Mar. 9 – The government may soon simplify 256 administrative formalities after a review showed that it could cut costs by more than over VND6,000 billion annually or about US$312 million.
Project 30 studied administrative formalities in 2007-2010 in consultation with related ministries, agencies and the Administrative Reform Consultative Council. It recommends simplifying procedures to attract more business and save costs. Read the rest of this entry »
Mar. 3 – The European Union and Vietnam have announced that they will formally be opening free-trade negotiations as Europe continues to strengthen their economic ties with a rapidly-growing Vietnam.
The free-trade announcement comes following a meeting between EU Trade Commissioner Karel De Gucht and Vietnamese Prime Minister Nguyen Tan Dung in Hanoi on Tuesday. Read the rest of this entry »
Feb. 20 – The State Bank of Vietnam has issued a circular setting the maximum interest rate applicable to U.S. dollar deposits of economic entities with credit institutions and adjusting the average inter-bank exchange rate.
Circular No. 03/2010/TT-NHNN in particular states:
Feb. 18 – A total of 169 licenses were granted to foreign distributors in provinces and cities across the country last year with most of them investors from South Korea, China, Japan, Singapore, Italy, France and Germany.
Vietnam’s distribution market only fully opened to foreign investors on Jan. 1, 2009 in fulfillment of its World Trade Organization obligations that allows foreign companies to establish wholly foreign-owned distribution companies. Read the rest of this entry »
Feb. 2 – All maritime cargo heading to the United States are now required to file a pre-notice to U.S. customs on their shipments 24 hours prior to vessel loading.
The rule was implemented since 2008 but was not strictly enforced but beginning January 26 it will be on its mandatory filing and enforcement phase. Penalties worth US$5,000 will be charged to companies that fail to comply with the new rule in addition to possible increased inspections and delay of cargo.
Feb. 1 – The Vietnam Chamber of Commerce and Industry and the U.S. Agency for International Development’s Vietnam Competitiveness Initiative have recently released a report ranking the competitiveness of each province in the country in 2009.
The index is useful for investors looking at entering Vietnam because it gives a comprehensive look of the country’s 63 provinces and more importantly gets into the details of why certain provinces have better economic growth than others. Read the rest of this entry »
Jan. 26 – Vietnam’s Ministry of Finance is now allowing foreign firms in the country to choose the currency unit they want to use for accounting purposes.
Previously, accounting records were required to be maintained in Vietnamese dong. Foreign companies wanting to use another currency for their financial records needed to submit an application form to the ministry. Read the rest of this entry »
Jan. 19 – A new draft of the Capital Law will place stricter requirements for foreigners applying for permanent residency in Hanoi.
Applicants will need to show proof of holding a legal job with a salary double the city’s average minimum in addition to maintaining temporary residency in city continuously for at least five years instead of just one year previously. Read the rest of this entry »
Jan. 14 – The government has announced that it will open a new national border gate economic zone in Ha Giang Province to further trade with China.
The Thanh Thuy economic zone will be an important import-export venue for the northern region spanning 28,700 hectares including the communes of Thanh Thuy, Phuong Tien, Thanh Duc, Xin Chai, Lao Chai; Phong Quang (Vi Xuyen district) and Phuong Do. Read the rest of this entry »
Dec. 18 – Cambodia and Vietnam have agreed to a treaty that will open Mekong waterways to increases trade and tourism.
The Treaty on Waterway Transportation legally binds Cambodia and Vietnam to reducing the official restrictions that have existed for cross-border navigation, according to the the Mekong River Commission. Read the rest of this entry »
Dezan Shira & Associates provide a range of services for companies looking to undertake foreign direct investment into Asia, These include corporate establishment, accounting, tax, payroll, audit 
and due diligence. To learn more about the firm, please contact one of our specialists at vietnam@dezshira.com, download our corporate brochure or visit at us www.dezshira.com
