Customs tariff case ruled in favor of business By Minh Tam - The Saigon Times Daily HCMC – The Supreme People’s Court in HCMC has announced a local enterprise won a two-year case against the customs over a controversial tariff levy on camera tripods. Phuoc Camera Joint Stock Company filed the case against the Tan Cang unit of the HCMC Department of Customs over a 15% tax slapped on Phuoc Camera’s imported tripods. According to the court decision, the Tan Cang customs is ordered to return the earlier-collected VND140 million to Phuoc Camera. The Tan Cang customs on September 2 and November 2, 2010 issued two separate decisions imposing a 15% tax on the tripods imported by Phuoc Camera as they put the product into the group of uncategorized aluminum goods coded 7616. Meanwhile, Phuoc Camera cited Document 7501 of the General Customs Office as saying the tripods could enjoy a tax exemption, so it listed the tripods in the group of tax-free items. Later, the Tan Cang … [Read more...]

Perenco upstages giants Independent oil and gas company Perenco has snapped up the Vietnam-based assets of ConocoPhillips, beating heavy-duty competitors including PetroVietnam and TNK-BP to the punch. US-backed ConocoPhillips announced that it had reached a billion-dollar plus agreement to offload its assets in Vietnam to Perenco, an oil and gas company with operations in 16 countries across the globe. In its statement, ConocoPhillips said the sale of assets in Vietnam was a part of ConocoPhillips’s ongoing strategy to create shareholder value. The company said that the Vietnam business unit was sold at a total of $1.29 billion plus customary working capital adjustments. However, previously ConocoPhillips expected that those assets would have total valued at up to $1.5 billion. ConocoPhillips will now sell its three wholly-owned subsidiaries that separately hold a 23.25 per cent participating interest in Block 15-1, a 36 per cent participating interest in Block 15-2, and a … [Read more...]

Perenco upstages giants Independent oil and gas company Perenco has snapped up the Vietnam-based assets of ConocoPhillips, beating heavy-duty competitors including PetroVietnam and TNK-BP to the punch. US-backed ConocoPhillips announced that it had reached a billion-dollar plus agreement to offload its assets in Vietnam to Perenco, an oil and gas company with operations in 16 countries across the globe. In its statement, ConocoPhillips said the sale of assets in Vietnam was a part of ConocoPhillips's ongoing strategy to create shareholder value. The company said that the Vietnam business unit was sold at a total of $1.29 billion plus customary working capital adjustments. However, previously ConocoPhillips expected that those assets would have total valued at up to $1.5 billion. ConocoPhillips will now sell its three wholly-owned subsidiaries that separately hold a 23.25 per cent participating interest in Block 15-1, a 36 per cent participating interest in Block 15-2, and a … [Read more...]

Ho Chi Minh City rejects demand for waste imports The Ho Chi Minh City People's Committee yesterday officially rejected a waste treatment company's demand to import 10,000 tons of waste from the US. The city's government has ordered the municipal Department of Natural Resources and Environment not to approve the demand from Vietnam Waste Solution Company (VWS) to import uncategorized waste for a trial operation of its waste separating plant. Early this week, VWS, investor of the Da Phuoc Waste Treatment Complex in Binh Chanh District that receives 3,000 tons of trash every day, had shocked the public by refusing to use the huge amount of garbage discharged to Da Phuoc but insisting on using the imported waste for their separation test. … [Read more...]

Based on the reality and experience of the reform process, as well as the requirements of the new stage, international trends and prospects for our country, the theoretical think tank circle of our country should focus their research on the following key issues: Firstly, creatively applying and developing Marxist-Leninism, HoChiMinh ideology on socialism in the current era in which globalization and international integration are the main stream. Secondly, promoting theoretical studies and review the practice of developing a socialist-oriented market economy, of which importance is given to market factors and types of productivity, business entities and the self-motivated stance of enterprises in the market economy. In addition, promoting various types of markets, building institutions of a market economy in line with requirements of active international economic integration. Thirdly, studying political and social theoretical matters, social policies and management, of which the … [Read more...]

Construction of the Deo Ca project is expected to start in September, 2012 and it is scheduled to complete within four years - Nghiem Sy Minh Deo Ca Investment Joint Stock Company (DCIC) management board chairman Nguyen Chung (vir.com.vn) … [Read more...]

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Prime Minister Phan Van Khai on April 1, the second day of the government's monthly meeting, said that the whole country should concentrate on developing the macro-economy, stabilising prices and foreign exchange rates, promoting investment in infrastructure construction and accelerating exports. He pointed out advantages and disadvantages in socio-economic development in the second quarter of this year, particularly difficulties caused by the war in Iraq. The country needs to mobilise capital from the people and enterprises, disburse official development assistance (ODA) capital and create favourable conditions for foreign entrepreneurs to invest in Vietnam, the government leader stressed. He expressed his satisfaction at the fact that investment capital poured into the country has not been reduced despite impacts of the war in Iraq. Management should be focused on promoting investment in infrastructure construction, Prime Minister Khai said, adding prices of some items saw increases … [Read more...]

Party General Secretary Nong Duc Manh has stressed that the staff of Nhan Dan newspaper, the voice of the Party, State and people of Vietnam, should make greater efforts to promote the role of a pacesetter in the political and ideological front. He said this while visiting Nhan Dan newspaper in Hanoi on March 28. Editor-in-chief Dinh The Huynh reported to Party leader Nong Duc Manh the efforts of Nhan Dan newspaper in implementing political tasks and strengthening working capability. After two years of implementing the resolution of the Ninth Party Congress and under the close leadership of the Politburo and the Party Secretariat, together with the effective co-operation and support from agencies, sectors, organisations and readers, the editorial board and staff of Nhan Dan newspaper have seen significant achievements in improving the quality of different publications and fulfilling the function of a central organ of the Communist Party of Vietnam and the voice of the Party, State and … [Read more...]

To bring about a proactive shift in information dissemination and the movement of studying Ho Chi Minh Minh thought among Party members, the people, and soldiers. The speech of Mr. Nguyen Khoa Diem(1) at the opening ceremony of the Contest for Excellent Reporters and Disseminators of Ho Chi Minh Thought held in Cong Vi Ward, Ba Dinh District, Hanoi. Today, 19 May 2003, is the 113th anniversary of our beloved Uncle Ho's birthday. We are all here to carry out a work of great significance and practicality—to open the Contest for Excellent Reporters and Disseminators of Ho Chi Minh Thought. More importantly, the contest is held in a Party establishment where Uncle Ho lived and worked, and now rests in peace. It helps pave the way for the nationwide Contest of Disseminating Ho Chi Minh Thought. The contest has attracted a vast number of cadres, veteran revolutionaries, students, and youths in the ward. This shows the President's great influence and his close touch with the population; … [Read more...]

In the morning of 14 June 2003, in the Governmental Office, Prime Minister Phan Van Khai received visiting Chinese Foreign Minister Li Zhaoxing and other delegates. Welcoming the Chinese delegation headed by Minister Li Zhaoxing, the Prime Minister stressed: the two countries Vietnam and China have a long-standing friendly relationship which has been developed by President Ho Chi Minh and Chinese leaders. Khai also delightedly praised that the bilateral comprehensive friendly cooperation between the two countries is increasingly intensified and promoted. Over the past time, the two countries have gained some considerable achievements in economic field, especially trade, investment and cooperation. They have made great efforts to take proper measures to maintain the growth of commercial turnover, striving to reach US$5 billion in two-way trade by 2005. The Prime Minister hoped a bilateral trade agreement could be signed soon to provide a legal frame for the expansion of commercial ties … [Read more...]

Dear leaders of the Party, State and Vietnam Fatherland Front, Dear distinguished guests, Dear National Assembly deputies, After a month and a half, in the spirit of intensive work, high sense of responsibility and democracy the third session of the 11th Legislature of the Vietnam National Assembly has come to a close. At this session, the NA discussed and gave more evaluations about the implementation of socio-economic tasks and State budget plan set for 2002; the implementation of socio-economic and State budget plan in early 2003; approved 8 laws; advised on 9 draft laws; guaranteed the rights to inquiry to and the rights to response; discussed and approved the Resolution on exemption and reduction of the tax on the use of agricultural land, the Resolution on the pilot implementation of the organization of management of, providing vocational training and creation of jobs for rehabilitated drug in Ho Chi Minh City and a number of centrally-run cities and provinces. Through … [Read more...]

Nong Duc Manh, General Secretary of the Central Committee of the Communist Party of Vietnam On the occasion of the 113th anniversary of President Ho Chi Minh's birthday, in the morning of 15 May 2003, General Secretary Nong Duc Manh paid a visit to the Ho Chi Minh National Politics Institution. He gave an important speech on promoting research, education and popularization of Ho Chi Minh Thought. Dear comrades, Today, on the occasion of the 113th anniversary of President Ho Chi Minh's birthday (19 May 1890- 19 May 2003), I would like to present here in the Ho Chi Minh National Politics Institution. During this period, the entire Party is implementing the Direction of the Secretariat on "Promoting research, education and popularization of Ho Chi Minh Thought in the new era" to further put into reality the Resolutions of the Party Congress and of the 5th Central Committee (9th Tenure) on ideology and theory. The Institution has been also preparing to sum up over 10 years of researching … [Read more...]

Dr. Dao Duy Quat Deputy Head of the Central Cultural and Ideological Board Member of the Central Theoretical Council Since the 6th Congress of the Communist Party of Viet Nam, the Congress which initiated our national comprehensive renovation, our Party has asserted "Renovation does not mean giving up the goal of socialism which our Party and people have chosen; renovation has nothing to do with transformation, renovation is to find suitable steps, forms and measures for successful building up of socialism. To firmly hold to the socialist orientation constitutes the fundamental principle guiding the cause of renovation. It reflects the consistency in pursuing the goal of combination of national independence with socialism. It is a definite affirmation of our path to socialism, passing over the capitalist development or any other ways round." After 7 years of renovation, the mid-term Party Plenum (7th tenure) asserted important achievements regarding political, socio-economic, security, … [Read more...]

Hanoi 20 June 2003 Letter from the General Secretary Nong Duc Manh of the Communist Party of Vietnam to the Editorial Board of the Website Communist Party of Vietnam On the occasion the new version of the Website Communist Party of Vietnam comes into being, on behalf of the Politburo, I would like to send the Direction Board, the Editorial Board, coordinators and readers of the Website at home and abroad my congratulations and best wishes. The Communist Party of Vietnam always pays attention and highly appreciates the role of mass media, including electronic newspapers, to mobilize the whole nation's aggregate strength in promoting the cause of renovation, industrialization and modernization as well as in building and protecting our fatherland - the Socialist Republic of Vietnam. In the current global rapid development of information and informatics technology, electronic newspaper has increasingly become a prompt and advantageous means of information which should be developed in … [Read more...]

CPV - Plans to make Hai Phong a major marine, industrial and commercial city and an impenetrable national fortress have been confirmed. The avowal was made during a review of a resolution for the city's development until 2010, and the implementation of resolutions carried by the 9th Congress of the Viet Nam Communist Party in mid 2001. The review by the Political Bureau and the Hai Phong Party Committee last Saturday found that Hai Phong should take advantage of its closeness to Ha Noi and its shipping links to the rest of the country and the world to become a key component in the economic development of northern Viet Nam. The provision of services, education and health care as well as the development of tourism and fisheries will be part of that development. The working session was chaired by Party General Secretary, Nong Duc Manh, and attended by State President Tran Duc Luong, Prime Minister Phan Van Khai and National Assembly Chairman Nguyen Van An, all Party Politburo members. The … [Read more...]

FOREIGNERS will be permitted to buy government bonds if a new decree submitted to government last week is approved. Development Assistance Fund deputy general director Nguyen Van Quang said a recent shortage of capital for investment projects, especially large ones, was a problem. The best way to raise capital was to issue minimum five-year bonds, he said. By permitting foreigners and foreign organisations to purchase bonds, government officials hope the mobilisation of capital will be quicker and the liquidity of government bonds increased. Foreigners and foreign organisations contacted last week by Vietnam Investment Review said they would be interested in investing in government bonds. However, they also expressed caution, and said the government would have to ensure an attractive interest rate plus high liquidity of the bonds by strengthening enforcement of the securities market. According to the draft decree, bond owners would be permitted to use them for sale, gifts, inheritance … [Read more...]

FOREIGN investors are now allowed to hold a maximum 30 per cent of listed shares in the country's fledgling stock market. Signed by Prime Minister Phan Van Khai, analysts said the decision was one of many wide-ranging attempts to boost the ailing stock market since it was launched in July 2000. Foreigners were quick to welcome the move. KPMG senior partner Warrick Cleine said: "Relaxation of foreign investment restrictions in the country's listed shares is most welcome. "There are many successful Vietnamese companies that would benefit from a closer relationship with their foreign partners.  "This will especially benefit those companies that use foreign technology, trade contacts or experience." The need for such a decision was shown when the government recently allowed Sacombank and British-backed Dragon Capital to establish the $500,000 Viet-Fund Management Company. (See related story on P.15). Over the past three years, the country's stock market has attracted 21 equitised … [Read more...]

THE government has issued an ultimatum to the Thai backers of the long-delayed North Thang Long urban complex: put the project back on track by next month, or the investment licence will be scrapped. The $990-million complex - one of Hanoi's biggest foreign-invested property projects - has been stalled since 1998 when project partner Thai Northbridge Communities was hit by the regional financial crisis. Pham Quy Trong, deputy general director of Hanoi Construction Corporation (HCC), the joint venture's local partner, said the government had set August as the final deadline for the mammoth project. "A detailed schedule to develop the project was agreed between the two sides at the latest meeting held last May in Hanoi.  "If by August, this year the project does not show any signs of getting back on track, the Ministry of Planning and Investment will revoke our licence," he said. Vietnam Investment Review understands local partner HCC wishes to maintain its partnership with the … [Read more...]

The State Securities Commission has licensed Vietnam's first fund management joint venture, the Viet-Fund Management Company (VFM).  The $500,000 joint venture will operate the Viet-Fund, which is expected to be the first investment fund set up in Vietnam since the stock market opened in July 2000.  Viet-Fund has yet to be approved by the commission. VFM was granted its licence last week, following Prime Minister Phan Van Khai's approval earlier this month. The State Securities Commission (SSC) is also considering licensing fund management companies under the Phuong Nam Commercial Bank and TVH Corporation. Sacombank chairman Dang Van Thanh said VFM would create a new investment channel to lure idle money from the public, "and will help investors with professional investment management services". Dragon Capital partner John Shrimpton said licensing the first securities fund management firm in Vietnam was a fresh move in developing the country's financial market. "The move … [Read more...]