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Foreign Minister Says IMF Criticism is ‘Inaccurate’
Sept. 15 – Foreign minister and deputy prime minister, Pham Gia Khiem, dismissed the International Monetary Fund’s criticism last week citing the lack of transparency in macro-economic policies as “inaccurate.” “When the global crisis happened, one of the top priorities for Vietnam was to keep the stability of our macro-economic growth,” he told The Financial […]
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Vietnamese Airports to Scrap Immigration Procedures
Sept. 15 – Starting today, Vietnamese international airports will scrap entry and exit procedures for passengers, including Vietnamese expatriates and foreigners, to ease congestion and clearance delays. This means that travelers to Vietnam will no longer be required to fill out immigration declaration forms. This effort shows the government’s determination to push through public administration […]
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British Tobacco Ordered to Pay US$18.2 Million in Overdue Taxes
Sept. 14 – Tax authorities have ordered joint venture firm British American Tobacco and Vietnam National Tobacco Corporation (Vinataba), located in the Dong Nai Province in southern Vietnam, to pay an estimated VND263 billion in overdue taxes from 2005-2008. The U.K.-based company will also be fined VND91 billion for its joint venture with Vietnam Tobacco […]
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Vietnam Issues Draft Decree on Retail Services
Sept. 13 – Vietnam’s Ministry of Industry and Trade released its draft decree on retail services last week tackling the Economic Needs Test (ENT), which acts to restrict foreign investment entry in the retail industry. Following the provisions of the ENT, setting up of retail establishments in excess of the first retail establishment of a […]
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Japanese Investors Call for Retail Trade Reform
Sept. 10 – Japanese investors have called on Vietnamese authorities to clarify procedures for licensing foreign retail outlets during a Japanese Business Association meeting in Ho Chi Minh City last week. Members of the group suggested that the government issue specific guidelines on how foreign businesses can pass the World Trade Organization standard, the Economic […]
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42,000 Companies Register From January to June
Sept. 9 – An estimated 42,000 companies formally registered in Vietnam during the first six months of the year with a combined capital of more than VND250 trillion. The number of companies this year so far is 0.25 percent more than 2009 with 27.8 percent higher registered capital. An average of 6,000 to 7,000 companies […]
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Authorities Urged to Improve FDI Licensing Procedures
Sept. 8 – The Foreign Investment Bureau (FIB) is being urged to improve foreign direct investment licensing procedures to ease fund disbursement for projects. “Those projects which apply obsolete technology or have a negative impact on the environment must not be granted licenses for investment. The FIB should also withdraw land lots and granted licenses […]
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Vietnam Airlines Cuts Domestic Fares by 50 Percent
Sept. 7 – The country’s flag carrier, Vietnam Airlines, has announced it will slash fares on domestic flights by 50 percent from September 15 to October 30. The heavily discounted rates will include routes coming from the capital, Hanoi and the financial center, Ho Chi Minh City. The discounted prices will range from VND400,000 to […]
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U.S. Companies Consider Vietnam the Most Attractive Destination in ASEAN
Sept. 6 – Vietnam is considered the most attractive investment destination in the Association of Southeast Asian Nations by American companies, according to survey results announced by the American Chamber of Commerce last month. Out of those surveyed, 57 percent of the companies were already based in Vietnam. An estimated 71 percent of those companies […]
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Law on Commercial Arbitration Effective 2011
Sept. 3 – In June, Vietnam updated its law on commercial arbitration to give investors another option to resolve both contractual and non contractual disputes beginning January 1, 2011. The Law on Commercial Arbitration, also referred to as Law 2010, is a step forward towards aligning Vietnamese regulations to international standards. The new law improves […]