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Tag Archive for ‘Tax’

Vietnam Bans Bitcoin as Payment Method; Adopters Face USD$9,000 Penalty

Vietnam’s central bank has ruled that cryptocurrencies like bitcoin are prohibited as a method of payment in the country. The State Bank of Vietnam (SBV), Vietnam’s central bank, has completed developing a legal framework for cryptocurrencies in the country following orders by Vietnamese Prime Minister Nguyen Xuan Phuc earlier this year. In a newly released […]

Vietnam to build customs bond system

The Global Alliance for Trade Facilitation (GATF) will help Viet Nam to establish a customs bond system – part of the country’s efforts to modernize and reform administrative procedures relating to import and export. The GATF and the Viet Nam Private Sector Forum (VPSF) launched their joint project on customs bond last Friday, aimed at […]

Vietnam’s eight-month credit growth rate touches 11.5%

Credit growth rate in the first eight months of 2017 has been estimated at 11.5% compared to the end of 2016, the National Financial Supervisory Commission (NFSC) reported. As per the report, this figure is 1.3 percentage points higher than the first eight months of 2016. Short-term loans rose by 14.1%, accounting for 45.9% of […]

PAN Food acquires Bibica in latest merger

The PAN Food empire marches on: the company just announced its successful acquisition of Bibica Corporation with 50.07 per cent of total share ownership. PAN Food first put up public bids for more than 1.12 million Bibica shares, stock code BBC on the HCM Stock Exchange, from July 6 to August 21, 2017, at VND112,800 […]

Techcombank wants no foreign ownership, temporarily

The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has no foreign stakeholder following HSBC Bank plc’s divestment in July, and has requested shareholders to approve zero foreign ownership temporarily. In its latest announcement to shareholders on August 30, even as Techcombank asked for approval for a temporary zero per cent foreign ownership, it emphasized […]

Superior quality rice yields hope for Vietnamese farmers

Experts at a recent conference in Ho Chi Minh City urged Vietnam agriculture to move away from high-yield to superior quality rice varieties to best compete with other rice exporters in the Asian region such as India and Thailand. The European Union will offer the Vietnamese rice segment import duty-free tariff rate on increased quotas […]

New regulations on import and export in Vietnam

The Ministry of Finance has held a meeting to introduce changes in the list of Việt Nam’s export and import goods as per Circular No 65/2017 / TT-BTC. The new circular will take effect from January 1 next year. At the meeting on Friday, Đào Thu Hương, Deputy General Director of the General Department of […]

Vietnam to see cut throat competition in petroleum market

Formerly a country that exported crude oil at low prices, Vietnam now produces petroleum products which can satisfy half of domestic demand. Vietnam’s oil refining industry is built based on two huge projects capitalized at multi-billion dollars – Dung Quat Oil Refinery and Nghi Son Petrochemical & Oil Refinery Complex. In 2009, the $3 billion […]

Low land taxes in Vietnam prompt rich to hoard money in houses

A house with a floor area of 100 square meters on Dong Khoi street in District 1 of HCMC has a market price of VND1 billion per square meter. Meanwhile, the land user only has to pay VND5.82 million every year. Under the non-agricultural land use tax law, which took effect on January 1, 2012, […]

Vinatex seeks investment opportunities in Armenia

A delegation of the Vietnam National Textile and Garment Group made a fact-finding trip to Armenia in late August to seek partners to develop production projects as Vietnam is the first country to sign a free trade agreement with the Eurasian Economic Union that includes Armenia. Vinatex General Director Le Tien Truong said during their […]