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Vietnam Approves First Air Cargo Only Transport Service
Oct. 16 – The Ministry of Transport has issued a license to the country’s first air cargo transport services to begin operations next year. Trai Thien Air Cargo is the first company to solely offer air cargo services in Vietnam reports Thanh Nien News. The company will have a registered capital of VND500 billion and […]
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Vietnam to Build First International Transshipment Port
Oct. 15 – State-owned Vietnam National Shipping Lines will soon begin building its first international transshipment terminal port costing US$3.6 billion to boost container trade. The project will begin construction in the southern coastal province of Khanh Hoa and completed after 2020 in anticipation of improving trade. The international port will have a handling capacity […]
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State Bank of Vietnam to Subsidize Corporate Loans to Boost Economy
Oct. 14 – The State Bank of Vietnam announced that it would provide an interest-rate subsidy of as high as 4 percentage points for medium- and long- term loans granted from April 1 until the end of the year. The government wants to boost the economy by helping companies and individuals to obtain loans and […]
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Danang Port Opens Local Container Sea Route
Oct. 13 – Danang Port in Central Vietnam has opened a new domestic container sea route for the shipment of consumer goods, food products and construction materials destined for the local market. This will help establish a trade route that links Ho Chi Minh City to Danang to the Hai Phong Ports. The new route […]
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Vietnam Opens Cambodia Border Gate to Traffic
Oct. 13 – Vietnam and Cambodia have opened their border gates to traffic which includes the Ha Tien border gate in Vietnam’s Kien Giang Province and the Prek Chark border gate in Cambodia’s Kampot Province. Cambodia and Vietnam share a 1,137 kilometer border. The move highlights Vietnam’s expanding relationship with Cambodia that has seen the […]
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Vietnam Raises Minimum Tax on Imported Cars
Oct. 12 – The General Customs Department of Vietnam has set higher minimum taxable prices for more than 600 models of imported cars, following allegations that local importers were under-invoicing to avoid higher taxes. Thanh Nien reports that there have been cases wherein car importers were caught declaring lower prices for imported cars. Taxable prices […]
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Plans to Build US$1.2 Billion Metro Line in Approved
Oct. 9 – Plans to build a US$1.247 billion underground metro line in Ho Chi Minh city has been approved by Deputy Prime Minister Nguyen Sinh Hung. Funding for the huge infrastructure will come from loans from Asian Development Bank, German bank KFW, and the European Investment Bank.No further details of the project have been released according […]
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Vietnam Auto Sales Surge 104 Percent in September
Oct. 8 – Auto sales in Vietnam surged 104 percent in September from a year earlier after a 31 percent increase in August, an industry report said on Wednesday. While 11,071 vehicles were sold in September, cumulative sales for the first nine months of the year were still down 12 percent from the same period […]
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HSBC: Vietnam Likely to Increase Interest Rates Significantly
Oct. 6 – The State Bank of Vietnam will probably increase its key rate by 400 basis points to 11 percent by the end of 2010, HSBC said in a report Tuesday. The country’s interest rate hike, likely to be the biggest in Asia, is a result of Vietnam’s widening trade deficit, accelerated inflation and […]
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IMF May Revise Vietnam’s Growth Estimate Upward
Oct. 3 – Following an accelerated third quarter, the International Monetary Fund said its latest growth estimate for Vietnam may be revised upward. Vietnam’s gross domestic product expanded 5.8 percent in the third quarter from a year earlier, up from 4.5 percent in the previous three months, according to figures this week from the General […]