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PetroVietnam to Begin Production in New Oil Fields by 2010
Oct. 22 - PetroVietnam said it will begin commercial oil and gas production from its three new fields between 2010 and 2013.
The three new fields, Su Tu Den Dong Bac, Su Tu Trang and Su Tu Nau, are all located in Block 15.1 and is nearby Su Tu Den, the country’s second largest field. Su Tu Den currently produces an estimated 55,000 barrels of oil daily. -
Vietnamese PM Calls for Direct Trade Route with China’s Yangpu Port
Oct. 21 - Vietnamese Prime Minister Nguyen Tan Dung called for the opening of direct airline and shipping routes to China's Yangpu port to decrease trade costs, during a visit to China's island province of Hainan.
Mr. Nguyen Tan Dung was in China as a guest of Premier Wen Jiabao.
The Yangpu economic development zone is located around 40 kilometers north of its capital, Haikou. The zone has special economic policies and flexible governmental measures used to attract foreign investors. -
Vietnam Climbs Six Spots in Global Business Ranking
Oct. 20 - Vietnam climbed six spots to reach 65th place according to a world business ranking conducted by a London-based business intelligence company.
The ranking was done by the Economist Intelligence Unit (EIU) and included a total of 82 countries.The EIU looked at each country's business environment for the years 2009-13. In its 2004-08 reports, Vietnam had previously ranked at 71st place.
The EIU said that Vietnam's climb was due to its membership to the World Trade Organization that should help develop its business environment and its WTO commitment to liberalize trade.In the following years, Vietnam is expected to improve its operating environment for private enterprises in line with new legislation, and eventually more state-owned enterprises will implement reforms and be equitized.
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Vietnam Upgrades Internet Link Between Ho Chi Minh and Hanoi
Oct. 18 - Vietnam Data Communication (VDC) has upgraded the internet link from Ho Chi Minh City to Hanoi by an additional 2.5 Gbps; increasing the total capacity of line to 7.5 Gbps.
In September, the company installed a 2.5 Gbps line from Ho Chi Minh to the United States, increasing the international internet bandwidth from 11.4 Gbps to 14 Gbps. -
Construction Begins on Vietnam’s Major Port Complex
Oct. 16 - Vietnam has begun construction of the Cai Mep-Thi Vai International Port Complex located in the southern coastal province of Ba Ria-Vung Tau.
Once completed, the port complex will be equipped with a container port section, in addition to two berths with a capacity of 80,000-DWT container ships and a total handling capacity of 700,000 twenty-foot-equivalent units (TEU) annually.The general goods port section will have two berths that can handle 50,000 DWT ships and accomodate 1.6 to 2 million tons of cargo per year.
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Vietnam to Implement Minimum Wage Hike in 2009
Oct. 15 – Vietnam's Ministry of Labor, Invalids and Social Affairs said that beginning Jan. 1, 2009, monthly minimum salaries for employees in domestic enterprises will rise between VND110,000 to VND180,000 while those for foreign-invested businesses will increase by VND120,000 to VND200,000.
The changes are part of the agency's 2008-2012 salary, social insurance and allowance reform plan, that aims to standardize the minimum salary for all businesses by 2012.
The salary rates were based on GDP growth and consumer price index (CPI) in the first nine months of this year, wage increases in the labor market, enterprises’ pa
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Vietnam Predicts Exports to Increase by 30 Percent
Oct. 14 - Vietnam's Industry and Trade Ministry predicts that total exports for the year may increase by 30 percent to US$63 billion.
The agency said that in the last three months of this year, exports would decline to US$15.7 billion from US$17.95 billion because of lower prices for key export items.The American banking crisis is expected to affect the Vietnamese textile industry because the United States buys 55 percent of Vietnam's textile exports. The textile industry is the country's second top earner followed by shoes, which have been recently slapped by anti-dumping duty from the European Union.
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Vietnam’s Long An Province Cancels Industrial Zone Investments
Oct. 13 - Vietnam's province of Long An has postponed investments in some of its industrial zones due to concerns on land use.
The province’s Natural Resources and Environment Department Director Nguyen Van Thiep told Thanh Nien News that the province will only build one 300-hectare golf course in Duc Hoa District instead of the planned 13 golf courses. -
Vietnam Official Says FDI Licensing Needs Stricter Regulations
Oct. 10 - An official from the Investment Promotion Center for Central Vietnam said that the government’s licensing process needs stricter regulations to prevent inefficient and environment polluting projects.
The director of the Investment Promotion Center for Central Vietnam, Le Huu Quang Huy, told Thanh Nien News that he expects the country to attract US$62 billion worth of FDI this year.
The latest slew of foreign investments to enter the country include the US$6 billion oil refinery project in the southern province of Ba Ria–Vung Tau and a US$9.8 billion steel project in central Ninh Thuan Province. -
Vietnam Releases Details of Personal Income Tax Law
Oct. 9 - The government has released the details of the new Personal Income Tax (PIT) law and its accompanying regulations on registration and declaration.
Under the law, payers are defined as non-residents and residents who have taxable earnings coming from Vietnam territory without differentiating income payment sites.
The new PIT will take effect on Jan. 1, 2009, when individuals with taxable earnings will be granted a tax code.