Dec. 29 – There is still much potential in the German market for Vietnamese exporters to explore, said participants in a conference held in Ho Chi Minh City on Tuesday.
While Germany has grown into one of Vietnam’s major trading partners since 2007, the current export volume to the European country is still modest compared to the volume of export to China, Thailand and India, noted Do Thang Hai, director of the Trade Promotion Agency at the Ministry of Industry and Trade (MIT). Continue reading
Dec. 29 – Businesses in Hanoi still owe more than VND4 trillion in taxes this year, and the government has urged them to pay it back.
Thai Dung Tien, deputy head of Hanoi Tax Department, said that around 86.5 percent of the taxes (VND3.5 trillion) is collectable. However, 3 percent of the money will prove difficult to collect and the status of the remaining 10.5 percent is unclear. Continue reading
Nov. 15 – On November 10, the Vietnamese National Assembly approved VND59.3 trillion (US$2.83 billion) in salary increases starting from May 1, 2012.
Under the recent resolution, minimum salaries for state employees will be increased to VND1.05 million (US$51) per month. The current minimum wage for state employees is VND830,000 (US$40), established by Decree No. 22/2011/ND-CP dated April 04, 2011 with an implementation date of May 1, 2011 and it is still in force. Continue reading
Germany now Vietnam’s largest EU trading partner
Nov. 3 – In 2010, bilateral trade between Vietnam and Germany reached US$4.1 billion, showing substantial development since the two countries set up diplomatic agreements on September 23, 1975. The mutual understanding between Vietnam and Germany has been further strengthened through maintaining trustworthy partnerships and a political consultation mechanism between the two Foreign Ministries that was established in 2008. Moreover, the two countries have signed a number of agreements to form a legal foundation for bilateral economic cooperation such as the Agreements on Double Taxation Avoidance, Investment Encouragement and Protection, Maritime Shipping and Aviation.
As German Chancellor Angela Merkel has recently pointed out in her official visit to Vietnam for the Vietnam-Germany Economic Forum, German entrepreneurs consider Vietnam as fertile ground to do business, particularly in the high-tech industry as well as in education and environment. She also expressed her good impressions on Vietnam’s socioeconomic achievements, particularly in the last 10 years, and affirmed that Ho Chi Minh City was the most dynamic economic center in Vietnam. Thus, Germany would like to establish additional cooperative relations with Vietnam in general and HCM City in particular. She also identified some key issues to enhance Vietnamese investment environment. Continue reading
Oct. 26 – Investor interest in Hanoi’s residential property has increased in recent years. With an average population growth rate of 5 percent a year coupled with a considerable area of vacant land, housing prices in Hanoi have been pushed up to levels that are higher than they should be. Selling prices of upmarket houses remain high while prices of average houses climbed 8.5 percent.
“The population in the next 15-20 years will grow constantly with middle-class people and medium-sized enterprises having the fastest growth rates,” according to Mr. Vu Xuan Thien, deputy director of the Housing and Real Estate Management Department. Continue reading
Aug. 22 – In the first seven months of this year, Vietnam, with 43 cities and provinces, attracted 651 additional foreign direct investment projects.
The top cities and provinces are:
Hai Duong (northern province)
Jun. 10 – Until recently, there hadn’t been a department to support small and medium-sized Korean enterprises with tax and customs related issues in Vietnam. Last week, however, the Ministry of Finance held a conference in Ho Chi Minh City to support Korean businesses relating to problems with taxes and customs procedures during their business in Vietnam. The Korean business groups now have the opportunity to solve their problems with tax and custom procedures with the Vietnamese authorities.
During a similar conference in Hanoi one week earlier, Vietnam’s Ministry of Finance and the Korean Embassy in Vietnam agreed that Korean business would be treated the same as Vietnamese enterprises and the Ministry supported Korean businesses and would limit the barriers in the Vietnamese economic environment. Continue reading
May 18 – Nguyen Trung Tin, the Vice Chairman of the Municipal People’s Committee of Ho Chi Minh City, has pledged to create more favorable conditions for investors to develop their business in Vietnam’s biggest city.
Speaking at a seminar held on April 26 in the city titled “Evaluation and Solutions to Improve HCMC’s Investment Environment 2011,” Tin also highly valued domestic and oversea investors’ contributions to the city’s socio-economic development. He also affirmed the stable investment environment of the city and he believed HCMC is an attractive and reliable destination for investors. Continue reading
Mar. 31 – Vietnam’s government aims to boost the nation’s shipping volume by more than 400 percent over the next 10 years by investing heavily in its ports.
The emergent Southeast Asian economy is channeling billions of dollars into building ports for container ships in a move to draw export-oriented industry from China. Continue reading
Mar. 4 – The Finnish multi-national communications corporation Nokia just announced its US$275.8 million investment plan to build up a new manufacturing plant in Vietnam’s Bac Ninh Province near Hanoi, hoping the new facility will “play a key role” to “connect the next billion to the web” via cell phones.
Nokia signed a Memorandum of Understanding (MoU) with Vietnam’s Ministry of Planning and Investment on March 2, with the agreement on an initial US$275.8 million investment and a massive investment following later on. Continue reading
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