Danang

Da Nang Offers Massive Tax Incentives for Dutch Businesses

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By My Nguyen

Nov. 23 – Da Nang Hi-Tech Park is the newest among three high-technology zones in Vietnam, besides Hoa Lac Hi-Tech Park in Hanoi and the Ho Chi Minh City Hi-Tech Park.

Da Nang City is calling for foreign investment in its hi-tech park by promising attractive incentives. The Vice Chairman of Da Nang Phung Tan Viet presented in front of the Dutch business representatives in an event recently held by the city’s People Committee and the Netherlands general consul that the city shall offer them 100 percent land tax and 100 percent land-use tax exemptions for investment projects in infrastructure, hi-tech research and accommodation for on-site workers.

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Vietnam’s Regions and Key Economic Zones

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By Samantha Jones and Julia Gu

May 29 – Vietnam is composed of 63 provinces and five centrally-governed cities, which stand on the same administrative level as provinces (namely Hanoi, Ho Chi Minh City, Can Tho, Da Nang and Hai Phong). The General Statistics Office of Vietnam further groups these provinces and cities into eight regions, listed below:

  1. Southeast
  2. Red River Delta
  3. Mekong River Delta
  4. Northeast
  5. Northwest
  6. North Central Coast
  7. South Central Coast
  8. Central Highlands

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Opportunities in Vietnam’s New Industries

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By Tran Que Chi

Mar. 9 – Vietnam’s food processing, software and environmental technology sectors have been labeled as new industries with great potential.

Hanoi, Ho Chi Minh City and the Central Highlands in particular have been identified as future centers for the food processing industry, with Da Nang, Hanoi and HCMC expected to become major software hubs.

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Vietnam Airlines Cuts Domestic Fares by 50 Percent

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Sept. 7 – The country’s flag carrier, Vietnam Airlines, has announced it will slash fares on domestic flights by 50 percent from September 15 to October 30.

The heavily discounted rates will include routes coming from the capital, Hanoi and the financial center, Ho Chi Minh City. The discounted prices will range from VND400,000 to VND860,000 per flight following the routes below:

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E-Customs Clearance Now Available for Lao Cai Border Gate

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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.

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Danang City Lures US$2.8 Billion Worth of FDI

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Jul. 26 – The major port city of Danang in central Vietnam has so far lured in US$2.8 billion worth of foreign direct investment.

A majority of the investments were poured into 29 realty projects comprising of up to 73 percent of the city’s total FDI. Danang’s largest foreign investor was the British Virgin Islands followed by South Korea, the United States, Hong Kong and Japan.

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Largest Casino in Vietnam Closes Over Permit Violations

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Jun. 30 – The biggest casino in the country has been ordered to shut down due to permit violations.

Located in Danang, the casino is a joint-venture between U.S.-based Silver Shores and Hoang Dat of Hanoi. Hoang Dat Silver Shores International Entertainment Co. will only be allowed to reopen the casino and hotel complex after it complies to regulations.

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Vietnam to Waive Visa Fees for August and September

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Apr. 27 – Vietnam will waive visa fees for foreign visitors to the country from August to September as part of the “Impressive Vietnam Grand Sale 2010” campaign.

Foreign tourists can claim a refund of value added tax when they buy goods during the two month program. Tourist-related businesses in Hanoi, Danang, and Ho Chi Minh City will also offer 10 to 40 percent discount for local and foreign tourists during the campaign.

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Vietnam to Limit Car Imports

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Mar. 4 – The Ministry of Industry and Trade plans to limit car imports by implementing regulations that would help cut down its trade deficit.

The new restrictions will affect the importation of cars with less than 16 seats which make up majority of total cars imported from abroad and require that they pass quality tests by the authorities. Cars imported to the country will only be allowed to enter via the major seaports of Cai Lan, Quang Ninh, Haiphong, Danang, Ho Chi Minh City and Ba Ria-Vung Tau.

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Provincial Competitiveness Index 2009 Available for Download

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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.

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