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Vietnam’s Longest Road to be Built along the Coast
Jul. 8 – The country’s longest road will be built from the coast of Quang Ninh until the Xa Xia Border Gate in Kien Giang Province spanning 3,127 kilometers. The first phase costing VND14.48 trillion will develop a total of 787 kilometers of roads located in economic regions and coastal economic zones until 2020. According […]
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Vietnam Agrees to UN Anti-Corruption Pact
Jul. 7 – Vietnam validated that it would follow the United Nations Convention Against Corruption, reports the United Nations. The pact was substantiated by the President Nguyen Minh Triet last Tuesday. According to the Business Anti-Corruption website, corruption has been cited as one of the problems plaguing foreign companies investing in the country since state […]
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Nissan Pushes Ahead with Vietnam Plant
Jul. 2 – Japanese carmaker, Nissan, is pushing ahead with plans to produce its vehicles in the country by 2010. The joint venture called Nissan Vietnam remains optimistic on the potential of the market despite the ongoing credit crisis. The partnership is between Denmark’s Kjaer Group and Japan’s Nissan Motor but production itself will be […]
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HCMC Announces Changes to Business Registration
Jun. 30 – Beginning July 3, the process of obtaining a business registration in Ho Chi Minh City will be streamlined to become less time consuming and simpler. In the past, businesses had to apply for tax registration after registering their business with the Planning and Investment Department. The government is now accepting applications for […]
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Unilever Vietnam Now Fully Foreign-Owned
Jun. 29 – Unilever Vietnam is now a fully foreign-owned company after buying 33.33 percent of shares held by its former joint venture partner, the Vietnam National Chemical Corporation (Vinachem), for an undisclosed amount. The buyout was approved by regulatory officials and is now in the process of being finalized. Previously, Unilever held US$75.3 million […]
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Vespa Factory to Open in Vietnam
Jun. 26 – Italy’s Piaggo is opening a new US$30 million Vespa factory in Vietnam to manufacture their 125 and 150 cc scooters. Piaggio is Europe’s biggest maker of two-wheeled vehicles and the fourth largest motorcycle manufacturer in the world. The plant is forecast to produce 100,000 scooters to be sold in the country and […]
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FDI Drops by 77 Percent for First Half of the Year
Jun. 25 – According to a Vietnamese foreign investment official, foreign direct investment (FDI) in the country plunged by 77.4 percent to US$8.87 billion for the first 6 months of the year. Figures compiled by the agency showed that only US$4.7 billion worth of new projects were licensed during the period, a 86.7 percent in […]
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State-owned Companies to Equitize by 2010
Jun. 24 – State-owned companies in the country will be shifted into a limited liability or joint stock companies under Enterprise Law by July 2010, said the Vietnamese Prime Minister Nguyen Tan Dung According to the new directive, state-owned companies will be evaluated based on its geographic location, brand name and potential. The directive adds […]
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New FDI Rules Released
Jun. 23 – Vietnam has approved the newest regulations regarding foreign capital investment in the country effective August 15. The regulation is made up of 4 chapters and 13 articles and is known as Decision No.88/2009/QĐ-TTg. It lays down the rules for foreign investors wanting to contribute capital or buy shares in local companies as […]
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Personal Income Tax Exemption Approved
Jun. 22 – Vietnam’s National Assembly voted in favor of the Personal Income Tax (PIT) exemption from the period beginning July 1. The ministry is expected to release a follow-up announcement detailing the coverage of the exemption. The directive should specify the residency status subject to tax exemption, types of income subject to tax exemption […]