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Samsung Opens US$700 Million Cellphone Plant in Vietnam
Oct. 30 – South Korea’s Samsung Electronics has recently opened a US$700 million plant in Yen Phong Industrial Park located in the northern province of Bac Ninh, making it the first cellphone plant in the country and Samsung’s seventh in the world. The new plant will manufacture 1.5 million mobile handsets monthly to be sold […]
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Vietnam Reduces Landing Fees for International Airlines
Oct. 29 – Vietnam’s Civil Aviation Administration will reduce landing and take-off fees for all international airlines by 5 percent until March 1, 2010 as a way of helping carriers deal with the global recession. Vietnam’s international airports charge varying fees on airlines depending on the size of the plane with bigger planes charged more. […]
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HSBC Increases Stake in Top Vietnam Insurer to US$105 Million
Oct. 28 – Banking giant HSBC has raised its stake in one of the country’s leading insurance and financial services group to 18 percent for US$105 million. The increased investment on Bao Viet Holdings is in line with HSBC’s overall strategy to expand into emerging Asian markets. HSBC first bought a 10 percent stake in […]
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Vietnam, United Kingdom Endorse New Economic Contracts
Oct. 27 – The Vietnam-UK Business Forum 2009 held in London last week has led to the signing of a number of contracts including a US$1.5 billion project to build a thermo-electricity center and US$1.5 billion project to build a seaport warehouse. During the forum, Deputy Prime Minister Hoang Trung Hai said that Vietnam always […]
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Chinese Company to Build Power Plant in Binh Thuan
Oct. 26 – The Shanghai Electric Group has agreed to build the Vinh Tan thermal power plant in the northern province of Binh Thuan. The plant will answer Vietnam’s growing electricity needs in the coming years providing 7.5 to 8 billion kWh of electricity annually. The Chinese company will handle the design, construction and installation […]
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Guangdong Companies Sign 24 Deals in Hanoi Trade Forum
Oct. 23 – Guangdong companies signed 24 projects worth US$723 million during a trade forum in Hanoi on October 20. “Vietnam will do its best to further develop this relationship, including efforts to boost economic, commercial and investment ties with Guangdong province,” Vietnam’s Deputy Prime Minister Pham Gia Khiem was quoted as saying by Nhan […]
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More Tax Breaks Available for Foreign Experts
Oct. 22 – A new circular extends tax breaks and benefits available for foreign experts implementing projects in the country using official development assistance (ODA) effective November 20. The new rule includes relaxing visa policies for foreign experts and their family in addition to an import tax exemption on personal assets for experts residing in […]
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Vietnam, Laos Launch Mobile Phone Network
Oct. 22 – Vietnam’s Military Telecom Corporation (Viettel) has launched a mobile phone network in cooperation with its Laotian partner Lao-Asia Telecom. The network is called Unitel and will be managed by Star Telecom Company, with Viettel holding a 49 percent stake in the joint venture. Unitel aims to capture 25 percent market share in […]
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New Capital Gains Tax Hinders Real Estate Sales
Oct. 21 – Vietnam’s newly enforced 25 percent capital gains tax has affected demand in Ho Chi Minh City’s real estate market. Beginning September 26, a real estate buyer wanting to transfer the right to own a property to another person will have to pay a 25 percent capital gains tax or a 2 percent […]
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Hau Giang Province Offers Investment Incentives
Oct. 20 – Hau Giang Province located south of Can Tho City and and 240 kilometers of Ho Chin Minh City is offering incentives to attract more investors. Investors in the province will be qualified for zero import and export taxes, a 15-20 percent tax reduction on revenue from 10 to 12 years and bank […]