Aug. 13 – The Vietnamese government plans on spending VND16 billion to push border trade promotion programs, says the deputy director of the Ministry of Industry and Trade’s Mountainous Area Trade Department.
The agency will be responsible for managing the campaign and allotting the funds. “This is the first time money has been poured in trade promotion in border areas, so we have carefully scrutinized the programs,” said Nguyen Van Hoi adding that the money would be divided among six trade promotion programs.
Of the money, an estimated VND4.5 billion will be set aside just for improving agricultural exports at the China border gates located in northern Lang Son and Lao Cai Province. Moreover, VND3 billion will be used to develop capacity building for agricultural export businesses dealing with Chinese trade by making training courses on law, certification of origin, payment, contracts and technology available. Read the rest of this entry »
Aug. 12 – Vietnam has introduced a new online warning system that will help local companies avoid anti-dumping cases being filed against their products.
The web site, www.earlywarning.vn, was funded by the Global Competitiveness Facility based in Denmark. Vietnamese exporters have been struggling with anti-dumping lawsuits against their products from the the United States and the European Union. Read the rest of this entry »
Aug. 11 – Beginning June this year, authorities are to issue each company an Enterprise Code Number (ECN) that will be used as both its business registration code and tax code.
Following Decree No. 43, the ECN will be unique to each company and will help cut down on bureaucracy and make it easier for the government to monitor corporate activity. For representative offices, branches and business locations based in the country, they will be given a Code Number of Subsidiary Units. Read the rest of this entry »
Aug. 11 – Taiwanese companies have become Vietnam’s second largest source of foreign direct investment so far with an estimated US$22.58 billion worth of projects in Vietnam, according to the Ministry of Planning and Investment.
The top Taiwanese firms investing in the country include the biggest contract manufacturer of notebook PCs, Compal Electronics Inc., and the biggest electronics provider, Foxconn Group. From January to July, Taiwanese companies committed to investing a total of US$939.9 million, making the region the fifth largest foreign investor in Vietnam.
Aug. 10 – Beginning May 1, businesses are required to provide Certificates of Free Sale (CFS) issued by exporting countries or territories that verify a product is manufactured and freely sold in the country where it is manufactured.
The CFS requirement will affect traders, state management agencies, manufacturers, organizations and individuals in Vietnam. A CFS is good for two years from the date of issue and must contain the following details: Read the rest of this entry »
Aug. 9 – Quang Ngai Province authorities in south central Vietnam are proposing plans to expand the Dung Quat Economic Zone into an industrial city by 2025.
There are plans to develop the economic zone from 10,300 hectares to 45,332 hectares; adding heavy industrial production facilities for the petroleum and chemical business in addition to resorts, deep-water seaports and other urban areas. Read the rest of this entry »
Aug. 6 – Authorities clarified regulations regarding input value added tax on housing rent for expatriate employees in an official letter released July 22.
Official Letter No. 2696/TCT-CS verifies that expatriate employees holding management positions in Vietnamese companies and working in the country with a valid labor contract shall have their housing rental included in their taxable income following the rules of personal income tax. Housing rent paid for by the local company for the expatriate employee shall not be eligible for a refund or deduction. Read the rest of this entry »
Aug. 4 – The government has just approved development plans for the Cau Treo Border Gate Economic Zone in central Vietnam’s Ha Tinh Province that will last until 2025.
In February, the zone was allowed to exempt goods from import tariffs – specifically materials, equipment and unfinished products imported for production and installation in the area. The tax exemption is valid for five years beginning March. Development plans for the zone will involve dividing it into specialized areas that include urban, residential, industrial, farming, tourist sites, ecological parks, and sporting facilities. Read the rest of this entry »
Aug. 3 – Electronic customs declaration and clearance is now available for trade passing by the Lao Cai border gate beginning August 1.
The province is the eleventh one to adopt the process for trading goods.This will make it easier for companies selling goods to China via the Lao Cai border to easily declare customs procedures and have the option to pay fees on a monthly or per customs declaration form basis.
Lao Cai Province’s main economic activities include agriculture and forestry. It is trying to attract more foreign direct investment in the area while developing cross-border trade with China and ecotourism. Read the rest of this entry »
Aug. 2 – Vietnam wants to encourage more foreign and local airlines to fly to its international airports located in Phu Quoc, Can Tho and Lien Khuong by cutting airport fees by 50 percent.
The government wants to increase tourist arrivals to the country and upgrade the airports in the process. Phu Quoc international airport located in the Gulf of Siam is set to fully open by 2012. Can Tho international airport construction is ongoing but is scheduled to open by the end of the year in the Can Tho City, the largest city in the Mekong Delta. Read the rest of this entry »
