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Bridge to China’s Yunnan Province Opens
Sept. 2 – The Kim Thanh Bridge linking Kim Thanh Commercial Center in Vietnam’s Lao Cai Province and China’s Yunnan Province was inaugurated yesterday. The 295 meter, four-lane bridge cost almost US$10 million to build and was funded by both Vietnam and China beginning 2006. The bridge can be found 2.5 kilometers from the Lao […]
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Vietnamese Businesses Encouraged to Invest in Laos
Sept. 1 – Vietnamese companies are encouraged to invest in Laos to boost its socio-economic development, said President Nguyen Minh Triet during an investment promotion conference on Laos in Ho Chi Minh City yesterday. The Laotian government and HCMC People’s Committee are offering investment incentives and bank loans to further attract Vietnamese investment into its […]
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Vietnam, Russia Sign Oil Exploration Deals
Aug. 31 – Russia’s oldest oil and gas company, Zarubezhneft Joint Stock Company and Vietnam Oil and Gas Group have inked two deals to explore Vietnamese and Cuban waters for oil, according to a company statement. The first deal will allow Zarubezhneft and Vietnam Oil and Gas to developed offshore oil blocks in southern Vietnamese […]
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United States is Vietnam’s Top FDI Source
Aug. 27 – The United States has become the top foreign direct investor in Vietnam for the first eight months of the year with investments amounting close to US$4 billion. The head of the statistics division of Vietnam’s Foreign Investment Agency, Le Hai Van, was quoted by Earth Times as saying that U.S. companies contributed […]
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Vietnam Lowers Morning Peak-Hour Rates by 20 Percent
Aug. 26 – Companies that are open only during the day will now be charged 20 percent less than the current power rates for morning peak hours starting September 1. Companies are charged double for electricity used during the peak hours of 9:30 a.m. and 11:30 a.m. and between 5 p.m. and 8 p.m. Many […]
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Trade Ministry Cautions Local Businesses on Hong Kong Trading
Aug. 25 – Vietnam’s Trade Ministry is advising local companies to practice care when trading with Hong Kong companies after cases of fraud were reported. Vietnamese businesses should consult the ministry’s office before they trade with partners in the territory, Vietnamese trade authorities told Thanh Nien News. Vietnam’s Ministry of Industry and Trade office in […]
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New Van Don Economic Zone to be Build in Quang Ninh Province
Aug. 21 – The plan to build the Van Don Economic Zone in Quang Ninh Province has been approved and will include a tourist site, an international financial and trade center, an environmentally-friendly industrial zone, a logistics center and an agro-forestry and fisheries area. The 2,171 square meter zone will accommodate 150,000 people and is […]
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Private Security Business Now Open to Foreign Investment
Aug. 20 – Under Vietnam’s Decree 52, the security services industry is now open for foreign investors wanting to form a joint venture with local companies. A circular released by the Ministry of Public Security in July 14 clarified the new decree and will be applicable beginning August 28. A foreign investor wanting to enter […]
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Ministry of Finance Clarifies Income Tax Exemptions
Aug. 20 – Vietnam’s Ministry of Finance has released a circular clarifying the exemptions on personal income tax and taxes on gifts, inheritance and transfers of real property. Circular 160/2009/TT-BTC outlines that individuals and non-resident individuals receiving income from capital gains and royalties are exempt from personal income tax in the first half of this […]
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Vietnam Increases Investment in Dung Quat Refinery to More Than US$3 billion
Aug. 20 – Vietnam is raising its investment in the Dung Quat oil refinery from US$2.5 billion to more than US$3 million due to additional construction costs and the resettlement of villagers. According to a government statement, the additional cost will be taken from the net income of crude oil sales used by state-owned Vietnam […]