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Phu Quoc Island Determined to Become Special Economic-Administrative Zone

Kien Giang has proposed recommendations to the Government on the application of mechanisms and policies with a view to turning Phu Quoc Island into a centrally-run, special economic-administrative zone by 2020. The province has submitted its proposal to the Prime Minister to request the Politburo to issue a resolution on the development of Phu Quoc Island as to 2020. For sectoral development planning, focus will be laid on review and amendment of the planning to make it responsive to the master planning approved by the Prime Minister. Also, the province will be entitled to flexible mechanism, which allows adjustment of...

CSR is a way to give back

Eight Korean companies last week were presented with corporate social responsibility awards for significant contributions to Vietnamese society. The ceremony was held together with the “Hallyu Korean Wave Products Shows” in Hanoi in celebration of 20 years of diplomatic relations between Vietnam and Korea. The honoured firms are Posco Vietnam, VinaKorea, Shinhan Bank Vietnam, PTV, Asian Airlines, Hansoll Vietnam, Posco VNPC and Silkroad Hanoi. They were selected from 16 short-listed candidates by Korea’s Ministry of Knowledge Economy and Vietnam’s Ministry of Planning and Investment (MPI). According to vice MPI minister Dao Quang Thu, the award ceremony was a chance to praise...

Vietnam Lawmakers Demand Further Spending Cuts

Profligate government to blame for Vietnam missing deficit target, not lower budget revenues Construction workers build a bridge in Hanoi. Legislators say the government should reduce unnecessary spending and save money for important infrastructure projects. Photo: Reuters Vietnamese legislators are holding the government squarely responsible for the budget deficit exceeding the annual target this year, saying the primary factor is a lack of fiscal discipline. The state budget deficit as of mid-October was estimated at VND155 trillion (US$7.4 billion) by the General Statistics Office. That is 10.7 percent higher than the target for the whole year approved by the National...

Vietnam’s Bank Chief To Be Queried Over Irresponsible Comment

Nguyen Van Binh, governor of the State Bank of Vietnam, has received 361 requests from National Assembly delegates to make a formal explanation on Tuesday over a statement he made last week. With such number of requests, Binh is the Government member having received the most questions after stating “as the governor of the State Bank of Vietnam, I could not promise anything about the handling of non-performing loans (NPL), or bad debt,” in a National Assembly (NA) meeting...

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...

Need to urgently establish asset management company under SBV to tackle Vietnam’s bad debts

When bad debt threatens the safety of the banking system and the stability of the macro economy, the bad debt settlement needs to have the intervention of the government, even using the state budget or internal or external loans. Seeing that bad debt of banking industry is caused by various reasons and that it reflects […]

Vietnam’s Banking System Health Declining

HCMC – The State Bank of Vietnam (SBV) has unveiled a number of basic indicators of the banking sector, which show the health of the banking system had weakened by end-September, reflecting the decline of the economy. As of September 30, the total assets of the system had fallen by 1.89% compared to end-2011. In […]

In cash or in kind

A province in southern Vietnam plans to allow a local cement factory to pay part of its tax dues in cement instead of cash. Experts have different opinions on the issue. Some laud it as a mutual-help initiative that should be encouraged, but others feel it would not be fair to other firms. Binh Phuoc announced the plan in October, saying the unconventional policy will benefit both the province and the Vicem Ha Tien factory. Under the plan, yet to be approved by the...

Vietnam PM Dung pledges to enhance relationship with Denmark

HA NOI (VNS)— Viet Nam and Denmark have agreed to boost economic and trade co-operation to raise two-way trade to US$1 billion in the near future. The agreement was reached during talks between Prime Minister Nguyen Tan Dung and his Danish counterpart, Helle Thorning Schmidt, in Ha Noi yesterday. The two sides agreed to prioritize strengthening their relationship and focus their strategic partnership on fields such as climate change, the environment, energy and green growth. Dung praised development projects funded by Denmark in Viet Nam's priority areas such as clean...

Vietnam, Denmark aim for 1 billion USD in trade

Vietnam and Denmark have agreed to boost economic and trade cooperation to raise two-way trade to 1 billion USD in the near future. The agreement was reached during talks between Prime Minister Nguyen Tan Dung and his Danish counterpart, Helle Thorning Schmidt, in Hanoi on November 8. The two sides agreed to prioritise strengthening their relationship and focus their strategic partnership on fields such as climate change, the environment, energy and green growth. Dung thanked the Danish Government and people for the valuable support, both materially and spiritually, that they have given to Vietnam during the country’s struggles for national reunification...