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Vietnam to Borrow US$190 Million for Infrastructure Development
Aug. 13 -The World Bank has agreed to loan US$190 million to Vietnam for infrastructure development, reports Xinhua. The bank has also promised to provide Vietnam preferential loans of more than US$9.83 billion to develop 91 projects and programs in the country. The funds will be placed in Vietnam’s Locality Development Investment Funds Project and […]
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Twenty Percent Discount on Power Costs Proposed
Aug. 11 – The Ministry of Industry and Trade has submitted a proposal that will allow businesses that operate only during the day to be qualified for a 20 percent discount on electricity costs during peak hours of the morning. Currently, business power users are charged double in the peak hours between 9:30 a.m. and […]
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Foreign-Invested Firms to be Allowed to Export Rice
Aug. 10 – Following its WTO commitments, the Vietnamese government will now allow foreign-invested businesses to distribute and export rice this year, says Deputy Minister of Industry and Trade Nguyen Thanh Bien. Last week, Deputy Prime Minister Hoang Trung Hai approved the measure. Mr. Hai also added that the trade ministry should also ask the […]
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Vietnam-Russia Business Council Opens in Ho Chi Minh City
Aug. 7 – The Vietnam-Russia Business Council opened in Ho Chi Minh City this week with the aim of promoting trade in domestic and overseas markets for both countries. Bilateral trade amounted to more than US$1.64 billion last year but slowed down during the first half of this year. Currently, Vietnam has invested US$1.7 billion […]
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Vietnam, Israel Sign Double Taxation Avoidance Agreement
Aug. 6 -The Vietnamese and Israeli government have signed an agreement to avoid double taxation charges. Tran Xuan Ha, Deputy Minister of Finance, told the People the agreement would create a clear and stable legal environment for taxation to help facilitate investors’ business in the two countries. Last year, bilateral trade amounted to US$163 million. […]
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Retail Sales in Vietnam to Double by 2012
Aug. 5 – Retail sales in Vietnam are forecast to more than double by 2012 as more foreign retailers enter the market, says a report from India-based RNCOS. The industry is expected to post more than US$85 billion in revenues by 2012.“The retail sector market is much smaller compared to other developing economies in Asia, […]
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New Initiative to Improve Work Conditions for Apparel Firms
Aug. 4 – A new initiative, Better Work Vietnam, launched this month aims to help apparel firms improve work conditions for their employees. The service is being offered by the International Finance Corporation in partnership with the International Labor Organization in the country’s southern provinces. t will allow apparel companies to have their business assessed […]
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Vietnam Attracts US$10 Billion Worth of FDI for First 7 Months
Jul. 30 – According to the Foreign Investment Department, Vietnam attracted US$10.1 billion of foreign direct investment during the first seven months of the year. The agency says that FDI is on course with its aim to attract US$20 billion in FDI capital with a disbursement of US$8 billion by the end of the year. […]
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Ministry of Labor Announces New Penalties for Employers
Jul. 28 – Vietnam’s Ministry of Labor, Invalids and Social Affairs has released a new draft of rules that address the mistreatment of employees. If the draft is approved, companies will be fined up to VND5 million if salaries are not paid in full or delayed without compensation. A fine of VND3 million will also […]
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Vietnam Commits US$200 Million for Cambodian Banking, Airlines
Jul. 27 – Vietnam has confirmed that it will invest a total of US$200 million for Cambodia’s airline and banking industry. The national carrier, Cambodia Angkor Air, will be a joint venture between Vietnam and Cambodia. Vietnam has agreed to provide US$100 million that will be invested within 30 years. “Vietnamese side has invested US$100 […]