Vietnam has been successful in controlling COVID-19 in 2020 and is likely to keep the situation contained next year. The country has been seen as an alternative manufacturing hub for companies, given that FDI this year remains very resilient into Vietnam. And it is expected to be one of few bright spots in global economy this year.
Viet Nam will continue to ensure enforcement of intellectual property rights violations and strictly deal with violators, representatives of the Market Surveillance Agency (MSA) under the Ministry of Industry and Trade said at a forum on raising IPR awareness held yesterday in HCM City.
Experts have recommended amending e-commerce regulations that would allow authorities to better manage and collect tax as well as develop the sector.
Mach Thi Tuyet Mai from the General Department of Taxation’s policy division, said: “We have encountered difficulties in tax collection.”
Today’s international conference on improving the business environment to strengthen economic growth showed remarkable outcomes over the past years of implementing Resolution No.19/NQ-CP on improving the business environment and enhancing national competitiveness, but many difficulties remain.
Strengthening economic growth
In the framework of Vietnam Business Forum (VBF) 2017, representatives of foreign investors complained that they still face difficulties in investing and manufacturing in Vietnam due to the lackluster taxation policies.
Viet Nam has made significant progress in aligning its policies on foreign arbitral awards with international standards, but it needs to foster enforcement capacity to enhance trust and confidence of foreign businesses.
The business community wants the general departments of Taxation and Customs to carefully consider reforms on tax and customs procedures, so as to create the most favourable business conditions for enterprises.
The public-private-partnership investment model as a solution for Viet Nam’s long-term infrastructure development can only work with all stakeholders fully understanding their roles and the risks involved, experts said at a conference on Thursday.
The draft Law on Special Administrative, Economic Units needed to be substantially revised to make it feasible and to fully exploit resources for boosting economic development, according to a verification report from the National Assembly (NA) Law Committee.
Vietnam Economic Times
The Ministry of Finance (MoF) has proposed a reduction in fees and charges to materialize the government and the Prime Minister’s policies and declaration that 2017 would be the year of reducing costs for enterprises.
The Ministry of Industry and Trade plans to streamline 464 to 612 conditions for establishing new businesses, equivalent to some 38.15 to 50.3 per cent of the total business conditions.
This was the information released by Minister of Industry and Trade Tran Tuan Anh at a meeting late last week.
The foreign investment is looking up, as the total capital pledged for investment in the country until August 20 was nearly equal to that for the entire 2016.
The reports from the Foreign Investment Agency showed that foreign investors had registered to invest US$23.36 billion into Viet Nam in the January-August 20 period, up 45.1 per cent year-on-year.
Vietnam Investment Review
Investors around Asia may share the same excitement about Vietnam’s M&A market, but their strategies are often quite different from one another. Thanh Van and Nam Phuong report.
Việt Nam’s stock exchange is poised to take its next step forward with the opening of the derivates market next month. This is expected to help investors hedge against risks and increase their confidence in the local securities market.
HANOI – Not all small and medium enterprises (SME) in Vietnam could enjoy a preferential corporate income tax under the draft law on tax support for SMEs, said Minister of Planning and Investment Nguyen Chi Dung at the ongoing sitting of the National Assembly on May 23.
Vietnam has been developing strongly after joining the World Trade Organization (WTO) 10 years ago thanks to expansion of relations and reform policies.
The admission to the WTO opened a wide door for the Southeast Asian country to enter the global playground, experts said.
Executives from around 20 companies in Eastern Germany met with authorities from five southern and central Vietnamese cities and provinces with the largest amount of German investment on Friday to explore investment opportunities.
Experts have objected to several provisions of a draft decree on foreign investment in education saying they need further clarification and revision.
They expressed their opinions at a consultative workshop held last week on a draft decree prepared by the Ministry of Education and Training (MoET).
Derivatives products will be available for trading in the Viet Nam’s securities market in less than a month, and institutional investors seem highly interested in the new products, reported vtv.vn on Thursday.
The first two derivatives products that will become tradable in May are the index future contract and future bond contract.
Draft law on non-performing loans to go before next session of National Assembly.
State Bank of Vietnam (SBV) Governor Le Manh Hung has said that the Draft Law on Restructuring and Supporting non-performing loans (NPLs) will be considered at the next National Assembly session.
Strategic investors may be able to sell their shares in a State-owned enterprise (SOE) three years after the firm is equitised, according to the finance ministry.
The current time limit for strategic investors to sell their shares after SOE equitisation is set at five years.
HCM City will lend up to VND200 billion (US$8.8 million) without interest to viable supporting industry projects.
A regulation issued recently by the municipal People’s Committee says the time limit for the interest-free loans will be seven years. The loans will be funded by the city’s budget.
Mr. Pham Van Thinh, CEO of Deloitte Vietnam, tells VET about the impact of the US's withdrawal from the TPP and the challenges Vietnamese businesses face in a changing global economy.
How will the US’s withdrawal from the TPP affect export enterprises in particular and Vietnam’s economy in general?
Vietnam remains the most attractive investment destination for Japan’s manufacturing firms in the medium-term prospects, according to the Japan Bank for International Cooperation (JBIC). Deputy director general of the Policy and Strategy Office for Financial Operations Noriyasu Yuge tells VIR’s Phuong Thu about the ongoing investment trend.
With Apple’s recent decision to produce iPhones in India, and with its rumoured plans in Vietnam seeing no news/mention at all, Vietnam may have to reconsider its business environment and incentives for investors in electronics manufacturing if it wants to compete with India.
One year on, opportunities and challenges from the AEC are becoming evident to Vietnamese enterprises.
Expectations for increased export revenues to ASEAN are waning but it also affords domestic enterprises a moment to reflect on their weaknesses and strengths, and then work to restructure themselves in order to achieve the desired growth.
Two Japanese companies have launched – New Land Vietnam Japan Joint Stock Company – a four-temperature cold chain logistics joint venture, according to a December 14 news release by Sojitz Corporation.
India-based Tata Coffee, a subsidiary of Tata Global Beverages, has released plans to set up a greenfield freeze-dried instant coffee plant in Vietnam with the total investment capital of $50 million. The plans were stated in a filing to the Bombay Stock Exchange (BSE).
HCM City (VNA) – Many US enterprises are paying heed to, while others are planning expand their investments in Vietnam in such fields as infrastructure, energy, aviation, hi-technology and farm produce export-import, said US Consul General in Ho Chi Minh City Mary Tarnowka.
Hanoi (VNA) – Businesses from Italy’s Trento province have shown their interest in Vietnam’s investment incentives, especially in technology, electro-mechanics, green agriculture, forestry and pharmaceuticals, which are their strengths.
Seoul (VNA) - Transport infrastructure is an attractive investment field in Vietnam while the acceleration of equitising State-owned enterprises in the country will create brilliant opportunities for businesses from the Republic of Korea (RoK).
The CLMV (Cambodia, Laos, Myanmar and Vietnam) group represents nascent potential merger and acquisition (M&A) opportunities in the region, with frontier Vietnam serving as a gateway into the group as it seeks an upgrade to emerging market status, according to Merrill Corporation.