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Vietnam’s Central Bank to Keep Interest Rate at 8%
HANOI, Jun. 1 – Vietnam’s central bank announced on Monday that it will leave its benchmark interest rate unchanged next month, keeping the measure at the same level held since early December. The base rate will stay at 8 percent in June, the State Bank of Vietnam said in a statement on its web site […]
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Vietnam’s Maritime Economy to Claim Over 50 Percent of GDP by 2020
May 31 – Vietnam plans to place more emphasis its maritime economy over the next 10 years, which it hopes will account for more than 50 percent of its GDP. “With the support of foreign and local investors, our maritime economy could contribute 53 to 55 percent of GDP by 2020,” said Do Duc Tien, […]
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Exports Up, Deficit Down in Vietnam
By Joe Drury May 28 – Vietnam recorded this year’s smallest trade deficit in May, beating government forecasts by 35 percent from US$1.16 billion to US$750 billion. Vietnam’s trade gap, which still stands at US$5.38 billion, is closing thanks to two currency devaluations in late 2009 and resurgent consumer demand for garments and shoes in […]
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Crédit Agricole: Vietnam May Increase Interest Rate to 10 Percent
May 27 – French retail bank leader Crédit Agricole estimates in a recent report that Vietnam’s central bank may allow the country’s benchmark interest rate to rise to 10 percent in an effort to combat inflation and promote healthy economic growth. Inflation in the country has hovered above 9 percent over the past three months […]
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Central Province Cancels $4.15 Billion U.S. Investment Project
May 25 – Quang Nam Province authorities in central Vietnam have revoked a proposed US$4.15 billion luxury resort project after American investors were not able to meet requirements. American joint venture, the Dragon Beach Group, failed to submit the necessary paperwork and mandatory deposit needed to finalize the 400 hectare project licensed to the company […]
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U.S. Developer Bows Out from International Airport Project
May 24 – American real estate developer Rockingham Asset Management has bowed out of an international airport project in Quang Ninh Province citing lack of funds and human resources. Joinus, a Korean company, expressed interest in the Van Don international airport project and is in negotiations with local authorities for a possible US$2 billion investment […]
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Five Industrial Parks in Tay Ninh Province Added to National Priority List
May 21 – The Vietnamese government will include five industrial parks located in the southern province of Tay Ninh to the national top-priority industrial parks list for 2015. Tay Ninh shares a border with Cambodia and is known for its wood processing industries. The industrial parks to be included from the province are Hiep Thanh, […]
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Vietnam Moves to Refine Business Registration Process
May 20 – The Vietnamese government issued Decree No 43/2010/ND-CP as part of efforts to streamline the business registration process in the country, applicable starting June 1. According to the new decree, companies will soon be issued an enterprise code number that combines its business registration code and tax code number into one. As for […]
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Vietnam Releases New Transfer Pricing Regulations
May 19 – Vietnam released the revisions on its transfer pricing regulations last month highlighting changes in filing and documentation, effective June 6. Circular 66/2010/TT-BTC is the latest on transfer pricing guidelines released since 2006 and will replace Circular 117/2005/TT-BT. According to the new circular, company documentation needs to be submitted within 30 working days […]
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Maersk Line Opens Direct Cargo Route from Vietnam to the United States
May 18 – Denmark-based container transporter Maersk Line made history last Tuesday when its Mathilde Maersk became the largest ship to dock in the Southeast Asian nation when it launched its first direct cargo route from Vietnam to the United States. The Mathilde Maersk is 367 meters long with a capacity of 9,000 TEUs. The […]