Legal documents issued from April 11 thru 17
From April 11 thru 17, five legal documents were issued, including: Code Subject Promulgating agency/person Date of promulgation Effective date Decision No. 623/QD-TTg Approving the national strategy on crime prevention and control during 2016-2025, with orientations toward 2030 Prime Minister April 14, 2016 April 14, 2016 Circular No. 61/2016/TT-BTC Guiding the collection, remittance and management […]
National Assembly’s deputies propose to ease luxury tax on cars
National Assembly deputies, when consulted by the Finance & Budget Committee about the luxury tax law amendment, have proposed to lower the tax on cars. They have suggested lowering the luxury tax from 45 percent to 30 percent for models with less than nine seats and the cylinder capacity of 1,500 cm3 and lower, commencing […]
Competition not cooling down in Vietnam’s electronics retail sector
Vietnamese electronics retailers expect growth and expansion in 2016, as the country continues to present ample opportunities. Mobile World Group (HoSE:MWG) is considering buying a retail chain to increase its number of stores in 2016, CEO Tran Kinh Doanh was quoted saying at the February annual shareholders’ meeting. The company currently has two chains. The […]
M&A information to be released
Information related to mergers and acquisitions (M&As) of credit institutions is awaited as the season of annual shareholders’ meetings is around the corner. Late last year, the central bank said that the number of credit institutions would be cut from the current 34 to roughly 17 to 19. Therefore, it is possible that more M&As […]
VND deposit interest rates expected to rise 1pct in 2016
Deposit interest rates in the dong this year are expected to rise 1 percent against last year, according to a report from the National Financial Supervisory Commission (NFSC). According to the NFSC’s latest report released this week, banks will see increasing capital needs after credit growth has accelerated and outstripped capital mobilisation. Besides, the […]
VN’s economic outlook still bright despite growth slowdown: HSBC
Some foreign economic and financial organisations have maintained an optimistic outlook for Vietnam’s economy in 2016, in spite of the recent slower than expected GDP expansion. HSBC said the country’s manufacturing sector grew by 10.6 percent last year and contributed 1.6 percentage points to GDP growth of 6.7 percent. The industry will remain stable and […]
State-owned agricultural, forest farm land under stricter control
The Prime Minister on April 4 issued a directive on the implementation of the National Assembly’s Resolution No. 112/2015/QH13, on enhancing the management of land areas previously pertaining to state-run agricultural or forest farms which are currently used by agriculture companies, forestry companies, forest management units and other organizations, households and individuals. Under Directive No. […]
Chinese firms winning Vietnam contracts with cheap bids is unavoidable: expert
While it is almost impossible to stop Chinese firms from winning contracts with low bids, Vietnamese developers need to ensure that contractors will do the work properly, a local expert said. Chinese contractors are known for undercutting competition with low bids to win tenders offered by Vietnamese developers for construction projects, only to carry out […]
New law expected to reduce accidents at work
Occupational safety had a gloomy year in 2015 when the number of work accidents and fatal work injuries both increased. According to the Ministry of Labor, War Invalids and Social Affairs’ Department of Work Safety, 7,620 work accidents were reported last year affecting 7,785 workers, of whom 666 were killed and 1,704 injured. The figures […]
Government determined to accelerate restructuring of the banking system
In the time to come, the State Bank of Vietnam will have to accelerate the comprehensive restructuring of the system of credit institutions and handling of non-performing loans. This is a task assigned by the cabinet to the central bank under Resolution No. 23/ND-CP on the Government’s March 2016 regular meeting. The Government also requests […]