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Vietnam Gov’t Approves Expansion of Dung Quat Economic Zone
Nov. 15 – The Vietnamese government has approved a plan that will increase the size of the Dung Quat Economic Zone in Quang Ngai Province by more than 30,000 hectares in an effort to make the EZ a leading economic center for the country. The Dung Quat EZ, situated in central Vietnam halfway between Hanoi […]
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Vietnam Considers Reducing Import Tariffs on Heavy Trucks
Nov. 12 – Vietnam’s Ministry of Finance is considering reducing tariffs on imported trucks next year, a move that would bring the country in line with its WTO commitments. According to the ministry’s proposal, from 2011 import taxes on completely-built trucks with a carrying capacity of five tons and below would be cut to 30 […]
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Vietnam Raises Interest Rates for First Time in Almost a Year
Nov. 10 – Vietnam’s central bank will raise interest rates on Friday for the first time since December 1, 2009 after inflation increased to a 19-month high in October. According to the State Bank of Vietnam, the nation’s refinancing rate will increase from 8 percent to 9 percent and the discount rate will rise from […]
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Vietnam to Give 23 New Commodities Export Credit Guarantees in 2011
Nov. 9 – Under a new trial program aimed to insure 3 percent of all exports coming out of Vietnam, 23 new commodities will receive export credit guarantees starting in 2011. An export credit guarantee is provided by an export credit agency, which is a quasi-government institution that acts as an intermediary between governments and […]
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Minimum Wage Set to Rise Next Year in Vietnam
Nov. 8 – Starting next year, Vietnam will increase the mandatory minimum monthly salaries for people working at local and foreign companies by between VND100,000 and VND370,000 according to a government statement issued last week. Depending on the area, the current minimum wage that local companies are required to pay employees is between VND730,000 and […]
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Vietnam Among Top 10 Moved Improved Economies in World Bank Report
Nov. 5 – Data published in the 2011 edition of the World Bank’s yearly Doing Business report indicates that the ease of doing business in Vietnam has improved significantly over the past year. The country improved 10 spots up from its place in the 2010 rankings to place 78 out of 183 economies. The comprehensive […]
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Vietnam Launches Online Regulations Program
Nov. 3 – Vietnam kicked off the establishment of a new web site in Ho Chi Minh City yesterday to help inform investors in the country about changes to administrative procedures. The program was jointly launched by Vietnam’s Ministry of Planning and Investment and the United Nations Conference on Trade and Development (UNCTAD). “The web […]
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Vietnam Establishes New Economic Zone in Ca Mau Province
Nov. 2 – The Vietnamese government approved the establishment of a new economic zone in the country’s southernmost province of Ca Mau on October 27, looking to take advantage of the region’s geographical position and existing business environment. Covering 11,000 hectares along National Highway 1A in Nam Can District, the new economic zone will support […]
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Russia to Help Build Vietnam’s First Nuclear Power Plant
Nov. 1 – Russia signed a US$5.6 billion deal with Vietnam on Sunday, committing Russian technological know-how to help build Vietnam’s first nuclear power plant and increase the country’s hydroelectric capacity. Vietnamese President Nguyen Minh Triet and Russian President Dmitry Medvedev oversaw the signing of the treaty during talks over the weekend in Hanoi. Construction […]
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PM Dung Promises Favorable Conditions for Investors in Vietnam
HANOI, Oct. 29 – Speaking at the opening of the ASEAN Business and Investment Summit in Hanoi on Wednesday, Vietnam’s Prime Minister Nguyen Tan Dung promised favorable conditions for all foreign entities looking to invest in Vietnam. Dung specifically voiced his support for greater economic cooperation and connectivity between ASEAN member states.