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New Issue of Vietnam Briefing: Tax and Foreign Exchange Control
Tax finalization is compulsory for foreign invested enterprises in Vietnam, so we look a little deeper into the procedures for corporate income tax and personal income tax, including documentation, deductible expenses, carrying losses forward, and allocation between headquarters and subsidiaries.
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Coal Export Prices to Rise
Mar. 22 – The export prices for coal dust products shipped to Asian nations, except for South Korea and Japan, have been raised by 22 percent, according to Vietnam National Coal and Mineral Industries Corporation. The difference between domestic and for-export prices of Hon Gai/Cam Pha coal increased from 8.6 to 20.5 percent, respectively.
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Vietnam’s DongA Bank Seeks Foreign Investors
Mar. 17 – Vietnam’s DongA Commercial Joint Stock Bank is seeking more foreign investors to participate in its capital raising program. The bank announced on Wednesday that it plans to sell 15 percent of its stake to foreign investors during the fourth quarter of 2011, but did not name any possible buyers. As DongA looks […]
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Vietnam to Cut Import Duties to 15 Percent
Vietnam's Finance Ministry plans to cut import duties to 15 percent in April. Currently, the tariff on refined sugar is 40 percent, while raw sugar is taxed at 25 percent.
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Nokia to Build US$275.8 Million Facility in Vietnam
The Finnish multi-national communications corporation Nokia just announced its US$275.8 million investment plan to build up a new manufacturing plant in Vietnam’s Bac Ninh Province near Hanoi, hoping the new facility will “play a key role” to “connect the next billion to the web” via cell phones.
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Vietnam Cancels Joint Steel Project Due to Inadequate Funding
Mar. 2 – The Vietnamese government is going to abolish a massive Vietnamese–Malaysian joint steel project in the central province of Ninh Thuan, by revoking its investment license, local officials confirmed on February 24. The US$9.8 billion joint project between the local shipping company Vinashin and the Malaysian steel giant Lion Group started in November […]
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Vietnam’s MOF to Update Finance and Real Estate Regulatory Frameworks
Feb. 28 – Vietnam’s finance and real estate regulatory frameworks are set to undergo changes in the coming months, according to the Ministry of Finance. New amendments to securities regulations to come into effect in July will allow companies and investors to negotiate investments in terms of cash or assets, contingent upon the mutual approval of contracts and price agreements […]
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Vietnam to Raise Power Prices by 15%
Feb. 22 – Vietnam recently announced that the government has decided to raise the country’s power price by a record 15.3 percent, up from the current VND1,077 per kw/h to VND1,241 per kw/h, starting March 1, 2011. The government said it had made the price hike as small as possible after considering both the cost […]
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Updated Rules for Small Business Loans to Take Effect February 25
Feb. 17 – The Prime Minister issued decision 03-2011-QD-TTg on January 10, regulating loan guarantees for small and medium-sized enterprises (SMEs). The decision attempts to standardize procedures for the Vietnam Development Bank to issue guarantees for commercial bank loans to SMEs.
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New Changes to Wholesale Tobacco Licensing to Take Effect March 14
Feb. 17 – Vietnam’s Ministry of Industry and Trade (MIT) issued circular 02/0211/TT-BCT on January 3, changing licensing procedures for firms seeking to engage in the wholesale of tobacco products. Under the new circular, which takes effect March 14, a wholesale license will be granted to traders who have met the following criteria: