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Circular Adjusts Regulations on Forex Interest Rates
Feb. 20 – The State Bank of Vietnam has issued a circular setting the maximum interest rate applicable to U.S. dollar deposits of economic entities with credit institutions and adjusting the average inter-bank exchange rate. Circular No. 03/2010/TT-NHNN in particular states: From February 11, 2010, the maximum interest rate applicable to U.S. dollar deposits of […]
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Government Grants 169 Licenses to Foreign Distributors in 2009
Feb. 18 – A total of 169 licenses were granted to foreign distributors in provinces and cities across the country last year with most of them investors from South Korea, China, Japan, Singapore, Italy, France and Germany. Vietnam’s distribution market only fully opened to foreign investors on Jan. 1, 2009 in fulfillment of its World […]
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Vietnam Plans to Develop Telecom Industry, Gov’t IT Infrastructure
Feb. 17 – The Vietnamese government plans to develop a strong telecommunication industry, hoping to boost the use of information technology in government agencies, Prime Minister Nguyen Tan Dung said Friday. Addressing a conference in Hanoi, he said an efficient e-government in Vietnam would facilitate the administrative reform process and increase transparency within government agencies.
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Happy Tet from Vietnam Briefing
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Foreign Stock Investment Hampered by Legal Restrictions
Feb. 12 – Foreign investors wanting to enter the Vietnamese stock market they are deterred by roadblocks relating to cumbersome procedures. A foreign investor wanting to enter the stock market must have their legal record authorized by various agencies and visa approved by the Vietnam Securities Depository before getting a trade code. For foreigners residing […]
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Hanoi Industrial Parks Attract US$4.14 Billion Worth of Investments
Feb. 9 – According to the Authority for Hanoi Industrial and Export Processing Zones, the city has so far attracted US$4.14 billion worth of projects in its industrial parks. Of the total 508 licensed projects, 240 are domestic projects worth US$3.533 billion while the rest is composed of 268 foreign-invested projects. In 2009, the IPs […]
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Interest Income not Included in Corporate Tax Incentives Period
Feb. 5 – The Ministry of Finance has sent Letter 118/BTC-TCT informing provincial tax authorities on how to treat interest income earned for companies in their pre-operating phase. Interest income earned for a company in construction or pre-operating phase shall not be included under corporate income tax (CIT) incentives. The company must pay CIT on […]
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Hanoi to Host First International Fair for Trade,Investment
HANOI, Feb. 4 – The city will host the first International Fair for Investment and Trade from February 5 to 7 in My Dinh Sport Complex to facilitate investment, exports, brand advertising and franchising deals between foreign and local businesses. The event was organized by Hanoi’s Association for Vietnamese Overseas, the Hanoi Business Association, the […]
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Ministry Highlights FDI Obstacles in Vietnam
Feb. 3 – Vietnam’s Ministry of Planning and Investment has enumerated six obstacles to foreign direct investment in Vietnam based on a survey. Businesses cite Vietnam’s legal system, cumbersome administrative procedures, underdeveloped infrastructure and transport systems, high input, high expenses for land and ineffective investment promotions as reasons that hinder investment in the country.
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Exporters to the United States Required to File Pre-Notice
Feb. 2 – All maritime cargo heading to the United States are now required to file a pre-notice to U.S. customs on their shipments 24 hours prior to vessel loading. The rule was implemented since 2008 but was not strictly enforced but beginning January 26 it will be on its mandatory filing and enforcement phase. […]