Other Briefings
Vietnam to Use 14 Million Tons of Oil in 2009
Feb. 2 – Vietnam is forecast to consume an estimated 14 million tons of petrol and oil in 2009, reports the Ministry of Industry and Trade.
The figure is a 1 million ton rise compared to 2008. By mid-February when the Dung Quat oil refinery is expected to be operational, the imported volume of petrol and oil will drop to 12 million tons.
The ministry has also pushed for fertilizer, chemical and oil and gas sectors to expedite the operation of the Ninh Binh, Bac Giang and Ca Mau nitrogenous fertilizer projects and operate the other existing plants to guarantee a 0.95 million ton supply of urea for agricultural production.
Vietnamese Rice Prices Propped by Manila Deal
Jan. 21 – Prices for Vietnamese rice slated for export increased by 3 to 4.9 percent when exporters start loading 500,000 tons bound for the Philippines starting next month.
The Vietnamese rice shipment is expected to arrive in Manila by February and March as part of a deal that will ship a minimum of 1 million tons of grain.
"Food companies have prepared stocks for the shipment so the price rise won't affect their loading but indicative prices have gone up, anyway," a trader at a foreign firm in Ho Chi Minh City told Reuters.
Vietnam to Revamp Business Tax Procedures
Jan. 8 – Vietnam's tax agencies have been told to reduce the time it takes to fulfill tax and customs requirements from the average 1,050 hours annually to 800 hours.
The Deputy Minister of Finance, Do Hoang Anh Tuan, said that tax agencies should cut red tape to lessen the amount of time it takes for businesses to compny with tax formalities.
Tuan told Thanh Nien News that customs offices will start processing 80 percent of tax declarations online to save time. The plans for streamlining the tax process also include slashing the amount of time it takes to check export shipments by a third.
Vietnam’s Labor Official Predicts 300,000 to Lose Jobs in 2009
Jan. 6 – An official from the Ministry of Labor, Invalids and Social Affairs (MoLISA) predicts that the slowing Vietnamese economy could lead to job losses amounting to 300,000 jobs, or 0.65 percent of the country's labor force.
The head of Employment Division under MoLISA, Nguyen Dai Dong, said some 300,000 people might be affected by the economic slowdown.
The hardest hit will be the industrial and services sectors, which already provide about 9 million jobs while the more than 35 million working as agricultural workers should expect reduced working hours.
New Container Route to China, Hong Kong Launched
Dec. 19 – The new international shipping container route starting from Cai Lan port in Quang Ninh province to China and Hong Kong has been officially launched.
The port is the first deep-water port located in northern Vietnam with a capacity of accommodating freighters weighing up to 50,000 DWT.
Previously, test-runs on the new route were done using the MSC's 1,090 TEU vessel, the Wellington, being the first to arrive in November.
South Korean Mall to Invest US$5 billion in Vietnam
Dec. 18 – South Korea's top retailer, Lotte Mart, said it would invest US$5 billion in the next 15 years to develop a chain of 30 shopping malls in Vietnam.
The company's first outlet opened in Ho Chi Minh City last Wednesday spanning 31,000 square meters making it the largest mall in the country.
Lee Sang Woo, general director of the Lotte Vietnam Shopping Company, told Xinhua that Lotte Mart would develop a chain of 15 shopping malls in Ho Chi Minh and 15 more malls in the cities of Hanoi, Haiphong, Danangand Can Tho.
Survey says Vietnamese Banks’ Internal Audit a Concern
Dec. 16 – Results of a survey done by an international auditing company reports that although Vietnam’s banking sector has developed the credibility of the banks’ internal audit is still a concern.
PricewaterhouseCoopers Vietnam said that 92.6 percent of of banks surveyed maintain internal audit function but only 41 percent of the existing internal audit functions were centralized.
The survey shows that in 78 percent of the cases the internal audit and the internal control functions overlap.
Vietnam May Devalue Currency Next Year
Dec. 10 – Next year, Vietnam's currency may be devalued because of slipping exports, deteriorating balance of payments and bank debts.
"The exchange rate now is overly high in Vietnam and the government should ease the rate a little bit to support exports," Le Dang Doanh, a research fellow at the independent think-tank Institute of Development Studies, was quoted as saying by the Reuters during a conference.
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.
