Nov. 25 – As a transport hub of the Red River Delta, Hanoi features a large network of waterways, railways and highways connecting the region. Infrastructure development has been a priority in the city, with the local government taking steps to ensure that the continued flow of goods and investment into the city can be sustained to uphold its strong economic growth.
Rapid economic expansion in Hanoi has led to substantial growth in the city’s population, adding over 400,000 new citizens each year since 2008. This population boom, while benefitting the local economy through the addition of young and skilled workers, has also led to congestion within the city’s transportation network. Due to this, motorcycles and mopeds have become the preferred means of transportation in Hanoi. According to the Institute of Transport Planning and Management, motorcycles outnumber cars by 10-to-1. Car ownership is on the rise in Hanoi, however, with an annual growth rate of 10 percent. Continue reading
Nov. 20 – Lying on the right bank of the Red River in northern Vietnam, approximately 85 miles inland from the South China Sea, is the charming capital city of Hanoi. Hanoi is Vietnam’s old imperial capital and its modern center of politics and culture. The previous generation of people in Hanoi experienced a strict communist domination. While still recognized for their humility and simpler lifestyle compared to those living in the south of the country, today Hanoi people display an increasing warmth and openness in communication and work.
Hanoi was predicted to be the fastest growing city in the world in terms of GDP growth from 2008 to 2025, according to a report by PricewaterhouseCoopers. Despite the recent economic crisis, Hanoi remains one of the fastest growing cities in Vietnam, with its economy expanding 7.88 percent during the first 10 months of this year. Continue reading
May 7 – The Red River Delta constitutes the industrial heart of Vietnam and is one of the richest and most developed regions in the country.
Hanoi, Vietnam’s capital city, dominates in terms of foreign investment and gross industrial output. It is also home to many manufacturing plants for big international names like GM, Nokia and Yamaha. The industrial parks and economic zones in the region are strengthened by their “corridor to the sea” via the Hai Phong Port, one of Vietnam’s largest ports. Continue reading
Posted in Business, Hanoi
Oct. 30 – The coming month in Vietnam will bring in a fresh set of trade fairs, shows, expos, and exhibitions to try and satiate the growing demand for new business in the country. A sampling of November’s key events can be found below.
Vietnam International Shop and Franchise Show 2012
- When: November 1-3, 2012
- Where: Saigon Exhibition and Convention Center, 799 Nguyen Van Linh, District 7, Ho Chi Minh City, Vietnam
- Organizer: Vinexad Continue reading
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:
- Red River Delta
- Mekong River Delta
- North Central Coast
- South Central Coast
- Central Highlands Continue reading
Posted in Business, Danang, Economy and Politics, FDI and Foreign Trade, Featured, Haiphong, Hanoi, Ho Chi Minh City
Tagged Central Highlands Vietnam, Mekong River Delta, North Central Coast Vietnam, Northeast Vietnam, Northwest Vietnam, Red River Delta, South Central Coast Vietnam, Southeast Vietnam, Vietnam Briefing Magazine, Vietnam Key Economic Zones, Vietnam Regions
Apr. 30 – On April 12, 2012, Vietnam’s Ministry of Finance promulgated Circular No.58/2012/TT-BTC to guide the implementation of Decision No. 05/2012/QD-TTg dated January 19, 2012 on implementing a pilot project allowing VAT refunds for foreigners departing Vietnam from Noi Bai International Airport in Hanoi or Tan Son Nhat International Airport in HCMC.
Foreigners who buy goods in Vietnam and leave from either of those airports will be reimbursed the VAT they have paid. However, the tax refund service fee which commercial banks are entitled to charge is equal to 15 percent of the total amount of VAT on goods eligible for refund that foreigners carry when leaving the airports. As such, the amount of value added tax which foreigners will be refunded is equal to 85 percent of the total amount of VAT paid. Continue reading
Posted in Business, Finance, Tax and Accounting, Hanoi, Ho Chi Minh City, Retail
Tagged Hanoi, HCMC, Value-Added Tax, VAT, Vietnam Tax, Vietnam Tourism
Apr. 25 – The Roadshow “Italy – Vietnam” that was held in Italy between March 26th and March 30th in Milan, Bologna, Padova and Pesaro has been important for both parties involved. It helped Italian entrepreneurs increase their knowledge about Vietnam (boasting the 13th largest population in the world and one of the highest GDP growth rates) and it settled the basis for further projects in the area. Continue reading
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. 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