May 16 – Construction began last month on four main roads in the Thu Thiem New Urban Area, a development located near the heart of Ho Chi Minh City (HCMC).
Construction of the Thu Thiem New Urban Area has been steady, with 99 percent of the seven square kilometer area already cleared, with the adjacent Thu Thiem tunnel and bridge already having been completed. Construction is currently expected to be completed by 2025, with its developers promoting the area as the future financial and cultural hub of Vietnam and Southeast Asia.
Economic recession, however, has slowed the development of other key infrastructure projects in the area. At the Conference on Investment Promotion held earlier this month, investors voiced their concerns, citing worries over the slow infrastructure development in addition to the high land prices and restrictive administrative regulations. Continue reading
Apr. 26 – During the first four months of 2013, Vietnam attracted newly registered and additional foreign direct investment (FDI) capital worth over US$8 billion. The capital was injected into projects throughout 18 different sectors, with the processing and manufacturing industries topping the list, followed by the property, wholesale and retail sectors.
Of this, US$4.9 billion of new capital was added thanks to the licensing of 341 new FDI projects. Another 121 projects expanded its capital by a total of US$3.34 billion. These capital injections represent a 14.6 percent and 20.7 percent year-on-year increase, respectively. Continue reading
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 – 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
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
Posted in Business, Economy and Politics, FDI and Foreign Trade, Ho Chi Minh City
Tagged Angela Merkel, Deutsche Bank, Germany, Germany-Vietnam Trade, HCMC, Metro Cash & Carry, Siemens, Vietnam FDI
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)
- Total capital of US$2.47 billion = 32.4 percent of the county’s total registered foreign capital Continue reading