-
State Bank of Vietnam Devalues Dong By 9.3% Against U.S. Dollar
Feb. 15 – The State Bank of Vietnam decided to lower the Vietnamese dong by 9.3 percent to VND20,693 to a U.S. dollar. The decision came into effect February 11. Dr. Tran Hoang Ngan, member of the national advisory council for monetary and financial policies, said the decision will help reduce the psychological need to […]
-
Vietnam Improves Economic Freedom, According to U.S. Think Tank
Feb. 1 – Vietnam moved up five places to rank 139 of 179 in the 2011 Index of Economic Freedom prepared by U.S.-based think tank Heritage Foundation and The Wall Street Journal. The country ranked 144th last year. The Heritage Foundation said Vietnam’s economic freedom score was 51.6 out of 100 in the 2011 Index, […]
-
Vietnam Amends VAT Regulations for SMEs
Jan. 25 – Vietnam’s government recently approved a proposal to extend the declaration time of value added tax (VAT) for small and medium enterprises (SMEs) and family businesses, removing cumbersome elements of the country’s tax code for emerging entrepreneurs. Under Resolution 68/NQ-CP, which takes effect this month, SMEs will only need to declare VAT every […]
-
Vietnam Lowers Import Duties on Petroleum Products
Jan. 19 – Vietnam’s Ministry of Finance lowered import duties for petroleum products from January 14 onwards, according to the ministry’s web site. The import tax for gasoline was cut to 0 percent from 6 percent, and the tax on diesel was decreased to 0 percent from 2 percent. The tax on kerosene was reduced […]
-
Fuel Firms in Vietnam Allowed to Withdraw from Price Stabilization Fund to Prevent Further Price Increases
Jan. 17 – The Vietnamese Finance Ministry is permitting domestic fuel traders to withdraw money from the national price stabilization fund to offset the increasingly high price vendors are paying for imported oil. The vendors have been told to keep prices stable. Since November 2010, domestic companies selling fuel have taken VND1,200 (US$.06) from the […]
-
Vietnam Opens Its First Commodity Exchange
Jan. 14 – Licensed last year by the Ministry of Industry and Trade (MoIT), Vietnam’s first commodity exchange became operational on January 11 in Ho Chi Minh City. The Vietnam Commodity Exchange (VNX), with a registered capital of US$7.5 million, is allowed to exchange all types of commodities under MoIT regulations. According to its general […]
-
Vietnam Electricity Set to Increase Generation by 16 percent in 2011
Jan. 12 –Vietnam Electricity has said it plans to generate 112.6 billion kilowatt-hours of power this year, up 16 percent from 2010, and it will buy electricity from China to ease its shortage. The power shortage was estimated at 6 billion kilowatt-hours in 2010, caused in part by dry weather and reduced hydropower output, according […]
-
New Rules and Regulations Effective Jan. 1 in Vietnam
Jan. 10 – Beginning January 1, 2011, several new rules have come into effect. Minimum wage increase Minimum wages at both local and foreign firms in Vietnam have increased by VND100,000 and VND370,000 per month, respectively. Depending on region, with urban areas having a higher minimum wage, local companies are required to pay a monthly […]
-
License Plate Fees Set to Rise Significantly in Vietnam
Jan. 5 – Vietnam will raise license plate registration charges up to VND20 million for cars with less than 10 seats in an attempt to reduce traffic in Ho Chi Minh City and Hanoi. The increase from the current VND2 million per vehicle would be effective beginning in February, the government said on Friday. Vietnam’s […]
-
Vietnam’s Central Bank Proposes Set Annual Interest Rates
Dec. 31 – Vietnam’s central bank is proposing to the government that the country set interest rates annually and allow companies to negotiate the price they pay for the country’s currency independently with banks, according to reports by Tuoi Tre, a local newspaper. The State Bank of Vietnam submitted the plan, which allows policymakers to […]