Manufacturing

Vietnam Introduces Favorable Policies for Supporting Industries

By Stefano Miggiano

Sept. 22 – On February 24, 2011, the Vietnamese government issued Decision No.12/2011/QT-TTg pursuant to the Prime Minister’s Decision No. 49 10/QT-TTg of July 19, 2010, approving the list of prioritized high technologies. The Decision took effect on April 15, 2011.

The new regulations aspire to encourage the development of the following industries: manufacturing mechanical engineering, electronics-informatics, manufacturing and assembly of automobiles, textile and garment, leather-footwear and high-tech industry development. Continue reading →

Posted in Automotive, Business, FDI and Foreign Trade, IT & Telecom, Legal and Regulatory, Manufacturing, Regulatory Update | Leave a comment

Vietnam Attracts Japanese Investors as Bilateral Relations Improve

Jun. 7 – On his recent trip to Japan, Vietnam’s Party Politburo member Truong Tan Sang commended Vietnam-Japan relations over the last 40 years while encouraging future high-level visits and the expansion of delegation exchanges because of the “Vietnam-Japan Friendship Year” coming in 2013.

In his conversation with Japanese Prime Minister Naoto Kan, Sang added that they will try to stimulate the “strategic partnership for peace and prosperity in Asia” between Vietnam and Japan. Also he offered his sympathies to the Japanese people because of the recent natural disasters and promised that Vietnam will support Japan as well as it can. Additionally, he hopes and expects that Japan continues to raise its ODA to Vietnam following the agreements signed during Prime Minister Kan’s visit to Vietnam last October. Continue reading →

Posted in Economy and Politics, FDI and Foreign Trade, Manufacturing, Markets | Leave a comment

Single Customs Window Pilot Project to Improve Vietnam Trade

Sept. 28 – Vietnam is working towards improving its trade process with a single window customs pilot project backed by the U.S. Trade and Development Agency.

“This pilot project will help to increase revenue, enforce trade compliance regulations and reduce the cost of cargo movement into Vietnam, an increasingly important partner for the United States in Southeast Asia,” U.S. Ambassador Michael W. Michalak said when the US$718,600 grant was signed on September 15. Continue reading →

Posted in Business, Culture and History, Economy and Politics, FDI and Foreign Trade, Manufacturing, Shipping & Logistics | Leave a comment

Early Warning Web Site Launched to Help Prevent Anti-Dumping Cases

Sept. 24 – The Vietnam Competition Authority and and the Global Competition Fund of Denmark launched an early warning web site on Wednesday to help prevent anti-dumping cases and support exporters in Vietnam.

The web site is available in Vietnamese and English and initially concentrates on the Vietnam’s top export products: garments and textiles, footwear, seafood, wood products and electric cables for the U.S. and EU markets. Continue reading →

Posted in Business, Economy and Politics, FDI and Foreign Trade, Legal and Regulatory, Manufacturing, Retail, Shipping & Logistics | Leave a comment

Vietnam Says No to Outdated Steel Technologies

Sept. 20 – The Minister of Industry and Trade said that they will begin rejecting investment licenses for steel projects that use outdated technology.

The minister, Vu Huy Hoang, cited that many have licensed steel projects that are outside the industry’s development planning and use backward technologies, causing serious environmental pollution and waste of energy. Continue reading →

Posted in Business, Economy and Politics, FDI and Foreign Trade, Legal and Regulatory, Manufacturing | Leave a comment

British Tobacco Ordered to Pay US$18.2 Million in Overdue Taxes

Sept. 14 – Tax authorities have ordered joint venture firm British American Tobacco and Vietnam National Tobacco Corporation (Vinataba), located in the Dong Nai Province in southern Vietnam, to pay an estimated VND263 billion in overdue taxes from 2005-2008.

The U.K.-based company will also be fined VND91 billion for its joint venture with Vietnam Tobacco Corporation. The joint venture, also referred to as BATJV, was qualified for income tax exemption during the first two years of operation and a 50 percent income tax exemption three years after on the condition that the company use a minimum of 40 percent locally grown tobacco plants for production by 2009. Continue reading →

Posted in Business, Economy and Politics, FDI and Foreign Trade, Legal and Regulatory, Manufacturing | Leave a comment

U.S. Companies Consider Vietnam the Most Attractive Destination in ASEAN

Sept. 6 – Vietnam is considered the most attractive investment destination in the Association of Southeast Asian Nations by American companies, according to survey results announced by the American Chamber of Commerce last month.

Out of those surveyed, 57 percent of the companies were already based in Vietnam. An estimated 71 percent of those companies plan on investing more to expand operations as well as 30 percent of U.S. firms in the region.

The results were taken from answers given by 328 U.S. companies with businesses in ASEAN member countries in Cambodia, Indonesia, Malaysia, the Philippines, Thailand, Singapore and Vietnam. Continue reading →

Posted in Business, Economy and Politics, FDI and Foreign Trade, Manufacturing | 1 Comment

Law on Commercial Arbitration Effective 2011

Sept. 3 – In June, Vietnam updated its law on commercial arbitration to give investors another option to resolve both contractual and non contractual disputes beginning January 1, 2011.

The Law on Commercial Arbitration, also referred to as Law 2010, is a step forward towards aligning Vietnamese regulations to international standards. The new law improves on those outlined in Ordinance on Commercial Arbitration of 2003. Continue reading →

Posted in Business, Economy and Politics, FDI and Foreign Trade, Legal and Regulatory, Manufacturing | Leave a comment

Vietnam Emerges as One of the Biggest Beer Markets in the Region

Aug. 31 – Vietnam is the second largest beer market in the Southeast Asian region with 1.6 billion liters consumed last year after Cambodia.

The market is forecast to expand by 5.6 percent in the following years trailing behind Laos and Cambodia, reports market research company Euromonitor International.

As an indication of the country’s investment potential, Hanoi Beer Alcohol and Beverage Joint Stock Corp. inaugurated one of the largest modern beer breweries in the region, the Hanoi-Me Linh Brewery in Tien Phong Commune, Me Linh Dist in Hanoi this month. Continue reading →

Posted in Business, Economy and Politics, FDI and Foreign Trade, Hanoi, Manufacturing | Leave a comment

Vietnam to Set Up Tax Agency for Large Businesses

Aug. 24 – Vietnam has established the Large Enterprise Tax Management Department to specifically cater to the tax issues and payment needs of major corporations.

This move will ease the tax process for about 405 large corporations operating in the country. The majority of these types of firms are state-owned and have stakes in top industries such as oil and gas, electricity, mining, post and telecommunications and banking. Continue reading →