Former Vietnam Rubber Group general director detained on bribery charges
Tran Ngoc Thuan, former general director of the state-controlled Vietnam Rubber Group (VRG), has been arrested on bribery charges, investigative agency C03 under the Ministry of Public Security said on Wednesday.
Thuan and other officials were arrested as the C03 expanded an investigation into violations at VRG, Dong Nai Rubber Company, Ba Ria Rubber Company, the Ministry of Natural Resources and Environment, and other organizations related to the 39-39B Ben Van Don real estate project in Ward 12, District 4, Ho Chi Minh City.
Among those arrested were Vo Sy Luc, former chairman of the council of members of VRG, and Tran Thoai, member of the council, and deputy general director of VRG. These officials were arrested for “violating regulations on the management and use of state assets, causing loss and waste.”
Legal proceedings have also been launched against Nguyen Thi Hong, former Vice Chairwoman of the Ho Chi Minh City People's Committee, for “abusing positions and power while on duty,” the investigative agency said.
Another senior official implicated in this case, Doan Ngoc Phuong, deputy director of the Land Resources Development and Planning Agency under the Ministry of Natural Resources and Environment, was arrested on May 28, for allegedly accepting bribes. Phuong was also chairman of the Council for Valuing Assets in Criminal Proceedings.
C03 has also launched criminal proceedings against Cao Dai Nghia, deputy head of the land price division of the Land Resources Development and Planning Agency, and Khuong Thanh Tung, director of Thang Long Price Appraisal and Valuation JSC, for “abusing positions and power while on duty.”
On May 23, the police had detained eight others for "violating regulations on management and use of state assets, causing loss and waste."
The arrestees were: Le Quang Thung, former general director and acting board chairman of VRG; Huynh Trung Truc, former deputy general director of VRG; Pham Van Thanh, former head of VRG’s investment planning department; Nguyen Thi Gai, former general director of Dong Nai Rubber Company; Nguyen Cong Tai, former chairman of the council of members of Ba Ria Rubber Company; Nguyen Trong Canh, former deputy general director of Ba Ria Rubber Company; Le Y Linh, former director of Viet Tin General Trading Company Limited; and Dang Phuoc Dua, former board chairman of Viet Trust Investment-Trading Corporation.
C03 has also placed under house arrest Nguyen Thanh Chau, former board chairman of Dong Nai Rubber Company, also for "violating regulations on management and use of state assets, causing loss and waste."
- Read More
Malaysia tightens control of social media
Social media platform providers have been given a one-month deadline to respond to the code of conduct, after which they will be required to register with the Malaysian Communications and Multimedia Commission (MCMC) for licensing purposes, according to Malaysian Communications Minister Fahmi Fadzil.
Southeast Asia - Mon, November 11, 2024 | 4:05 pm GMT+7
Thailand pursues new policies to boost digital economy
The Thai Government is pursuing new digital policies to handle emerging security threats, including the impacts of US-China rivalry on the economy and technology, says Prime Minister Paetongtarn Shinawatra.
Southeast Asia - Mon, November 11, 2024 | 4:02 pm GMT+7
Japan’s Shizuoka Gas to acquire 25% stake in 50MW solar power plant in Vietnam
Japan’s Shizuoka Gas will acquire a 25% stake of My Son-Hoan Loc Viet Solar Energy JSC, the owner of 50-MW My Son-Hoan Loc Viet solar power plant in Vietnam’s central province of Ninh Thuan.
Energy - Mon, November 11, 2024 | 3:59 pm GMT+7
Vietnam central bank vigilant on inflation, cautious about credit risks
Vietnam’s central bank will manage its monetary policy in coordination with its fiscal policy to support economic growth, but it will stay alert about the return of inflation and take prompt action to curb it, says Governor Nguyen Thi Hong.
Banking - Mon, November 11, 2024 | 3:29 pm GMT+7
Vietnam’s first LNG-to-power plants set to connect to grid mid-Nov
Nhon Trach 3 and Nhon Trach 4 power plants, the first LNG-to-power plants in Vietnam and located in the southern province of Dong Nai, are set to connect to the grid later this month.
Energy - Mon, November 11, 2024 | 2:28 pm GMT+7
Vietnam credit expands over 10% in 10 months
Credit in Vietnam as of October 31 had grew 10.08% compared to the end of 2023, and 16.65% year-on-year, according to State Bank of Vietnam (SBV) Governor Nguyen Thi Hong.
Banking - Mon, November 11, 2024 | 12:09 pm GMT+7
Qualcomm earns $39 bln revenue, Vietnam 2nd biggest market
American chipmaker Qualcomm earned a revenue of $38.96 billion in fiscal year 2024 (ending September 29), including 12% from Vietnam, the second-highest portion among all nations.
Companies - Mon, November 11, 2024 | 11:00 am GMT+7
Vinhomes spends $198 mln on record share buyback since start
Vinhomes, the largest housing developer in Vietnam, has spent some VND5 trillion ($197.82 million) on buying back its shares since it started its record-breaking plan on October 23.
Finance - Mon, November 11, 2024 | 9:25 am GMT+7
Vietnam moves up in global value chain with high-value investments: Savills
Vietnam's industrial sector is undergoing a significant transformation, attracting a "new wave" of high-value investments and the attention of leading global manufacturers and technology experts, says a Savills Vietnam report.
Investing - Mon, November 11, 2024 | 8:08 am GMT+7
KFC Indonesia shutters numerous outlets, lays off thousands of employees
KFC Indonesia, owned by Gelael and Salim Group under PT Fast Food Indonesia Tbk (FAST), reported a net loss of IDR557.08 billion (over $36 million) as of the third quarter of this year, resulting in the company’s closure of 47 outlets (as of September) and sack of 2,274 employees.
Southeast Asia - Sun, November 10, 2024 | 11:00 pm GMT+7
Indonesia eyes to become world’s palm oil price setter
Indonesia’s Ministry of Agriculture has set a target of making the country the world’s largest palm oil producer by 2025, enabling it to influence global prices of the commodity.
Southeast Asia - Sun, November 10, 2024 | 11:00 pm GMT+7
Vietnamese broker ACBS sees profit surge, sustained capital support from parent bank
ACB Securities JSC (ACBS) has reported a surge in both charter capital and profit, fueled by continued investment from its parent company, Asia Commercial Bank (ACB).
Finance - Sun, November 10, 2024 | 7:45 pm GMT+7
Advocacy group GWEC proposes model for Vietnam to meet offshore wind targets
The Global Wind Energy Council (GWEC), a member-based organization that represents the entire wind energy sector, has proposed a two-stage competitive model for Vietnam to scale investment and achieve its offshore wind development targets.
Energy - Sun, November 10, 2024 | 4:00 pm GMT+7
Foreign traders extend net-selling streak in Vietnam amid VND devaluation woes
Foreign investors net sold a total of VND3,639 billion ($144 million) worth of Vietnamese shares in the week ended November 8, extending their net-selling streak amid concerns over the dong devaluation.
Finance - Sun, November 10, 2024 | 1:24 pm GMT+7
Vietnam to block customs clearance for purchases on unregistered online platforms
The General Department of Vietnam Customs (GDVC) has requested local customs authorities not clear shipments purchased via cross-border shopping platforms that have yet to register with the Ministry of Industry and Trade.
Economy - Sun, November 10, 2024 | 11:10 am GMT+7
Central counterparty clearing mechanism key to facilitating Vietnam stock market upgrade: exec
A central counterparty clearing (CCP) mechanism is key to removing prefunding hitches and drawing more foreign investors to Vietnam’s stock market, says Ta Thanh Binh, general director of Vietnam Securities Depository and Clearing Corporation (VSDC).
Finance - Sun, November 10, 2024 | 9:00 am GMT+7