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 […]
Enterprises’ borrowing of foreign loans and payment of foreign debts to be strictly managed
From April 15, information and data on enterprises’ borrowing of foreign loans and payment of foreign debts without government guarantee will be managed by the State Bank of Vietnam (SBV) at a website accessible via either www.sbv.gov.vn or www.qlnh.sbv.cic.org.vn. . Under the SBV’s Circular No. 03/2016/TT-NHNN, loans subject to registration with the central bank include foreign medium- […]
Enterprises to pay business license fee three times higher than current license tax
Enterprises with a registered capital of over VND 100 billion would be regarded as large-sized ones and have to pay a business license fee of VND 10 million per year instead of the current business license tax from January 1, 2017, when the new Law on Charges and Fees will take effect. . . Under […]
Gov’t establishes Steering Committee on Urban Development
The PM has decided to establish the Steering Committee for the National Urban Development Program in the period 2012-2020. . . The Steering Committee will be led by Minister of Construction Trinh Dinh Dung while Ms. Phan Thi My Linh, Deputy Minister of Construction was appointed the Permanent Deputy Head of the Steering Committee. Members […]
EU, Vietnam move forward on FTA agreement for 2018
Vietnam and the European Union (EU) will push ahead with the review of legal documents toward the signing and application of their bilateral free trade agreement (EVFTA) in 2018. Minister of Industry and Trade, Vu Huy Hoang, was speaking at a ceremony to publish the White Book on trade and investment in Viet Nam in […]
SBV directs monetary policies for 2016
The State Bank of Vietnam (SBV) has asked its affiliated units, credit institutions and foreign bank branches to properly administer monetary policies and banking operations in 2016 to control inflation, stabilize macro-economy and back economic growth. . Under Directive No. 01/CT-NHNN issued by the SBV Governor on February 23, 2016, SBV will proactively and flexibly […]