Economic law perfection helps promote Vietnam’s economic growth and international integration
The role of economic laws in the economy All economies, irrespective of the free market economy, the social market economy, the centrally planned economy or the socialist-oriented market economy, cannot exist and develop without law. However, a market economy is in essence the one that drives most of its activities based on the principles of […]
Vietnam prepares to ratify WTO trade facilitation agreement
(VOV) – Vietnam is on track to becoming the first Southeast Asian nation to ratify the landmark Trade Facilitation Agreement (TFA) of the World Trade Organisation (WTO). In December 2013, WTO member countries unanimously endorsed the TFA at the conclusion of the Ninth WTO Ministerial Conference in Bali, Indonesia. To date, only four WTO members […]
Foreign residents start to eye property
Mark Cameron of the UK, who lives and works in Vietnam, believes that he will be able own residential property thanks to the revised Law on Housing, which has removed prior restrictions on foreigners from buying property in the country. The law will take effect in June. “For foreigners like me, to own residential property in […]
Card usage insecure in Vietnam
HANOI – ATM cards make up a lion’s share of some 80 million bank cards in Vietnam but the security of these plastics is very low as they use old technology, experts at Banking Vietnam 2015 warned. ATM cards account for 88% of total bank cards in the country and international debit cards for a […]
Vietnam, Czech to bolster bilateral trade
Vietnamese State President Truong Tan Sang and President of the Czech Republic Milos Zeman on May 11 discussed a host of measures to foster linkages in various sectors, especially bilateral trade and investment, to fully tap potential of both sides. During their talks in the European country, the two presidents agreed the effective Inter-Governmental Committee […]
VN joins EU’s trade control system
VGP – Viet Nam’s National Agro-Forestry-Fisheries Quality Assurance Department (NAFIQAD), under the Ministry of Agriculture and Rural Development is piloting to grant e-certificates for seafood exports to the EU. The European Commission Directorate General for Health and Consumers revealed that it has received the e-certificates granted by the NAFIQAD through the Trade Control and Expert System (TRACES). TRACES […]
ATM fees may rise after VAT refund denied
Users of automated teller machines (ATMs) may have to pay increased fees, according to Phap luat Thanh pho HCM (HCM City Law) newspaper. Previously, banks believed that all input costs related to ATMs qualified for VAT refunds. However, tax authorities recently said that ATM services will not receive VAT refunds and will fine banks for […]
Vietnam rejects foreign investors’ demand to ease overtime restrictions
South Korean businesses in Vietnam have asked authorities to increase the maximum number of overtime hours a worker is permitted, but the labor ministry has refused on health grounds. The businesses, most of them in textile and garment, woodwork, and processing, asked the ministry at a meeting last April to increase the number of extra […]
Vietnam to ease foreign ownership ceiling in banks-govt
The Vietnamese government is preparing to amend rules to allow foreign investors to own more than 30 percent of a Vietnamese bank, Prime Minister Nguyen Tan Dung was quoted as saying in a statement late on Monday. The government “will soon issue a decree allowing foreign investors to buy Vietnamese bank shares at a ratio […]
New laws contribute to improving business climate
Chairman of the National Assembly (NA) Economic Committee Nguyen Van Giau said the country has made a step forward in completing institutions for the market economy with the promulgation of a series of laws including the Law on Land Use, Law on Business, Law on Real Estate Trading and Law on Construction. He underlined the transparency, […]