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    U.S. Still Vietnam’s Largest Apparel Market

    May 14 – The country’s biggest apparel export market remains to be the United States despite its economy grappling with the current financial crisis. According to Vietnam Textile and Apparel Association (Vitas) secretary, Nguyen Son, apparel exports to the United States decreased by 4 percent during the first quarter while total export turnover to the[…..]

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    HCMC Rentals Hit by Lower Demand

    May 12 – Office and serviced apartment rentals have been dropping in Ho Chi Minh City during the first quarter of the year because of continuing weak demand brought by the economic downturn, reports real estate services firm CB Richard Ellis (CBRE). For Grade-A buildings, rents have plunged by 20 percent to an average of[…..]

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    South Korean Firms Cite Misunderstanding of Tax Laws

    May 11 – During a meeting with finance ministry officials, South Korean executives explained that Korean companies doing business in Vietnam can sometimes disregard new corporate tax and customs regulations because of misinterpretation. The deputy general director of Lotteria Vietnam, Dao Manh Ha, said that Korean firms generally respect Vietnamese laws but are sometimes confused[…..]

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    Trade Treaty with Japan to Cut Export Tax Fees

    Apr. 17 – The Vietnam-Japan Economic Partnership Agreement will remove import tariffs on 2,586 Vietnamese goods by the middle of the year. The deal translates to major export opportunities for both countries. By 2019, import tariffs will be cut from 6,302 Vietnamese goods and 94.5 percent of Vietnam’s exports and 87.6 percent of Japan’s exports[…..]

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    New Rules on Garment Exports to the United States

    Apr. 16 – The Ministry of Industry and Trade (MIT) has announced that certain garment products bound for export to the United States will need to apply for a Certificate of Origin at the Vietnam Chamber of Commerce and Industry (VCCI) starting May 24. The new regulation affects garment products in categories 338, 339, 340,[…..]

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    Anti-Dumping Lawsuits Hampering Exports

    Apr. 8 – Vietnamese businesses are facing overseas anti-dumping lawsuits that may lead foreign investors to shift orders to other countries.

    Just this month, PE plastics bags imported from Vietnam was sued by the U.S. companies Hilex Poly Co., LLC and Super Corporation for anti-dumping. India also imposed the highest anti-dumping tax rate on fibre imported from Vietnam, China and Thailand.

    Vietnamese companies were similarly sued by the Canadian Association of Shoe Producers for exporting soles to the country. There is also the Brazilian shoes industry group, Abicalcado, who petitioned an anti-dumping investigation against shoes coming from Vietnam.

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    Non-Residents Required to Pay Income Tax

    Feb. 27 – Vietnam has released new details regarding the deferral of the new Personal Income Tax (PIT) implemented last January 1 involving non-residents.

    The latest regulation says that non-residents would still be subject to PIT. A non-resident is defined as someone with income arising in the country who is (a) not residing in Vietnam; (b) will leave Vietnam before June 30, 2009; or (c) has lived in Viet Nam since January 1, 2009.

    This includes non-residents that have not confirmed their departure from the country, has not registered for permanent residence, and has not entered into a house rental contract for a term of over 90 days, reports Vietnam News.

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    Vietnam Allocates VND40 Billion on Energy Saving Efforts

    Jan. 5 – Vietnam is set to invest VND40 billion (US$2.35 million) for projects that promote an effective and economical use of energy for 2009.

    The Ministry of Industry and Trade also plans to implement large scale projects that hot water sprays that utilize solar energy, bio-gas plants and energy saving buildings.

    Nguyen Dinh Hiep, Chief of the ministry’s Energy Saving Office (ESO) told the Vietnam News Agency that it would create and broadcast radio and television programs that dealt with energy saving in addition to organizing training courses for agencies and top businesses.

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    Remittances to Vietnam Forecast to Reach US$8 Billion

    Dec. 4 – The State Bank of Vietnam estimates overseas remittances to the country may amount to US$8 billion by the end of the year, a 45.5 percent increase from last year's figures.

    One of Western Union’s five agents,Vietnam Bank for Private Enterprises told Thanh Nien News, that revenues from money transfer service have increased by 70 percent this year.

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    Vietnam’s Car Sales Plunge by 37 Percent

    Nov. 10 – According to an industry report made by the Vietnam Automobile Manufacturers Association, car sales in Vietnam for the month of October dropped by 37 percent to 5,679 units from the same figure last year due to rising taxes and registration fees.

    For the first 10 months of the year, sales figures reported by 16 automakers operating in the country increased by 64 percent to 95,736 units from the same period last year.

    Dealers complained that demand would wind down until the end of the year after the government tripled registration fees amounting to 15 percent of the car's purchase price.

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