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Vietnam Allocates VND40 Billion on Energy Saving Efforts
Jan. 5 - Vietnam is set to invest VND40 billion (US$2.35 million) for projects that promote an effective and economical use of energy for 2009.
The Ministry of Industry and Trade also plans to implement large scale projects that hot water sprays that utilize solar energy, bio-gas plants and energy saving buildings.
Nguyen Dinh Hiep, Chief of the ministry’s Energy Saving Office (ESO) told the Vietnam News Agency that it would create and broadcast radio and television programs that dealt with energy saving in addition to organizing training courses for agencies and top businesses.
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Vietnam’s New Property Taxes
Dec. 30 - With the introduction of the new Personal Income Tax Law on January 1, owners of more than one house will have to pay a 2 percent tax on each house they sell.
Another option is to pay a 25 percent tax on the remaining money after they have bought a new house, with proceeds of the sale of a property for which all fees have been paid.
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Work Begins on Shenzhen-Financed Trade Zone in Haiphong
Dec. 29 - Construction on a Shenzhen-invested economic trade zone in Haiphong City started yesterday.
The US$200 million zone, which will cater to businesses from the Southern Chinese city, is located in Yen Hung district, Quang Ninh Province, 125 kilometers from Hanoi. It will include 2.2 million square meters of factory space, 400,000 square meters of warehousing and 100,000 square meters of office buildings for management, research and public services.
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Happy Holidays from Vietnam Briefing
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Vietnam’s FDI Increases 43.2% in 2008
Dec. 24 - An estimated US$11.5 billion in foreign direct investment flowed into Vietnam this year, a rise of 43.2 percent from last year, the state-run newspaper An Ninh Th Do reported.
Investors have also pledged a record $60.22 billion in new investment projects this year. While 2008 was a banner year for foreign investment, FDI into Vietnam is expected to slow in 2009 due to the global downturn.
"It is certain that we will see a decline in FDI registration next year," said Phan Huu Thang, head of the Planning and Investment Ministry's Foreign Investment Department. Thang told the newspaper in an interview. "Maybe we can reach $20 billion (in pledged FDI), and that would already be a high result."
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Vietnamese Government Approves US$4 Billion Oil Refinery
Dec. 22 - The Vietnamese government has approved Viet Nam National Petroleum Corporation's (Petrolimex) project to build a 10 million ton oil refinery in Khanh Hoa Province.
Deputy Prime Minister Hoang Trung Hai told Vietnam News that the meeting that Petrolimex would be required to make a feasibility report for the Nam Van Phong Refinery, that should detail an assessment of its environmental impact, technologies to be used, capital structure, and selection of strategic suppliers.
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New Container Route to China, Hong Kong Launched
Dec. 19 - The new international shipping container route starting from Cai Lan port in Quang Ninh province to China and Hong Kong has been officially launched.
The port is the first deep-water port located in northern Vietnam with a capacity of accommodating freighters weighing up to 50,000 DWT.
Previously, test-runs on the new route were done using the MSC's 1,090 TEU vessel, the Wellington, being the first to arrive in November. -
South Korean Mall to Invest US$5 billion in Vietnam
Dec. 18 - South Korea's top retailer, Lotte Mart, said it would invest US$5 billion in the next 15 years to develop a chain of 30 shopping malls in Vietnam.
The company's first outlet opened in Ho Chi Minh City last Wednesday spanning 31,000 square meters making it the largest mall in the country.
Lee Sang Woo, general director of the Lotte Vietnam Shopping Company, told Xinhua that Lotte Mart would develop a chain of 15 shopping malls in Ho Chi Minh and 15 more malls in the cities of Hanoi, Haiphong, Danangand Can Tho.
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Hong Kong, Vietnam Agree to Tax Pact
Dec. 17 - Hong Kong and Vietnam have finalized a double taxation agreement that will decrease the amount of tax being paid by each country's investors.
The agreement will stipulate that double taxation will be avoided by way of any tax paid in Hong Kong by Vietnam residents or companies shall be allowed as a credit against any tax payables in respect of the same incomes in Vietnam.
Vietnam News reports that pact was signed in Hanoi yesterday by visiting Hong Kong financial secretary John Tsang, who is on a five-day visit to the country to enhance understanding of its economic and business climate.
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Survey says Vietnamese Banks’ Internal Audit a Concern
Dec. 16 - Results of a survey done by an international auditing company reports that although Vietnam’s banking sector has developed the credibility of the banks’ internal audit is still a concern.
PricewaterhouseCoopers Vietnam said that 92.6 percent of of banks surveyed maintain internal audit function but only 41 percent of the existing internal audit functions were centralized.
The survey shows that in 78 percent of the cases the internal audit and the internal control functions overlap.