Other Briefings
Twenty Percent Discount on Power Costs Proposed
Aug. 11 – The Ministry of Industry and Trade has submitted a proposal that will allow businesses that operate only during the day to be qualified for a 20 percent discount on electricity costs during peak hours of the morning. Currently, business power users are charged double in the peak hours between 9:30 a.m. and […]
Foreign-Invested Firms to be Allowed to Export Rice
Aug. 10 – Following its WTO commitments, the Vietnamese government will now allow foreign-invested businesses to distribute and export rice this year, says Deputy Minister of Industry and Trade Nguyen Thanh Bien. Last week, Deputy Prime Minister Hoang Trung Hai approved the measure. Mr. Hai also added that the trade ministry should also ask the […]
Ministry of Labor Announces New Penalties for Employers
Jul. 28 – Vietnam’s Ministry of Labor, Invalids and Social Affairs has released a new draft of rules that address the mistreatment of employees. If the draft is approved, companies will be fined up to VND5 million if salaries are not paid in full or delayed without compensation. A fine of VND3 million will also […]
Largest Software Park Approves US$316.45 Million Worth of Projects
By Fan Feng Jul. 9 – The country’s largest software park and high-tech industrial area, Hoa Lac Hi-Tech Industrial Zone, has approved the investment licenses of four projects worth a total of US$316.45 million. Shipbuilder Vietnam Shipping Industrial Group invested US$85.6 million for the Vietnam Ship Research Institute to house its national research and design […]
HCMC Announces Changes to Business Registration
Jun. 30 – Beginning July 3, the process of obtaining a business registration in Ho Chi Minh City will be streamlined to become less time consuming and simpler. In the past, businesses had to apply for tax registration after registering their business with the Planning and Investment Department. The government is now accepting applications for […]
Vehicle Registration Fee Cut to Increase Sales
May 4 – The Vietnamese government cut automobile registration fee by half to 5 to 6 percent of the vehicle price until the end of the year to encourage more people to buy cars during the global economic crisis. Moreover, the value-added tax on a number of goods has also been cut in half including […]
Vietnam Cracking Down on Illegal Employment of Foreigners
Apr. 29 – Next month, Vietnam’s Ministry of Labor – Invalids and Social Affairs will arrange nationwide inspections of companies employing foreigners in an attempt to root out those working illegally. While it is legal for foreigners to work in Vietnam, it seems many companies are employing them without following the proper procedures and acquiring […]
Tax Cut Proposal for Animal Feed Imports Submitted
Apr. 1 – Vietnam's Ministry of Agriculture and Rural Development has submitted a recommendation that the government decrease import taxes on animal feed for farmers struggling with costs.
The ministry has requested in its proposal that taxes should be slashed by fifty percent on finished feed products to 4 percent in addition to taxes on dry beans to 5 percent.
Moreover, it has also been proposed that various feed ingredients should be given a zero rate. Vietnam currently imports 49 to 52 percent of its ingredients for animal feed.
Chinese Workers Head to Vietnam
Mar. 31 – Chinese workers have been flooding Vietnam to work on huge Chinese industrial projects in the electricity, cement, building and chemical sectors.
One construction project located in Quang Ninh province has as much as 2,000 Chinese workers while using cement and electricity coming from Chinese companies.
Tran Ngoc Hung, president of Vietnam Construction Association, told AFP: "Chinese contractors have won numerous key projects in the electricity, cement, building and chemical sectors… and sent thousands of workers and equipment to Vietnam."
Vietnam Attracts US$6 Billion Worth of FDI
Mar. 30 – For the first quarter of the year, Vietnam attracted US$6 billion in foreign direct investment; comprising of 60 percent of the figure for the same period last year, reports the Ministry of Planning and Investment.
So far, FDI mostly went to the province of Ba Ria-Vung Tau amounting to US$5 billion, mainly for entertainment and tourism projects. Ninety-three new foreign investment projects were licensed during the period with an investment capital of US$2.1 billion.
Foreign investors also registered an additional capital of US$3.84 billion in 34 existing projects, an increase of 34 percent in capital compared to the same period last year.
