Business

For goods exported or imported under special permits, firms can only sign the processing contracts for foreign traders once they receive licences from the Ministry of Industry and Trade. (Photo: VNA) Hanoi (VNA) - The Vietnamese Government has issued a decree stipulating that Vietnamese traders are allowed to process legal goods for foreign merchants, excluding the commodities banned or temporarily suspended from export and import. For the sectors considered relevant to state security and societal safety, including firearms, insurance, casinos, petrol and tax services, only the producers who fully meet the statutory conditions for producing and trading the listed products will be eligible to process them for export, according to the decree dated May 15, 2018. As for the goods imported by designated traders under the management of the State Bank of Vietnam (SBV), the processing of commodities will be implemented in accordance with the regulations of the SBV. For goods that must … [Read more...] about New rules on processing goods for foreign traders

MANILA - The Department of Labor and Employment on Monday named 20 companies that it said were engaged or suspected to be engaged in labor-only contracting. The country's largest fast food operator, Jollibee, topped the list, with 14,960 "affected" workers, followed by Dole Philippines and PLDT Inc, with 10,521 and 8,310, respectively. President Rodrigo Duterte earlier this month signed an executive order to stop "endo" or hiring workers in 5-month-long cycles at a time to avoid granting them regular status. 'Your days are numbered': Duterte signs EO to stop 'endo' Last month, the labor department ordered Jollibee and its subsidiary, Burger King, to regularize about 7,000 workers. In July it directed PLDT to regularize close to 9,000 employees. ABS-CBN News is getting the sides of the companies involved. Jollibee, Burger King told to regularize 7,000 employees PLDT loses appeal on regularization of 7,000 workers The 20 companies on the labor department's list include: 1. Jollibee … [Read more...] about Gov’t tags Jollibee, Dole, PLDT in ‘endo’ fight

The project “Promoting Investment Market for Energy Efficiency in Industrial Sector in Vietnam” was launched by the Ministry of Industry and Trade’s Department of Energy Saving and Sustainable Development and the Korea International Cooperation Agency (KOICA). (Photo: baocongthuong.com.vn) Hanoi (VNA) – The Republic of Korea’s government will provide 1.9 million USD in financial aid for a project promoting energy saving in Vietnam’s industrial sector. The project “Promoting Investment Market for Energy Efficiency in Industrial Sector in Vietnam” was launched by the Ministry of Industry and Trade’s Department of Energy Saving and Sustainable Development and the Korea International Cooperation Agency (KOICA) last week. The project is part of the World Bank-funded “Vietnam Energy Efficiency for Industrial Enterprises (VEEIE)” project that offers 101.7 million USD to give domestic industrial enterprises better access to … [Read more...] about ROK-funded project to foster energy efficiency in Vietnam’s industry

Commuters traveling across the Bay State this summer can ride the rails on a budget with a special weekend discount program being tested by MBTA in the next couple of weeks.Summer weekend fares through all zones on the Commuter Rail will be $10 on Saturdays and Sundays, with the exception of trips to the Cape aboard the CapeFLYER rail service, which is operated by the Cape Cod Regional Transit Authority. The $10 all-weekend fare special is valid on all Commuter Rail lines and zones, according to the MBTA, from June 9 through Sept. 2.MBTA General Manager Luis Manuel Ramirez said the discount is part of a pilot program that will analyze the demand of weekend commuter rail ridership.“There is plenty of capacity on our weekend trains, and we’d be happy to fill those seats with families and others traveling in and out of Boston this summer,” Ramirez said.Keolis General Manager and CEO David Scorey said the pilot is also intended to reduce traffic and greenhouse gas … [Read more...] about Dorchester Marine killed in Vietnam War added to memorial

MANILA - Higher liquidity due to the central bank's decision to reduce the reserve requirement for banks and maturing government bonds will be "negative" for the peso, ING said. The reduction in the reserve ratio requirement or RRR will bring up to P90 billion to the system, adding to the P130 billion from peso bonds that will mature soon, the bank said in a research note. The peso opened at P52.635 against the dollar on Monday, from P52.70 last Friday. "Liquidity in the next few days will be high and work against the peso unless BSP (Bangko Sentral ng Pilipinas) directly intervenes in the spot market or external developments turn more friendly to emerging markets," ING said. The RRR cut is part of the Bangko Sentral's move to bring the ratio closer to that of its peers in the region, ING said. Increased liquidity in the long term would also encourage banks to lend more, driving imports and widening trade, deficits, it said. … [Read more...] about Peso hovers at 52-level, further weakness seen