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More Opportunities For Vietnamese Exporters To The US

Huge customer demand makes the US a promising market for Vietnam. Domestic businesses must therefore enhance their capacity to exploit the market to best advantage. According to HIS Global Insight, a world-leading economic forecasting company, the US’s import demand will increase slightly from US$2,312 billion in 2012 to US$2,334 billion in 2013. Alibaba.com—a business-to-business (B2B) trading floor—says that despite a recent slump, the US still tops the list of orders for products from Vietnam, accounting for 10 percent of the country’s total export earnings compared to 12 percent in 2011. The General Department of Vietnam Customs claims that during the...

Vietnam Business Registration To Be Streamlined

Business registration red tape is to be a thing of the past. Service should be improved and fees will increase under a new system for handling business registrations The process of business registration, previously regarded as simply a state management function, will be regarded as a service starting from December 10, 2012, under the Ministry of Finance (MoF) newly enacted Circular 176/2012/TT-BTC. Organizations and individuals register businesses shall have to pay increased charges set at a level sufficient to cover expenses instead of the current nominal fee level. Under current regulations at Circular 197/2006/TT-BTC, organizations and individuals in need of...

Million USD ships in Vietnam are dying

VietNamNet Bridge – The owners of these ships cannot lease or sell them. The million-USD ships are becoming piles of scraps at private wharves across northern provinces. The wharf behind a hill in An Son commune, Thuy Nguyen district, the northern port city of Hai Phong, is the home to the ships that were built […]

Vietnam Car Import Volume Unchanged, Value Down

The number of completely built-up (CBU) cars imported into Vietnam in October is only 2,000 with an import value of some US$50 million, unchanged in volume but falling US$12 million in value compared to the preceding month. The import volume in October is also equal to the figures in July and August, with a small difference of some millions of U.S. dollars in values. Since January, the monthly CBU car import volume has always been around 2,000 units. Imports in the first ten months totaled 22,000 units worth some US$498 million, down 54% in volume and 44.9% in value against the...

Water project to help Vietnam’s power, steel industries

A $142 million water project in Vung Ang Economic Zone is expected to supply industrial water for the Vung Ang I thermal power plant this month and ease water shortages for the rest of the economic zone. Dang Van Thanh, deputy director of Vung Ang Economic Zone (VAEZ) Management Authority, said that this water project was racing toward on a trial run on November 15, 2012. “Our water project with the designed capital of one million cubic metres of water per day would ensure stable water supplies for VAEZ as well as push key projects ahead,” Tran Dinh Dung, consultant for...

It’s a dog’s life

Unfettered by regulations, the dog meat industry engages freely in extremely unhygienic, unscrupulous and cruel practices...

Vietnam recalls baby vaccine over bacteria fear

VietNamNet Bridge – After a report by GlaxoSmithKline that a small amount of Bacterium Bacillus Cereus was found on the surface of a vaccine manufacturing line, a precautionary recall is being made of the product by Vietnam’s health watchdog. On November 1, the Drug Administration of Vietnam sent a document to all departments of health […]

Vietnam Price Stabilization In Focus

DoPM Deputy Director General Nguyen Anh Tuan says high inflation is likely to return as many countries have loosened their monetary policies or used stimulus packages to boost growth. Although the consumer price index (CPI) slowed down in October, the Department of Price Management (DoPM) under the Ministry of Finance (MoF) is still worried about a possible price hike in a number of essential goods and services in the remaining months of the year. DoPM Deputy Director General Nguyen Anh Tuan says high inflation is likely to return as many countries have loosened their monetary policies or used stimulus packages...

IFC Praises VIB’s Online Registration For Secured Transactions

On October 29, IFC specialists and a delegation from Lao PDR’s Ministry of Finance met with representatives from Vietnam International Commercial Joint Stock Bank (VIB) to discuss the benefits of the online registration system for secured transaction The online registration system has enabled local banks to quickly and conveniently register the security interests in movable […]

Flash autos roll in due to loop hole in Vietnam

An import incentive policy is being used to bring new expensive cars into Vietnam. Pursuant to Clause 3 in Ministry of Finance (MoF)’s Circular 118/2009/TT-BTC, overseas Vietnamese (Viet Kieu) repatriates are liable to bring one personal car into Vietnam for use. In reality after the import of fewer than nine seat brand-new cars into Vietnam was restricted following enforcement of Ministry of Industry and Trade’s Circular 20/2011/TT-BCT to reduce import of luxurious items into the country, traders have used this Viet Kieu import incentive loop hole. Circular 20, effective from June 26, 2011, stipulates additional procedures for imported cars from nine...