Economy & Trade

Vietnam to Upgrade its International Airports

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May 6 – Vietnam plans to establish ten international airports across the country through the expansion of existing facilities and the construction of new ones, according to a recent zoning plan released by government authorities in Ho Chi Minh City. The plan, drawn up by Vietnam’s Ministry of Transportation, will include renovations and massive upgrades […]

Banks Raise Interest Rates on Dong Deposits

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May 5 – Vietnamese commercial banks are increasing interest rates for dong deposits and offering cash bonuses to expedite the use of funds for the country’s economic stimulus package. Saigon-Hanoi Bank boosted rates by 0.1 to 0.3 percent for deposits of between two and 24 months on April 27 while paying 8.8 percent for 12-month […]

Vehicle Registration Fee Cut to Increase Sales

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May 4 – The Vietnamese government cut automobile registration fee by half to 5 to 6 percent of the vehicle price until the end of the year to encourage more people to buy cars during the global economic crisis. Moreover, the value-added tax on a number of goods has also been cut in half including […]

Investment Disbursement in HCMC is Lagging

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Apr. 30 – Despite Ho Chi Minh City being able to successfully attract foreign investment, the disbursement of it has been lagging so far. Vietnam’s economic hub, not including industrial parks and export processing zones, has attracted nearly US$26 billion in foreign direct investment since 1987 but only 39.6 percent of this amount, or US$10.1 […]

Vietnam Cracking Down on Illegal Employment of Foreigners

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Apr. 29 – Next month, Vietnam’s Ministry of Labor – Invalids and Social Affairs will arrange nationwide inspections of companies employing foreigners in an attempt to root out those working illegally. While it is legal for foreigners to work in Vietnam, it seems many companies are employing them without following the proper procedures and acquiring […]

Vietnam Taking Precautionary Measures Against Swine Flu

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Apr. 28 – At the recommendation of health experts, Vietnam has established precautionary measures to protect itself from the spreading H1N1 strain of swine flu virus currently affecting people in Mexico and the Unites States. The country’s disease-control agencies are on high alert and travelers entering the country are required to declare the current status […]

Japan’s FamilyMart to Expand in Vietnam

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Apr. 27 – In a joint venture with Phu Tai Group, the Tokyo-based convenience store FamilyMart will set up its first store in Vietnam later this year. FamilyMart’s primary shareholder, the trading house Itochu Corporation, will assist with product development and distribution in the Southeast Asian country with the goal of establishing 300 stores by […]

Vietnam’s Stimulus Plan Dips into Emergency Reserves

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Apr. 24 – A senior Finance Ministry official said that Vietnam will have to dip into national emergency funds to help pay for the country’s recent US$8 billion stimulus package. Speaking at the Asia Society’s Asian Corporate Conference event in Ho Chi Minh City yesterday, Vietnam’s Vice Minister of Finance Do Hoang Anh Tuan said […]

Inflation Rate Slows to 9.2 percent in April

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Apr. 23 – Dropping telecommunications and transportation costs have eased Vietnam’s inflation rate to 9.2 percent for April. According to the General Statistics Office, the inflation in April was driven mainly by increases in the cost of food, beverages, home appliances and garments and textiles, said the General which often issues the data before the […]

PM: Economy to Improve after First Quarter

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Apr. 22 – Vietnam’s Prime Minister Nguyen Tan Dung said that despite the country’s growth slowing to the lowest levels in a decade this quarter, he expects things to get better in the remaining three quarters of the year on the heels of the US$ 8 billion stimulus package. “I believe in the second, third, […]

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