NDO/VNA – A conference took place in the southern province of Binh Phuoc on December 15 to collect opinions on a plan designed to implement the Agreement on Trade Promotion and Facilitation in the Cambodia-Laos-Vietnam (CLV) Development Triangle Area. According to Le An Hai, deputy head of the Department of Asian and African Markets under the Ministry of Industry and Trade, the agreement was signed on November 23, 2016, after two years of negotiation. To date, Laos and Vietnam have ratified the pact, while Cambodia is still working on the ratification.The agreement presents special mechanisms to support poor localities in the triangle area and stimulate border trade.The Ministry of Industry and Trade is in charge of drafting the plan for the agreement’s implementation, which is expected to include trade promotion and facilitation activities, a mechanism to examine the realization of the parties’ trade commitments, as well as issues related to technical cooperation … [Read more...] about Plan drafted to facilitate trade in CLV Development Triangle Area
Scene at the conference (Photo: VNA)Hanoi (VNA) – Officials, experts and entrepreneurs gathered at a workshop in Hanoion December 15, discussing measures to help businesses capitalise on the ASEAN-Chinaand ASEAN-Hong Kong Free Trade Agreements (FTAs).Nguyen Thi ThuTrang, Director of the Centre for WTO and Economic Integration under theVietnam Chamber of Commerce and Industry (VCCI), briefed the participants onthe two pacts, which would bring new opportunities for economic and tradecooperation between ASEAN member nations and China as well as Hong Kong.The ASEAN-HongKong Free Trade Agreement (AHKFTA) would facilitate the flow of commodities, movementof experts and investment between the two sides, she noted.Trang stressedthat the deals bring few benefits in terms of tariffs and investmentconditions, but can help Vietnam increase exports to Hong Kong – an importantgateway to enter the Chinese market.She said Vietnamesefirms should thoroughly study potential opportunities and … [Read more...] about Firms advised to capitalise on ASEAN-China, Hong Kong FTAs
At the Vietnam Business Forum 2017 (Source: vccinews.vn)Hanoi (VNA) - Thenew law on securities should allow full foreign ownership at public companiesand investment funds, according to members of the Vietnam Business Forum’s(VBF) working group on capital market.At the VBF meeting on December 12, Dominic Scriven, head of the working group,said it was necessary to create a safe bond market and an “open” stock marketto promote rapid and sustainable development of the capital market.The new securities law should allow firms to actively raise capital fromforeign investors, except those operating in sectors of which foreign ownershipis restricted as regulated, he said.The working group also proposed that securities companies, fund managementcompanies, public companies and investment funds founded in Vietnam be regardedas domestic investors, regardless of the foreign ownership at these companies.The working group called for the amended draft Law on Securities to be … [Read more...] about New law should allow full foreign ownership at public firms
A corner of Van Ninh District, Khanh Hoa Province (Source:baokhanhhoa.com.vn)Hanoi (VNA) - The People’s Committee in the central coastalprovince of Khanh Hoa estimated that more than 100 trillion VND (4.4 billionUSD) was needed to develop infrastructure for the Bac Van Phong SpecialAdministrative-Economic Unit by 2025.Of the total, developing the technical infrastructure system required a sum of 53trillion VND by 2025. The money will be used to build a road system, 20kmrailway from Van Phong Port to the station of the North-South railway, powersystem, water supply system and waste treatment system.An amount of 46 trillion VND would be spent on developing the socialinfrastructure system, including 65 kindergartens, 39 middle schools, 26 highschools, 67 medical stations and clinics and stadiums.The rest would be used for land clearance and planning.The provincial People’s Committee said part of the capital would come from thebudget and through private investment under … [Read more...] about 100 trillion VND needed for Bac Van Phong Special Zone
Vietnam is struggling to find international buyers for its tropical fruit, despite having been licensed to export by demanding markets such as the U.S, Australia, Canada and Japan. Starting December 29, the U.S. Department of Agriculture will allow imports of fresh mangoes from Vietnam, following in the footsteps of dragon fruit, rambutan, lychees, longan and star apple. Earlier this year, Australia also opened its doors to fresh dragon fruit imports from Vietnam after nine years of negotiations. Vietnam delivered its first dragon fruit shipment to the market in September, becoming the sole country allowed to ship the fruit to Australia to date. But despite these breakthroughs, strict requirements still make it difficult for fresh fruit to enter these markets. Mango exports to the U.S. are a prime example. Fresh mangoes from Vietnam will be subject to regulations that include orchard requirements, irradiation treatment and port of entry inspections. The fruit must also be imported in … [Read more...] about Vietnamese fruits struggle to gain foothold in international markets
While brands and celebrities in Vietnam are embracing Facebook Live, a live-streaming video service, as a new medium for advertisements, local tax authorities are scratching their heads on how to collect taxes on income generated by such activities.Vietnamese celebs and tastemakers with massive social media followings, often in the tens of thousands, are being paid by companies to promote products and brands through well-worded Facebook posts and carefully-scripted Facebook Live broadcasts.Brands looking to extend their advertising reach do their best to leverage the social media accounts of celebrity endorsers by engaging with potential customers through a medium that many feel is more relatable than conventional advertising.Industry insiders claim that smaller brands will pay lesser-known live-streamers anywhere from VND20 million ($881) to VND25 million ($1,101) per live broadcast while local celebs can rake in a few hundred million dong per month from social media advertising … [Read more...] about Can Vietnam ask Facebook live-streamers to pay taxes?
Hanoi (VNA) – Deputy Prime Minister Vuong DinhHue has approved a restructuring plan for the State Capital InvestmentCorporation (SCIC) by 2020.The plan aims to improve the SCIC’s operationsto accelerate the divestment of State capital at enterprises, promote therestructuring of State-owned enterprises and to help businesses use capitalmore effectively.The SCIC focuses on investing and managinginvestment capital, representing State ownership at enterprises and continuingto re-organise, equitise and sell State capital invested in the businesses ithas been handling.Aside from those main tasks, the corporation investsin sectors, areas and projects promising economic benefits. It also providesconsultancy services pertaining to investment, finance, governance, merger andacquisitions and business support services.Under the plan, the SCIC’s internal governancesystem will be improved by fine-tuning regulations on internal governance andpersonnel work and re-organising its … [Read more...] about Plan approved to promote SCIC’s capacity by 2020
VietNamNet Bridge - By October 20, implemented foreign direct investment (FDI) had reached $14.2 billion and foreign portfolio investment (FPI) $4.7 billion, according to the General Statistics Office (GSO). By October 20, the implemented FDI had reached $14.2 billionThe public now can access figures about foreign investment monthly from the Foreign Investment Agency (FIA) and GSO, and quarterly from the State Bank of Vietnam (SBV), reflected in the Balance of Payments.According to SBV, the disbursed FDI capital is estimated at $5.9 billion. Foreign investors (both FDI and FPI) have disbursed $18.9 billion so far this year and commercial banks now hold $13 billion of the disbursed money.However, under the current laws, the total foreign currency position of the banking system must not be higher than 20 percent of its regulatory capital, or $5 billion.So how can the gap between figures exist, in the context of the surplus of $1 billion in trade balance as of October 15, … [Read more...] about FDI: many figures, few explanations
Vietnam's coffee supply was steady as good weather supported harvesting but trading was thin, while Indonesian markets were also subdued due to low stocks, traders said on Thursday.Farmers in Vietnam's main coffee-growing province Daklak sold coffee beans at 36,000-37,000 dong ($1.58-$1.63) per kg, lower than last week's range of 37,300-37,600 dong, and tracking a decline in London prices, traders said.The London ICE March futures contract fell as low as $1,686 a tonne on Tuesday, the weakest for the third position since June 2016.Traders said 5 percent black and broken grade 2 robusta was quoted at a discount of $50-$75 per tonne to the ICE March futures contract , compared to a discount of $65-$75 per tonne a week earlier.Weather is supporting the current harvest in Vietnam's coffee belt region of Central Highlands, ensuring supply, but falling prices discouraged farmers and exporters from selling too many beans, while buyers were also not keen, traders said.Earlier this month, the … [Read more...] about Vietnam coffee supply steady but trade thin; Indonesia subdued
After a decade of development, often through buying or benchmarking foreign technology and know-how, Chinese automakers are looking with greater ambition at selling their cars in major Western markets. Improvements in car design, technology and marketing at firms including Geely (0175.HK), GAC Motor and Great Wall Motor (601633.SS) have brought them a bigger share in their home market, the world’s largest, and give them a better chance of survival in competitive markets in Europe and the United States. Once distant dreams of staking a claim in Western strongholds may now be edging nearer. “We have in the Western world an outrageous arrogance. We think we’re ahead. It’s going to change,” says Alain Visser, Senior Vice President of Lynk & Co, a new brand set up by Geely. “China is passing you at a speed that in our arrogance we don’t even see,” Visser told Reuters earlier this month. Hangzhou-based Geely, which owns Volvo Cars and Lotus … [Read more...] about Are China’s cars finally going to make inroads in Western markets?