-
Vietnam Increases Tax on Bonds and Certificates of Deposits Held by Foreign Investors
May 17 – Starting June 7, authorities are increasing the tax applicable for foreign investors doing business or earning income in Vietnam on interest earned from bonds – not including government bonds and certificates of deposit to 10 percent. Currently, interest from bonds held by foreign investors are charged a lower effective tax rate of […]
-
Stricter Listing Requirements Proposed for Hanoi and Ho Chi Minh City Stock Exchange
May 14 – The Vietnam Association of Financial Investors (VAFI) is proposing that stricter listing requirements for companies wanting to enter the Hanoi and Ho Chi Minh City stock exchange be written on the draft amendment of the Law on Securities. The organization suggests that companies that want to list shares on the HCM City […]
-
SSI: Vietnam May Devalue Dong by 4 Percent
May 13 – Vietnam may devalue its currency again by 4 percent this year to help exports and manage trade deficit, according to the country’s second largest brokerage firm. “The risk from the trade and balance of payments deficits remains,” said Nguyen Duy Hung, Saigon Securities Joint-Stock Co. chairman, in a May 7 telephone interview. […]
-
Withholding Tax Payments for Foreign Contractors
HANOI, May 12 – Foreign contractors are subject to withholding tax on payments for work done in the country based on contracts signed between them and Vietnamese partners. The foreign contractor withholding tax (FCWT) will be applicable for payments received from Vietnam for services in the country not including the pure supply of goods, services […]
-
Vietnam-Cambodia Trade Up by 130 Percent
May 11 – Trade between Vietnam and Cambodia jumped 130 percent in the first four months of the year, reaching US$432 million. The two nations set a goal to bring in US$2 billion worth of bilateral trade for 2010. Last year, trade amounted to US$1.33 billion, a decrease of 19 percent compared to the previous […]
-
Holland Overtakes the United States as Top Foreign Investor
May 10 – Holland has overtaken the United States as Vietnam’s largest foreign direct investor during the first four months of the year based on figures released by the Foreign Investment Agency. During the period, Dutch companies were given licenses to invest in four projects amounting to US$2.15 billion including one project worth US$2.14 billion […]
-
Gas Import Tax Rate Reduced
May 7 – Government authorities have reduced import tax rates for certain commodity items, including gas, according to Circular No. 59/2010/TT-BTC issued last month. The import tax for gas has been reduced from 20 percent to 17 percent. The move is part of government efforts to contain rising gasoline prices and help affected gas companies. […]
-
Vietnam, United States to Develop Wharves at Cai Lan Port Worth US$179 Million
May 6 – A joint venture between the United States and Vietnam will develop three new wharves in the Cai Lan Port located in the northern Quang Ninh Province. The venture, called Cai Lan International Container Port, will build wharves No. 2, 3 and 4 at a cost of US$179 million slated to be completed […]
-
Saigon High-Tech Park Expands to Second Phase
May 5 – The Saigon High-Tech Park (SHTP) will soon begin work on its second phase to expand the park by 613 hectares to include a high-tech manufacturing area, a research and development and a business incubation area to name a few. The park’s new development will cost about US$300 million to build. The first […]
-
Companies Allowed to Offset 2009 PIT Overpayments
May 4 – The Ministry of Finance clarified in an official letter released last month that employers or withholding organizations will be allowed to balance PIT overpayments against underpayments among its employees. According to Official Letter 4238/BTC-TCT, in cases where the employees have made an overpayment, the employer will need to refund the overpayment back […]