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    Circular Adjusts Regulations on Forex Interest Rates

    Feb. 20 – The State Bank of Vietnam has issued a circular setting the maximum interest rate applicable to U.S. dollar deposits of economic entities with credit institutions and adjusting the average inter-bank exchange rate. Circular No. 03/2010/TT-NHNN in particular states: From February 11, 2010, the maximum interest rate applicable to U.S. dollar deposits of[…..]

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    Government Grants 169 Licenses to Foreign Distributors in 2009

    Feb. 18 – A total of 169 licenses were granted to foreign distributors in provinces and cities across the country last year with most of them investors from South Korea, China, Japan, Singapore, Italy, France and Germany. Vietnam’s distribution market only fully opened to foreign investors on Jan. 1, 2009 in fulfillment of its World[…..]

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    Exporters to the United States Required to File Pre-Notice

    Feb. 2 – All maritime cargo heading to the United States are now required to file a pre-notice to U.S. customs on their shipments 24 hours prior to vessel loading. The rule was implemented since 2008 but was not strictly enforced but beginning January 26 it will be on its mandatory filing and enforcement phase.[…..]

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    Provincial Competitiveness Index 2009 Available for Download

    Feb. 1 – The Vietnam Chamber of Commerce and Industry and the U.S. Agency for International Development’s Vietnam Competitiveness Initiative have recently released a report ranking the competitiveness of each province in the country in 2009. The index is useful for investors looking at entering Vietnam because it gives  a comprehensive look of the country’s[…..]

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    Foreign Firms Allowed to Pick Accounting Currency Unit

    Jan. 26 – Vietnam’s Ministry of Finance is now allowing foreign firms in the country to choose the currency unit they want to use for accounting purposes. Previously, accounting records were required to be maintained in Vietnamese dong. Foreign companies wanting to use another currency for their financial records needed to submit an application form[…..]

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    New Requirements for Permanent Residency in Hanoi

    Jan. 19 – A new draft of the Capital Law will place stricter requirements for foreigners applying for permanent residency in Hanoi. Applicants will need to show proof of holding a legal job with a salary double the city’s average minimum in addition to maintaining temporary residency in city continuously for at least five years[…..]

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    New Economic Zone to be Set Up in Ha Giang Province

    Jan. 14 – The government has announced that it will open a new national border gate economic zone in Ha Giang Province to further trade with China. The Thanh Thuy economic zone will be an important import-export venue for the northern region spanning 28,700 hectares including the communes of Thanh Thuy, Phuong Tien, Thanh Duc,[…..]

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    Vietnam Opens Cross-Border River Trade with Cambodia

    Dec. 18 – Cambodia and Vietnam have agreed to a treaty that will open Mekong waterways to increases trade and tourism. The Treaty on Waterway Transportation legally binds Cambodia and Vietnam to reducing the official restrictions that have existed for cross-border navigation, according to the the Mekong River Commission.

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    Vietnam to Lift Ratio on Foreign Ownership to 49 Percent

    Dec. 2 – Vietnam will soon raise the ceiling on foreign ownership in local businesses from 30 percent to 49 percent, says deputy chairman of the State Securities Commission (SSC) Nguyen Doan Hung during a workshop sponsored by Euromoney and the Ministry of Finance. The set ratio will include total chartered capital except credit institutions.[…..]

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    New Resolution to Dissolve Loss-Making State Firms

    Nov. 30 – Vietnam’s National Assembly has approved a new resolution that would dissolve unprofitable state-owned firms and increase efficiency of the remaining ones during the last day of its month-long session. The committee reported that 45 percent of its 91 state-owned groups in the country met low returns on equity of less than 10[…..]

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