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Largest Casino in Vietnam Closes Over Permit Violations
Jun. 30 – The biggest casino in the country has been ordered to shut down due to permit violations. Located in Danang, the casino is a joint-venture between U.S.-based Silver Shores and Hoang Dat of Hanoi. Hoang Dat Silver Shores International Entertainment Co. will only be allowed to reopen the casino and hotel complex after […]
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Vietnam Advised to Improve Industrial Park Services
Jun. 29 – Vietnam was advised to develop its industrial parks to offer more services to entice more foreign investors to come in. According to Marc Townsend, the general director of CB Richard Ellis Vietnam, industrial parks in the country should be equipped with trade centers, offices, apartments, hotels and other logistics services in addition […]
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French Company to Develop US$600 Million Road Project in Vietnam
Jun. 28 – French company VINCI Construction Grands Projects recently signed a memorandum of understanding with Deo Ca Investment JSC to develop the Ca Pass tunnel and road project located in the north-south corridor between Ho Chi Minh City and Hanoi. The US$600 million project will make it safer to travel the mountain pass located […]
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Foreign Investment Sought in 30 Energy and Real Estate Projects
Jun. 25 – State-owned Petrovietnam wants to attract foreign investment for 30 energy and real estate projects. The list of projects includes the country’s third oil refinery, the Long Son oil refinery in southern Ba Ria-Vung Tau Province. The US$7 billion project is now looking for new investors after Venezuela’s state oil firm PDVSA stepped […]
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Memo Further Explains 2009 Corporate Income Tax Finalization
Jun. 24 – An official letter released by the Ministry of Finance on June 7 provided additional guidelines on the 2009 Corporate Income Tax finalization process. Letter 7250/BTC-TCT states that tuition fees for children of expatriates up to the high school level will be considered tax deductible as long as it meets administrative requirements. It […]
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Authorities Clarify Treatment of Interest Income and Expense
Jun. 23 – Authorities have released a letter clarifying the tax treatment of interest income and expense. Letter 1713/TCT-CS provides that net interest income and net foreign exchange gains should be considered as other income. Under corporate income tax regulations, other income is meted a 25 percent tax applicable for the 2009 tax finalization.
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Biggest Cold Storage Facility in the Region Opens in Ho Chi Minh City
Jun. 22 – The largest cold storage facility in Southeast Asia opened in Ho Chi Minh City last week to provide services to the country’s local and foreign aquaculture and food companies. The US$28 million facility was built by U.S.-based Preferred Freezer Services as part of its strategic plans to expand into Asia in the […]
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Mekong Delta Region Lures in US$78.64 Million Worth of FDI
Jun. 21 – During the first five months of the year, the Mekong Delta region successfully lured in US$78.64 million worth of foreign direct investment (FDI) projects with US$66.44 million of funds coming from 17 new projects and the rest from existing projects. According to the Foreign Investment Agency, the southern province of Long An […]
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Deadline for 2009 Personal Income Tax Extended
Jun. 18 – Authorities have extended the deadline for 2009 personal income tax (PIT) finalization from May 31 to July 31, 2010. Official Letter 7209/BTC-TCT is the second deadline extension announced for the year. Personal income tax in Vietnam is computed on the average monthly taxable income (divided by 6) and monthly tax rates.
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Vietnam Overhauls Sales Invoice Regulations
Jun. 17 – Vietnam is radically changing sales invoice regulations for service providers in the country beginning January 1, 2011. Decree No. 51/2010/ND-CP was released in May as part of government efforts to reform its administrative processes. The major changes covered by the decree include: If the total value of sales of goods or services […]