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    Vietnam Reduces SME Tax by 30 Percent

    Jan. 16 – The Vietnamese government has announced that it would cut corporate income tax for small- and medium-sized enterprises (SMEs) by 30 percent starting from the fourth quarter of 2008 throughout this year.

    The Ministry of Finance said SMEs in the doing business in the agricultural, seafood, textiles and garments, footwear and electronic industry would be qualified for the tax cut.

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    Vietnam May Raise Electricity Prices

    Jan. 15 – Vietnam may increase retail electricity prices by up to 10 percent to attract more investment in the energy sector.

    The industry is struggling to meet the country's energy needs. Electricity rates in Vietnam are much lower compared to other countries in the region making it less attractive to potential investors, the Vietnam Economic Times quoted Vice Minister of Industry and Trade Do Huu Hao as saying.

    The proposal to increase prices was submitted last month pending the approval of the Prime Minister Nguyen Tan Dung.

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    Vietnam Rice Trade Ends on Manila Deal

    Vietnamese rice exporters stopped trading a popular grade of rice on news that the Philippines had already placed an order to buy one million tons of the grain, although local authorities from both sides remain quiet on the deal.

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    Vietnam Moves Personal Income Tax Collection to May

    Jan. 13 – Vietnam's Finance Ministry has announced that it would move the collection of personal income tax (PIT) to May to help those coping with the global business downturn.

    Under the revisions of the PIT law, more income taxpayers will also be qualified for a tax reduction.

    Finance Deputy Minister Do Hoang Anh Tuan told Vietnam News that the rescheduling translates to a loss of about VND1 trillion in tax revenues but should boost local consumption.

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    HCMC Debuts Online Stock Trading

    Jan. 12 – The Ho Chi Minh Stock Exchange (HOSE) will begin online trading today allowing securities companies to contact the HOSE gateway directly to place orders.

    Securities companies will be equipped with a 128-kbps line able to send up to 85 handled per second, compared to 85 handled in recent tests, reports the Vietnam News Agency.

    “Online trading enables the automation of order receiving, processing and confirming, thus improving liquidity, transparency and fairness while minimising time, risks and costs,” HOSE spokesman and executive member, Le Hai Tra, told the Vietnam News Agency.

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    Vietnam’s Labor Strikes Reach 762 in 2008

    Jan. 12 – A Vietnamese labor union official said that a record of 762 labor strikes hit the country last year, majority of them coming from the south's textile and footwear plants.

    The number is a sharp increase from 2007's 541 strikes because more workers struggled to cope with inflation in a low-wage economy.

    "High inflation made the lives of low-income workers more difficult," a Vietnam General Confederation of Labor official, who asked not to be named, told Thanh Nien News. "The strikes were mainly for higher wages and benefits."

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    Vietnam, China Hold Border Talks

    Jan. 9 – The members of the Vietnam-China joint working held the fifth round of talks on the demarcation of waters off the Gulf of Bac Bo (Tonkin) in Hanoi.

    Both sides agreed that discussions should focus on a joint survey to support the demarcation scheme and promote mutual development for the waters. The disputed area covers an area of 126,250 kilometers.

    It borders Vietnam on the northwest, west and southwest while China's Hainan lies to the north and forms the eastern limits of the gulf.

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    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.

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    New Personal Income Tax Cuts Stock Market Trading

    Jan. 7 – The implementation of the new Personal Income Tax (PIT) law beginning January 1 has discouraged potential investors, according to Thanh Nien News.

    On Monday, 7.3 million shares were traded compared with last year's daily average of 11.8 million.

    The PIT law requires stock investors to either pay a 0.1 percent fee of the value of each transaction or 20 percent on their net profit for the year. In addition, those who choose to pay 20 percent on their annual net profit are still required to pay 0.1 percent fee of each sale and the excess tax paid to be refunded at the end of the year.

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    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.

Showing 10 of 1993 articles