Aug. 9 – Quang Ngai Province authorities in south central Vietnam are proposing plans to expand the Dung Quat Economic Zone into an industrial city by 2025.
There are plans to develop the economic zone from 10,300 hectares to 45,332 hectares; adding heavy industrial production facilities for the petroleum and chemical business in addition to resorts, deep-water seaports and other urban areas. Continue reading
Aug. 4 – In this issue of Vietnam Briefing, we look at the process of establishing representative offices in Vietnam. As the second best performing economy in the region this year, many foreign investors are now considering building a presence in Vietnam to take advantage of the robust growth. A representative office is the simplest way to do so initially as a company tests the viability of the Vietnamese market.
We also cover related topics that include comparing representative offices with branch and wholly foreign-owned enterprises to determine which type is the most suited for your company; obtaining a foreign work permit in Vietnam; and regulations on applying as a foreign contractor. Continue reading
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. Continue reading
Jul. 30 – Foreign investment in Vietnam’s financial capital was up by 14.8 percent to US$1.19 billion during the first seven months of the year.
Ho Chi Minh City’s economy seems to have recovered with retail sales of goods and service posting high returns at VND205 trillion, an increase of 32.1 percent from the previous year.
Tourism also seems to be doing well. The city has so far received more than 1.6 million tourists, a growth of 24.3 percent. Industrial production increased by 13.6 percent and budget revenue by 23.3 percent. Continue reading
Dezan Shira & Associates offices in Hanoi: L-R: Tran Minh Thu, Hoang Thu Huyen and Hoang Bich Lien
HANOI, Jul. 26 – Dezan Shira & Associates is hiring more legal and tax staff in Vietnam, according to the firm’s principal, Chris Devonshire-Ellis.
“Vietnam is recovering quickly from the fall off in FDI it experienced due to the global downturn, and this, coupled with a change in the economic dynamics in China is spearheading a new wave of investment in the country,” says Devonshire-Ellis. “We are adding to our personnel in both Hanoi and Saigon to cater for this demand.”
Jul. 23 – Economic and industrial zones investments in Ho Chi Minh City rose by 176 percent during the first half of the year reaching US$320 million.
More than 70 percent of investments made in the zones, approximately US$225 million, came from local investments. Companies located in the zones reported a total export turnover worth US$1.6 billion, an estimated 34 percent increase compared to the previous year. Continue reading
Jul. 19 – The expressway project that will link Dau Giay located in Dong Nai Province with Phan Thiet town in Binh Thuan Province has been approved by authorities under a public private partnership deal.
Provincial authorities will be in charge of site clearance and compensation while construction will be led by the Binh Minh Import Export Production and Trading Group and International Finance Corporation as the first and second investors. International tenders will determine the third investor. Continue reading
Jul. 7 – Authorities have given the go signal to build a border gate economic zone (EZ) located in the southern province of Dong Thap to facilitate trade within the Mekong region.
The EZ is slated to be developed to cater to industrial production, trade, tourism, agriculture, forestry and fishery in a total area of 31,936 hectares. The zone will span the districts of Hong Ngu and Tan Hong including international border gates Thuong Phuoc and Dinh Ba along the Vietnamese-Cambodian border. Continue reading
Jun. 29 – Vietnam was advised to develop its industrial parks to offer more services to entice more foreign investors to come in.
According to Marc Townsend, the general director of CB Richard Ellis Vietnam, industrial parks in the country should be equipped with trade centers, offices, apartments, hotels and other logistics services in addition to production facilities. Despite charging cheaper rent for its industrial parks compared to other Asian neighbors like China, Vietnam lags behind in offering auxiliary services to support businesses. Continue reading
Jun. 28 – French company VINCI Construction Grands Projects recently signed a memorandum of understanding with Deo Ca Investment JSC to develop the Ca Pass tunnel and road project located in the north-south corridor between Ho Chi Minh City and Hanoi.
The US$600 million project will make it safer to travel the mountain pass located in the corridor. The company will expand the road connecting the major cities by nine kilometers as well as build an 11 kilometer section that will feature one 5.5 kilometer and 0.35 kilometer tunnel, three bridges and approach roads. Continue reading
Dezan Shira & Associates provide a range of services for companies looking to undertake foreign direct investment into Asia, These include corporate establishment, accounting, tax, payroll, audit and due diligence. To learn more about the firm, please contact one of our specialists at vietnam@dezshira.com, download our corporate brochure or visit at us www.dezshira.com
