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
AmCham grants VND1.5 billion in scholarships to city students
AmCham grants VND1.5 billion in scholarships to city students Kieu Giang By Kieu Giang - The Saigon Times Daily AmCham Vietnam - HCMC Chapter last week handed over scholarships worth VND1.5 billion to 62 beneficiaries of this year’s AmCham Scholarship program. The organizer awarded 45 AmCham Scholarships and 17 Honorable Mentions to 62 applicants who passed the four intensive assessment rounds of the AmCham Scholarship 2014. The prizes include 45 scholarships valued at VND10 million each, 17 scholarships valued at VND4 million each and 180 Foundation in Accountancy scholarships from ACCA Vietnam valued at VND5.5 million each. After 14 years of development, the AmCham Scholarship program has partnered with 11 leading universities in HCMC, including University of Technology, University of Natural Sciences, University of Social Sciences and Humanities, University of Economics and Law, University of Information Technology, International University, Hoa Sen University, Foreign … [Read more...] about AmCham grants VND1.5 billion in scholarships to city students
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