Aug. 5 – Vietnam is doubling export duties on steel to 20 percent to limit overseas sales of the product.
According to the official Vietnam News Agency, the new duty will replace the current 10 percent tax and be imposed on steel billets and finished products from Aug 10.
Aug. 1 – Yahoo! Vietnam has been accused by the Vietnam Software Association (Vinasa) of breaking digital content supply laws.
Vinasa says Yahoo! Vietnam had not obtained permission for its news website, www.yahoo.com.vn and is operating it illegally in the country.
It went on to say that Yahoo's activities were competing with domestic IT and game companies. The company has been providing web services of Vietnamese versions of Yahoo!Messenger, Yahoo!Answers and Yahoo!Mail without Online Services Provider permission from the government.
The company is licensed to operate in the country only as a representative office and is not allowed to engage in direct trading activities.
HANOI, July 31 – Vietnam welcomed an estimated 2.6 million international arrivals in the first seven months of this year, a year-on-year increase of 6.6 percent, the Vietnam National Administration of Tourism said Tuesday.
The number of foreign tourists rose by 3.1 percent to more than 1.6 million while the percent of foreigners coming to Vietnam for business surged 38.4 percent to 505,500. Foreign visitors originated mainly from China, the United States, South Korea, Japan, Thailand and Australia the VNAT said.
July 30 – Located in the middle of Vietnam, Danang is the country’s fourth largest city and in recent years has become the commercial and industrial hub of central Vietnam.
As one executive, the chairman of software development company Enclave has commented in the San Jose Mercury News, Danang is the Ho Chi Minh City of 10 years ago, a rising economic power. Its current 13 percent economic growth rate is higher than the nation’s whole.
July 30 – For the first seven months of the year, Vietnam was able to attract 654 projects foreign direct investment projects worth an estimated US$44.5 billion.
The month of July reported 167 foreign direct investment projects worth US$13.6 billion.
The Department of Foreign Investment said the largest for the year thus far is the US$4.3 billion investment made by Brunei’s New City Group to develop an urban area in Phu Yen province. Two other huge project is the US$3.8 billion oil refinery in Ba Ria-Vung Tau province and a US$3.5 billion university facility in Ho Chi Minh city to be built by Malaysia’s Berjaya Leisure Company.
By Chua Siew Joo
July 28 – The economies of Asia are experiencing soaring inflation rates driven by rising food and fuel prices. Vietnam’s inflation rate has hit an impressive 27.4 percent in July, with the rest of the Asian economies, including Japan, achieving rates of between 7.5 percent and 11 percent. Such hikes, in the context of a looming global economic recession, are read by some to portend a second Asian financial crisis.
The Asian Development Bank (ADB) has warned that rising inflation could hit investment and corporate earnings, besides potentially destabilizing governments in the regions. High inflation rates, considered being the a regressive form of taxation will have the greatest impact on the Asian poor which makes up two-thirds of the world’s poor population.
July 22 – China is protesting a preliminary agreement that will allow state oil firm PetroVietnam and Exxon Mobil to explore oil in the South China Sea near Vietnam's south and central coast.
Chinese diplomats in Washington warned Exxon that the move is a breach of Chinese sovereignty and could affect its future business interests in the country.
According to Reuters, unnamed sources said that while Exxon Mobil was sure of Vietnam's sovereign rights to the area in question, it could not dismiss China's warnings as out of hand.
July 18 – Vietnam has been plagued with severe power outages that are affecting business in the country.
The Deputy Prime Minister has already ordered power suppliers to hurry the construction of electricity power plants and facilities to meet rising demand.
In Ho Chi Minh City, shops and restaurants have resorted to using electric generators to keep business running although not all the businesses in the city can afford to buy generators.
Blackouts in the city’s district 3 and Binh Thanh reported incidents of knocked out traffic lights causing traffic jams and vehicular accidents.
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.
July 10 – Russia's second largest mobile phone operator Vimpelcom is investing almost US$270 million in a joint venture with Vietnam's Global telecommunications Corporation.
Vimpelcom announced Tuesday it had secured a 40 percent stake in the GTEL-Mobile venture and will start providing services in Vietnam next summer.