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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...

Non-state owned schools in Vietnam reach a deadlock

VietNamNet Bridge – A lot of private universities are still awaiting more students, though October is nearly ending, and state owned schools all have started a new academic year. The Ministry of Education and Training (MOET), which understands well that non-state owned schools are thirsty for students, has allowed the schools to look for students until the end of November. Private schools are sprinting on the last days of October and all of November to enroll more students, or they will have to shut many training majors because of the lack of students. In fact, lacking students is the...

Vietnam Taxes and Charges Sending Automobile & Motorcycle Manufacturers into Difficulties

The difficult economic situation plus the impact of taxes and charges is causing more difficulties for the Vietnam automobile industry. This same situation also occurs with motorcycle manufacturers. The Ministry of Transport policy of restricting transport in large urban centres becomes a big challenge for the development of automobile and motorcycle manufacturing industry. Various taxes […]

Vietnam pledged FDI continues to drop, disbursement stable

Newly pledged foreign direct investment (FDI) continued its downward trend in September, while FDI disbursement maintained its pace . As of September 20, total pledged FDI capital had reached $9.52 billion, down some 27.9 percent over the same period last year, according to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment. In September alone, the figure was over $1 billion. Meanwhile, disbursed FDI capital in Jan-Sep reached about $8.1 billion , inching down 1.2 percent year on year. The figure in September was about $820 million, marking the lowest level in the past five months. The processing and manufacturing industry...

Vietnam accelerating reforms to attract more investment

Many foreign investors say that slow and cumbersome investment procedures would make Vietnam suffer millions of job losses. In the first half of this year, Vietnam granted investment licenses to 452 new foreign invested projects with a total capitalization of more than US$4.76 billion, not to mention 123 existing projects with additional capital of more than US$1.6 billion, according to the Foreign Investment Agency under the Ministry of Planning and Investment (MoPI). The country attracted more than US$6.38 billion in FDI capital, 72.3 percent of the figure for the same period last year. Vietnam has set a target to attract US$15-17 billion FDI...

Vietnam labour demand plunges as business concerns remain

The online labour demand took a nosedive in the first half of this year as an indicator of the tough business situation and has not showed clear signs of recovery in a short term, as tracked by VietnamWorks.com. The latest report of VietnamWorks.com unveiled the employment orders on the website in the first six months of 2012 dropped 18 percent year-on-year. This reflects current performance of businesses in the face of the economic slowdown. The online labour demand index of VietnamWorks.com has fluctuated this year, rising from as low as 66 points in January to 187 in February but...

Vietnam ministry registers e-signatures

The Ministry of Finance expects that 350,000 enterprises will register to use digital signatures by the year-end, according to a report in Dau Tu (Vietnam Investment Review) newspaper. About 20 percent, or 124,594 enterprises, have used digital signatures for e-procedures such as business registrations, taxation declarations and banking transactions. Service suppliers said this is an impressive number, but still much lower than market demand. The Public Certificate Authority Services issues the signatures. Ngo Tuan Anh, Director of Bkav Telecom, which is one of six companies specialising in digital signature services, said the use of e-signatures saves transport and printing costs...

Vietnam job losses rise 70 pct

The Vietnamese labor ministry reported Wednesday that there has been a nearly 70 percent increase in job losses in the first four months of this year due to shut-downs and business slowdown in the troubled economy. Le Quang Trung, deputy director of the Ministry of Labor, Invalids and Social Affairs's Employment Department, said at a meeting in Hanoi that more businesses have been closing down or cutting back on operations, especially in construction, real estate, and food processing. This has caused 171,639 people to lose their jobs, 68 percent more than in the same period last year, as nearly 18,000 businesses announced...

Cbank cuts policy rates on slow growth

The State Bank of Vietnam (SBV) has cut two key policy rates, the refinance rate and the discount rate, following the first move within a month to support the ailing economy as inflation is losing steam. The refinance and discount rates will be lowered to 13 percent from 14 percent, and 11 percent from 12 percent, respectively, starting April 11. The overnight interbank rate will also enjoy a 1-percent cut from 15 percent to 14 percent. The central bank will also cut the ceiling rate for deposits to 12 percent from 13 percent. For non-term and under 1-month terms, the depositing rate will also be...

Used car dealerships mushroom to meet demand

In anticipation of high market demand, auto manufacturers and traders have been vying each other to open used car dealerships which offer better customer services than before. These dealerships are aware that newly licensed drivers tend to buy old cars as they are afraid of having accidents with their new cars, paying a high price for a brand new car or servicing a loan with a high interest rate. Automakers consider secondhand-car business a chance of selling new cars as there are many car owners wishing to exchange for brand new models but they do not...