Other Briefings
World Bank: Vietnam Performed Well Despite Global Crisis
Jul. 6 – A World Bank report released in June lauded Vietnam’s progress in 2009 saying that the country had navigated the global crisis better than many other nations. The report attributes this to the government’s flexibility in the face of rapidly changing economic conditions. Vietnam’s GDP grew by 5.3 percent in 2009, even registering […]
Broad Application of Economic Needs Test Hinders Foreign Retail Investment in Vietnam
Jul. 2 – Vietnam’s broad application of a special tool allowed for World Trade Organization members to curb market access has hindered major foreign retail companies from entering the country, market analysts are saying. “We talked to some international distributors who are interested in Vietnam’s market like Walmart. They said that they will only come […]
Largest Casino in Vietnam Closes Over Permit Violations
Jun. 30 – The biggest casino in the country has been ordered to shut down due to permit violations. Located in Danang, the casino is a joint-venture between U.S.-based Silver Shores and Hoang Dat of Hanoi. Hoang Dat Silver Shores International Entertainment Co. will only be allowed to reopen the casino and hotel complex after […]
Deadline for 2009 Personal Income Tax Extended
Jun. 18 – Authorities have extended the deadline for 2009 personal income tax (PIT) finalization from May 31 to July 31, 2010. Official Letter 7209/BTC-TCT is the second deadline extension announced for the year. Personal income tax in Vietnam is computed on the average monthly taxable income (divided by 6) and monthly tax rates.
Vietnam Cuts Bureaucracy, Reduces 256 Administrative Procedures
Jun. 9 – In an effort to increase transparency and modernize the economy, the Vietnamese government announced plans to reduce 256 administrative procedures on Monday. The reform is the keystone of Project 30, a sweeping four-year overhaul of government administration that aims to simplify Vietnam’s 24 ministries and 63 provinces. Included in the reform are […]
New Environmental Tax Law Submitted to Vietnam’s National Assembly
Jun. 2 – Deputies of Vietnam’s National Assembly debated and discussed the new Law on Environmental Protection Tax on Monday as the government tries to find a way to mitigate the negative environmental externalities the country is experiencing as a result of its rapid economic development and modernization. The new environmental legislation is an attempt […]
Crédit Agricole: Vietnam May Increase Interest Rate to 10 Percent
May 27 – French retail bank leader Crédit Agricole estimates in a recent report that Vietnam’s central bank may allow the country’s benchmark interest rate to rise to 10 percent in an effort to combat inflation and promote healthy economic growth. Inflation in the country has hovered above 9 percent over the past three months […]
Central Province Cancels $4.15 Billion U.S. Investment Project
May 25 – Quang Nam Province authorities in central Vietnam have revoked a proposed US$4.15 billion luxury resort project after American investors were not able to meet requirements. American joint venture, the Dragon Beach Group, failed to submit the necessary paperwork and mandatory deposit needed to finalize the 400 hectare project licensed to the company […]
Vietnam Moves to Refine Business Registration Process
May 20 – The Vietnamese government issued Decree No 43/2010/ND-CP as part of efforts to streamline the business registration process in the country, applicable starting June 1. According to the new decree, companies will soon be issued an enterprise code number that combines its business registration code and tax code number into one. As for […]
Stricter Listing Requirements Proposed for Hanoi and Ho Chi Minh City Stock Exchange
May 14 – The Vietnam Association of Financial Investors (VAFI) is proposing that stricter listing requirements for companies wanting to enter the Hanoi and Ho Chi Minh City stock exchange be written on the draft amendment of the Law on Securities. The organization suggests that companies that want to list shares on the HCM City […]
