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Update on CIT Incentives and Deductibles
Aug. 19 – Tax authorities clarified in June that corporate income tax incentives shall not apply to new business activities after a foreign company has already been granted an investment certificate. Official Letter 2057 says a foreign invested company that decides to offer business activities in addition to the activities stated on its investment certificate […]
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Vietnam Currency Devalues, Drops to Record-Low
Aug. 18 – Vietnam’s currency, the dong, dropped a further 1.1 percent to VND19,320 against the U.S. dollar from VND19,425 earlier as part of government efforts to rally economic growth and increase exports, said economists. Yesterday, the central bank let the dong’s daily reference rate slip by 2 percent to VND18,932 per dollar. “The main […]
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Banned Goods and Services List to Expand
Aug. 18 – The Ministry of Industry and Trade is planning on expanding the list of banned goods and services from 92 to 101. Some of the forbidden items on the list will include sky lanterns, antiques with historical value and gold trading floors at banks. It will also ban specific dangerous chemicals and smuggled […]
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Pepsi to Commit US$250 Million in Vietnam
Aug. 17 – Beverage and food giant PepsiCo Asia is committing to invest US$250 million in Vietnam to upgrade its manufacturing capacity in the next three years. The company says it will also develop new products for the market. PepsiCo has new facilities in Binh Duong and Can Tho. Global multinational companies are expanding operations […]
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Imports to be Classified into Four Categories Starting Aug. 22
Aug. 16 – Beginning August 22, Vietnam Customs will group imports under four categories following Decision 1807/QĐ-TCHQ. Authorities will include documents, trade vouchers, goods enjoying exemption preferences, and duty-free treatment in the first category while the second category will include taxable imports worth up to VND1 million in registration value. These categories will not be […]
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Vietnam to Promote Border Trade
Aug. 13 – The Vietnamese government plans on spending VND16 billion to push border trade promotion programs, says the deputy director of the Ministry of Industry and Trade’s Mountainous Area Trade Department. The agency will be responsible for managing the campaign and allotting the funds. “This is the first time money has been poured in […]
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Vietnam Introduces Warning System for Anti-Dumping Cases
Aug. 12 – Vietnam has introduced a new online warning system that will help local companies avoid anti-dumping cases being filed against their products. The web site, www.earlywarning.vn, was funded by the Global Competitiveness Facility based in Denmark. Vietnamese exporters have been struggling with anti-dumping lawsuits against their products from the the United States and […]
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New Enterprise Code Number to Serve as Registration and Tax Code
Aug. 11 – Beginning June this year, authorities are to issue each company an Enterprise Code Number (ECN) that will be used as both its business registration code and tax code. Following Decree No. 43, the ECN will be unique to each company and will help cut down on bureaucracy and make it easier for […]
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Taiwanese Companies Become Second Largest FDI Source for Vietnam
Aug. 11 – Taiwanese companies have become Vietnam’s second largest source of foreign direct investment so far with an estimated US$22.58 billion worth of projects in Vietnam, according to the Ministry of Planning and Investment. The top Taiwanese firms investing in the country include the biggest contract manufacturer of notebook PCs, Compal Electronics Inc., and […]
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Dung Quat Economic Zone to Expand into an Industrial City by 2025
Aug. 9 – Quang Ngai Province authorities in south central Vietnam are proposing plans to expand the Dung Quat Economic Zone into an industrial city by 2025. There are plans to develop the economic zone from 10,300 hectares to 45,332 hectares; adding heavy industrial production facilities for the petroleum and chemical business in addition to […]