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HCMC Rentals Hit by Lower Demand
May 12 – Office and serviced apartment rentals have been dropping in Ho Chi Minh City during the first quarter of the year because of continuing weak demand brought by the economic downturn, reports real estate services firm CB Richard Ellis (CBRE). For Grade-A buildings, rents have plunged by 20 percent to an average of […]
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South Korean Firms Cite Misunderstanding of Tax Laws
May 11 – During a meeting with finance ministry officials, South Korean executives explained that Korean companies doing business in Vietnam can sometimes disregard new corporate tax and customs regulations because of misinterpretation. The deputy general director of Lotteria Vietnam, Dao Manh Ha, said that Korean firms generally respect Vietnamese laws but are sometimes confused […]
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First-Half Income Tax Exemption Proposed
May 8 – Vietnam’s Ministry of Finance has sent a proposal that taxpayers be exempt from paying the Personal Income Tax (PIT) during the first half of the year. PIT collection was originally set to begin at the start of the year but was deferred to back taxes being paid when collection began. The new […]
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UNCTAD: Vietnam is an Example for FDI Attraction
May 7 – The General Secretary of the United Nation Conference of Trade and Development (UNCTAD) said that Vietnam was considered an example in foreign direct investment attraction, reports VNA. The UNCTAD General Secretary Supachai Pamitchpakdi said that Vietnam’s experiences in FDI attraction should be introduced to other countries. The comments were made during a […]
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Vietnam to Upgrade its International Airports
May 6 – Vietnam plans to establish ten international airports across the country through the expansion of existing facilities and the construction of new ones, according to a recent zoning plan released by government authorities in Ho Chi Minh City. The plan, drawn up by Vietnam’s Ministry of Transportation, will include renovations and massive upgrades […]
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Banks Raise Interest Rates on Dong Deposits
May 5 – Vietnamese commercial banks are increasing interest rates for dong deposits and offering cash bonuses to expedite the use of funds for the country’s economic stimulus package. Saigon-Hanoi Bank boosted rates by 0.1 to 0.3 percent for deposits of between two and 24 months on April 27 while paying 8.8 percent for 12-month […]
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Vehicle Registration Fee Cut to Increase Sales
May 4 – The Vietnamese government cut automobile registration fee by half to 5 to 6 percent of the vehicle price until the end of the year to encourage more people to buy cars during the global economic crisis. Moreover, the value-added tax on a number of goods has also been cut in half including […]
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Investment Disbursement in HCMC is Lagging
Apr. 30 – Despite Ho Chi Minh City being able to successfully attract foreign investment, the disbursement of it has been lagging so far. Vietnam’s economic hub, not including industrial parks and export processing zones, has attracted nearly US$26 billion in foreign direct investment since 1987 but only 39.6 percent of this amount, or US$10.1 […]
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Vietnam Cracking Down on Illegal Employment of Foreigners
Apr. 29 – Next month, Vietnam’s Ministry of Labor – Invalids and Social Affairs will arrange nationwide inspections of companies employing foreigners in an attempt to root out those working illegally. While it is legal for foreigners to work in Vietnam, it seems many companies are employing them without following the proper procedures and acquiring […]
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Vietnam Taking Precautionary Measures Against Swine Flu
Apr. 28 – At the recommendation of health experts, Vietnam has established precautionary measures to protect itself from the spreading H1N1 strain of swine flu virus currently affecting people in Mexico and the Unites States. The country’s disease-control agencies are on high alert and travelers entering the country are required to declare the current status […]