Other Briefings
HCMC’s First Cable-Stayed Bridge Nearing Completion
May 21 – Ho Chi Minh’s first ever cable-stayed bridge spanning over the Saigon River is nearing completion with the final cables connected last Tuesday. The Phu My Bridge is 2.1 kilometers long and connects District 2 and District 7. Work on the bridge was completed four months ahead of schedule. It is the world’s […]
Vietnam-United States Container Service to Start June 4
May 19 – Singaporean shipper APL will begin weekly direct container shipping service between Vietnam and the western coast of North America on June 4. “This is the beginning of a new era for trade with Vietnam and marks its increased importance as a manufacturing and export center,” Eng Aik Meng, President of APL, told […]
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 […]
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 […]
Vietnam to Upgrade its International Airports
May 6 – Vietnam plans to establish ten international airports across the country through the expansion of existing facilities and the construction of new ones, according to a recent zoning plan released by government authorities in Ho Chi Minh City. The plan, drawn up by Vietnam’s Ministry of Transportation, will include renovations and massive upgrades […]
Investment Disbursement in HCMC is Lagging
Apr. 30 – Despite Ho Chi Minh City being able to successfully attract foreign investment, the disbursement of it has been lagging so far. Vietnam’s economic hub, not including industrial parks and export processing zones, has attracted nearly US$26 billion in foreign direct investment since 1987 but only 39.6 percent of this amount, or US$10.1 […]
Vietnam Taking Precautionary Measures Against Swine Flu
Apr. 28 – At the recommendation of health experts, Vietnam has established precautionary measures to protect itself from the spreading H1N1 strain of swine flu virus currently affecting people in Mexico and the Unites States. The country’s disease-control agencies are on high alert and travelers entering the country are required to declare the current status […]
Japan’s FamilyMart to Expand in Vietnam
Apr. 27 – In a joint venture with Phu Tai Group, the Tokyo-based convenience store FamilyMart will set up its first store in Vietnam later this year. FamilyMart’s primary shareholder, the trading house Itochu Corporation, will assist with product development and distribution in the Southeast Asian country with the goal of establishing 300 stores by […]
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.
HSBC to Increase Shares in Vietnamese Insurance Company
Mar. 23 – Leading bank, HSBC, is looking into increasing its stake in Vietnam’s Bao Viet Insurance from 10 percent to 18 percent despite the slowing economy.
HSBC became the first foreign bank in the country to become a fully-owned operation and is the largest bank in Europe.
“We are looking to do more with the strategic partners,” Paul Leech, Hong Kong-based head of international operations for HSBC, told Thanh Nien News.
The bank also has a maximum 20 percent stake in Techcombank. “When we made the strategy to open, the world was a little different,” Leech added. “The interesting thing is, actually, our strategy really has not changed.”
