Tax & Accounting

Ho Chi Minh City May Implement New Land Tax Valuation System Next Year


Dec. 5 – The Ho Chi Minh City People’s Committee has submitted a proposal that calls for the land tax re-evaluations of the city's districts starting January 1st.

The city has decided to increase land use taxes due to improved infrastructure. Thanh Nien News reports that property valuations in some districts of the city will more than double next year under a new land valuation system.

If the proposed value system is approved, charges will span from VND110,000 per square meter to VND81 million per square meter.

Russia to Help Develop Vietnam’s Civil Nuclear Program


Nov. 7 – The Russian Deputy Foreign Minister Andrei Denisov said that Russia is willing to help develop Vietnam's nuclear energy program.

"We know that such plans were made in Vietnam, very daring and far-reaching plans. We hope that Russia will be among those who will work with Vietnam in this hi-tech area and continue the traditions of our cooperation," Denisov was quoted as saying by the AFP.

Last month, Vietnamese President Nguyen Minh Triet visited the Kremlin to sign oil and gas deals with Russian President Dmitry Medvedev.Gazprom is set to work with oil firm PetroVietnam for a joint exploration project of Vietnam's offshore oil reserves.

Vietnam Removes Steel Export Tax


Oct. 30 – Vietnam's Ministry of Finance has removed the 5 percent export duty on non-alloy iron and steel products beginning November 7 to help local manufacturers get rid of their excess stock.

According to the Vietnam Steel Association, firms have been unable to sell their stockpile of one million tons of steel billets and steel products worth an estimated US$1 billion because of lower demand.

In September, steel demand fell by 40 percent. It was aggravated further when the central bank increased interest rates to fight inflation leading to many construction and property firms unable to get bank loans

Vietnamese PM Calls for Direct Trade Route with China’s Yangpu Port


Oct. 21 – Vietnamese Prime Minister Nguyen Tan Dung called for the opening of direct airline and shipping routes to China's Yangpu port to decrease trade costs, during a visit to China's island province of Hainan.

Mr. Nguyen Tan Dung was in China as a guest of Premier Wen Jiabao.

The Yangpu economic development zone is located around 40 kilometers north of its capital, Haikou. The zone has special economic policies and flexible governmental measures used to attract foreign investors.

Vietnam Upgrades Internet Link Between Ho Chi Minh and Hanoi


Oct. 18 – Vietnam Data Communication (VDC) has upgraded the internet link from Ho Chi Minh City to Hanoi by an additional 2.5 Gbps; increasing the total capacity of line to 7.5 Gbps.

In September, the company installed a 2.5 Gbps line from Ho Chi Minh to the United States, increasing the international internet bandwidth from 11.4 Gbps to 14 Gbps.

Construction Begins on Vietnam’s Major Port Complex


Oct. 16 – Vietnam has begun construction of the Cai Mep-Thi Vai International Port Complex located in the southern coastal province of Ba Ria-Vung Tau.

Once completed, the port complex will be equipped with a container port section, in addition to two berths with a capacity of 80,000-DWT container ships and a total handling capacity of 700,000 twenty-foot-equivalent units (TEU) annually.

The general goods port section will have two berths that can handle 50,000 DWT ships and accomodate 1.6 to 2 million tons of cargo per year.

Vietnam’s Long An Province Cancels Industrial Zone Investments


Oct. 13 – Vietnam's province of Long An has postponed investments in some of its industrial zones due to concerns on land use.

The province’s Natural Resources and Environment Department Director Nguyen Van Thiep told Thanh Nien News that the province will only build one 300-hectare golf course in Duc Hoa District instead of the planned 13 golf courses.

Vietnam Official Says FDI Licensing Needs Stricter Regulations


Oct. 10 – An official from the Investment Promotion Center for Central Vietnam said that the government’s licensing process needs stricter regulations to prevent inefficient and environment polluting projects.

The director of the Investment Promotion Center for Central Vietnam, Le Huu Quang Huy, told Thanh Nien News that he expects the country to attract US$62 billion worth of FDI this year.

The latest slew of foreign investments to enter the country include the US$6 billion oil refinery project in the southern province of Ba Ria–Vung Tau and a US$9.8 billion steel project in central Ninh Thuan Province.

Vietnam’s Consumer Price Index Rises by 0.18%


Sept. 23 – According to Vietnam’s General Statistics Office, the consumer price index for September rose by only 0.18 percent.

It is the lowest monthly gain since the start of the year.

The CPI increases registered in seven out of ten essential commodity groups, with cultural, sports and entertainment services having the highest price hike of 1.45 percent, along with educational services with 1.4 percent.

Vietnam to Allow Oil Importers to Set Prices


Sept. 22 – The Vietnam government is now allowing oil product importers to set retail prices in an effort to move towards a market-oriented mechanism.

It will give oil product importers the flexibility to react with complicated market changes and should create a transparent business environment.

Vietnam is Asia’s second largest importer of petroleum products and prior to the new regulation, finance and trade ministries have been in charge of dictating the price for retail oil products in the country.

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