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In order to better combat trade fraud activities in the future, the Ministry of Finance is requesting related agencies to soon issue specific criteria for domestically-produced goods. Under Prime Minister Nguyen Xuan Phuc’s instruction in Directive No.824 on tightening state administration against trade frauds, the General Department of Vietnam Customs (GDVC) has been working on perfecting the legal framework and identifying offenses in trading activities. The Ministry of Finance is requesting related agencies to soon issue specific criteria for domestically-produced goods. Photo: Hoai Nam. In terms of legislation, the GDVC has issued specific instructions for provincial customs in dealing with act of trade and origin frauds, illegal transshipment as well as violations of intellectual property rights. Additionally, the GDVC has given priority to training customs staff to ensure greater efficiency in determining cases of frauds in trade. Meanwhile, the … [Read more...] about Vietnam customs steps up fight against origin frauds in trade

MoMo is the only Vietnamese representative in the list of Top 10 Global Platforms 2023. (Photo courtesy of MoMo) HCM City (VNA) - MoMo, Vietnam’s leading super app, has been named among the Top 10 Global Platforms by TABInsights, the research arm of The Asian Banker magazine. MoMo also won the award for “Best Platform for Financial Services in Vietnam” at the Excellence in Retail Financial Services Awards from The Asian Banker on March 16. The only Vietnamese representative in the list of Top 10 Global Platforms 2023 ranks seventh in the list that includes behemoths like Alipay, Apple Pay and Paypal. TABInsights assessed the leading 20 global platforms and ranked them based on a six-dimensional balanced scorecard covering capabilities across six key dimensions: customer, coverage and service scope, usage and engagement, financial performance, strategy, and leadership. “The best platform demonstrates exceptional efforts to bring together a wide variety of integrated … [Read more...] about MoMo among Top 10 global financial service platforms

VinFast's VF9 model. — Photo courtesy of the company Vietnamese car manufacturer VinFast celebrated the delivery of the first 27 VF 9 all-electric SUVs to its customers in Ha Noi, Da Nang and HCM City on March 27th. This came a year after the VF 9 model was first introduced to the public and is a testament to VinFast's expertise and speed in developing and delivering vehicles. The all-electric VF 9 SUV boasts a range of premium features, including a panoramic glass roof (Plus version), integrated massage function with heated and ventilated front seats (Plus version), a 15.6-inch central infotainment screen, an 8-inch infotainment screen for the second row (Plus version), windshield HUD, and auto-dimming outside rearview mirrors (Plus version). The VF 9 is also equipped with level 2 ADAS and Smart Services and has a maximum power of up to 300kW (402 hp) with a maximum torque of 620Nm, providing a powerful and exhilarating performance. The 92kWh battery pack has a range of up … [Read more...] about VinFast delivers first VF 9 vehicles to domestic customers

The resolution is a necessary move to ensure sustainable development of Vietnam’s exports and lawful rights of local compliant traders. The Vietnamese government on December 31, 2019 issued Resolution No.119/NQ-CP with an aim to address rampant cases of origin fraud and illegal transshipment, in a move to show its determination to ensure fair trade with major partners. Illustrative photo. The resolution is a necessary move to ensure sustainable development of Vietnam’s exports and lawful rights of local compliant traders, particularly with the enactment of new free trade agreements such as the Comprehensive Progressive Trans – Pacific Partnership (CPTPP) and the EU – Vietnam Free Trade Agreement (EVFTA) in the context of the ongoing US – China trade war, the Ministry of Industry and Trade (MoIT) said in a statement on its portal. Additionally, the resolution is expected to attract foreign investment in hi-tech projects with greater added value, helping local … [Read more...] about Vietnam government vows to combat origin fraud

In 2022, two-way trade between Yunnan (China) and the bordering provinces of Vietnam is expected to reach US$3.25 billion. The provincial authorities of Vietnam's Lao Cai and China's Yunnan agreed on March 28 to take necessary measures to lift their comprehensive ties, especially trade. A truck that links Lao Cai and Yunnan Province passes the Kim Thanh II International Border Gate. Photo: The Hanoi Times "The comprehensive partnership between Lao Cai and Yunnan has improved tremendously in recent years, but it has not reached its full potential," said Hoang Quoc Khanh, permanent vice chairman of the Lao Cai Provincial People's Committee. Khanh suggested that Yunnan authorities further relax regulations and facilitate cross-border trade and travel between the two nations to improve bilateral relations. The Lao Cai official said Chinese authorities should restore trade and travel activities to pre-pandemic levels. He also urged the Chinese government to … [Read more...] about Lao Cai and Yunnan provinces agree to strengthen bilateral ties

In 2019, the authorities were able to handle major cases of smuggling and selling of counterfeit products, a fact that was not possible in the past. The Vietnam Directorate of Market Surveillance under the Ministry of Industry and Trade (MoIT) identified 90,000 cases of trade fraud and smuggling, and issued nearly VND670 billion (US$28.96 million) in fines in 2019, up 7,700 cases and VND180 billion (US$7.78 million) in fines year-on-year, the governmental portal reported. Overview of the meeting. Source: Vietnam Directorate of Market Surveillance. During the year, the agency collected nearly VND500 billion (US$21.61 million) for the state budget, confiscated goods and products worth over VND170 billion (US$7.34 million) and destroyed smuggled and faked goods worth over VND120 billion (US$5.18 million). Tran Huu Linh, director general of the Vietnam Directorate of Market Surveillance, said at a meeting on January 13, that in 2019, the authorities were able to … [Read more...] about Vietnam authority identifies 90,000 cases of trade fraud in 2019

Although Vietnam reopened its door to international tourists over a year ago, small and medium lodging facilities in Ho Chi Minh City are still struggling to recover due to the small number of international visitors. Their largest source market is China while the number of guests from the northern neighbor remains modest, forcing many hotels to use their facilities for other purposes or stop leasing spaces. Shutdown, falling room occupancy In District 1, many hotels which used to be crowded with foreign travelers are now empty or have been replaced by other businesses. On Ly Tu Trong Street, a spacious hotel is being repurposed. The hotel is in a prime site, near Ben Thanh Market, Nguyen Hue Pedestrian Street, and Le Loi Boulevard, once favored by international tourists. Many 'House for Lease' signboards can also be seen along Bui Vien Walking Street and De Tham Street with many of them being hung in front of small, one- and two-star hotels. The director of a chain of … [Read more...] about Ho Chi Minh City hotels waiting for int’l guests

A VF 8 model of VinFast. The company has officially announced the opening of its VinFast store in Rennes. — Photo courtesy of the company VinFast, the Vietnamese automaker, has opened its latest store in Rennes, marking its foray into the western region of France. This move is part of VinFast's expansion strategy into European markets, with its next stores expected to be launched in Montpellier, Aix-En-Provence, and other major French cities. The VinFast store in Rennes, located in a prime location alongside other auto brands, aims to increase the company's brand presence and attract potential customers. The store will feature products and in-car smart features, with personalised services provided by knowledgeable product experts. VinFast seeks to build strong connections and trust with French customers through its retail and service network. The modern and elegantly designed VinFast store in Rennes draws inspiration from the natural wonders of Viet Nam. Customers can … [Read more...] about VinFast celebrates expansion into western France

The fact that Asanzo only assembled products with components made by other companies but then labeled them as “Made-in Vietnam” is not an offense. The lack of specific criteria for “Made-in-Vietnam” products as well as for products assembled and then sold domestically means electronic firm Asanzo has not committed trade fraud, according to the conclusion the Anti-corruption, Economic crimes and Smuggling Department, aka C03, under the Ministry of Public Security. Electronic firm Asanzo is concluded not to commit trade fraud. As a result, the fact that Asanzo only assembled products with components made by other companies but then labeled them as “Made-in Vietnam”, “Manufactured in Vietnam”, or “Origin from Vietnam”, is not an offense, said C03. C03 requested the General Department of Vietnam Customs to check components and parts imported by Asanzo after they had been cleared by the customs authorities to ensure the firm’s compliance with laws on … [Read more...] about Vietnam electronic firm Asanzo not committed trade fraud

A vehicle loaded with Vietnamese goods goes through the Ma Thu Lang Border Gate to enter China. — VNA/VNS Photo The Ministry of Industry and Trade (MOIT) is seeking public comments on a legal draft amending Decree No14 on cross-border commercial activities. The draft aims to plug some loopholes that have been exploited by traders to disguise their commercial activities as cross-border individual transactions (CITs). It is also part of the government's effort to promote the movement of goods via official channels, putting an end to trade bottlenecks at border gates. The draft stipulates that traders who engage in commercial activities at auxiliary border gates or border crossing points must do so at the gates or points approved by provincial authorities. The traders and their companies are also required to carry a valid passport or equivalent papers while doing the trade. Vehicle drivers, in addition to the papers, are required to have a valid driving licence as well. … [Read more...] about Ministry of Industry and Trade proposes draft on cross-border trade