Thursday, December 23, 2010

Vietnam Business News

Vietnam Business News

Vietnam cuts imported petrol tax by 6%

Posted: 23 Dec 2010 01:10 AM PST

Vietnam reduced the imported tax on petrol by a half to 6% from 12%, effective from 1 Jan 2011, the Ministry of Finance(MoF) announced on late December 22. The tariff on kerosene and diesel will fall to 2% from the current tax of 5%, MoF said. The tax cut came out as the imported fuel has sharply [...]


11th congress to lay foundation for modern industrial country

Posted: 23 Dec 2010 01:09 AM PST

The 14th meeting of the Communist Party of Viet Nam’s Central Committee, 10th tenure, wrapped up in Ha Noi yesterday after 10 days working. Speaking at the closing ceremony, Party General Secretary Nong Duc Manh said officials discussed and endorsed amendments to draft documents put forward by Party congresses, National Assembly deputies, the Fatherland Front, mass [...]


FairPrice expands into Vietnam

Posted: 22 Dec 2010 09:42 PM PST

NTUC FairPrice and Saigon Union of Trading Cooperatives yesterday inked a joint venture agreement to set up a chain of hypermarkets in Vietnam. The joint venture will take Singapore’s homegrown brand overseas and position FairPrice in one of the top emerging markets in Asia. The new chain of hypermarkets will leverage on Saigon Co-op’s network of supermarkets, [...]


Top nine noticeable realty projects in 2010

Posted: 22 Dec 2010 09:42 PM PST

The urban zone project in south of Lang Hoa Lac (Hanoi) or Happyland entertainment complex area (Long An province) is one of many noticeable realty projects being launched in 2010. Nearly 900-hectare Urban Zone in south Lang Hoa Lac The project includes housing, centres for trade, culture, education, health, sports and 36-hole golf-course with an initial investment [...]


Hanoi’s trade gap estimated at over $13b in 2010

Posted: 22 Dec 2010 09:40 PM PST

In 2010, Hanoi’s total export turnover is estimated to have reached $7.99 billion, up 26.3 percent from 2009, according to Hanoi Statistics Department. The capital city’s import value in 2010 increased by 12 percent year-on-year, touching over $21.23 billion. Thus, Hanoi’s trade deficit is estimated at over $13.24 billion, a 1.6 fold against export turnover. The agency said [...]


Tax concessions for Vietnam shipbuilder Vinashin

Posted: 22 Dec 2010 09:37 PM PST

Vietnam has granted tax concessions to nearly-bankrupt shipbuilder Vinashin, a newspaper reported Wednesday, after speculation authorities would find a way to help the firm meet a debt deadline. Among the concessions, the state-owned firm will get a grace period until December 31, 2011 for paying its taxes, Tuoi Tre reported, citing the Ministry of Finance. State-linked Tuoi [...]


Dong deposit rate benchmark becomes stable

Posted: 22 Dec 2010 09:35 PM PST

Thanks to the timely intervention of State Bank of Vietnam (SBV), the dong deposit rate benchmark in the market recently has become fairly stable, commonly at 14 percent per year in line with the central bank’s regulation. In particular, according to the statistics, the average saving rate of 37 banks in Vietnam is 12.88 percent per [...]


Catching of investment bank trend in Vietnam

Posted: 22 Dec 2010 09:33 PM PST

The blossoming of capital and the process of equitisation in large state-owned enterprises in Vietnam in the recent years has created powerful attraction with international Investment Banks (IBs). Many domestic financial institutions have also developed following this model. General picture of IB IB is a rather new concept in Vietnam. However, a number of securities and fund [...]


Vietnam to consider policy measures after downgrade

Posted: 22 Dec 2010 09:33 PM PST

Vietnam’s policy makers will meet this week to consider economic measures after Moody’s Investors Service cut the country’s credit rating, said a senior government official who will be at the discussions. Moody’s decision prompted calls from investors and economists for Vietnam to take action and counter economic risks, said the official, who declined to be identified [...]


Vietnamese seek safety in gold as currency wobbles

Posted: 22 Dec 2010 09:32 PM PST

Do Hai Ninh has been stashing away her meager earnings until finally saving enough to make a deposit. But the high school teacher isn’t about to put her money into a Vietnamese bank with the value of the local currency steadily dropping. She’s investing in a safer bet: gold. Jewellery shops and black-market money changers have [...]


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