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    Steel Export Duties Doubled to 20%

    Aug. 5 – Vietnam is doubling export duties on steel to 20 percent to limit overseas sales of the product.

    According to the official Vietnam News Agency, the new duty will replace the current 10 percent tax and be imposed on steel billets and finished products from Aug 10.

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    Foreign Visitors to Vietnam Increase in First 7 Months

    HANOI, July 31 – Vietnam welcomed an estimated 2.6 million international arrivals in the first seven months of this year, a year-on-year increase of 6.6 percent, the Vietnam National Administration of Tourism said Tuesday.

    The number of foreign tourists rose by 3.1 percent to more than 1.6 million while the percent of foreigners coming to Vietnam for business surged 38.4 percent to 505,500. Foreign visitors originated mainly from China, the United States, South Korea, Japan, Thailand and Australia the VNAT said.

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    From the Middle: Danang’s Profile Rises as Investors Move In

    July 30 – Located in the middle of Vietnam, Danang is the country’s fourth largest city and in recent years has become the commercial and industrial hub of central Vietnam.

    As one executive, the chairman of software development company Enclave has commented in the San Jose Mercury News, Danang is the Ho Chi Minh City of 10 years ago, a rising economic power. Its current 13 percent economic growth rate is higher than the nation’s whole.

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    Emerging Asia Better Prepared for Currency Crisis

    By Chua Siew Joo

    July 28 – The economies of Asia are experiencing soaring inflation rates driven by rising food and fuel prices. Vietnam’s inflation rate has hit an impressive 27.4 percent in July, with the rest of the Asian economies, including Japan, achieving rates of between 7.5 percent and 11 percent. Such hikes, in the context of a looming global economic recession, are read by some to portend a second Asian financial crisis.

    The Asian Development Bank (ADB) has warned that rising inflation could hit investment and corporate earnings, besides potentially destabilizing governments in the regions. High inflation rates, considered being the a regressive form of taxation will have the greatest impact on the Asian poor which makes up two-thirds of the world’s poor population.

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    China Warns Exxon to Drop Exploration Deal with Vietnam

    July 22 – China is protesting a preliminary agreement that will allow state oil firm PetroVietnam and Exxon Mobil to explore oil in the South China Sea near Vietnam's south and central coast.

    Chinese diplomats in Washington warned Exxon that the move is a breach of Chinese sovereignty and could affect its future business interests in the country.

    According to Reuters, unnamed sources said that while Exxon Mobil was sure of Vietnam's sovereign rights to the area in question, it could not dismiss China's warnings as out of hand.

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    Blackouts Plague Ho Chi Minh City

    July 18 – Vietnam has been plagued with severe power outages that are affecting business in the country.

    The Deputy Prime Minister has already ordered power suppliers to hurry the construction of electricity power plants and facilities to meet rising demand.

    In Ho Chi Minh City, shops and restaurants have resorted to using electric generators to keep business running although not all the businesses in the city can afford to buy generators.

    Blackouts in the city’s district 3 and Binh Thanh reported incidents of knocked out traffic lights causing traffic jams and vehicular accidents.

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    Vietnam Market Portal to Launch In September

    July 16- The Vietnamese Commerce and Information Technology are making the final preparations for the launch of a portal for foreign markets on September 1st.

    The new portal also aims to attract local business.

    In addition, there will be versions of the Vietnam export portal in English and other foreign languages that will showcase Vietnamese enterprises and products.

     

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    Russian Mobile Giant Invests US$270 Million in Vietnam JV

    July 10 – Russia's second largest mobile phone operator Vimpelcom is investing almost US$270 million in a joint venture with Vietnam's Global telecommunications Corporation.

    Vimpelcom announced Tuesday it had secured a 40 percent stake in the GTEL-Mobile venture and will start providing services in Vietnam next summer.

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    Vietnam Cars Sales Up 141 Percent in First Six Months

    July 9 – Auto sales in Vietnam rose 141 percent year-on-year in the first half of 2008, industry group the Vietnam Automobile Manufacturers' Association said on Tuesday.

    The association said from January to June its members sold 68,609 vehicles, including cars, trucks and buses, compared with 28,522 in the first six months of 2007.

    Japan's Toyota topped the list with 12,510 units sold, followed by domestic companies Vinamotor with 14,594 units and Truong Hai with 11,295 Agence France-Presse reported.

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    Ground Broken on Vietnam’s Largest Foreign Direct Investment Project

    July 7 – Work has begun on what will be Vietnam's largest steel plant, part of a US$7.9 billion complex that will include a deep-sea port, Thanh Nien reported Monday.

    The complex, located in central Ha Tinh province and run by Taiwan-based Formosa Heavy Industries Corp., will be Vietnam’s largest steel production facility when it is completed, with an expected annual capacity of 7.5 million tons.

    The plant is expected to take four years to complete and cost an estimated US$7.87 billion. The project is the largest foreign direct investment Vietnam has seen and when completed, will employ around 10,000 locals.

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