Region

Vietnam Market Portal to Launch In September

July 16- The Vietnamese Commerce and Information Technology are making the final preparations for the launch of a portal for foreign markets on September 1st.

The new portal also aims to attract local business.

In addition, there will be versions of the Vietnam export portal in English and other foreign languages that will showcase Vietnamese enterprises and products.

Ground Broken on Vietnam’s Largest Foreign Direct Investment Project

July 7 – Work has begun on what will be Vietnam's largest steel plant, part of a US$7.9 billion complex that will include a deep-sea port, Thanh Nien reported Monday.

The complex, located in central Ha Tinh province and run by Taiwan-based Formosa Heavy Industries Corp., will be Vietnam’s largest steel production facility when it is completed, with an expected annual capacity of 7.5 million tons.

The plant is expected to take four years to complete and cost an estimated US$7.87 billion. The project is the largest foreign direct investment Vietnam has seen and when completed, will employ around 10,000 locals.

Vietnam to Lift Rice Export Ban by July

May 30 – Vietnam says that its ban on rice exports may be lifted in July adding that the coming crop harvests from the north will turn out better than expected.

The country’s winter-spring crop from its 32 northern provinces has progressed well and should yield the same amount as last year. Last year, the same provinces produced 6.15 million tons of rice.

Businesses will be allowed to sign new rice export contracts after June 30.
Vietnam is the world’s second-largest rice exporter. Last March, it introduced a three-month ban on rice exports to maintain local supplies.

Vietnam Considers Lowering Taxes to Spur Foreign Investment

May 8 – Vietnam is considering lowering corporate income taxes from 28 percent to 25 percent.

A proposed corporate tax cut would help lure more foreign investors to Vietnam without lowering government tax revenues, said several National Assembly representatives Wednesday.

Lawmakers focused on a proposed amendment to 1997’s Corporate Income Tax Law at the National Assembly on Wednesday that would cut corporate income taxes by three percent.

Paris eager to boost Vietnam investment and trade

HCMC, April 14 – Paris Chamber of Commerce and Industry (CCIP) leaders met with Ho Chi Minh City businesses last week to evaluate economic opportunities and express their strong desire to help the French invest in Vietnam, as well as to boost bilateral trade between France and Vietnam.

Acknowledging that France already had a strong business presence in Vietnam, Christian Pepineau, the VP of CCIP, stated that Vietnam had some of the best long-term prospects for medium-sized French companies, offering low-priced but high quality human and natural resources, and a large market of over 80 million people.

As industry output surges, so does inflation

Mar. 28 – Vietnam’s General Statistics Office (GSO) just reported a first quarter total industrial output of US$10.2 billion for the first quarter of 2008.

The figure represents a 16.3 percent increase over the first quarter of 2007. Vietnam’s private sector enjoyed the greatest gains, jumping 22.5 percent to US$3.5 billion –worth of production value.

The foreign-invested segment saw a 17 percent gain, while the State-owned sector managed 6.7 percent of growth. Processing and energy production, related industries, climbed a healthy 18 percent.

Ha Tinh Development Zone cleared for takeoff

Officials from both Ha Tinh’s People’s Committee and the Vung Ang Economic Area Board met with businessmen in Ho Chi Minh City last Saturday to attract investment.

Two breakthroughs are expected to lure heavy investment to the area: an administrative resolution that will grant certificates five days after investors apply for projects there, and the ability to receive 150,000-ton ships in its deepwater seaport.

Five signs of Vietnam’s increasing global relevance

Mar. 21 – Although the VN-Index has just plunged 15 points, and soaring inflation continues to plague consumers and suppliers alike, several recent developments point to Vietnam’s growing global clout.

New amendment will broaden foreign distribution of goods

Mar. 19 – Deputy Minister of Industry and Trade Le Danh Vinh has revealed a move to expand foreign business trade and distribution rights.

The expansion would be granted through an amendment to a circular regulating foreign business and investment in Vietnam. Currently, the circular permits foreign companies and importers only one national distributor for any merchandise in a given category of products. The restriction has drawn criticism from the European Commission.

Vietnam passes China to become most attractive destination for FDI

Vietnam has exceeded China to become the most attractive destination for investment in production while the United Arab Emirates surpasses India to become an ideal place for investment in services, according new survey of emerging markets by Price Waterhouse Coopers.

According to The Sunday Times, the index assesses 20 prominent emerging-market locations on the basis of “reward” factors, including production costs, size of market, taxes, transport costs and tariffs, and “risk” factors, largely defined by bond-market risk premiums.