For the first time, foreign invested enterprises’ revenue and specific contributions to Vietnam’s state budget have been revealed, with the electronics and garment-textile industries being their biggest earners. FIEs contribute billions of dollars to state budget, illustration photo The Department of Corporate Finance (DCF) under the Ministry of Finance last week released a report on foreign-invested enterprises’ (FIEs) business and production for the 2012-2016 period conducted a few months ago. Results showed that FIEs’ contributions to state coffers rose from $3.7 billion in 2012 to $4.94 billion in 2013, $5.5 billion in 2014, $6.26 billion in 2015, and $7.18 billion in 2016 (excluding contributions from crude oil exports). Tran Tu Quynh, Chairman the Bac Ninh People’s Committee, reported that South Korean giant Samsung, with its Samsung Electronics and Samsung Display facilities based in the province, has been contributing the most to the … [Read more...] about FIEs contribute billions of dollars to state budget
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EU loses 5 billion euros due to Russia’s ban on agricultural products
(VOVworld) - The European Union has lost 5 billion euros due to a Russian ban on agricultural products after the EU imposed sanctions on Russia over the Ukraine crisis. According to an announcement by European Commissioner for Agriculture and Rural Development Dacian Ciolos on Wednesday, Russia's food embargo will affect 4.2 per cent of the EU's total exports, with vegetables, fruit, and milk being the hardest hit. The EU has decided to allocate another million euros to help farmers find new partners. … [Read more...] about EU loses 5 billion euros due to Russia’s ban on agricultural products
$7.5 billion power complex to be built in Binh Dinh
A mega power production complex will be built in the central province of Binh Dinh at an estimated cost of US$7.5 billion. A plan to build the center has been finalized by the Power Engineering Consultancy Company No. 4 (PECC 4) under the Electricity of Vietnam (EVN) for submission to the Ministry of Industry and Trade. Accordingly, the 250ha, 5,200MW center in Phu Cat District will cover three power plants that are expected to begin operations between 2016 and 2021. It will help replace large-scale combined gas-turbine power plants in the central and southern regions. … [Read more...] about $7.5 billion power complex to be built in Binh Dinh
Vietnamese spending billions of dollar to study abroad
Vietnamese spend at least US$1-1.5 billion per year to have their children educated abroad, said a representative of the Ministry of Finance, news website VnEconomy reported January 1. Nguyen Truong Giang, deputy head of the Ministry's department of financial administration and career, said the minimum cost for a student who studies abroad is around $10,000-$15,000 a year. Statistics of the Ministry of Education and Training showed that 98,536 Vietnamese studied aboard during the 2010-2011 academic year. This figure rose by 7 percent to 106,104 students for 2011-2012, said Giang. If the education quality of Vietnam is of the same quality of other countries within Asia, the number of Vietnamese students studying there, currently 33 percent of the overseas students, will significantly decrease, he added. At the moment, Vietnam only has a few international universities, including the RMIT (Royal Melbourne Institute of Technology) Vietnam and the British University of … [Read more...] about Vietnamese spending billions of dollar to study abroad
AIA says IPO raised 20.5 billion US dollars
HONG KONG (AFP) - The Asian unit of troubled US insurer AIG has raised 20.5 billion US dollars in a Hong Kong share sale that was the world's third-biggest initial public offering, a spokeswoman said Tuesday. Some of the cash from AIA's huge IPO, the world's third biggest, will go towards helping its parent pay off a 182 billion dollar bailout it received from the US taxpayer at the height of the global financial crisis. AIG said Monday it had also raised 16.2 billion dollars by selling unit American Life Insurance Company (ALICO) to MetLife Inc. The repayment of the huge sums handed out to troubled US companies is a priority for the embattled Obama administration, which is facing voter anger at mid-term elections Tuesday in the United States. AIG was forced to look at floating AIA in Hong Kong after the collapse in June of a proposed 35.5-billion US dollar sale to British insurer Prudential. AIA raised 17.8 billion dollars in the sale last month but said at the time the IPO could top … [Read more...] about AIA says IPO raised 20.5 billion US dollars