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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...

Vietnam: Investor mood remains gloomy: survey

HCM CITY (VNS)— Private-equity investors' negative sentiments about the next 12 months has risen about 100 per cent over survey results in the second quarter, according to auditing and consulting firm Grant Thornton. The survey showed that the results were at about the same level of the 2011 fourth quarter, which at the time was the most pessimistic outlook of the last eight surveys conducted by the company. The Grant Thornton Private Equity in Viet Nam – Investment Sentiment and Outlook survey, carried out in October and released yesterday, showed that investment attractiveness, as a result of...

Vietnam State Owned Economic Groups Repeatedly Beg For State’s Support

VietNamNet Bridge – State owned economic groups, considered the motive force of the national economy, have also complained about difficulties, while repeatedly begging for the preferences from the State. Conglomerates will live only with the State's support In the latest document sent to the Ministry of Finance (MOF), the national oil and gas group PetroVietnam asked for the permission to exempt the personal income tax (PIT) for the group’s officers who go abroad on business. If MOF does not accept the proposal, PetroVietnam wishes to come forward to pay the tax for the officers. However, the expenses would be counted...

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’s Coffee King Takes Aim at Starbucks

Vietnam is the world's second-biggest coffee exporter, a fact that probably comes as a surprise to most westerners. And now a local entrepreneur is hoping to...

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 to make IP pirates walk the plank

Vietnam is making efforts to crack down on copyrights infringements, but such piracy still persists. Samsung and Coca-Cola recently cancelled their advertising contracts with Zing.vn, the online news, entertainment and social network of company VNG. Both Samsung and Coca-Cola cited concerns about Zing’s use of musical works without permission. “ Corporate users of illegal software can face criminal charges and severe legal penalties. In addition, copyright owners have the rights to use different measures to protect their interests, such as filing a lawsuit” – Vu Manh Chu, director of the Copyright Office Zing.vn made no comment...

Vietnam to raise minimum wages from July 2013

HANOI – Minimum wages will pick up by VND100,000 (US$4.8) a month from July next year following a resolution on 2013 state budget projections adopted late last week by the National Assembly. Minimum monthly salaries will be VND1.15 million (US$55), according to the resolution. Retirees and people in privileged groups will have their pensions and […]

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...

Investors In Vietnam Still In A Funk

Dark clouds continue to converge over Vietnam’s overall economic prospects. Increasing numbers of investors are looking for greener pastures Thomas Bo Pedersen, director of garment maker Mascot International Vietnam, outlined the stark reality to VIR by saying Vietnam’s declining economic and business situation had forced the company to put a new factory, in northern Hai Duong province, on ice. “If conditions had not deteriorated, we would have been able to offer 4,000 new jobs in Hai Duong by the end of this year. We are now looking elsewhere in the region to expand our investment,” Pedersen said. He said the...