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Showing posts with label business. Show all posts
Showing posts with label business. Show all posts

Wednesday, January 17, 2007

Johnson Controls opens automotive interiors plant in Binh Duong


The Viet Nam-Singapore industrial zone in southern Binh Duong province.

The US-based Johnson Controls group has recently inaugurated a plant producing automotive interiors in the Viet Nam-Singapore industrial zone in southern Binh Duong province.

The US$8 million Jonhson Controls Viet Nam has a capacity of churning out 833,000 products per year and generates jobs for 530 workers. Its products are not only geared to foreign customers in Japan and Malaysia but also potential ones in Viet Nam.

The corporation's board of managers highlighted Viet Nam's propitious investment environment, intensive labour force and promising market of over 80 million people as the main factors prodding them to increase investment in Viet Nam.

A global leader in automotive devices and power solutions, Johnson Controls also plans to expand their business to other fields in Viet Nam, including production of power equipment like batteries and power solutions for the automobile sector in the future, said the managers.

Jonhson Controls has an annual turnover amounting to more than US$32 billion.

Source: Vietnam Agency

Bank revenues drive up dividends



Following announcements of double and even triple annual earnings growth over the last few weeks, bank stocks are again in vogue as investors prepare to reap high dividends payments.

Asia Commercial Bank (ACB) topped the money list, reporting VND568 billion (US$35.5 million) in 2006 pre-tax profits. ACB mobilised nearly VND39.5 trillion (US$2.5 billion) through selling shares and deposit services, and provided VND17.1 trillion (US$1.1 billion) in loans, a 77 and 79 percent year-on-year increase respectively.

The bank is expected to issue a 38 percent dividend payment, 8 percent of which will be issued in cash while the remaining 30 percent will be through share options.

With pre-tax profits at VND447 billion (US$27.93 million), Sai Gon Thuong Tin Commercial Bank (Sacombank) plans a 20-22 percent dividend issuance. Sacombank intends to use much of last year's earnings as legal and working capital.

Meanwhile, shareholders of the Export and Import Commercial Bank (Eximbank) expect to receive a 55 percent dividend payment on the back of VND340 billion (US$21.3 million) in pre-tax profits.

In addition to strong profits, banks also reported strong asset accumulation. ACB reported VND42.5 trillion (US$2.65 million) in assets, more than double from where it was at the start of 2006. Sacombank and Eximbank saw similar results with VND24 trillion (US$1.5 million) and VND17 trillion (US$1.06 million) in assets, up 58 percent and 49 percent respectively over the previous year.

Industry insiders attributed the impressive results to the country's economic growth, and the development of financial products and services, like term deposit accounts and preferential credit policies.

Source: Vietnam Agency

Monday, January 8, 2007

A big New Year thanks from Thanh Nien


On the occasion of New Year, Thanh Nien would like to express heartfelt gratitude to its readers for contributing to its programs to help the poor and talented for the last 21 years.
Thanks to them Thanh Nien raised over VND17 billion (US$1.07 million) last year to help thousands of victims of destructive typhoons which devastated the country’s central and southern areas.

Part of the amount was also used effectively for the newspaper’s Nguyen Thai Binh Scholarship for poor students as well as the Thanh Nien-sponsored Funds for Vietnamese Talents.

Since the newspaper was founded 21 years ago, its readers have contributed over VND50 billion ($3.1 million) to help the needy.

Recently, thousands of people disregarded heavy rains to attend Thanh Nien’s Duyen Dang Viet Nam (Charming Vietnam) music show, which is held every year to raise money for the Nguyen Thai Binh scholarship.

Earlier, thousands others in Da Nang flocked soon after a typhoon devastated the city to see Thanh Nien’s under-21 football championship, a national event that has helped boost many talented footballers.

Thanh Nien pledges never to betray its readers’ trust.

We hope all Vietnamese, no matter where or who they are or what ideology they adopt, give utmost priority to national interest and join hands to help develop our country.

We would also like the government to have a transparent mechanism in exchanging information with the media and a balanced view on the role of the media in society.

In the past, the media has raised questions about many controversial issues like major construction projects and corruption scandals. And in many cases, there have been no answers from the authorities.

There were even instances in which media reports blowing the lid on corruption were condemned as attempting to “befoul” society.

Only the government’s balanced attitude and frank exchange of information with the media can ensure a strong media that can play an effective role in building and protecting our country.

Written by Editor-in-Chief Nguyen Cong Khe

Fitch affirms ratings of Sacombank


Fitch Ratings has affirmed Vietnam-based Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank)’s Individual and Support ratings of 'D' and '5', respectively.
The ratings reflect Sacombank's adequate balance sheet strength and good profitability.

The bank has grown rapidly over recent years, registering a 237% growth in its balance sheet over the three years to end-2005.

Its loan book is split 40:60 between consumers and private businesses, reflecting its niche focus in the retail business segments which has been considerably neglected by Vietnam's larger state-owned banks.

Despite its rapid growth, Sacombank has maintained good asset quality, with a very low reported NPL ratio of 0.6%, down from 0.9% a year prior thanks to loans growth and very few new NPLs.

Additionally, almost all loans are tangibly secured on a low/conservative loan-to-value basis, although this provides only limited comfort in a country where foreclosure is a time-consuming and uncertain process due to a relatively inefficient legal system.

Meanwhile, profitability has been good with the bank achieving a RoAA of 1.8%, thanks to strong margins from its retail deposit-taking/lending focus, good fee income and limited credit costs.

Sacombank's capital strength is also sufficiently adequate, with an end-2005 equity/asset ratio of 13.0%, up from 9.3% at end-2004 due to capital injections and to a lesser extent retained earnings.

Such substantial capitalization, however, is unlikely to remain over the longer term if the bank continues to grow so fast. In this regard, the bank advises that it plans to retain all of 2006's earnings and further boost its equity base by 5% to 10% through a public share issuance over 2007.

Sacombank was formed in 1991 through the consolidation of four credit institutions in Ho Chi Minh City.

The bank has three foreign strategic shareholders, ANZ, the IFC and Dragon Financial Holdings (a Vietnam-based, UK-owned asset management company). It was listed mid-2006 with management holding a 34% share and the public 29%.

Source: The Asian Banker

Vietnam oil joint venture reports profitable year


Vietsovpetro, a Vietnamese-Russian oil and gas joint venture, announced revenues topped US$5 billion last year, a 16 percent jump, despite lower output.
Net profit was $836 million, a year-on-year jump of 18 percent and 21 percent higher than earlier projections.

Its output was around 9.8 million tons of crude oil, some 850,000 tons less than the previous year, due to a production cut in some wells.

However, its bottom line benefited from consistently high global oil prices last year.

Vietsovpetro was set up by the state-owned Vietnam Oil and Gas Corporation and Russia’s Zarubezheft over two decades ago when it became the first international JV to explore for oil off the Vietnamese coast.

The JV has generated $33 billion in revenues, turning it into one of the country’s most successful joint investments, and also contributed $20 billion to the state coffers over the past 25 years.

Last year it contributed around $3.55 billion to the state budget a rise of $530 million over a year earlier.

The company has produced nearly 161 million tons of crude oil to date from Bach Ho (White Tiger), Rong (Dragon) and Dai Hung (Big Bear) fields, and has acquired 16.8 billion cu.m of liquid petroleum and other gases.

It makes up 80 percent of the oil and gas output of Vietnam which is the third largest producer and exporter in Southeast Asia.

The JV plans to expand operations in Vietnam and to other countries.

By Dong Ha

Vietnam’s largest container port targets top 50 status globally


Ho Chi Minh City’s Cat Lai port, run by the Saigon New Port Company, has set a target to become one of the world’s 50 leading container ports by 2010.
To achieve the goal, the Saigon New Port Company and the Saigon Customs Bureau Region No1 have agreed on stronger collaboration to better serve importers and exporters.

After Vietnam entered the World Trade Organization (WTO), experts forecast that there would be a fresh wave of imports and exports at the nation’s ports.

Leaders of Cat Lai port, whose construction was started three years ago in District 2, are striving to satisfy the imminent boom in goods.

The company is investing in more advanced equipment so that by 2008 it can handle some two million TEU (twenty-foot-equivalent units) of cargo, roughly 28 million tons of commodities.

Cat Lai port currently transports some 60 percent of import/export containers in Ho Chi Minh City and over 40 percent in Vietnam.

Reported by Tran Hung – Translated by Tuong Nhi

Friday, December 29, 2006

Promulgated by the Governor of the State Bank of the Socialist

DECISION OF THE GOVERNOR OF THE STATE BANK Of VIETNAM ON THE PROMULGATION OF THE REGULATION ON SHORT TERM CREDITS FOR ECONOMIC ORGANIZATIONS No. 198/QD-NH.1

(Promulgated by the Governor of the State Bank of the Socialist Republic of Vietnam on September 16, 1994)




SUBJECT: BANKING AND FINANCE


ISSUING-DEPT: GOVERNOR OF THE STATE BANK OF VIETNAM


ISSUE-DATE: 09/16/1994


IMPLEMENT-DATE: 09/16/1994


LENGTH: 428 words


TEXT:


The Governor of the State Bank of Vietnam


Pursuant to the Ordinance on State Bank of Vietnam issued in connection
with Order No.37/HDNN8, the ordinance on Banks, Credit Cooperatives
and financial Corporations issued in connection with the Order No.38/HDNN8
dated May 24th, 1990 of the President of the State Council of the Socialist Republic of Vietnam.

Pursuant to the Decree No. 15/CP dated March 2nd, 1993 of the Government stipulating the task, powers and responsibilities for the State management of the Ministries and Ministerial-ranking bodies.

On the proposal of the Director of the Credit Department for conomic studies.

DECIDED

Article 1 :

To promulgate in connection with this Decision The Regulation on
Short - term credits for economic organizations.

Article 2 :

The Regulation on short - term credits issued in connection with
this Decision are generally applied to State Commercial Banks, Investment
and Development Banks. Commercial Stock Banks, Joint - venture Banks.
Branches of foreign Banks in Vietnam, Credit Cooperatives, financial
Corporations operating in accordance with the ordinance on banks,
credit cooperatives and financial corporations.

Article 3 :

This Decision shall come into effect from the signing date and replace:
the Regulation on short term credit for economic organizations issued
in connection with Decision No.04/QD-NH dated January 8th, 1991 and
other documents relating to this Regulation.

Article 4 :

The Chief of Governor's Office, the General Inspector of the State
Bank, Heads of the sections belonging to the Central State Bank, the
Directors of the provincial and city State Banks, the General Directors
(Directors) of State Commercial Banks, Investm ent and Development
Banks, Commercial Stocks Banks, financial Corporations, joint venture
Banks, the branches of foreign banks in Vietnam and managers of credit
cooperatives shall be responsible for the implementation of this decision.

for The State Bank of Vietnam Governor CAO SY KIEM (Signed)

Vietnam Basics

Time: GMT +7.
Electricity: 220 volts, 50Hz. Plugs are either the two flat-pin or the two round-pin type. Three rectangular blade plugs can be found in some of the newer hotels.
Language: The official language is Vietnamese. Some Chinese, English and French are spoken. Tour guides can also speak Russian and Japanese. Numerous ethnic languages are also spoken in parts.
Health: An outbreak of bird flu in 2004 claimed numerous human lives; recent outbreaks have also resulted in human fatalities. Avian flu in poultry has now spread to numerous provinces and cities across Vietnam. All care should be taken to avoid contact with live poultry and visitors are advised to exercise caution when eating poultry dishes, particularly raw or undercooked poultry products. Other health risks in the country include Hepatitis A and E, typhoid, Japanese encephalitis, dengue fever, bilharzia, diarrhoea, meningitis, rubella and HIV/AIDS. Malaria prophylaxis is recommended for travel outside the main cities and towns, the Red River delta and north of Nha Trang. There has been an increase in the amount of deaths relating to dengue fever in recent months, and visitors should take care to protect themselves from mosquito bites during the day, especially just after dawn and just before dusk, particularly in the southern Mekong Delta region. Travellers should seek medical advice about vaccinations at least three weeks before leaving for Vietnam and ensure they have adequate insect protection. Typhoid can be a problem in the Mekong Delta. Those arriving from an infected area require a yellow fever vaccination certificate. Water is potable, but visitors usually prefer to drink bottled water. Decent health care is available in Hanoi and Ho Chi Minh City (Saigon) with English-speaking doctors, and there is a surgical clinic in Da Nang, but more complicated treatment may require medical evacuation. Pharmacies throughout the country are adequate, but check expiry dates of medicines carefully. Health insurance is essential.
Tipping: Most restaurants and hotels now add a 5 to 10% service charge to their bills, but a further 5% for good service is greatly appreciated in more upmarket places. In top hotels porters expect a small tip. Hired drivers and guides are usually tipped, and it is customary to round up the bill for taxi drivers in the cities. Tipping is not generally expected, but some small change for most services is appreciated.
Safety: Travel in Vietnam is generally safe and violent crime is uncommon. Pick-pocketing is rife, and in Ho Chi Minh City (Saigon) drive-by purse snatching is a common trick. When transferring from airports only use pre-arranged hotel pickups or licensed taxis to avoid theft from opportunists. It is best to leave valuables in a secure hotel safe and avoid obvious displays of wealth. During the monsoon season (usually between June and October) the country is prone to serious flooding and typhoons (until December), particularly the Mekong Delta and Central Region, and has resulted in isolation of areas and damage to infrastructure.
Customs: Shorts should be avoided away from the beaches if possible. Shoes must be removed on entering religious sites and a donation is expected when visiting a temple or pagoda. Photography is restricted at ports, harbours and airports, and it is polite to ask permission before taking photographs of people, especially of ethnic minorities. Never leave chopsticks sticking upright in a bowl of rice as it has strong death connotations.
Business: Business practices in Vietnam are conducted in a similar fashion to those of China, Japan and Korea rather than their Southeast Asian counterparts. Pride and tact are important to bear in mind, as practices tend to be formalised more so than in Western countries. Often it is best to be introduced rather than approach the person with whom business is intended for fear of suspicion. Negotiations and settlements may take longer as the Vietnamese like to examine contracts thoroughly. Formal dress is common but in summer months the dress tends to be more casual. It is important to be on time for business appointments as the Vietnamese consider lateness rude. The person is always addressed as Mr., Mrs., and Ms., followed by their personal name (not family name), unless otherwise referred. It is worth finding out in advance. Shaking hands with both hands is the most respectful greeting although bowing is still popular among the older population, and meetings always begin with the exchange of business cards, which should be given and received with both hands; each person expects to receive one, so be sure to bring a vast supply. Business hours are typically 8am to 5pm Monday to Friday with an hour taken at lunch, and 8am to 11.30am on Saturdays.
Communications: The international country code is +84. The outgoing code is 00, followed by the relevant country code (e.g. 001 for the United States or Canada). City/area codes are in use, e.g. Hanoi is (0)4 and Ho Chi Minh City is (0)8. GSM 900 mobile networks cover the major urban areas. Internet cafes are available in Hanoi, Ho Chi Minh City and Internet access is often available at post offices in rural areas.
Duty Free: Travellers to Vietnam over 18 years do not have to pay duty on the following items: 400 cigarettes, 100 cigars or 500g tobacco; 1.5 litres alcohol with alcohol content higher than 22% and 2 litres below 22%; up to 5kg tea and 3kg coffee; perfume and items for personal consumption within reasonable amounts; other goods to the value of 5 million Vietnamese dong.

Monday, December 25, 2006

Offshore Banking & Asset Protection

Panama is currently the new Switzerland and is also the number one retirement haven in the world. Panama does not tax offshore derived income, capital gains, etc. All tax violations in Panama are civil offenses, none are criminal and Panama has no tax treaties with any country. Panama actually requires all corporations to be formed by a lawyer to protect the privacy of their 400,000 corporations on file thus ensuring renewals each year. Panama cares about privacy, bank secrecy and asset protection. We only deal in Panama which is considered to be the most private jurisdiction in the world today, with the best bank secrecy laws, best corporate and foundation anonymity and strongest attorney client privilege in addition to having world class banks. Panama has no hurricanes, no earthquakes, no active volcanoes and no tsunamis which is why the Panama Canal was built here. So you do not have to worry about being unable to contact your bank by internet or telephone because a storm just passed over their island. Since we are in Panama we can and will represent any of clients who need legal representation in Panama with affordable rates ($150.00 hour). And yes we do get in our car and go down to the Panama banks representing our clients to open their bank accounts and to resolve any issues or problems that may come up down the road when our clients need our assistance. We are your corporate resident agent and would receive any official notices on behalf of your Panama Corporation or Panama foundation and of course we would understand the notices and could advise you not just say "hey, you got a document you need to read". We are reachable by phone and email seven days a week and of course all communications with us are privileged communications. Always feel free to ask us questions by phone or email.

We are a law firm which means you have attorney client privilege – We specialize in Offshore Asset Protection. All of your affairs handled with us are covered by attorney client privilege which means that we could not reveal anything about you or your affairs without your specific permission or unless we were ordered to do so by a Panama Court (not a common occurrence). You can benefit from the legal protection and security of dealing with a licensed Panama Law Firm. If you buy an offshore corporation, offshore trust, offshore foundation or an offshore bank account from a non- law firm they could freely reveal your confidential information which they collect from you like name address, passport, name of corporation, bank account information etc. without any statutory penalties, in other words you do not have the benefit of attorney client privilege. Some of these corporate resale agents say they have some sort of financial privacy protections but it is flimsy and cursory at best.

Panama Banking – Panama boasts of having 150 international banks which is a living testimony to their strong bank secrecy laws please keeping in mind Panama is a country of 2.9 million people and these banks are in Panama City which is only about 9 square miles. All the banks we deal with have online banking including the ability to send international wire transfers. You do not need to come to Panama to open a bank account but you do need to supply reference letters and passport copies. You can even get up to 7% interest on 5 year deposits. The national currency in Panama is the US dollar but some euro accounts are available.

Panama Anonymous Bearer Share Corporation – Such anonymous corporations are called by this term in Spanish - sociedad anonima. These corporations have no registry or database into which are entered the owners of the corporation. Ownership is through the printed stock certificate called bearer shares. There is no tax on offshore derived income other than the $300 annual tax included in our prices. Transfers of ownership do not have to be reported. With a Panama bearer share corporation wires moving through the wire system are not associated with any natural persons for more privacy. Panama corporations can be formed in 2-3 days. Panama bearer share corporations can own real estate anywhere in the world under Panama law.

Panama Private Interest Foundations – A Panama foundation has a number of advantages. It is like a combination of a corporation trust and will. Foundations have no real owner. The Panama foundation is anonymous. The foundation instructions are kept secret. Foundation assets including bank accounts are generally non-freezable. Foundations can own corporations and real estate.

Panama stock Brokerage – You and or your corporation or foundation can have a Panama Stock brokerage account and play the worlds markets from home. Panama secrecy laws apply.

Panama Passports, Visas and Residency – Panama offer an instant Passport program, a number of exciting and affordable visa programs.

Panama Legal Law Firm Panama Asset Protection Strategies:
Formation and Management of Anonymous Panama S.A. Bearer Share Corporations (sociedad anonima)
Asset and Estate Protection with a full range of effective strategies including Panama Foundations and Foundation Protectors
Providing corporate nominee directors and resident agent
Offshore Bank Accounts in Panama with online banking
Anonymous ownership of real estate anywhere
Anonymous ownership of boats and planes anywhere
Real Estate Investment (Panama real estate appreciating 28% per annum)
Panama Passport Program
Panama Residency, Citizenship, Visas
Stock Trading Accounts in Panama with secrecy
Offshore Visa, MasterCard from Panama Bank and other countries
Offshore ATM debit card
Offshore Merchant Accounts for high risk or low risk accounts

For more information please visit: panamalaworg or
Call us at: (507) 6-480-1279

Vietnam Stock Exchange

The Stock Trading Center of Vietnam (‘STC’), located in Ho Chi Minh City, was officially inaugurated on July 20, 2000, and trading commenced on July 28, 2000. Initially, two equity issues were listed, Refrigeration Electrical Engineering Joint Stock Corporation (‘REE’) and Saigon Cable and Telecommunication Material Joint Stock Company (‘SACOM’). As of this date, an additional 20 issues are also listed with a current market capitalization of US$239m.

The Stock Trading Center of Vietnam is also the official mechanism through which new government bonds are issued, and it functions as the secondary market for a number of existing bond issues. As of this date there are 120 listed bonds with a total market capitalization of US$866m. All securities traded on the Stock Trading Center of Vietnam are denominated in Vietnamese Dong. Par valued is standardized at VND10,000 for equities and VND100,000 for bonds. Trading is conducted daily with two matchings in a morning session, from 9A.M. to 11A.M.

The State Securities Commission (‘SSC’), a body established formally in 1996, is responsible for capital markets development, licensing of participants, and the issue and enforcement of regulations. A wide range of regulations, with significant input from multilateral bodies such as the International Finance Corporation, have been promulgated, including those dealing with such issues as insider trading, take-over trigger points and margin lending. In order to be listed, a company must have been profitable for at least 2 years, have a minimum capitalization of VND5b (approximately US$318,000), and have at least 50 shareholders who are not employees of the company, holding at least 20% of stake. Foreign invested joint venture companies are technically qualified to list, but in order to do so, they must be reorganized into joint stock company status. Companies intending to list must also submit to audit by an approved, independent auditing company.

At the beginning, an overall foreign ownership limit of 20% for equities and 40% for bonds were implemented. In July 2003, in a bid to improve liquidity, the government raised the foreign ownership limit for equities to 30% and totally removed foreign ownership limit of a particular issuer’s bonds. Foreign participants on the Stock Trading Center of Vietnam must register through a custodian licensed to hold securities on behalf of foreigners. Once registered, a securities transaction code is issued to the foreign investor that will permit securities trading.

The mechanism of trading on the Stock Trading Center of Vietnam is via an automated order-matching system. The capacity of the system is 300,000 orders per day. Currently, trading limits of 5% (for bonds and equities) either side of the previous close apply. No price restrictions have been set for newly listed securities but price caps were applied in the case of the very first day of the market’s operations.

Settlement is centralized through the Stock Trading Center of Vietnam using the Bank of Investment and Development of Vietnam (BIDV), a state-owned commercial bank. Several other domestic banks and securities companies have been authorized to accept custody of securities, with HSBC’s and Deutsche bank’s Ho Chi Minh City branches currently the only banks providing custody services for foreign investors. Custody is based on a central depository, central registry book entry system.

Presently, there are thirteen licensed securities companies. Of these, nine have been licensed to conduct a full range of securities services including underwriting, brokerage, custody, research, portfolio management and trading. The minimum capital required to operate effectively as an investment bank is VND43b (c. US$2.7m).

The current market capitalization is now US$239m for equities and US$866m for government bonds.

With the World Bank estimating domestic savings of some US$5b outside the official economy, considerable liquidity could flow into the securities markets in time. The SSC in conjunction with the Asian Development bank have formulated a development plan for Vietnam’s Capital markets which if successfully implemented would result in 100 listed companies on the Ho Chi Minh Exchange and a similar number on the Hanoi exchange by the end of 2005 with an associated total market capitalization of between 2 and 3 percent of GDP.


see details: Vietnam Stock Exchange

Vietnamese Stocks - Equities in Vietnam

Vietnam Stock Exchange - The Stock Exchange for Vietnamese Stock Market

The Stock Trading Center of Vietnam (‘STC’), located in Ho Chi Minh City, was officially inaugurated on July 20, 2000, and trading commenced on July 28, 2000. Initially, two equity issues were listed, Refrigeration Electrical Engineering Joint Stock Corporation (‘REE’) and Saigon Cable and Telecommunication Material Joint Stock Company (‘SACOM’). It is the smallest stock exchange in Southeast Asia. The Vietnam stock exchange is both operated and regulated by the State Securities Commission.

More information about Vietnam Stock Exchange

Vietnamese Securities Companies

As of February 2004, thirteen companies have been licensed by both the State Securities Commission and Ho Chi Minh City Stock Trading Center. Of these, nine have capital of VND43bn (US$2.73m) or more and have been licensed to conduct a full range of securities business including brokerage, advisory, fund management, proprietary trading and underwriting. Saigon Securities Incorporation, Hai Phong Securities Joint Stock Company and EAB Securities Company have chartered capital ranging from VND20-22bn (US$1.27m-US$1.4m) while Mekong Securities Joint Stock Company are capitalized at VND6bn (US$0.38m). Neither company is licensed to conduct proprietary trading or underwriting.

More information about Vietnamese Stock Brokers

Foreign Participation

Foreign ownership of shares in companies listed on the Ho Chi Minh City Stock Trading Center is limited to 49% of the company’s issued share capital. For bonds, foreign investors can hold 100% ownership of a particular issuer’s bonds.

Foreign investors who wish to purchase shares through the Ho Chi Minh City Stock Trading Center are required to register through a custodian licensed to hold securities on behalf of foreigners – of which there are currently three; The Hongkong and Shanghai Banking Corporation, Deutsche Bank AG and Standard Chartered Bank. Beside these three, securities companies can play role of custodian unit to hold stocks for foreigners as well. Once registered, a Securities Transaction Code is issued to the foreign investor who may then open a Trading Account with one or more of the twelve licensed Securities Companies.

How to Buy Vietnam Stocks

For private investors, it is necessary to fly to Ho Chi Minh City (Saigon) to open a securities account and a bank account. Foreigners are able to transfer funds out of Vietnam after fulfill tax obligations. There is no time constrain.

You may wish to contact Vietnamese stock brokerage firms on this list for more information.

Thanks for Minh Quan for the updates of the rules of Vietnam stock exchange.


see details Vietnamese Stocks - Equities in Vietnam

Historical weigths and measures

Systems of measurement
A system of measurement is a set of units which can be used to specify anything which can be measured. Some quantities are designated as fundamental units meaning all other needed units can be derived from them. In most systems, length (distance), weight, and time are fundamental quantities; or as has been now accepted as better in science and engineering, the substitution of mass for weight, as a better more basic parameter. Some systems have changed to recognize the improved relationship, notably the 1824 legal changes to the Imperial system.

Later science developments showed that either electric charge or electric current must be added to complete the minimum set of fundamental quantities by which all other metrological units may be defined. Other quantities, such as power, speed, etc. are derived from the fundamental set; for example, speed is distance divided by time. Historically a wide range of units were used for the same quantity; for example, in several cultural settings, length was measured in inches, feet, yards, fathoms, rods, chains, furlongs, miles, nautical miles, leagues, with conversion factors which are not simple powers of ten or even always simple fractions.

Nor were they necessarily the same units (or equal units) between different members of similar cultural backgrounds, the British Empire no longer owned the United States, and of the later British derived societies about half repudiated the British Crown just like the United States did a century-and-a-half earlier. It must be understood by the modern reader that historically, measurement systems were perfectly adequate within their own cultural milieu, and the understanding that a better more universal system (based on more rationale and fundamental units) only gradually spread with the maturation and appreciation of the rigor characteristic of Newtonian physics. Moreover, changing one's measurement system has real fiscal and cultural costs.

Once the analysis tools within that field were appreciated and came into widespread use in the nascent sciences and especially in the utilitarian subfields of applied science like civil and mechanical conversion to a common basis had no impetus. It was only after the appreciation of these needs and the appreciation of the difficulties of converting between numerous national customary systems became widespread could there be any serious justification for an international effort of standardization. Credit the French Revolutionary spirit for taking the first significant and radical step down that road.

In antiquity, systems of measurement were defined locally, the different units were defined independently according to the length of a king's thumb or the size of his foot, the length of stride, the length of arm or per custom like the weight of water in a keg of specific size, perhaps itself defined in hands and knuckles. The unifying characteristic is that there was some definition based on some standard, however egocentric or amusing it may now seem viewed with eyes used to modern precision. Eventually cubits and strides gave way under need and demand from merchants and evolved to customary units.

In the metric system and other recent systems, a single basic unit is used for each fundamental quantity. Often secondary units (multiples and submultiples) are used which convert to the basic units by multiplying by powers of ten, i.e., by simply moving the decimal point. Thus the basic metric unit of length is the metre or meter; a distance of 1.234 m is 1234.0 millimetres, or 0.001234 kilometres.

Metric system
Metric systems of units have evolved since the adoption of the first well-defined system in France in 1791. During this evolution the use of these systems spread throughout the world, first to the non-English-speaking countries, and more recently to the English speaking countries.

Multiples and submultiples of metric units are related by powers of ten; the names for these are formed with prefixes. This relationship is compatible with the decimal system of numbers and it contributes greatly to the convenience of metric units.

In the early metric system there were two fundamental or base units, the metre and the gram, for length and mass. The other units of length and mass, and all units of area, volume, and compound units such as density were derived from these two fundamental units.

Mesures usuelles (French for customary measurements) were a system of measurement introduced to act as compromise between the metric system and traditional measurements. It was used in France from 1812 to 1839.

A number of variations on the metric system have been in use. These include gravitational systems, the centimetre-gram-second systems (cgs) useful in science, the metre-tonne-second system (mts) once used in the USSR and the metre-kilogram-second system of units (mks) most commonly used today.

The current international standard metric system is the International System of Units (Système international d'unités or SI) It is an mks system based on the metre, kilogram and second as well as the kelvin, ampere, candela, and mole.

The SI includes two classes of units which are defined and agreed internationally. The first of these classes are the seven SI base units for length, mass, time, temperature, electric current, luminous intensity and amount of substance. The second of these are the SI derived units. These derived units are defined in terms of the seven base units. All other quantities (e.g. work, force, power) are expressed in terms of SI derived units.


Imperial and U.S. customary units
Both the Imperial units and U.S. customary units derive from earlier English units. Imperial units were mostly used in the British Commonwealth and the former British Empire. They are still used in common household applications to some extent and so are also sometimes called common units, but have now been mostly replaced by the metric system in commercial, scientific, and industrial applications.

Contrarily, however, U.S. customary units are still the main system of measurement in the United States. While some steps towards metrication have been made (mainly in the late 1960s and early 1970s), the customary units have a strong hold due to the vast industrial infrastructure and commercial development. The effort is proceeding slowly due to the overwhelming financial cost of converting the existing infrastructure. U.S. companies which trade internationally are more likely to use the metric system due to international standards and certifications such as ISO9000. The metric system is preferred in certain fields such as science, medicine and technology.

These two systems are closely related. There are, however, a number of differences between them. Units of length and area (the inch, foot, yard, mile etc.) are identical except for surveying purposes. The Avoirdupois units of mass and weight differ for units larger than a pound (lb.). The Imperial system uses a stone of 14 lb., a long hundredweight of 112 lb. and a long ton of 2240 lb. The stone is not used in the U.S. and the hundredweights and tons are short being 100 lb. and 2000 lb. respectively.

Where these systems most notably differ is in their respective units of volume. A U.S. fluid ounce (fl. oz.) is slightly larger than its Imperial equivalent (the former being approximately 29.6 millilitres (ml) and the latter 28.4 ml). However, as there are 16 U.S. fl. oz. to a U.S. pint as opposed to the 20 Imperial fl. oz. per Imperial pint, these pints are quite different in volume. The same is true of quarts, gallons, etc. Six U.S. gallons are a little less than five Imperial gallons.

Mentioned above was the Avoirdupois system which has served as the general system of mass and weight. In addition to this there are the Troy and the Apothecaries' systems. Troy weight was customarily used for precious metals, black powder and gemstones. The troy ounce is the only unit of the system in current use; it is used for precious metals. Although the troy ounce is larger than its Avoirdupois equivalent, the pound is smaller. The obsolete troy pound was divided into twelve ounces opposed to the sixteen ounces per pound of the Avoirdupois system. The Apothecaries' system; traditionally used in pharmacology, now replaced by the metric system; shares same pound and ounce as the troy system but with different further subdivisions.

Historical systems of measurement
Main article: History of measurement
Prior to the widespread adoption of the metric system many different systems of official measurement had been in use, many of these remain today, at least in part, in traditional or customary use. Many of these were related to some extent or other. Often they were based on the dimensions of the human body. When the world turned to trade between city-states better systems were needed to enable that merchantile activity. Overtime, the evolution continued as transportation continued to shrink the world, and so what was once an artifact of a pocket kingdom matured into something that was at least workable. Despite the growth and adoption of modern systems like SI around the world for business and governance, such customary systems are still commonly used in day to day life for everyday ordinary household tasks around the world, most notably, in cooking and cookbooks.


Throughout the history of measurement, many of the units that have been used in Europe and around the Mediterranean are variations on older systems originating in the ancient Near East.


see details: Historical systems of measurement

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