Businesses in vietnam

Vietnam attracted 2.7 million foreign tourists in the first quarter of this year, representing an on-year rise of 29.7 times. According to the General Statistics Office (GSO), Vietnam welcomed 895,400 foreign arrivals in March, raising the country’s total number of foreign visitors to 2.7 million. However, the figure only accounted for 60 percent of the first quarter of 2019 pre-Covid-19-pandemic. Foreign tourists in Vietnam Vice Chairman of the Vietnam National Administration of Tourism Pham Van Thuy, said the number of foreign travellers to Vietnam was on the rise. The figure would continue sharply increasing as summer nears. Thuy strongly believed that Vietnam would surpass eight million foreign arrivals this year. Between January and March, Vietnam served 140,233 Chinese tourists. The stronger recovery is expected to start from April as more programmes to promote tours to Vietnam would be carried out. In the first three months of this year, 81,000 … [Read more...] about Vietnam sees surge in foreign tourists

The CEO and Regional Head, Client Coverage, Americas, Standard Chartered, shared his view on Vietnam's significance for US businesses and why Vietnam is potential for foreign investors. Vietnam has gone from being a frontier economy in ASEAN to a flourishing, cost-effective industrial nation. Firms and investors looking for new markets to grow, source, or manufacture their products – especially in Asia – should consider Vietnam’s long-term potential and stay updated on its opportunities. Steven Cranwell, CEO and Regional Head, Client Coverage, Americas, Standard Chartered. Photo: Standard Chartered In recent years, Vietnam has benefited from the trade tensions between the US and China. With US companies adopting a ‘China plus one’ approach to their supply chains, the percentage of exports from Vietnam to the US has risen by approximately nine percent between 2018 and 2021. It is, however, important to note that Vietnam has been an alternative to China … [Read more...] about The significance of Vietnam for US businesses and why they should take notice: Standard Chartered

Australian enterprises, participating in the Australia-Vietnam Energy Transition Business Forum held in Hanoi on Tuesday, said they are willing to help Vietnam develop systems and equipment to produce large energy-storage batteries domestically to reduce their prices. At the forum jointly held by the Australian Trade and Investment Commission (Austrade), the Electricity and Renewable Energy Authority under the Ministry of Industry and Trade, and the Vietnam Electricity Group (EVN), the energy transition of the two countries and Australia’s new energy technology and solutions were introduced. The event was among those to celebrate the 50th anniversary of the diplomatic relations between Vietnam and Australia. Building energy storage systems in Vietnam Renewable energy needs large storage equipment which meets safety standards and is eco-friendly. A typical solution in Australia is the energy storage battery. This is a feasible solution to optimize the renewable energy … [Read more...] about Australian firms willing to transfer energy-storage battery tech to Vietnam

The event attracted the participation of representatives from six agencies of the Korean government, members of the National Assembly, 30 leaders of businesses, agencies, research institutes, and universities related to green industry and smart mobility. In his speech on potential for cooperation between Vietnam and RoK and opportunities for green industry development in Vietnam, Dr. Tran Hai Linh, member of the Vietnam Fatherland Front Central Committee and VKBIA’s President briefed participants on the RoK's investment in Vietnam in recent years. He also assessed the potential for cooperation in investment and application of science and technology to green industry in Vietnam as well as potential for cooperation between Vietnamese and Korean agencies, organizations, businesses, and universities, research and development institutes for the development of green industry and supporting industries. VKERC’s President Kim Jong Bae emphasized that the transition to using green, smart, … [Read more...] about Vietnam and RoK foster cooperation in green industry and smart mobility

As foreign direct investment (FDI) business representatives and analysts gathered at an investment forum Wednesday morning, Deputy CEO of Deloitte Vietnam Phan Duc Hoang said that the new global minimum corporate tax was designed to block multinationals from tax avoidance. Starting next year Vietnam is set to apply a 15% tax on profits from multinationals with total revenues of at least EUR750 million ($819 million) in two of the preceding four years. Hoang said if a South Korea-based company that has a factory in Vietnam is paying taxes for less than 15% of its profits, it will be taxed in South Korea to ensure the 15% level is achieved. If South Korea does not also implement the extra tax on the company, other countries that have approved the new global minimum corporate tax, such as Indonesia and Thailand, will have the rights to impose the tax, he added. For this reason, Do Thien Anh Tuan from the4 Fulbright School of Public Policy and Management, forecast that Vietnam will … [Read more...] about Don’t rely on tax incentives for FDI: analysts

In a proposal to the government by the Private Sector Development Committee, port operators say that the current terminal handling charge (THC) in Vietnam is only 40-50% that of other countries in the region. Le Quang Trung, Deputy Chairman of the Vietnam Logistics Association, said that international shipping firms collect from their customers a THC of $140 per 20-foot container, but only pay Vietnamese seaport operators $45-52, or 37% of the total. Cambodian port operators, however, get as much as $90 per container, and operators in Singapore receive $115. According to international norms, 80% of the THC must go to the port operator, and therefore Vietnamese operators should get $80-100 per container instead of $45-52 as current, Trung said. Port operators have therefore proposed that the Ministry of Industry and Trade raise the THC in Vietnam gradually to reach the same level as other regional countries. A 15-20% increase annually for four or five years will bring THC in … [Read more...] about Port operators want container fee raised

At the Japanese-funded NMS Vietnam Co., Ltd. (Photo: VNA) Hanoi (VNA) – Deputy Prime Minister Tran Luu Quang has freshly signed a decision to approve an action plan for implementing the 2021-2030 national foreign investment cooperation strategy. As per the plan, the Ministry of Planning and Investment (MoPI) is assigned to submit to competent authorities a draft revised law on bidding within the 2022-2023 period; and the Ministry of Finance a governmental decree amending and supplementing Decree 08/2015/ND-CP concerning the implementation of the customs law in 2023. The Ministry of Industry and Trade, meanwhile, is responsible for drafting the Prime Minister's Decision on building a supporting industry development programme for 2026-2030, which should be submitted to authorised agencies by 2025. Reports by agencies and localities involved on the implementation of the strategy are set to be sent to the MoPI before October 30 annually. The decade-long strategy aims to … [Read more...] about Action plan approved to implement foreign investment cooperation strategy

A vehicle loaded with Vietnam ese goods goes through  Ma Thu Lang Border Gate to enter China .(Photo: VNA) Hanoi (VNS/VNA) - The Ministry of Industry and Trade (MoIT) is seeking public comments on a legal draft amending Decree No. 14 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 efforts 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 … [Read more...] about Ministry proposes draft on cross-border trade

Trade Counselor Le Phu Cuong at the Vietnamese Embassy in Malaysia . (Photo: VNA) Kuala Lumpur (VNA) – The Vietnamese and Malaysian economies are of a similar size and complement each other, Trade Counselor Le Phu Cuong at the Vietnamese Embassy in Malaysia has said. In an interview with a Vietnam News Agency correspondent based in Kuala Lumpur on the occasion of the 50th anniversary of the countries’ diplomatic relations (March 30, 1973 - March 30, 2023), Cuong said Vietnam boasts advantages in terms of labour and development potential, while Malaysia's are in capital and deep integration into the world economy. Malaysia’s market is not too large in size but diverse in segment and , with its consumers’ characteristics generally similar to Vietnam, he said, adding that its Halal requirements are the biggest difference to note. According to the official, the two countries’ trade and investment relations have developed for a long time since Vietnam integrated into … [Read more...] about Vietnamese, Malaysian economies boast similarities, complementations: trade counselor

A view of Noi Bai International Airport in Hanoi. (Photo chinhphu.vn) Hanoi (VNS/VNA) - The Civil Aviation Administration of Vietnam (CAAV) has just released Directive 1480 on enhancing smuggling and commercial fraud prevention among aviation employees. The directive highlighted the case of four airline staff who were caught allegedly transporting drugs that caused wide public attention recently. These allegations, according to CAAV, have damaged the image and reputation of the national airline, as well as posing potential threats to aviation safety and security. The case also showed how the previous directive on smuggling prevention had not been taken effectively by airlines . Through the directive, CAAV commanded related units, businesses and individuals to take responsibility and discipline if needed those who don't follow the directive. The authority also asked aviation enterprises to actively strengthen internal security control for aviation … [Read more...] about Leaders of aviation firms to be disciplined if employees committed wrongdoings