bankruptcy

Update news bankruptcy

Owners of more than 500 tourist boats in Halong Bay in Quang Ninh Province are on the verge of bankruptcy as their tourist boats have been lying idle for over a year due to Covid-19, so they have turned to the prime minister for help.

Major cinema chains ask for PM’s help over fear of bankruptcy

Large movie theater chains in Vietnam, such as CGV, Lotte, Galaxy and BHD, have requested the prime minister for urgent help to cope with difficulties triggered by the Covid-19 pandemic.

Nearly 60,000 businesses withdraw from market

The number of newly established enterprises is still increasing, but the rate of businesses withdrawing from the market has also risen.

Hotel owners sell out to stave off bankruptcy

Fusion Suites Saigon on Suong Nguyet Anh Street in District 1, HCMC, is being listed for sale at VND1,165 billion (US$50 million).

10,000 businesses dissolved, thousands of others in danger

Amid the impact of COVID-19, as many as 10,400 businesses completed procedures for dissolution in the first eight months of the year.

Vietnam’s textile and garment companies suffer from JCPenney bankruptcy

Once JCPenney files for bankruptcy, hundreds of textile and garment stores, including those in Vietnam, will have to cease and desist orders.

WeFit goes bankrupt

Millions of dollars invested in fitness and beauty startup WeFit will evaporate after the bankruptcy procedures.

What’s behind the high number of dissolved businesses?

VietNamNet Bridge - The barriers that exist in state management as well as high operation costs have contributed to the high number of dissolved businesses. 

Bank bad debts, 12 super-projects incur loss of millions of USD

VietNamNet Bridge - The Q4 2016 audited finance report of the Thai Nguyen Iron & Steel Corporation (Tisco) shows that the company had debts of VND6.078 trillion, half of which were short-term debts. 

Coach firms stare bankruptcy in face

 VietNamNet Bridge – Coach operators are facing bankruptcy after Ha Noi’s Transport Department moved their departure point from My Dinh Bus Station to Nuoc Ngam Bus Station on January 01.

Businesses fail despite economic recovery

VietNamNet Bridge - While the national economy is in strong recovery, inflation has been curbed and p administration reform has been simplified, the number of dissolved businesses has been increasing rapidly.

Unemployment rate increases slightly in first three months

 VietNamNet Bridge – The unemployment rate in Ha Noi has increased slightly in the first three months of this year, with 7,113 people registered for unemployment insurance benefits,

MtGox bitcoin chief Mark Karpeles arrested in Japan

 Japanese police have arrested the CEO of the failed company MtGox, which was once the world's biggest exchange of the virtual currency, bitcoin.

Losing capital, K+ is in danger of being bought by French partner

VietNamNet Bridge - Many joint ventures with foreign partners become wholly foreign owned businesses after long periods of taking losses. This could occur with K+, a joint venture between Vietnam Television (VTV) and French Canal Plus.

Policymakers accused of discriminating against businesses

The 2008 Law on Promulgation of Legal Normative Documents stipulates that ministries and branches must collect opinions from subjects to be covered by laws when drafting laws and legal documents. 

Ministry relieves auto traders from cumbersome procedure

 VietNamNet Bridge – The Ministry of Industry and Trade last week issued a new rule removing obstacles shouldered by auto importers since Circular 20/2010/TT-BCT, allowing them to enjoy simpler procedures in clearing vehicles

16,000 VN firms close in first two months of 2015

 More than 16,000 businesses were either dissolved or suspended operations during the first two months of this year, said the General Statistics Office.

Legal Advice: Distinguishing between dissolution and bankruptcy

While dissolution and bankruptcy both lead to the termination of a company’s activities, their causes, settlement procedures, legal consequences, and liabilities of the proprietor after the two events are very different.

Vinalines evaluation almost done

VietNamNet Bridge –The Ministry of Transport has almost completed its evaluation of Viet Nam National Shipping Lines so that it can create an equitisation plan to submit to the Government.

Business bankruptcies just the tip of the iceberg

 VietNamNet Bridge – Enterprises need Government support to restore production and develop, To Hoai Nam, vice chairman of the Viet Nam Association of Small and Medium Enterprises, told Hai quan (Customs) newspaper.