, provide services to clients to compete the Chairman and CEO is required effectively. This includes having a firm to appoint an ExCo. Members of the structure that ensures continuity and ExCo act in an advisory capacity to stability and being able to adopt global the Chairman and CEO on strategic strategies, share resources (incoming matters in relation to the firm as a and outgoing), service multi-national whole. clients, manage risk, and deploy global In addition the ExCo is to provide methodologies and tools. strategic leadership inputs, Each member firm takes responsibility development and implementation for its management and the quality of of business plans, prioritization and its work. allocation of investment and resources, and managing the risk profile of KPMG Member firms commit to a common in Vietnam. set of KPMG values (see section 4.1). Members of the ExCo currently KPMG International’s activities are includes Functional heads, Geographic funded by amounts paid by member Senior Partners, Strategic workstream firms. The basis for calculating such leads, and the Risk Management amounts is approved by the Global Partner. Board and consistently applied to the member firms. A firm’s status 2.4.3 Management Group as a KPMG member firm and its In addition to the ExCo, the Chairman participation in the KPMG network may be terminated if, among other things, it has not complied with the policies and regulations set by KPMG International or any of its other obligations owed to KPMG International. TRANSPARENCY REPORT 2016 5 3. System of quality control Overview A robust and consistent system of quality control is an essential requirement in performing high-quality services. Accordingly, KPMG International has quality control policies that apply to all member firms. These are included in KPMG’s Global Quality & Risk Management Manual (Global Q&RM Manual) available to all personnel. These policies and associated procedures are designed to guide member firms in complying with relevant professional standards, regulatory and legal requirements, and in issuing reports that are appropriate in the circumstances. These policies and procedures are based on the International Standard on Quality Control 1 (ISQC 1) issued by the International Auditing and Assurance Standards Board (IAASB), and on the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants (IESBA). Both of these are relevant to firms that perform statutory audits and
Load more

Recommended publications
  • Offering Circular
    IMPORTANT NOTICE NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES IMPORTANT: You must read the following disclaimer before continuing. The following disclaimer applies to the attached Offering Circular. You are advised to read this disclaimer carefully before accessing, reading or making any other use of the attached Offering Circular. In accessing the attached Offering Circular, you agree to be bound by the following terms and conditions, including any modifications to them from time to time, each time you receive any information from us as a result of such access. Confirmation of Your Representation: You have accessed the attached document on the basis that you have confirmed your representation to the Issuer and to the Arrangers and Dealers (as such terms are defined in the attached Offering Circular) that: (1) you are outside the United States, the electronic mail address that you gave us and to which this electronic mail has been delivered, is not located in the United States and, to the extent you purchase the securities described in the attached Offering Circular, you will be doing so pursuant to Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”); and (2) that you consent to delivery of the attached Offering Circular and any amendments or supplements thereto by electronic transmission. The attached document has been made available to you in electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of transmission and consequently neither the Issuer, the Arrangers and Dealers, any future Dealer, the Trustee and any Agent (each as defined in the Offering Circular) nor any of their respective employees, representatives or affiliates accepts any liability or responsibility whatsoever in respect of any discrepancies between the document distributed to you in electronic format and the hard copy version available on request.
    [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]
  • Vietnamese Cuisine Provides an Interesting Experience for Most Tourists and Foodies Because of Its Subtle Flavours and Outstanding Diversity
    Publisher Dr KKJohan Editor in Chief Chew Bee Peng Editorial Team Francis Leong Ian Gregory Edward Masselamani Nur’Ain MC Nurilya Anis Rahim Gerald Chuah Creative Manager Ibtisam Basri Assistant Creative Manager Mohd Shahril Hassan Senior Creative Designer Mohd Zaidi Yusof Multimedia Designer Zulhelmi Yarabi Project Manager Lau Swee Ching Secretariat Kalwant Kaur accept nothing less The BrandLaureate Special Edition World Awards 2017 1st Edition : March 2018 it’s the brandlaureate awards Published by: TBL Brand Awards Sdn Bhd 39A, SS21/60, Damansara Utama, 47400 Petaling Jaya, Selangor Tel: 603-77100348 Fax: 603-77100350 Email: [email protected] or nothing Printed by: Percetakan Skyline Sdn Bhd 35 & 37, Jalan 12/32B, TSI Business Industrial Park, - DR. KKJOHAN Batu 6 1/2, Off Jalan Kepong, 52000 Kuala Lumpur Tel: 03-6257 4824 / 1217 Fax: 03-6257 7525 / 1216 Email: [email protected] 3 THE ASIA PACIFIC BRANDS FOUNDATION Founded in 2005, the Asia Pacific Brands Foundation (APBF) is a non-profit organization dedicated to developing brands in a myriad of business backdrops. Led by its Patron, H.E. Tun Dr. Mahathir Mohamad, Malaysia’s fourth Prime Minister, together with a Board of Governors who are experienced captains of industries and established brand icons. The power of branding is a visual, auditory and sensory experience which is undoubtedly vital to the success of brands. Brands are catalysts that transcend achieving objectives, making profits or establishing one’s status so that it appeals to consumers. In reality, consumers’ buying preferences are determined by the way brands attract and engage them. It is crucial that organizations realize the significance of brands and branding.
    [Show full text]
  • The Way Forward
    THE WAY FORWARD 2018 ANNUAL REPORT LED BY GREAT AND PURPOSEFUL LEADERSHIP, WE CONTINUE TO REMAIN SUCCESSFUL BY MEETING DEMANDS AND EXPECTATIONS OF STAKEHOLDERS AND CUSTOMERS. OUR EFFECTIVE STRATEGIES AND PRUDENT MANAGEMENT HAS HELPED US DECISIVELY MOVE FORWARD AND RESPOND TO CHANGES IN THE BANKING INDUSTRY. THE WAY FORWARD 2018 ANNUAL REPORT WE WILL CONTINUE TO MOVE FORWARD IN LINE WITH TECHNOLOGICAL ADVANCEMENT. FOR THE CONVENIENCE OF OUR CUSTOMERS, WE WILL ENSURE EASY AND SIMPLIFIED ACCESS TO ONLINE BANKING, ENABLING THEM TO BANK ANYWHERE AND AT ANY TIME. THE WAY FORWARD 2018 ANNUAL REPORT OUR SUPERIOR PERFORMANCE IN CUSTOMER SERVICE HAS ALWAYS BEEN AN INDUSTRY BENCHMARK. AS A CUSTOMER-CENTRIC BANK, WE SUPPORT THE NEEDS OF OUR CUSTOMERS AND ASSIST THEM TO ACHIEVE THEIR FINANCIAL GOALS IN ANY WAY POSSIBLE. THE WAY FORWARD 2018 ANNUAL REPORT OUR DEDICATED AND COMMITTED EMPLOYEES FORM THE BACKBONE OF OUR ORGANISATION. WE WILL INSTIL IN THEM THE NECESSARY SKILLS AND KNOWLEDGE TO FACE CHALLENGES AHEAD. IT IS OUR AIM TO CREATE A DIGITALLY ENABLED WORKFORCE AND EMBED INNOVATION INTO OUR WORKPLACE CULTURE AS WE MOVE FORWARD. THE WAY FORWARD 2018 ANNUAL REPORT ABOUT THIS REPORT WHAT’S INSIDE 1 HIGHLIGHTS 2 Corporate Philosophy 3 Corporate Mission 4 Notice of Annual General Meeting 7 Financial Calendar 8 Financial Highlights 9 Simplified Group Balance Sheet 10 Corporate Information RATIONALE 12 Group Corporate Structure 14 Corporate Profile Public Bank stood tall for the past 52 years, drawing our strength from stability in leadership, financial management, business acumen, professionalism and service excellence. We remain committed towards sustaining our footprints on corporate excellence as we embark on a digital journey to meet the future needs and expectations of our stakeholders, focusing on taking the Bank’s performance to the next level.
    [Show full text]
  • Finance & Business News 24 July 2017
    finance & business news 24 July 2017 FINANCE . .1 Four Vietnamese giants join hands to compete with foreign Reference exchange rate goes down 3 VND at week's beginning 1 businesses 33 Various interest rates drop sharply 2 Local firms not well prepared for Fourth Industrial Revolution 34 Credit growth reported at 9.06pct in six months 2 Da Nang determined to build startup city 35 Vietnam's foreign reserves at over $42b 2 Angel investor network incubates startups in central region 36 SBV prepares bad debt settlement plan 3 HCM City wastewater treatment sector expected to draw Guiding hand 4 investors 36 Will Korean investors launch massive penetration into Ben Tre Province to develop seven wind power projects 37 Vietnam's banking and finance market? 6 PM okays Van Don EZ development 38 First wholly Singapore-owned bank to operate in Vietnam 8 Tra Vinh invites investment for Dinh An economic zone 38 SBV official clarifies MA concerns in banking sector 8 VN among top ten US home buyers 39 Citi launches new Debit Mastercard in Vietnam 9 BIZ NEWS . 39 Multinationals view Asean with renewed optimism 10 Business Briefs July 24, 2017 39 Nearly half trilliondollars needed foressential infrastructure 11 Market turnover plummets 40 FDI attraction in first half records new peak 11 Shares slump on fears of steeper correction 41 Australia partially ends probe against Vietnam's zinc coated steel 11 The newest, richest millionaires in the stock market 41 DOC stops anti-dumping investigation against VN polyester fibre 12 Binh Duong Water Environment JSC
    [Show full text]
  • Báo Cáo Thường Niên Năm 2017
    l 2017 Annual Report Báo cáo thường niên 2017 C ontents N éi dung 3 CORPORATE INFORMATION - PUBLIC BANK VIETNAM 4 THÔNG TIN DOANH NGHIỆP - PUBLIC BANK VIETNAM 7 BOARD OF MEMBERS - PUBLIC BANK VIETNAM 8 HỘI ĐỒNG THÀNH VIÊN - PUBLIC BANK VIETNAM 9 BOARD OF MEMBERS PROFILES 10 HỒ SƠ HỘI ĐỒNG THÀNH VIÊN 17 CHAIRMAN’S MESSAGE 18 THÔNG ĐIỆP CỦA CHỦ TỊCH 19 ECONOMIC PERFORMANCE OF VIETNAM IN 2017 20 TĂNG TRƯỞNG KINH TẾ VIỆT NAM NĂM 2017 VÀ AND OUTLOOK FOR 2018 TRIỂN VỌNG NĂM 2018 23 BRANCH NETWORK - PUBLIC BANK VIETNAM 24 MẠNG LƯỚI CHI NHÁNH - PUBLIC BANK VIETNAM 27 SUMMARY OF FINANCIAL PERFORMANCE IN 2017 28 TÓM TẮT TÌNH HÌNH TÀI CHÍNH NĂM 2017 29 SIMPLIFIED BALANCE SHEET 30 TÓM TẮT CHỈ TIÊU BẢNG CÂN ĐỐI 31 FINANCIAL HIGHLIGHTS 32 CÁC CHỈ SỐ TÀI CHÍNH NỔI BẬT 33 CALENDAR OF SIGNIFICANT EVENTS 2017 34 CÁC SỰ KIỆN QUAN TRỌNG TRONG NĂM 2017 43 INDEPENDENT AUDITORS’ REPORT 44 BÁO CÁO KIỂM TOÁN ĐỘC LẬP 47 STATEMENT OF THE BOARD OF MEMBERS 48 BÁO CÁO CỦA HỘI ĐỒNG THÀNH VIÊN 49 BALANCE SHEET 50 BẢNG CÂN ĐỐI KẾ TOÁN 55 INCOME STATEMENT 56 BÁO CÁO KẾT QUẢ KINH DOANH 57 CASHFLOW STATEMENT 58 BÁO CÁO LƯU CHUYỂN TIỀN TỆ 61 NOTES TO THE FINANCIAL STATEMENTS 62 THUYẾT MINH BÁO CÁO TÀI CHÍNH 1 2 l 2017 Annual Report Báo cáo thường niên 2017 Corporate hông tin nformation Doanh nghiệp Full name in English Tên đầy đủ bằng tiếng Anh Public Bank Vietnam Limited Public Bank Vietnam Limited Trading Name Tên Giao dịch Public Bank Vietnam Public Bank Vietnam Charter Capital Vốn điều lệ VND 3 Trillion 3.000 tỷ đồng Banking License under Public Bank Giấy phép hoạt động
    [Show full text]
  • Essays on Banks in the Emerging and Transition Economy of Vietnam Giang Phung
    Essays on banks in the emerging and transition economy of Vietnam Giang Phung To cite this version: Giang Phung. Essays on banks in the emerging and transition economy of Vietnam. Business ad- ministration. Université Panthéon-Sorbonne - Paris I, 2019. English. NNT : 2019PA01E030. tel- 02511968 HAL Id: tel-02511968 https://tel.archives-ouvertes.fr/tel-02511968 Submitted on 19 Mar 2020 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. ECOLE DOCTORALE DE MANAGEMENT PANTHÉON-SORBONNE ESCP Europe Ecole Doctorale de Management Panthéon-Sorbonne ED 559 ESSAYS ON BANKS IN THE EMERGING AND TRANSITION ECONOMY OF VIETNAM THESE En vue de l’obtention du DOCTORAT ÈS SCIENCES DE GESTION Par Giang PHUNG Soutenance publique le 11 juillet 2019 JURY Directeur de Recherche : M. Michael TROEGE Professeur de Finance, ESCP Europe Rapporteurs : M. Frédéric LOBEZ Professeur à la Faculté de Finance Banque Comptabilité, Université de Lille M. Jörg LAITENBERGER Professeur, Université Martin-Luther de Halle-Wittenberg Suffragants : Mme. Alberta DI GIULI Professeure de Finance, ESCP Europe M. Chan NGUYEN VAN Professeur, Directeur académique et directeur du programme MBA, CFVG M. Joël METAIS Professeur retraité, Université Paris Dauphine ECOLE DOCTORALE DE MANAGEMENT PANTHÉON-SORBONNE L’Université n’entend donner aucune approbation ou improbation aux opinions émises dans les thèses.
    [Show full text]
  • January 2018 This Report Contains 34 Pages
    Transparency Report 2017 January 2018 This report contains 34 pages KPMG VIETNAM kpmg.com/vn Contents 1 Foreword 6 2 Who we are 7 2.1 Our business 7 2.2 Our strategy 7 3 Our structure and governance 8 3.1 Legal structure 8 3.2 Name, ownership and legal relationships 8 3.3 Responsibilities and obligations of member firms 8 3.4 Governance structure 8 4 System of quality control 10 4.1 Tone at the top 11 4.1.1 Leadership responsibilities for quality and risk management 12 4.2 Association with the right clients 12 4.2.1 Acceptance and continuance of clients and engagements 12 4.2.2 Client and engagement acceptance process 13 4.2.3 Continuance process 13 4.2.4 Withdrawal 13 4.2.5 Client portfolio management 13 4.3 Clear standards and robust audit tools 13 4.3.1 Audit methodology and tools 13 4.3.2 Independence, integrity, ethics and objectivity 14 4.4 Recruitment, development and assignment of appropriately qualified people 16 4.4.1 Recruitment 16 4.4.2 Personal development 17 4.4.3 Inclusion and Diversity programs 17 4.4.4 Performance & Reward 17 4.4.5 Assignment of professionals 17 4.4.6 Insights from our people – Global People Survey (GPS) 18 4.5 Commitment to technical excellence and quality service delivery 18 4.5.1 Lifetime learning strategy 18 4.5.2 Licensing and mandatory requirements for IFRS and U.S. GAAP engagements 19 4.5.3 Access to specialist networks 19 4.5.4 Consultation 19 4.5.5 Developing business understanding and industry knowledge 19 4.6 Performance of effective and efficient audits 19 4.6.1 KPMG Audit Process 19 4.6.2
    [Show full text]
  • Volume 10, Issue 1
    Impact Factor 4.428 Case Studies Journal ISSN (2305-509X) – Volume 10, Issue 1 – Jan- 2021 Impact of Firm’s Investment on Cash Flow Relation in the Context of Banking System Reform in Vietnam Author’s Details: (1) Ngoc Anh Nguyen (2) Thi Dung Nguyen (3) Thi Van Anh Vu (1) (2) (3) University of Economics - Technology for Industries, Vietnam Correspondence: Ngoc Anh Nguyen, 456 Minh Khai, Hai Ba Trung, Ha Noi Abstract: The study examines the effect of banking system reform, which is defined by the presence of foreign banks, on investment-cash flow relation in a context of a small transition economy. I find evidence that the presence of foreign banks in Vietnam results in decreasing in firm’s dependence on local banks and has changed their financial constraint. Company investments are less reliant on internal cash flow in the post reform period. Although overinvestment of state controlled firms cannot be reduced but underinvestment problem of non- state -controlled listed firms is mitigated due to better accessibility to bank loans. The investigated relation between investment and leverage is robust for this conclusion Keywords: financial constraints, investment – cash flow relations, state ownership, banking system reform, small transition economy 1. Introduction In Vietnam, due to the underdevelopment of financial market, beside internal cash flows, bank loans have been main financing sources of funds for firm’s investments. However, credit market is not a fair play ground for private companies due to some historical reasons1 although Vietnam has done several efforts to improve the situation. Nhung and Okuda (2015) show that Vietnamese SOEs have an advantage over privately owned firms in accessing bank loans as well as making a profit, even after economic booms.
    [Show full text]
  • Finance & Business News
    finance & business news 10 April 2017 FINANCE . 1 City rental market continues slump 37 Reference exchange rate up 5 VND 1 C&W: HCM City to have more office-for-rent space in 2017 38 What's happening in the retail banking market? 2 BIZ NEWS . 39 Vietnam banks' assets, registered capital 2 Business Briefs April 10, 2017 39 Banks target to earn trillion dong profits 5 Vietnamese stock market attracts foreign investors 40 Banks plan to raise charter capital in large number 6 Foreign investors rush to buy stake in Vietnamese businesses 41 Q1 credit grows sharply 7 VSD issues trading codes to 228 foreign investors 42 Novaland backs out of Sacombank restructuring project 7 Stocks set to rise on first quarter hopes 42 Investor group to strengthen Sacombank 8 Oil price increases help pull VN Index up 43 The highly speculated return of Sacombank's 'father' 9 HSX up while HNX down 43 Eximbank plans to sell entire stake in Sacombank 10 Shares remain negative after holiday 44 Q2 GDP growth forecast: 5.6pct 10 HSC seeks to scrap cap on foreign ownership 44 HCM City: Private sector to contribute 65pct to GRDP 11 Vietnam's PV Gas bags $65 million in Q1 net profit on Vietnam should not aim to become industrial power: rising revenue 45 economist 12 TPG Asia sets to become the majority shareholder of VAS 46 FDI inflows not improving quality of VN's growth 13 VN products look to Argentinean market 47 When more is less: VN growth deficient in quality 13 PM okays $2.4b for major highway 47 Vietnam to halve corporate coverage of unemployment VET holds Industry
    [Show full text]
  • Dissertation-Banking in Emerging Markets-Giangphung
    ECOLE DOCTORALE DE MANAGEMENT PANTHÉON-SORBONNE ESCP Europe Ecole Doctorale de Management Panthéon-Sorbonne ED 559 ESSAYS ON BANKS IN THE EMERGING AND TRANSITION ECONOMY OF VIETNAM THESE En vue de l’obtention du DOCTORAT ÈS SCIENCES DE GESTION Par Giang PHUNG Soutenance publique le 11 juillet 2019 JURY Directeur de Recherche : M. Michael TROEGE Professeur de Finance, ESCP Europe Rapporteurs : M. Frédéric LOBEZ Professeur à la Faculté de Finance Banque Comptabilité, Université de Lille M. Jörg LAITENBERGER Professeur, Université Martin-Luther de Halle-Wittenberg Suffragants : Mme. Alberta DI GIULI Professeure de Finance, ESCP Europe M. Chan NGUYEN VAN Professeur, Directeur académique et directeur du programme MBA, CFVG M. Joël METAIS Professeur retraité, Université Paris Dauphine ECOLE DOCTORALE DE MANAGEMENT PANTHÉON-SORBONNE L’Université n’entend donner aucune approbation ou improbation aux opinions émises dans les thèses. Ces opinions doivent être considérées comme propres à leurs auteurs. Dành tặng gia đình thân yêu của tôi A ma très chère famille To my dear family ECOLE DOCTORALE DE MANAGEMENT PANTHÉON-SORBONNE Remerciements Les années passées au sein de l’école doctorale de l’ESCP-Europe ont vraiment marqué ma vie. Je tiens à remercier toutes les personnes qui m’ont soutenu et encouragé à aller jusqu’au bout de cette aventure à la fois stimulante et intense. Mes premiers remerciements et mes premières pensées vont à mon Directeur de thèse, le professeur Michael Troege, pour son suivi, sa passion pour la finance, son esprit critique et son aide. Je me souviendrai de ses conseils avisés qui m’ont permis d’achever cette thèse.
    [Show full text]
  • Vietnam Soon Implementing Mobile Money
    \ Highlight Vietnam soon implementing VIETNAM mobile money BUSINESS REVIEW th What’s in it today? Vol 15, Apr 15 2020 FINANCE INVESTMENT FWD Group completes acquisition of Vietcombank-Cardif South Korea, Vietnam eye closer co-operation in supply Life Insurance chain Two foreign-invested banks have licenses withdrawn Investment in Ho Chi Minh City’s export processing, industrial zones up 86% E-COMMERCE LOGISTICS Vietnam soon implementing mobile money Ministry of Industry and Trade requests Hai Phong to create favorable conditions to transport goods Will Jetstar Pacific Be Wound Down As Qantas Seeks To Offload Shares? START-UP RETAIL Vietnam’s Homebase raises pre-seed round Well-stocked retailers comfort concerned consumers VIETNAM BUSINESS REVIEW | FINANCE 1 FINANCE FWD Group completes acquisition of Vietcombank-Cardif Life Insurance FWD Group, the insurance arm of Hong Kong billionaire Richard Li’s investment group Pacific Century, announced that it has secured regulatory approval to proceed with the acquisition of Vietcombank- Cardif Life Insurance (VCLI), a 45:55 life insurance joint venture between Vietcombank and BNP Paribas Cardif, according to a statement. We had earlier reported that FWD Group was about to close a $400- million acquisition of VCLI. The addition of VCLI further strengthens FWD’s presence and market share in the Vietnamese insurance market and underlines the company’s continued confidence in the long-term growth potential of Vietnam, the company said. “Vietnam is one of the fastest-growing insurance markets in Asia and we are excited to expand our presence through this significant acquisition. FWD has established itself as a fresh and dynamic insurance challenger brand in a few short years since entering Vietnam and this deal is a firm testament to our confidence in the long-term growth and potential of the Vietnam market,” said Huynh Thanh Phong, FWD Group Chief Executive Officer.
    [Show full text]