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New Canal to link Mekong Delta with East Sea
Dec. 1 - The Vietnam Maritime Administration is planning to build a nine-kilometer canal and dredge up an existing one to link Can Tho in the Mekong Delta.
The plan also plans to create a 40 kilometer waterway that will link to the East Sea.In Vinh Long Province, a new canal will be dug and a 19 kilometer Quan Chanh Bo canal deepened.
The new canal will have the capacity for 10,000-20,000 DWT ships at a cost of VND3.15 trillion. Ships will be able to enter the Hau River in Can Tho and pass by Quan Chanh Bo and the new canal to reach the sea, reports Thanh Nien Daily.
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Vietnam, U.K. in Talks for Legal Assistance Treaty
Nov. 27 - Vietnam and the U.K. are in now talks for a mutual legal assistance treaty on civil and commercial matters in Hanoi from November 25 to 27.
The discussions will be based on a proposal submitted by the Justice Ministry of Vietnam. If the treaty is approved, it will call for a legal foundation for the improved protection the legitimate interest of agencies, organizations and citizens of both countries. -
Vietnam to Sell 30 Percent of Oil Refinery Stocks to Foreign Investors
Nov. 27 - The Vietnam National Oil and Gas Group (PetroVietnam) said that it would sell up to 30 percent of its shares in oil refineries to foreign investors interested in supplying crude oil to those plants on a long-term basis.
PetroVietnam’s General Director Tran Ngoc Canh said during the West Pacific gas industry’s 10 th conference that the amount of stocks for foreign investors could be increased depending on the situation, reports the Vietnam News Agency.
The company is currently building the country's first refinery, the Dung Quat, located in the central province of Quang Ngai in addition to plans to build another two plants. -
Vietnam FDI Reaches US$60 Billion
Nov. 26 - Vietnam's foreign direct investment (FDI) projects for the year has amounted to more than US$60 billion. In November alone, close to US$1 billion worth of investments were streamed through FDI projects.
The Foreign Investment Agency (FIA) of the Ministry of Planning and Investment, said that in November, 106 new FDI projects received funding, increasing the total amount of newly-registered FDI capital to US$59 billion. The figure is a seven-fold increase compared to the same period last year.
For November, Vietnam only allowed 25 existing projects to add US$272 million in funds. -
New Issue of Vietnam Briefing Magazine Now Online
Nov. 25 - The latest issue of Vietnam Briefing is now online and available for download (complimentary subscription required). To access the magazine, please click on the cover image at right.
In this issue, we focus on establishing a business in Vietnam, from the corporate and personal income tax regime, to the various registration procedures foreign investors must go through to establish a legal entity in the country. We also take a look at the business environment in Vietnam including what locations provide tax incentives for investment -
Vietnam to Release Personal Tax Numbers By Early Next Year
Nov. 25 - Vietnam's tax department will release the personal tax numbers of three million people by early next year when the Law on Personal Income Tax is implemented beginning January 1.
In the first three months of 2009, 15 million people are expected to register for tax numbers, not including organizations and other people who already have the numbers.
The public is instructed to bring a photocopy of your identity card or passport to register.Tax official, Tran Ngoc Van, told The Vietnam News Agency that the new law will regulate all tax levels for those eligible to pay tax, as well as dependants, such as children, parents, and wives and husbands, who are also required to get their own personal tax numbers. -
Vietnam, Venezuela Agree to US$200 Million Joint Fund
Nov. 24 - Vietnam and Venezuela have agreed to work together through a US$200 million joint fund in addition to 15 cooperation projects.
The Vietnam president, Nguyen Minh Triet was in Venezuala for two-day visit.“We won’t lack resources. While right now there’s a worldwide crisis of funds, a credit crisis, we’re creating funds and banks and finance mechanisms,” Chavez told AFP.
The first project using the joint fund will be for an energy-saving light bulb factory to produce 74 million bulbs annually. The factory is currently under construction in western Venezuela. -
Vietnam Forecasts US$19.9 Billion Trade Deficit in 2009
Nov. 24 - A government trade report said that Vietnam’s trade deficit is forecast to reach US$19.9 billion by 2009 as imports and exports slow.
Currently, the country's trade deficit is expected to amount to US$19 billion.The government has been trying to cap the trade deficit by increasing exports and discouraging the import of luxury goods.
In 2009, export growth is expected to slow to 18 percent from 2008's estimated 32 percent. On the other hand, import growth is expected to slow to 15 percent from 31.8 percent.
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Vietnam Fostering SME Growth
Nov. 21 - Vietnam is doing its share in encouraging the growth of small and medium-sized enterprises by providing access to capital and better production facilities.
The government has simplified regulations for business registration and international cooperation on SME development. This should lead the SME industry to improve its competitiveness and stimulate human resources development.
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Vietnamese Prime Minister Rejects Korean Steel Project in Van Phong
Nov. 19 - Vietnam's Prime Minister Nguyen Tan Dung has denied the construction of a Korean steel mill by the Posco Group in Dam Mon in Van Phong bay, Khanh Hoa province.
The Prime Minister said the Posco steel mill would clash with the development of the approved Van Phong international container port, in addition to the project not passing the strict requirements for ecological environment protection.
According to Nahn Dan News, PM Dung said that priority should be given to the Van Phong entrepot project and environmental protection for ensuring sustainable development.
If implemented, the Posco