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
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
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
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
Nov. 19 – Plans have been laid to create 11 new industrial zones and high tech parks in the Vietnamese capital of Hanoi over the next five years in a bid to attract further domestic and foreign investment, Nguyen Xuan Chinh, head of the Hanoi Industrial and Export Processing Zone Management Board, said on Thursday.
The new investment areas will be fully equipped with transport facilities, training centers, schools, service areas, gas stations and post offices as well as roads and other such infrastructure. Continue reading
Nov. 18 – Vietnam’s State Securities Commission is looking to increase the minimum capital requirement for companies wanting to list on the nations bourses.
In a new draft currently being prepared by the stock regulator, any company that wishes to be listed on the Ho Chi Minh Stock Exchange will need to have a minimum registered capital of US$6.16 million or significantly less, US$1.54 million, if they wish to list on the Hanoi Stock Exchange. Continue reading
HANOI, Oct. 27 – Vietnam generated US$57.8 billion in export revenues over the first 10 months of the year, a 23.3 percent year-on-year increase, Deputy Minister of Industry and Trade Nguyen Thanh Bien said at a meeting in Hanoi on Tuesday.
Bien announced at the meeting that this is likely to continue, resulting in total annual export revenues hitting the US$70 billion mark by the end of the year. Continue reading
Oct. 22 – Japan and Vietnam plan to co-develop rare earth deposits in the Southeast Asian nation as China, the world’s leading supplier of such minerals, continues to cut its supply.
A joint development agreement is expected to be signed on October 31, when Japanese Prime Minister Naoto Kan is scheduled to travel to the Vietnamese capital of Hanoi for a meeting with his counterpart Prime Minister Nguyen Tan Dung. Continue reading
Sept. 21 – National air carrier Vietnam Airlines has announced that it would slash international airfare tickets from Vietnam by as much as 85 percent in celebration of Hanoi’s 1,000th year anniversary.
Flight bookings must be made starting September 30 to October 10 applicable for trips taken from October 15 to December 21, 2010 and April 1 to May 31, 2011. Continue reading
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