Finance Ministry to reduce, simplify 193 business conditions
Finance Ministry to reduce, simplify 193 business conditionsThe Ministry of Finance has proposed reducing and simplifying 193 business condition lines in seven areas of insurance, stocks, price, customs, auditing, finance-banking and tax. The ministry has planned to eliminate 99 conditions and simplify 94 conditions as followed:No. This is the third time the Minister has inked a Decision to reduce and eliminate administrative procedures to facilitate enterprises. Other sectors consist of safety technology (five ones), wine business (two ones), energy (three ones) and electricity (one). Earlier, in December 2016, as many as 123 administrative procedures were simplified and eliminated among 443 administrative procedures under the charge of the ministry.
Source:VietNamNet News
May 03, 2018 10:12 UTC
VN reviews foreign-funded projects in 2017-2018
VN reviews foreign-funded projects in 2017-2018Deputy PM Pham Binh Minh asked for reviewing approved 26 projects using foreign loans in period 2017-2018 which are not listed in the mid-term public investment plan so that these projects could be carried out soon after the signing of credit agreements to optimize the effectiveness of foreign loans. Foreign-funded projects in 2017-2018 focus on such necessary areas as infrastructure development, improvement of higher education quality, urban and rural development, fundamental health network development, water supply for localities affected by droughts. As Viet Nam graduated from the International Development Association (IDA) capital sources since July, 2017, the nation will not be provided with preferential loans from the IDA. Since 2018, Viet Nam will only access to loans with higher interest rates from the International Bank for Reconstruction and Development (IBRD) loans and non-preferential IDA loans. He assigned the Ministry of Planning and Investment to report to the Government on orientations to mobilize loans in the upcoming time, especially non-preferential loans in the context that Viet Nam has graduated the IDA.
Source:VietNamNet News
May 03, 2018 10:07 UTC
VN beat Chinese Taipei at AFC futsal event
VN beat Chinese Taipei at AFC futsal eventVietNamNet Bridge – Vietnam beat Chinese Taipei 1-0 in the first match of Group B of the AFC Women’s Futsal Championship on May 2. Vietnam vs Chinese Taipei in the first match of Group B of the AFC Women’s Futsal Championship on May 2. However, they had to wait until the 29th minute to score an opening goal, thanks to Nguyen Thi Thanh. In another match of Group B, Malaysia crushed Bangladesh 7-1 to top the rankings. I hope they will play well in the next match against Bangladesh on May 4,” said head coach Truong Quoc Tuan.
Source:VietNamNet News
May 03, 2018 09:56 UTC
28 legal documents issued in Vietnam in March
28 legal documents issued in Vietnam in MarchThe Government and the PM issued 28 legal documents, including 19 Decrees and nine Decisions in March 2018. 37/2018/NĐ-CP details the implementation of monitoring and education measures for under-18-year criminals exempted for criminal responsibility. 38/2018 / NĐ-CP of the Government regulates detailed investment in small and medium enterprises. 41/2018/NĐ-CP regulates the sanctioning of administrative violations in the domain of accounting and independent audit. The PM issued Decision No.
Source:VietNamNet News
May 03, 2018 09:45 UTC
Ministry proposes cut in corporate tax, but hikes for other taxes
Ministry proposes cut in corporate tax, but hikes for other taxesVietNamNet Bridge - The Ministry of Finance’s (MOF) recent proposals on raising many kinds of taxes and fees have been facing strong opposition from the public. In August 2017, MOF stirred up the public when proposing to raise the VAT (value added tax) from 10 percent to 12 percent and cut the number of products subject to the preferential VAT rate of 5 percent, because the 10 percent tax rate ‘isn’t in line with international practice’ and ‘cannot ensure the nation’s financial security’. According to OECD (The Organisation for Economic Co-operation and Development), the tax brings 4 percent of revenue in Canada, 3 percent in the US, and 0.6 percent in developed countries.However, Vietnam’s annual income per capita is very modest, just around $2,000.“Raising the tax on workers with low living standards may turn the near-poor into the poor, and turn low-income earners into near-poor,” said Bui Duc Thu, a National Assembly deputy.The real reason behind MOF’s decision to propose a tax hike is to increase the source of revenue for the state budget. However, as Ngo Tri Long, a renowned economist, said, the high public debt and prolonged budget deficit must not be blamed on low tax collections but on embezzlement, inappropriate investments, and loose financial discipline.“If the problems aren’t settled, the budget deficit will still occur even if MOF raises taxes many times,” he said. RELATED NEWSInvestors happy about new cut in corporate income taxIgnoring protests, Finance Ministry raises environmental tax on petrol productsM. Ha
Source:VietNamNet News
May 03, 2018 09:45 UTC
Dust storms kill dozens in India
Dust storms kill dozens in IndiaAt least 76 people have died and scores more were injured in fierce dust storms that hit the northern Indian states of Rajasthan and Uttar Pradesh. The storm affected three districts in Rajasthan, as well as parts of Uttar Pradesh -- Photo: PTIThe storms on Wednesday disrupted electricity, uprooted trees, destroyed houses and killed livestock. Dust storms are common in this part of India during summer but loss of life on this scale is unusual. The storms largely affected three districts in Rajasthan - Alwar, Bharatpur and Dholpur - where at least 31 people were killed. The Chief Minister of Rajasthan, Vasundhara Raje, said officials were heading to affected areas to start relief work.
Source:VietNamNet News
May 03, 2018 09:45 UTC
Charts: Vietnam's exports-imports figures in first four months of 2018 released
Charts: Vietnam's exports-imports figures in first four months of 2018 releasedTotal import-export revenue in the first four months of 2018 is estimated at US$144.13 billion, up 14.4% year on year, according to the General Department of Viet Nam Customs. Of the figure, Viet Nam’s export value is likely to reach US$73.76 billion, a rise of 19% over the same period last year, while import value is calculated at US$70.37 billion, an increase of 10.1%.
Source:VietNamNet News
May 03, 2018 09:33 UTC
Clarity needed to lure investors in BOT projects
Clarity needed to lure investors in BOT projectsVietNamNet Bridge – Nguyen Danh Huy, general director of the transport ministry’s Public-Private Partnership Investment Project Management Department, speaks to Tuoi tre (Youth) newspaper about measures to attract investors to participate in BOT projects. However, it still must follow a legal framework so we propose to use the average benefit rate of BOT projects that have already been implemented. In fact, with 67 BOT projects that the ministry has implemented over the past time, the average benefit was 11.77 per cent. But it is also likely that investors may submit a tender with a benefit rate lower than we estimate. After a series of public reactions against BOT projects, some people worry that investors are not interested in BOT projects.
Source:VietNamNet News
May 03, 2018 09:11 UTC
Experts help young Vietnamese innovators in developing sustainable inventions
Experts help young Vietnamese innovators in developing sustainable inventionsThe 4th FabLab Asia Network Conference (FAN4) opened yesterday, May 2, in Ho Chi Minh City with the theme ‘Co-create a better world’. In particular, within the framework of the conference, experts will give technical and professional advice to sustainable projects of many Vietnamese individuals as well as organizations. In the conference, it is hoped that technical solutions will be introduced to help apply these useful sustainable projects nationwide. FabLab Saigon is the first one to be established in Vietnam, which paved the way to for six more centers like that later. FabLab Saigon focuses on the training of creative thinking and innovative methods in turning inventions into real products.
Source:VietNamNet News
May 03, 2018 08:48 UTC
Nghi Son Refinery mistimed first batch of RON A92
Nghi Son Refinery mistimed first batch of RON A92In light of the government’s initiative to switch to bio-fuel E5, it is questionable whether Nghi Son Refinery Co., Ltd. (NSRP) will be able to find a proper market for its newly launched RON A92 manufactured by Nghi Son Petrochemical Refinery (RFR). Nghi Son Refinery launched its RON A92 facility in the midst of the switch to bio-fuel E5After four years of construction, on May 1, Nghi Son Refinery Co., Ltd. (NSRP) officially launched RFR and produced the first batch of RON A92 petrol. Notably, according to statistics of petrol companies, after over four months of deployment, E5 petrol consumption is showing positive signs and has increased significantly against late 2017 and early 2018. In April’s first 15 days alone, Petrolimex’s total petrol sales hit 1.25 million cu.m, including 592,000cu.m of E5. In addition, container fees and transportation for E5 petrol are higher than RON 95, making business more difficult for petrol dealers.
Source:VietNamNet News
May 03, 2018 08:15 UTC
Vietnam's fintech market to reach $7.8 billion by 2020
Vietnam's fintech market to reach $7.8 billion by 2020Fintech, or financial technology, is disrupting Vietnam’s financial services ecosystem. According to the report, the fintech market reached $4.4 billion in 2017 and is estimated to accelerate by $7.8 billion in 2020 due to rising bank penetration. Trends in Vietnam’s fintech spaceAlthough bank penetration in Vietnam is consistently growing, it still trails other Southeast Asian nations in the region. Among the three different fintech product segments, which are digital payment, personal finance, and corporate finance, digital payment leads the fintech service market share at 89%. Challenges including lack of regulatory clarity, capital limitation, management knowledge constraints, and trust issues must be observed in Vietnam’s financial services industry.
Source:VietNamNet News
May 03, 2018 08:15 UTC
Border guards suspended over major illegal logging case
Border guards suspended over major illegal logging caseFour border officials in Dak Lak Province have been suspended after the police raided a huge forest illegal logging site in the Yok Don National Park. Head of the Border Guard Station 747 Senior Lieutenant Colonel Cao Huu TungFour suspended officers are Senior Lieutenant Colonel Cao Huu Tung, head of the Border Guard Station 747, and his subsidiaries including Lieutenant Colonel Bui Khac Hiep, Lieutenant Colonel Pham Cong Khanh and Captain Tran Tien"The case has badly damaged the border guards' credibility," said Colonel Tong Anh Tuan, deputy head of the provincial Border Guard Command. Phuong asked to set up a site near the border guard station to look after the timber. Timber seized at an illegal logging site in Yok Don National Park on April 27On April 27, the police from the Environmental Police Department and the Mobile Police Command raided a major illegal logging site in Yok Don National Park and seized two trucks in Ea T'ling Town. According to the police, the loggers said that the illegal logging site belonged to the Pham Huu Phuong.
Source:VietNamNet News
May 03, 2018 08:15 UTC
High-rise project by Hanoi's West Lake rejected
High-rise project by Hanoi's West Lake rejectedThe authorities of Hanoi have rejected the proposal to build a 36-storey hotel near the West Lake as it exceeds the permitted height in the area. This location was occupied by the Thang Loi Hotel. In 2015, Thang Loi Hotel JSC and Hilton Worldwide Group signed an agreement to renovate and transform Thang Loi Hotel into Hanoi Hilton Westlake. However, in accordance with the ministerial-approved master planning, high-rise buildings are banned around the West Lake. In 2014, the BRG Group acquired a large amount of stake in Thang Loi Hotel but the details of the transaction were not disclosed.
Source:VietNamNet News
May 03, 2018 08:15 UTC
Vietnam makes trade surplus of US$3.39bn
Vietnam makes trade surplus of US$3.39bnViet Nam made a trade surplus of US$3.39 billion in the first four months of 2018, in which foreign direct investment (FDI) sector, including fuel, took the lead with $11.17 billion. They were followed by ASEAN countries, Japan and South Korea, with $7.9 billion, $5.8 billion and $5.8 billion, respectively. The markets having strong growth in seafood export value included the Netherlands (55.7 per cent), China (44.6 per cent) and the United Kingdom (33.8 per cent). They made up of 34.4 per cent, 13.6 per cent and 13.3 per cent of the market share, respectively. China was still the largest export market of Vietnamese cassava, accounting for 88 per cent of the total exports.
Source:VietNamNet News
May 03, 2018 07:52 UTC
Vietnam affirms value of Buddhism on International Day of Vesak
Vietnam affirms value of Buddhism on International Day of VesakAmbassador Nguyen Phuong Nga, Head of Vietnam’s Permanent Mission to the United Nations, praised the values of Buddhism during an event to celebrate the International Day of Vesak held in New York on May 2. She stressed that in today's world where conflicts, inequality and poverty still persist, Lord Buddha’s teachings guide us on the pathway to overcome challenges through kindness and mutual understanding. People are inspired by his teachings to keep up the aspiration and strong determination to achieve equality, sustainable peace and development for all. Talking about the religion’s role in Vietnam, Nga said for more than 2000 years since Buddhism was introduced to Vietnam, Buddhism has always represented a strong force for peace and harmony in the country’s society, making great contributions to the course of national defence, construction and development. “All religions, however diverse, converge in the common aspiration for the development of the whole nation and the betterment of peoples' lives,” she said.
Source:VietNamNet News
May 03, 2018 07:52 UTC