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Vietnam true being of FIEs blocking investment

Opaque definitions of foreign-invested enterprises (FIEs) have entailed numerous repercussions for Vietnam’s current investment landscape, with pharmaceuticals maker Mekophar’s delisting being one recent case. In this context, industry managers and senior experts sat together in a recent VIR-hosted meeting to discuss the issue. Phan Vu Hoang, Tax Director, Deloitte Vietnam Tax Company Ltd . expands on the issues at hand. The definition’s aftermaths Pursuant to Article 3, point 6 in the Law on Investment 2005, FIEs comprise of “enterprises established by a foreign investor in order to carry out investment activities in Vietnam; (or) a Vietnamese enterprise in which a foreign investor...

Vietnam Motorbike, Auto Fees Proposal Faces Opposition

The Vietnam Automobile Transportation Association has shown their opposition to the Ministry of Transport’s proposal on raising certain types of taxes on motorbike and autos. The Ministry of Transport''s motorbike and auto fees proposal faces the opposition from the Automobile Transportation Association. In a recent document sent to the Ministry of Transport, the association said […]

Lifan ready to drive into Vietnam market

After acquiring a 30 per cent stake from its Vietnamese partner to become wholly foreign-owned firm, Lifan Vietnam Motor is changing its production strategy targeting young customers loving racing cars and terrain vehicles. Lifan Vietnam general director Xu Huan Chun shines further light on the company’s new move. How do you see Vietnam’s motorbike market development? Lifan Vietnam came into existence a decade ago. The motorbike market was much different when our company made a foray into Vietnam. Consumption is now sinking, but it is just momentary. As the economy grows, consumers’ habits are changing fast, the demand for motorbike...

GlaxoSmithKline Pte Ltd Singapore & Vietnam pharmaceutical manufacturer collude to manipulate medicine prices

Healthcare company GlaxoSmithKline Pte Ltd Singapore (GSK) has been found to have colluded with a local pharmaceutical manufacturer to manipulate medicine prices, with the products eventually coming to customers at prices four to five times higher than their original rates. During the 2008 – 2011 period, Savi Pharmaceutical JSC, or Savipharm, a medicine maker located in the Tan Thuan Processing and Exporting Zone in Ho Chi Minh City, received licenses from the Drug Administration of Vietnam (DAV) for the circulation of 15 types...

Vietnam’s new simplified tax registration process to take effect in July

The Ministry of Finance issued Circular No 80/2012/TT-BTC on May 22 regulating tax code registration under the Law on Tax Administration and replacing Circular No 85/2007/TT-BTC of July 2007. Under the new circular, the business licence number of an enterprise established under the Law on Enterprises is also the enterprise’s tax code. The enterprise therefore does not need to apply separately for a tax code. In addition, the procedure for registering a tax code is simplified, with a number of documents being removed from the list of required documents. Taxpayers are also only required to submit one set of dossiers...

Business Briefs May 30

* Vietnam National Coal and Minerals Industries Group (Vinacomin) on May 29 said that the group will issue local currency dominated bonds in 2012 with a total volume of maximum three trillion dong under the consultancy of Vietnam Commercial Joint Stock Bank of Industry and Trade (VietinBank-CTG). * Vietnam Securities Depository Centre (VSD) has lately […]

VAMA proposes lower registration fee amid slow sales

The Vietnam Automobile Manufacturers' Association (VAMA) has proposed a 5 percent automobile registration fee applied nationwide. The proposal came out in the face of rising numbers of unsold stocks of local automobile assemblers amid the 20 percent and 15 percent registration fees recently applied in Hanoi and Ho Chi Minh City . According to VAMA, the collection of a universal fee rate countrywide will help prevent local tax agencies from being overloaded with new car owners, as they will try to attract as many as car owners as possible. VAMA has just sent a petition to the National Assembly office and relevant state agencies...

Capital mobilization: awaiting guidelines!

In other countries, a company has the right to claim for damages outside a contract if the governing agency fails to promulgate legal documents on time, resulting in delays of business, or limit investment rights given by law In late 2010, Company X submitted its application for charter capital increase in the form of issuing separate shares under Decree 01/2010/ND-CP dated January 4, 2010 (Decree 01) to a provincial department of planning and investment, but the department did not accept the application, for the reason that there was no guidance from the Ministry of Finance. Since then, the company has tried to...

Business Briefs March 6

* From March 3 to June 5, 2012 FPT Securities Joint Stock Co (FPTS) has launched a special promotion programme with discount of 0.15 percent on transaction fees for new customers. * Phuoc Hoa Rubber Joint Stock Co (coded PHR) has lately released the 2012 business plan that was supposed to be submitted for approval in the coming shareholders' meeting. * The southern bourse-listed Vietnam Fumigation Joint Stock Co (coded VFG) announced to set March 12 as the registration deadline to close the shareholders list for paying the third round dividend. * The southern bourse-listed DIC Investment and Trading Joint Stock Co (coded DIC)...

Business Briefs January 16

* The State Securities Commission of Vietnam (SSC) has recently granted certificate for Lidovit Trading and Industry Joint Stock Co (Lidovit) to offer 1,308,802 shares to the public. * Northern bourse-listed Bien Hoa Packaging Joint Stock Co (coded SVI) has recently said that January 9, 2012 was the ex-interest date to pay the second round dividend of 2011 at 5 percent in cash (500 dong per share). * Bao Minh Securities Joint Stock Co (BMSC) has recently announced the business results in 2011 with after tax profit of over 24 billion dong, rising 140 percent from 2010 and fulfilling 89 percent of the year's plan. * Hoa Cam...