SBV issues new guidelines for foreign investors
Foreign investors must be committed to a long-term attachment in terms of interest in domestic credit institutions, if they want to buy stakes and become strategic investors of these organisations. This is stated in the State Bank of Viet Nam’s (SBV) Circular No 38/2014/TT-NHNN, which was issued on December 8, 2014, and takes effect on […]
Revised laws to improve business conditions
The Minister of Planning and Investment, Bui Quang Vinh, spoke to reporters about changes made to the amended Law on Enterprise and Law on Investment, both recently approved at the eighth session of the 13th National Assembly. What noteworthy changes were made to the Law on Investment? The two amended laws on enterprise and investment […]
New circular targets safer growth for banks: SBV
HA NOI (Biz Hub) — State Bank of Viet Nam Deputy Governor Nguyen Thi Hong has affirmed the need for Circular 36, saying the regulations would help the Vietnamese banking sector develop more safely. Hong was responding to this week’s recommendations from the Viet Nam Business Forum’s (VBF) banking working group. Last November, the SBV […]
Foreigners permitted to buy houses in Vietnam
Under article 159 of the law, three groups of foreigners allowed to own houses in Vietnam are those developing housing projects; foreign-invested companies, branches and representative offices of foreign companies, foreign investment funds, branches of foreign banks operating in Vietnam (foreign organizations for short); and foreign individuals allowed to enter Vietnam. Foreign organizations and individuals […]
Vietnam house scraps ad tax, hikes tobacco, wine tax
Vietnam’s legislature approved a draft of tax relief measures on Wednesday, including a highly-anticipated move to make all advertising tax-deductible. Nearly 86 percent of the National Assembly members voted for the new rules, which go into effect next year. Ad cap eliminated The country’s Corporate Tax Law currently allows businesses to deduct a maximum 15 […]
Vietnam Minimum Wage Increases Spark Investor Uncertainty
The Vietnamese government has issued a decree to increase the country’s minimum salary by between VND250,000-VND400,000 (US$12-$19) starting January 1, 2015. This will bring the wage floor to between VND2.15 million-VND3.1 million ($101.4-$146.2) depending on the region. The minimum wage will be highest in Region One, which includes urban Hanoi, Hai Phong, and Ho Chi […]
Taxi fares cut in three cities
The Ministry of Finance has confirmed taxi fare cuts of 2 per cent to 32 per cent in three major cities of Viet Nam this November.The ministry’s six-day spot checks were carried out in Ha Noi, Da Nang and HCM City following complaints that the sharp fall in petrol prices in the past five months […]
Easier Foreign Ownership Likely To Revive Property Market
A Construction Ministry recent proposal on creating more favourable conditions for foreigners to buy property is considered a step in the right direction to attract stronger foreign investment inflows. Most foreigners living and working in Ho Chi Minh City are forced to rent a house because they fail to meet the strict regulations to own […]
Protecting the rights of consumers
Since the Consumer Protection Law was first implemented three years ago thousands of cases have been handled. Vietnam Economic News’ Lan Phuong spoke with Nguyen Manh Hung, Deputy Chairman and Secretary General of the Vietnam Standards and Consumers Association (Vinastas) around this issue. Could you give us a brief description about how the Consumer Protection […]
New circular sets home purchase bailout limits
HA NOI (Biz Hub) ─ Individuals purchasing commercial houses worth VND1.05 billion (US$50,000) or less in urban projects that authorities have approved are entitled to financial assistance from the national real estate bailout programme. This is in accordance with Circular No. 32/2014/TT-NHNN which the State Bank of Viet Nam (SBV) issued last November 18 to […]