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The company's Canadian unit is working with the government to "identify opportunities for industrial facility permitting reforms", the amended filing from July 18 said. Tesla as well as the office of Ontario's minister for economic development, job creation and trade did not immediately respond to requests for comment. Canadian Industry Minister Francois-Philippe Champagne had said in May there were "very active discussions with a number of players" to develop an EV supply chain in Canada. Tesla has been ramping up production with Chief Executive Elon Musk last week speaking half in jest to shareholders yelling "Canada" - "We've got a lot of Canadas, I'm half Canadian, maybe I should." He said the company "might be able" to announce a new factory later this year and it could ultimately have 10-12 gigafactories. Tesla manufactures vehicles from two factories in the United States and one each in Germany and China. U.S. electric-vehicle makers are also looking to source … [Read more...] about Tesla discloses lobbying effort to set up factory in Canada

Head of the Party Central Committee’s Economic Commission Tran Tuan Anh chaired the meeting and Senior Lieutenant General Pham Hoai Nam, Deputy Minister of National Defense, attended the event. Speaking at the meeting, Chairman cum General Director of the Viettel Group Senior Colonel Tao Duc Thang briefed the delegation on Viettel production and business situation, especially difficulties and shortcomings that the group is facing. Meanwhile, Gen. Thang proposed new mechanisms and policies on high-tech development, digital transformation, and foreign investment, and then the project’s steering committee would implement effective and appropriate policies on modernization and industrialization in the time to come. For his part, Mr. Tran Tuan Anh spoke highly of the remarkable achievements gained by Viettel over the past years. According to him, Viettel is the first enterprise to work with the Central Steering Committee for developing the project. It has shown the important role of … [Read more...] about Central Economic Commission works with Viettel

Hanoi - Vietnam’s GDP growth is forecast to expand 7.5 percent in 2022 and 6.7 percent in 2023, with resilient manufacturing and a robust rebound in services serving as the driving forces for economic recovery. At the press conference to release the report. (Photo: WB Vietnam) According to the latest economic update by World Bank (WB) for Vietnam, the country’s economy expanded 5.2 percent in Q4 of 2021, and respectively 5.1 percent and 7.7 percent in Q1 and Q2 of 2022. Inflation is projected to average 3.8 percent over the year. Carolyn Turk, WB Country Director for Vietnam, said that the bi-annual report “lays out a set of policy recommendations that could help mitigate the impact of these risks and make the economy more resilient going forward.” Titled “Taking Stock: Educate to Grow”, this edition underlines transforming the higher education system as the key to boosting the country’s productivity and achieving its development goals, in the context where the … [Read more...] about Vietnam’s economic growth forecast at 7.5 pc in 2022: World Bank

Illustrative photo However, the current regulations on family deduction of the Personal Income Tax Law 2009, which was amended in 2012 and supplemented in 2014, are not suitable for the current socio-economic situation and growth rate. Inadequacies in taxation Personal Income Tax (PIT) is one of two taxes that make the largest contribution to the annual state budget revenue with VND 110,000 bln, accounting for 10 percent of the total balance of the state budget in 2021. This is just after the two pillar taxes of the economy, which are Corporate Income Tax (CIT) and Value-Added Tax (VAT). Although wage earners account for 50 percent of the labor force and contribute up to 70 percent of revenue, tax policy for them has been slow to adjust after more than ten years of applying the PIT Law. This is currently very inadequate. The current income of the cadres, civil servants, and public employees' working salary plus additional incomes have all exceeded the threshold of … [Read more...] about Tax Law in Vietnam inconsistent with income

Vietnam’s hardwood plywood exports to the US increased from 112.3 million USD in 2018 to 356.7 million USD last year. (Photo: VNA) Hanoi (VNA) - The US Department of Commerce (DOC) has announced the extension of the deadline for issuing its final conclusion on a trade remedy duty evasion investigation into hardwood plywood imported from Vietnam, according to the Ministry of Industry and Trade (MoIT). Accordingly, the DOC plans to issue the conclusion on October 17. Currently, the US is applying an anti-dumping duty of 183.36% and an anti-subsidy tax of 22.98% to 194.9% on the product from China. US customs said Vietnam’s hardwood plywood exports to the US increased from 112.3 million USD in 2018 to 226.4 million USD in 2019, 248.5 million USD in 2020 and 356.7 million USD last year. The export turnover expanded by 57.6% in 2021 as compared to the year before the initiation of the investigation. According to the DOC ’s preliminary conclusions, plywood from … [Read more...] about US extends duty evasion investigation into plywood from Vietnam

A worker talking to an investor at MB Securities' office. — Photo courtesy of MBS Despite poor business results in the second quarter, many securities stocks have rebounded sharply after hitting the bottom on June 20-21. Accordingly, Viet Dragon Securities JSC (VDS)'s shares gained 84.7 per cent from VND7,200 a share to VND13,300, while shares of Saigon - Hanoi Securities JSC(SHS) also increased by 65 per cent from VND8,904 to VND14,700. Shares of MB Securities JSC (MBS) jumped 61.3 per cent. Leading securities stocks like SSI Securities Corporation (SSI), Ho Chi Minh City Securities Corporation (HCM) and VNDirect Securities Corporation (VND) to small stocks such as Vietnam Industrial & Commercial Securities Corporation (VIG), Hoa Binh Securities JSC (HBS), and Agribank Securities Corporation (AGR) also surged 30-50 per cent in the last month and a half. Securities stocks have reported a good recovery as the general stock market picked up significantly from the area of … [Read more...] about Securities firms raise capital on recovery of stock prices

Domestic gasoline prices declined for the fourth consecutive session. They are expected to drop further. — Photo kinhtedothi The Government has just issued a decree stipulating the import tax rate for gasoline products, with a reduction of 10 per cent on organic unleaded gasoline. Decree No. 51/2022/ND-CP amends the preferential “Most Favoured Nation” or “MFN” rates for gasoline products, in which the import tax rate for unleaded petrol (under HS code from 2710.12.21 to 2710.12.29) will be adjusted from 20 per cent to 10 per cent. According to the Ministry of Finance (MoF), compared to other countries, the proportion of tax in the base price of petroleum in Viet Nam is lower. The proportion in many countries was mainly in the range of 40 per cent - 55 per cent for gasoline and 35 per cent - 50 per cent for oil, while it was about 19.39 per cent for E5RON92 gasoline, 21.95 per cent for RON95 gasoline and about 11.05 per cent for diesel in Viet Nam with the environmental … [Read more...] about Gasoline products entitled to 10 per cent discount on preferential import tax