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Vietnam Sees Strong Growth in Auto Sales
The Vietnam Automobile Manufacturers’ Association (VAMA) has announced that August was the 17th consecutive month of auto sales growth within the country. The month saw a 59 percent year on year increase, with total sales of 12,562 units. Total sales for 2014 are now forecast to be 130,000 units, representing an 18 percent growth year on year.
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Vietnam Moves Closer to Implementing Single Visa Policy with Southeast Asian Countries
At the most recent meeting of the Ayeyawadi – Chao Phraya – Mekong Economic Cooperation Strategy (ACMECS) organization, tourism officials from Vietnam, Laos, Cambodia, Thailand, and Myanmar agreed on the need to urge their respective governments to ease travel restrictions and push forward on the implementation of a single visa policy for all of the countries. The meeting was held at this year’s International Travel Expo in Ho Chi Minh City (HCMC).
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Russia-Vietnam Free Trade Zone on Schedule
During the September 6th meeting of the Russia-Vietnam intergovernmental commission, Russian Deputy Prime Minister Igor Shuvalov stated that the creation of a free trade zone between the states of the Eurasian Customs Union and Vietnam is on schedule to be completed by January 1, 2015. A further area of discussion revolved around national currency settlements.
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Vietnam Shows Improvement in Global Competitiveness Report
Vietnam rose two spots in the World Economic Forum’s (WEF) Global Competitiveness Report 2014–2015. The country now ranks 68th out of 144 countries. The WEF Competitiveness Report is the most comprehensive assessment of national competitiveness worldwide and “assesses the competitiveness landscape of 144 economies, providing insight into the drivers of their productivity and prosperity.”
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Vietnam Expands Scope of Foreign Contractor Tax
In a newly released circular, the Vietnam government has expanded the scope of the Foreign Contractor Tax (FCT). The FCT Circular 103/2014/TT-BTC, issued by the Ministry of Finance, replaces the previous FCT Circular 60/2012 and came into effect on October 1, 2014.
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Vietnam Ranks as 2nd Most Attractive Nation in ASEAN for US Business
According to survey results recently released by the U.S. Chamber of Commerce in Singapore, Vietnam is the second most popular destination for U.S. business expansion in the Association of Southeast Asian Nations (ASEAN). Indonesia was in the top position.
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New Circular Allows Foreign Investors to Open Direct Investment Capital Accounts in Vietnam
On August 11, the State Bank of Vietnam issued a new circular to provide detailed instructions on the management of foreign currency FDI operations in the country.
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Animal Feed in Demand as Ranchers Ramp up Operations in Vietnam
Demand for animal feed in Vietnam has increased sharply as farmers and livestock ranchers increase activity in the nation following its economic recovery.
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Betting on Vietnam: The Future of Southeast Asian Manufacturing
While some analysts have been quick to point out several striking similarities between Vietnam and China’s economic rise, it must be appreciated that Vietnam is following its own unique roadmap for growth.
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Vietnam-EU FTA Negotiations on Track
2014 has seen much activity on negotiations for the Vietnam-EU Free Trade Agreement (FTA), with completion of the sixth, seventh and eighth rounds of negotiations since the beginning of this year.