Two Vinatea board members arrested for causing state asset losses
Dang Ngoc Cam and Nguyen Quoc Khanh, board members of Vietnam Tea Corporation JSC (Vinatea), were detained for allegedly causing losses to state assets.
Lieutenant General To An Xo, spokesman for the Ministry of Public Security, said Sunday that the ministry’s investigative agency (C03) had initiated legal proceedings against Cam and Khanh on charges of “violating regulations on the management and use of state assets, causing losses and wastefulness”.
Previously, C03 detained Nguyen Thien Toan, former general director in charge of the Vinatea board of members, on the same charge.
Dang Ngoc Cam (right) and Nguyen Quoc Khanh, board members of Vinatea. Photo courtesy of the Ministry of Public Security.
The trio were accused of signing a board resolution on divestment of land use rights at 225 Nam Ky Khoi Nghia street, District 3, Ho Chi Minh City, according to initial investigation results.
The divestment was not conducted via a public auction, allegedly causing losses to state assets.
Vinatea was formerly a state-owned enterprise under the Ministry of Agriculture and Rural Development. In 2015, it was converted into a joint stock company. The company boasts productive tea gardens, highly skilled workers, and the largest tea output in the country.
- Related News
- Read More
Vietnam gold bullion prices hit new high amid lukewarm response to auctions
Gold biscuit prices jumped to an all-time high in Vietnam Tuesday, following global price movements, even as firms remained uninterested in central bank auctions of the previous metal.
Finance - Tue, May 7, 2024 | 3:29 pm GMT+7
Vietnam should proactively implement Global Minimum Tax: official
Although the Global Minimum Tax is not mandatory, Vietnam should implement it because it can increase tax revenues, further international integration and create new opportunities, a senior tax official says.
Economy - Tue, May 7, 2024 | 3:15 pm GMT+7
Peer reviews to referee global minimum tax implementation disputes: expert
The Global Minimum Tax being a complicated affair, peer reviews are likely to referee different interpretations, Jonathan Pemberton, senior advisor with the Washington D.C.-based International Tax and Investment Center, said Tuesday.
Economy - Tue, May 7, 2024 | 1:38 pm GMT+7
ASEAN+3 to create new financing facility against regional crises
South Korea, China and Japan agreed last Friday to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
Southeast Asia - Tue, May 7, 2024 | 11:05 am GMT+7
Thailand promotes cuisine through chef training
Thailand will kick off the “One Village, One Thai Food Chef” project in June, aiming to train 75,000 professional cooks by 2027.
Southeast Asia - Tue, May 7, 2024 | 11:04 am GMT+7
Indonesian minister confirms Apple's keenness to invest in Indonesia
The U.S.-based global technology corporation Apple is still committed to actualising its plan on placing capital in Indonesia, the country’s Minister of Industry Agus Gumiwang Kartasasmita said last Friday.
Southeast Asia - Tue, May 7, 2024 | 11:03 am GMT+7
Thai-controlled brewer Sabeco sees sales, profit grow after troublesome 2023
Ho Chi Minh City-based Sabeco, which is 53.59% owned by Thai-controlled Vietnam Beverage Co. and 36% by the industry ministry, reported increases in both revenue and profit in Q1/2024 despite being hard-hit by a campaign against drunk driving.
Companies - Tue, May 7, 2024 | 10:30 am GMT+7
Media giant YeaH1 set for capital base growth, private offering
YeaH1 Group, a leading media and entertainment company in Vietnam, plans to conduct a private placement to issue 54.8 million shares at VND10,000 ($0.39) apiece this year, as revealed at the firm’s 2024 AGM held on Monday.
Companies - Tue, May 7, 2024 | 9:30 am GMT+7
Closer trade ties with friendly nations adds to Vietnam’s investment allure: expert
Closer trade ties with friendly countries in the region will add to Vietnam’s attractiveness as an FDI destination, writes Dr. Daniel Borer, business school lecturer in management, RMIT University Vietnam.
Economy - Tue, May 7, 2024 | 8:08 am GMT+7
International workshop on Pillar 2 Global Minimum Tax implementation to be held in Hanoi
The Vietnam's Association of Foreign Invested Enterprises (VAFIE) and the Washington D.C.-based International Tax and Investment Center (ITIC) will hold an international workshop themed "Pillar 2 Global Minimum Tax Implementation in Vietnam" on Tuesday.
Economy - Tue, May 7, 2024 | 8:05 am GMT+7
Vietnam healthtech sector turns investment magnet
Medical and pharmaceutical firms accounted for a lion’s share of $529 million that Vietnamese startups attracted in 2023 and this trend is set to continue, industry insiders say.
Finance - Mon, May 6, 2024 | 10:26 pm GMT+7
Vietsovpetro to invest $28 mln to further exploit White Tiger oil field
Vietnam-Russia joint venture Vietsovpetro plans to invest $28 million in further exploitation of the Bach Ho (White Tiger) oil field in Block 09-1 offshore Vietnam.
Energy - Mon, May 6, 2024 | 5:41 pm GMT+7
Japan retailer Aeon sees Vietnam operating revenue rise 15% in fiscal year 2023
Japanese retailer Aeon earned operating revenues of JPY15,263 million ($99.3 million) in Vietnam for fiscal year 2023 ending February 2024, up 14.9% year-on-year.
Companies - Mon, May 6, 2024 | 5:08 pm GMT+7
Binh Dinh province to build more industrial parks, clusters
Vietnam's south-central province of Binh Dinh is calling for investment in industrial parks and clusters and improving infrastructure to lure investors, especially those using clean and advanced technology.
Infrastructure - Mon, May 6, 2024 | 4:44 pm GMT+7
Site clearance deadline set for $2 bln northern Vietnam LNG power plant
Investors and Thai Binh authorities have been urged to complete site clearance for the $2 billion,1.5 GW LNG-to-power plant in the northern province by January 2025.
Energy - Mon, May 6, 2024 | 4:08 pm GMT+7
Why some foreign tech giants scope out Vietnam but invest in other countries
The fact that some major tech giants visit Vietnam but invest in other countries is normal, said Deputy Minister of Planning and Investment Do Thanh Trung on Saturday.
Industries - Mon, May 6, 2024 | 11:18 am GMT+7
