Vietnam Business News

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• Call for new laws to halt abuse of transfer pricing
• World Bank expert urges banking system reform
• Co-operation with Tokyo-Mitsubishi to aid Vietinbank
• Fuel prices to stand
• Baby formula producers evade price declaration
• Financial measures to ease difficulties for businesses in 2013
• Real estate still attractive to FDI
• Gold market and encouraging signals in 2012
• Hi-tech park logs onto its future
• New deals boost Nghi Son refinery project

Call for new laws to halt abuse of transfer pricing Posted: 16 Jan 2013 02:30 AM PST Experts have called for legal framework regarding transfer pricing to be supplemented and completed as a matter of urgency. They also recommended better qualifications for tax officials to enhance effective management and prevention activities against transfer pricing cases. According to the president of the Viet Nam Tax Consultants Association, Nguyen Thi Cuc, transfer pricing – [...]

World Bank expert urges banking system reform Posted: 16 Jan 2013 02:29 AM PST The problem of dealing with the mounting level of bad debt weighing on the nation’s commercial banks continues to stymie policymakers and affect the liquidity of the banking system, a World Bank expert told a meeting here yesterday. There were emerging signs of systemic stress, including rapid credit growth, a leading indicator of potential financial [...]

Co-operation with Tokyo-Mitsubishi to aid Vietinbank Posted: 16 Jan 2013 02:29 AM PST Vietinbank signed an agreement to sell a 20 per cent stake, worth US$822 million, of its business to Japanese Bank Tokyo-Mitsubishi UFJ (BTMU) by the end of 2012, marking the biggest M&A (merger and acquisition) deal in Viet Nam’s financial industry. Viet Nam News spoke to Vietinbank’s deputy general director Nguyen Van Du about this [...]

Fuel prices to stand Posted: 16 Jan 2013 02:29 AM PST The Ministry of Finance yesterday issued an official regulation letter ordering traders not to raise retail petrol prices. Items Sell           price            Basic price         Disparity RON 92             VND23,150      VND26,560          -410 Diesel 0,05S      VND21,550      VND21,640           -90 Kerosene          VND21,600      VND21,871          -271 Mazut 3,5S       [...]

Baby formula producers evade price declaration Posted: 16 Jan 2013 02:27 AM PST Several baby formula producers are selling their milk powder products under additional or nutritional food labels in order to avoid reporting their price hikes to authorities, as per a new regulation. Prior to announcing any price adjustment on baby formula products for children under six, businesses are now required to report the new prices to [...]

Financial measures to ease difficulties for businesses in 2013 Posted: 16 Jan 2013 02:26 AM PST In accordance with the National Assembly's Resolution on the 2013 Socio-economic Development Plan, Resolution on the 2013 State Budget and the global and domestic economic climate, the Ministry of Finance (MOF) has recommended to the Government a number of financial measures aimed at easing difficulties for businesses and reviving the market in 2013. The MOF [...]

Real estate still attractive to FDI Posted: 16 Jan 2013 02:25 AM PST The still-dormant real estate market has proven to be a long-term fertile soil for the foreign direct investment (FDI) sector, with new capital commitments still flowing in last year. FDI inflow to the real estate sector amounted to 1.85 billion USD last year, more than doubled the figure in 2011 ( 850 million USD). The [...]

Gold market and encouraging signals in 2012 Posted: 16 Jan 2013 02:25 AM PST The pace of increase in gold prices has slowed down to 7.83% in 2012 compared to the annual rate 24% in years earlier, according to the data of the General Statistics Office . This is an encouraging signal which would help restore market confidence and stabilize the macro-economy as the disparity between local and foreign [...]

Hi-tech park logs onto its future Posted: 16 Jan 2013 02:23 AM PST Hanoi's Hoa Lac Hi Tech Park planned to kick-off its infrastructure bidding packages in 2013. Nguyen Van Lang, Deputy Minister of Science and Technology and head of Hoa Lac Hi-tech Park Management Board, said that in 2013, the management board and contractors would nail down its infrastructure bidding packages namely building transformer station, electricity transmission [...]

New deals boost Nghi Son refinery project Posted: 16 Jan 2013 02:22 AM PST The Vietnam National Oil and Gas Group (PVN) and the Nghi Son Refinery and Petrochemical LLC (NSRP) signed a number of agreements with domestic and foreign partners yesterday to lay the groundwork for the construction of a new oil refinery project. The Nghi Son Refinery and Petrochemical Complex will be constructed on area of 400 [...]

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