Vietnam Business News

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• Mining projects destroy northern provinces
• Slower inflation helps boost retail sale
• PPP answer to stalled IT projects
• State budget at the crossroads
• FAO helps Vietnam develop rice seed production
• Real estate firms slash prices to remain in business
• Corporate income taxes may decline
• Banking sector seeks the right moves
• Ministries urge changes to import, export tariff levels
• New gold market management mechanism to close doors to many gold traders

Mining projects destroy northern provinces Posted: 02 Nov 2011 11:04 PM PDT Despite the Prime Minister's order that all localities nationwide must stop licencing new mining projects since August 30, the destruction and contamination to the environment of the northern provinces of Cao Bang and Bac Kan by extractive industry has continued unabated. The Ma Non village of Ngan Son District in Bac Kan Province used to [...]

Slower inflation helps boost retail sale Posted: 02 Nov 2011 11:04 PM PDT The country’s retail sales value of goods and services last month increased 1.92 per cent over the previous month to nearly VND167.6 trillion ($8.56 billion), thanks to a continuous deceleration of the Consumer Price Index (CPI), according to the General Statistics Office (GSO). Vu Manh Ha, a GSO expert, said that the CPI slowdown in [...]

PPP answer to stalled IT projects Posted: 02 Nov 2011 11:03 PM PDT Industry insiders are weighing over promoting public-private partnership investment in information technology field. A project on building a national database on population management was given to the Ministry of Public Security (MPS) in 2007 by the government. However, four years later the project is still on the drawing board. Another MPS project promoting electronic identity [...]

State budget at the crossroads Posted: 02 Nov 2011 11:03 PM PDT State budget allocation is hot on the National Assembly's agenda. National Assembly Economic Committee deputy chairman Mai Xuan Hung sheds some light on the issue. The government showed strong determination towards reforming budget allocation, linking it closely to economic restructuring with priority given to key and focal projects. Is this reflected in 2012's state budget [...]

FAO helps Vietnam develop rice seed production Posted: 02 Nov 2011 11:02 PM PDT Hoa Tien commune in Hoa Vang district, in the central coastal city of Da Nang will be turned into a sustainable rice seed production area under a $498,894 project funded by the India, Brazil and South Africa (IBSA) Trust Fund. The two-year project, starting from November, 2011, was signed by the Da Nang People's Committee [...]

Real estate firms slash prices to remain in business Posted: 02 Nov 2011 11:02 PM PDT Many real estate companies have reported incurring losses in the third quarter due to the country's moribund domestic real estate market. The PetroVietnam Power Land JS Company recently announced it would lower prices of 85 apartments in its flagship Petro Vietnam Landmark project to VND15.5 million ($741.62) per square metre from a previous VND21.6 million [...]

Corporate income taxes may decline Posted: 02 Nov 2011 11:01 PM PDT The National Assembly’s Financial and Budget Committee is to propose cutting corporate income tax to 20 per cent during 2012/2013 from the present 25. Phung Quoc Hien, committee head, told Sai Gon Tiep Thi ( Sai Gon Marketing) newspaper that the proposed tax rate might be lower than in other regional countries. Additionally, struggling enterprises [...]

Banking sector seeks the right moves Posted: 02 Nov 2011 11:01 PM PDT Industry insiders are digging into banking sector restructuring. Addressing the 13th National Assembly's ongoing second section, Prime Minister Nguyen Tan Dung asserted re-arranging commercial banks, credit and financial institutions in the direction of expanding their scope in a rational manner and trimming feeble banking and credit entities was one of core tasks in 2012 and [...]

Ministries urge changes to import, export tariff levels Posted: 02 Nov 2011 11:00 PM PDT Ministries, industrial sectors and associations have proposed several changes to a draft on export and import tariffs for next year. The Price Management Department under the Ministry of Finance said that due to increased world petrol prices, Vietnam ‘s fuel import tax had been held at 0-5 per cent. The department added that the proposed [...]

New gold market management mechanism to close doors to many gold traders Posted: 02 Nov 2011 11:00 PM PDT Once the new gold market management mechanism takes effect, only one or two enterprises capable to make bullion gold will be able to exist, while the number of bullion gold traders would be modest. The State Bank of Vietnam has made public the draft decree on the gold market management, which says that bullion gold [...]

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