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. Read the rest of this entry »
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. Read the rest of this entry »
Aug. 23 – Vietnam’s first trade policy review (TPR) is set for 2012 following the requirements of its membership in the World Trade Organization.
The Ministry of Industry and Trade announced the schedule of the TPR during a seminar held in Hanoi on August 12. WTO members are all required to conduct regular TPRs and this will be a chance for Vietnam to evaluate the benefits of its membership since joining the WTO in 2007. Read the rest of this entry »
Aug. 20 – Following Government Decree 87/2010/ND-CP, Vietnam will exempt export and import express packages from tax beginning October 1.
The decree will also waive tax on imported raw materials or appliances for specific investment sectors or those not made in the country five years after production date. Read the rest of this entry »
Aug. 19 – Tax authorities clarified in June that corporate income tax incentives shall not apply to new business activities after a foreign company has already been granted an investment certificate.
Official Letter 2057 says a foreign invested company that decides to offer business activities in addition to the activities stated on its investment certificate shall be considered as expanding its business. The new activity will not be qualified for CIT incentives but will be charged a 25 percent tax. Read the rest of this entry »
Aug. 18 – Vietnam’s currency, the dong, dropped a further 1.1 percent to VND19,320 against the U.S. dollar from VND19,425 earlier as part of government efforts to rally economic growth and increase exports, said economists.
Yesterday, the central bank let the dong’s daily reference rate slip by 2 percent to VND18,932 per dollar. “The main reason for the central bank’s move is to balance onshore foreign-exchange demand-and-supply and to support exporters,” said Prakriti Sofat, a Singapore-based economist at Barclays Capital. “Vietnam largely exports low value- added goods and typically competes on prices.” Read the rest of this entry »
Aug. 17 – Beverage and food giant PepsiCo Asia is committing to invest US$250 million in Vietnam to upgrade its manufacturing capacity in the next three years.
The company says it will also develop new products for the market. PepsiCo has new facilities in Binh Duong and Can Tho. Global multinational companies are expanding operations in emerging markets as a way of coping with slower demand in the United States and Europe. Read the rest of this entry »
Aug. 11 – Taiwanese companies have become Vietnam’s second largest source of foreign direct investment so far with an estimated US$22.58 billion worth of projects in Vietnam, according to the Ministry of Planning and Investment.
The top Taiwanese firms investing in the country include the biggest contract manufacturer of notebook PCs, Compal Electronics Inc., and the biggest electronics provider, Foxconn Group. From January to July, Taiwanese companies committed to investing a total of US$939.9 million, making the region the fifth largest foreign investor in Vietnam.
Aug. 4 – The government has just approved development plans for the Cau Treo Border Gate Economic Zone in central Vietnam’s Ha Tinh Province that will last until 2025.
In February, the zone was allowed to exempt goods from import tariffs – specifically materials, equipment and unfinished products imported for production and installation in the area. The tax exemption is valid for five years beginning March. Development plans for the zone will involve dividing it into specialized areas that include urban, residential, industrial, farming, tourist sites, ecological parks, and sporting facilities. Read the rest of this entry »
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. Read the rest of this entry »
