Economy & Trade

Vietnam’s New Property Taxes

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Dec. 30 – With the introduction of the new Personal Income Tax Law on January 1, owners of more than one house will have to pay a 2 percent tax on each house they sell.

Another option is to pay a 25 percent tax on the remaining money after they have bought a new house, with proceeds of the sale of a property for which all fees have been paid.

Work Begins on Shenzhen-Financed Trade Zone in Haiphong

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Dec. 29 – Construction on a Shenzhen-invested economic trade zone in Haiphong City started yesterday.

The US$200 million zone, which will cater to businesses from the Southern Chinese city, is located in Yen Hung district, Quang Ninh Province, 125 kilometers from Hanoi. It will include 2.2 million square meters of factory space, 400,000 square meters of warehousing and 100,000 square meters of office buildings for management, research and public services.

Vietnam’s FDI Increases 43.2% in 2008

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Dec. 24 – An estimated US$11.5 billion in foreign direct investment flowed into Vietnam this year, a rise of 43.2 percent from last year, the state-run newspaper An Ninh Th Do reported.

Investors have also pledged a record $60.22 billion in new investment projects this year. While 2008 was a banner year for foreign investment, FDI into Vietnam is expected to slow in 2009 due to the global downturn.

"It is certain that we will see a decline in FDI registration next year," said Phan Huu Thang, head of the Planning and Investment Ministry's Foreign Investment Department. Thang told the newspaper in an interview. "Maybe we can reach $20 billion (in pledged FDI), and that would already be a high result."

Vietnamese Government Approves US$4 Billion Oil Refinery

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Dec. 22 – The Vietnamese government has approved Viet Nam National Petroleum Corporation's (Petrolimex) project to build a 10 million ton oil refinery in Khanh Hoa Province.

Deputy Prime Minister Hoang Trung Hai told Vietnam News that the meeting that Petrolimex would be required to make a feasibility report for the Nam Van Phong Refinery, that should detail an assessment of its environmental impact, technologies to be used, capital structure, and selection of strategic suppliers.

South Korean Mall to Invest US$5 billion in Vietnam

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Dec. 18 – South Korea's top retailer, Lotte Mart, said it would invest US$5 billion in the next 15 years to develop a chain of 30 shopping malls in Vietnam.

The company's first outlet opened in Ho Chi Minh City last Wednesday spanning 31,000 square meters making it the largest mall in the country.

Lee Sang Woo, general director of the Lotte Vietnam Shopping Company, told Xinhua that Lotte Mart would develop a chain of 15 shopping malls in Ho Chi Minh and 15 more malls in the cities of Hanoi, Haiphong, Danangand Can Tho.

Hong Kong, Vietnam Agree to Tax Pact

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Dec. 17 – Hong Kong and Vietnam have finalized a double taxation agreement that will decrease the amount of tax being paid by each country's investors.

The agreement will stipulate that double taxation will be avoided by way of any tax paid in Hong Kong by Vietnam residents or companies shall be allowed as a credit against any tax payables in respect of the same incomes in Vietnam.

Vietnam News reports that pact was signed in Hanoi yesterday by visiting Hong Kong financial secretary John Tsang, who is on a five-day visit to the country to enhance understanding of its economic and business climate.

Vietnam to Announce US$6 Billion Stimulus Plan

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Dec. 15 – Vietnam is set to announce a US$6 billion economic stimulus package later this month, says Deputy Prime Minister Nguyen Sinh Hung.

In an earlier report, the government said it would release a US$1 billion into the economy to cope with the global economic slowdown.

The economic stimulus package will be invested in schools, hospitals, rural infrastructure and home construction, in addition to projects to boost production and consumption.

Vietnam’s November FDI Hits US$61 Billion

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Dec. 13 – The Foreign Investment Agency reports that by early November registered foreign direct investment (FDI) in Vietnam amounted to US$61 billion.

According to Vietnam Net, by the end of the year the FDI could reach US$65 billion although FDI forecast for 2009 is only US$30 billion.

Vietnam's concept of FDI is different from the standard. While Vietnam reports FDI based on registered and implemented FDI, the usual standard is realized FDI.

Daily Rail Service Between Hanoi and South China to Begin in January

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HANOI, Dec. 12 – Passenger trains between Vietnam and Guangxi Zhuang Autonomous Region in Southern China will begin regular daily service starting on Jan. 1, China's railway authorities said on Thursday.

Daily trains will leave Nanning, the capital of Guangxi, at 6:15 p.m. and arrive in Hanoi at 7 a.m. the following day. Trains will also depart Hanoi at 8:30 p.m, reaching Nanning at 10:05 a.m. the next day.

The trains will be operated by the Nanning Railway Bureau, said Chen Boshi, the bureau's director, who also told Xinhua that the regular passenger route would alleviate high demand from Vietnam's businessmen, laborers and students in Guangxi.

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