AECFEED

As more Chinese tourists head abroad, visa applications to favourite destinations are increasing.
According to leading online travel agency Ctrip, Thailand recorded most visa applications in the first half of the year.
Singapore and South Korea ranked second and third respectively, while visa applications to Pakistan surged by 37 times, the most, thanks to friendly ties between the two countries.
Ctrip data also showed that the number of visitors applying for multiple entry visas rose substantially, implying a trend of more frequent overseas trips by Chinese. Multiple visa applications to Malaysia doubled from the same period last year, and those to South Korea soared 76 percent.—China Daily

Vietnam's PM agrees to help BSR compete in global market
Prime Minister Nguyen Xuan Phuc has agreed to support a request by Binh Son Refining & Petrochemical Co Ltd (BSR) to adopt a more favourable policy to help its Dung Quat oil refinery compete with imported petroleum products.
At a meeting with company management in Quang Ngai Province on Wednesday, the Prime Minister said he would support BSR’s proposal at next week’s regular meeting of the Government to ensure the effective implementation of market principles and equality among businesses.
Nguyen Hoai Giang, chairman of BSR, said that volatility in the global oil market and changeable foreign exchange rates have been putting pressure on the performance of Dung Quat oil refinery.
Giang said the first seven months of this year were a difficult time for oil producers with prices running wildly. Specifically, unfavourable tax policies on petroleum products have reduced the competitiveness of Dung Quat Refinery against imported goods, which enjoy preferential tariff rates offered by free trade agreements, he said.
However, the Prime Minister stressed the importance of the safe operation of the oil refinery and encouraged the company to improve its corporate governance to reduce cost and enhance the value of petrol and petrochemical products.
In December 2014, the Government approved a $1.8-billion plan to upgrade and expand Dung Quat refinery’s capacity from the current 6.5 million tonnes per year to 8.5 million tonnes per year by 2022. Work is scheduled to be completed by 2021. — Viet Nam News

Hanoitourist, South Korean firm sign deal to build five-star complex
Hanoitourist Corporation and South Korea’s Global Consultant Network, have signed an agreement to build a five-star complex of hotels, trade centre and a racecourse in Hanoi.
The complex will require an estimated investment of US$500 million, of which 85 per cent will come from the South Korean company and the rest from Hanoitourist.
The two companies will send a documents to the Hanoi People’s Committee for its approval of the project. It is hoped the new complex will become a prime destination for domestic and foreign visitors. — Vietnam News
 

Proper record keeping can help overseas expansion plans, SMEs told
Good record keeping can help local entrepreneurs attract foreign investors and expand their business overseas.
Siti Nur Quthairah Shah Johan, a finance officer from the Ministry of Finance (MoF), said maintaining and keeping proper records of transactions will show potential investors that the entrepreneur is serious in running the business.
She was speaking to the Brunei Times on the sidelines of the workshop on record keeping organised by Darussalam Enterprise for its six-month programme Industry Business Academy
“You need to prove to your potential investors that you are genuinely using the money to run the business. Proper record keeping of transactions will be attractive to potential investors,” she said.
She said under the Record Keeping (Business) Order 2015, all businesses are required to maintain and keep records of transactions.
Under the Order, businesses are required to save records for at least five years from the date of the transaction.—The Brunei Times