Mar. 10 – Northern Thai Nguyen Province is being groomed to become a major metallurgy, mechanical manufacturing and precision engineering hub in the country.
Thai Nguyen is a small province bordering the capital city of Hanoi and serves as a gateway to the Red River delta with its network of road, rail and waterways systems. “Vietnam’s mechanical engineering remains undeveloped and that is why we should mobilize domestic and international resources to make metallurgy a vital industry for Thai Nguyen and the nation,” President Nguyen Minh Triet said during a visit to the province this week. Read the rest of this entry »
Feb. 26 – Vietnam’s southern province of Ba Ria-Vung Tau has approved 15 projects worth US$125.03 million including five foreign direct investment projects amounting to US$924.9 million since the beginning of this year.
Some of the major projects involve the Dragon Sea-Vung Tau international tourism exhibition center, a project of the Skybridge Dragon Sea Ltd Co. and the Sao Bien international port to be built by the M/s Koon-Top Pave Joint Venture. Read the rest of this entry »
HANOI, Feb. 23 – The government has announced it would allow delayed corporate income tax payments for the rest of the year as part of its efforts to support the economy.
The decision will cover small and medium-sized enterprises (SMEs), companies in production and textile industries as well as footwear outsourcing firms. Qualifying SMEs must have a charter capital ranging from VND20 billion (US$1.08 million) to VND100 billion ($5.4 million) or have less than 300 employees. Read the rest of this entry »
Feb. 9 – According to the Authority for Hanoi Industrial and Export Processing Zones, the city has so far attracted US$4.14 billion worth of projects in its industrial parks.
Of the total 508 licensed projects, 240 are domestic projects worth US$3.533 billion while the rest is composed of 268 foreign-invested projects. In 2009, the IPs were able to sign in US$130.79 million of projects, including US$91.4 million of foreign direct investment. Read the rest of this entry »
Jan. 29 – Vietnam’s Finance Ministry has announced that local companies will be given value added tax exemptions for goods sold overseas.
The new circular does not exempt local companies from export and import tariffs, corporate income taxes and double taxation avoidance agreements with other countries. Local companies reported revenue losses or profits abroad although not reaching taxable threshold will just need to submit their financial reports to the government to calculate for corporate tax income. Read the rest of this entry »
HANOI, Jan. 27 – Authorities want to target US$180 million worth of new investment projects for 2010, an increase of 37.62 percent compared to the previous year.
Last year, 16 local projects worth VND728 billion and 27 foreign direct investment projects capitalized at US$91.4 million were approved in Hanoi. The city now has a total of 14 industrial parks, behind Dong Nai with 28, Binh Duong with 21 and Ho Chi Minh City with 17. Read the rest of this entry »
Jan. 25 – Vietnam will impose a new special consumption tax of 45 percent on beer and other alcoholic drinks until 2012.
The General Department of Taxation announced that beer and spirits higher than 40 proof will slapped a 45 percent tax and 50 percent afterward. Alcohol with less than 40 proof will be meted a lower tax of 25 percent.
Previously, wine labeled less than 40 proof was charged a 20 percent tax and stronger drinks were charged a 30 percent to 65 percent tax. Vietnam has been imposing high tax rates on alcohol in the past years. For 2006-2007, beer was taxed 30 percent and 40 percent to 75 percent for 2008-2009.
Jan. 21- A US$1 billion Vietnam-Singapore Industrial Park has just opened in the northern city of Haiphong.
This is the third industrial park of its kind spearheaded by the Singapore and Vietnam government. The 1,600-hectare park is located in Vietnam’s third largest city, 100 kilometers from Hanoi with easy access to the region’s largest seaport, Haiphong Port. Read the rest of this entry »
Jan. 15 – Danang topped the Vietnam Chamber of Commerce and Industry’s 2009 provincial competitiveness index (PCI) ranking followed by Binh Duong Province in the south.
This is the second consecutive year that Danang finished first place in the index. Vietnam’s northeast Lao Cai Province ranked higher than Vinh Phuc Province to be included in the top three localities with favorable business conditions. Read the rest of this entry »
Jan. 14 – The government has announced that it will open a new national border gate economic zone in Ha Giang Province to further trade with China.
The Thanh Thuy economic zone will be an important import-export venue for the northern region spanning 28,700 hectares including the communes of Thanh Thuy, Phuong Tien, Thanh Duc, Xin Chai, Lao Chai; Phong Quang (Vi Xuyen district) and Phuong Do. Read the rest of this entry »
