Sacombank Securities Company (SBS) wants to reduce its equity in order to survive as a report of Ernest & Young shows that the company had a total accumulated loss of over VND1.77 trillion by the end of this June. The report was made in July after SBS board was reshuffled. SBS debts stood at some VND1.73 trillion and equity was a negative of VND256 billion as of end-June. Ernest & Young ascribed... 

Ernst & Young has relocated its Ho Chi Minh City office in District 1 to Bitexco Financial Tower. This relocation represents a significant improvement in floor area and building specification. Christopher Butler, office managing partner of Ernst & Young Ho Chi Minh City, said “We are delighted with our new office. The facilities are excellent and the address unrivalled with Bitexco Financial... 

Ernst & Young Vietnam Co. Ltd. – a consulting, audit and tax service provider – on Tuesday clinched a deal with Bank for Investment and Development of Vietnam (BIDV) to help the lender improve credit management capability in a rural finance project. Under the agreement, the company will support the bank in building a credit management framework from the Third Rural Finance Project funded... 

The State Securities Commission is to give Ernst & Young Vietnam the once over, due to its role in a recent stock manipulation case. Ernst & Young audited the 2009 financial statement of Vien Dong Pharmaceutical JSC (DVD), the company involved in the Vietnamese market’s first stock manipulation case. The auditing firm gave the firm a clean bill of health, but DVD was found to falsified revenue... 

Executives of Ernst & Young have recommended Vietnam’s tax authorities consider using advance pricing agreements (APA) with corporate taxpayers as an option to fight transfer pricing at both foreign-invested and domestic companies. The APA allows the taxpayer and the taxman to avoid future transfer pricing disputes by entering into a prospective agreement on the taxpayer’s transfer prices,... 

State Securities Commission of Vietnam (SSC) on Thursday clinched deal with Ernst & Young Vietnam (EYVN) in an effort to enhance Vietnam’s legal environment for listed companies, especially in risk management and corporate governance. The signing of the framework agreement in technical assistance will also strengthen cooperation between the two sides through all activities including training... 

While bank loan interest rates have become unbearable for many enterprises, and difficulties have existed that hinder enterprises to access capital from other channels, Vietnamese enterprises have not prepared well enough to call for capital on the international market – experts said at the Vietnam CFO Summit 2001, organized by Vietnam Report and VietNamNet on June 10. Businesses relying on banks... 

“Those companies [with less than VND1 billion in revenue] should consider whether they should exist anymore” Up to a third of Vietnam-based auditing firms are too small to ensure their operational quality. Many firms had just three auditors on their books, according to a Vietnam Association of Certificated Public Accountants (VACPA) report. There were 49 such tiny firms out of the 150 auditing... 

HCMC – The global director of transfer pricing services at Ernst & Young has called for Vietnam’s tax authorities to take gradual steps to cope with transfer pricing issues here in the country. Thomas Borstell told reporters in HCMC last Friday that Vietnam had started what tax authorities around the world were doing, and the country now should set up clear transfer pricing rules in accordance... 

The State Bank of Vietnam (SBV) on January 14 signed a contract with the Ernst & Young Company to provide consultancy and technical assistance to modernize the SBV. The US$5-million contract, which is part of a project sponsored by the World Bank (WB) and the Japanese Government, aims to develop the information technology capacity to serve as a foundation for improved management of the SBV. This...