Vietnam Business News

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• High tax may lead to plastic-bag imports
• Casinos: government keeps cautious, investors get impatient
• Regulation on minimum wage torments workers
• Salaries in SOEs sky high somewhere, very low elsewhere
• Finance costs gobble up businesses’ profits
• Province not a one trick pony
• Time ticks on $50m site
• Amway’s strong foundation for long-term growth
• Vinamilk hits a record high of US$22.3 mil in export turnover in January
• Seminar discusses role of social networks in businesses

High tax may lead to plastic-bag imports Posted: 12 Feb 2012 10:52 PM PST The high tax rate of VND40,000 (US$1.9)per kg on plastic bags has prompted companies to think of importing bags from other Asean countries such as Indonesia and Thailand to save on production costs. At a meeting held yesterday by the Viet Nam Plastics Association in HCM City, plastic bag manufacturers raised their concerns about provisions [...]

Casinos: government keeps cautious, investors get impatient Posted: 12 Feb 2012 10:52 PM PST Foreign investors can see big business opportunities if developing casinos in Vietnam. Meanwhile, the government of Vietnam still keeps thinking about whether to license such projects. Right after the news about the attempt of the US Las Vegas Sands to build resort complexes in Hanoi and HCM City with casinos, capitalized at six billion dollars [...]

Regulation on minimum wage torments workers Posted: 12 Feb 2012 10:48 PM PST A paradox has been existing that the salaries of workers in foreign invested enterprises (FIEs) are even lower than that of workers in state owned enterprises. It is because of the unreasonable regulation on the minimum wage. Low salaries In Hanoi, the communes of Kim Chung and Van Noi in Dong Anh district are well [...]

Salaries in SOEs sky high somewhere, very low elsewhere Posted: 12 Feb 2012 10:47 PM PST Workers in some state owned enterprises (SOEs) can get very high monthly salaries, even though their enterprises take loss. Meanwhile, the salaries of laborers of other SOEs are so low that they cannot live on the salaries. Banks live in comfort Vietnam now has five state owned banks, including Vietcombank, Vietinbank, BIDV, Agribank and Mekong [...]

Finance costs gobble up businesses’ profits Posted: 12 Feb 2012 10:42 PM PST The majority of businesses have reported losses because of the overly high finance costs in 2011. VSP, a shipping and real estate firm, has reported the loss of 523,7 billion dong for 2011, blaming on the overly high finance cost of 311.3 billion dong, which was double that of the year before. VSP is a [...]

Province not a one trick pony Posted: 12 Feb 2012 10:39 PM PST Tourism is an advantage of Quang Ninh, however we don't have an entertainment centre to attract tourists. Meanwhile, the infrastructure linking Quang Ninh with neighbouring provinces remains underdeveloped. – Nguyen Van Doc – Chairman of Quang Ninh People's Committee Northern Quang Ninh province is calling for infrastructure and entertainment sector investments to meet its industrial [...]

Time ticks on $50m site Posted: 12 Feb 2012 10:39 PM PST Re-design issues continue to hold back construction of  VinaCapital's $50 million Times Square mixed-use project in Hanoi. But, the developer said work would get underway shortly. The project – a joint venture between VinaCapital, with 65 per cent, and Thang Long GTC – involves the building of a Grade A office tower with a proposed [...]

Amway’s strong foundation for long-term growth Posted: 12 Feb 2012 10:38 PM PST Amway Vietnam, a direct selling (or multi-level marketing) company  last week opened a new representative office in Hanoi to further focus on training and development for its distributor force as well as to expand its business operations in Vietnam. On this occasion, Amway president Doug DeVos talks with Vietnam Investment Review's reporter about the market's [...]

Vinamilk hits a record high of US$22.3 mil in export turnover in January Posted: 12 Feb 2012 10:38 PM PST Vietnam Dairy Products Joint Stock Company (Vinamilk) has announced that it hit a record high of US$22.3 million in export turnover in January 2012, up five times against the same month of last year. Of the products, condensed milk increased by 33 times in revenue, yogurt by 1.87 times, Ridielac nutrition powder by two times, [...]

Seminar discusses role of social networks in businesses Posted: 12 Feb 2012 10:37 PM PST A seminar on the role of social networks in businesses will be held at the French Cultural Centre, L'Espace on February 15. It aims to introduce social networks which have been explored by businesses to develop and use communications in an effective way to avoid risks. Dr. Marc Divine, Associate Professor of Marketing at IAE [...]

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