Fdi projects

A corner of Hai Phong (Photo: haiphong.gov.vn) Hai Phong (VNA) – The northern port city of Hai Phong continued ranking among the top localities in attracting foreign direct investment (FDI) in the first quarter of 2023. As of March 22, the city had lured 385.08 million USD in FDI, equal to 78.89% of the figure in the same period last year, and 17.91% of the yearly plan. To date, industrial and economic parks in Hai Phong have attracted 468 FDI projects totaling 23.3 billion USD, and 202 domestic-invested projects with combined capital of 296.59 trillion VND (12.6 billion USD). These figures are the results of continuous efforts and drastic actions by the city’s leaders, as well as relevant sectors and units, particularly the Hai Phong Economic Zone Authority (HEZA). Dialogues with investors and contractors have been held regularly by the authority to help them deal with difficulties and obstacles in production and business activities and to strengthen security and … [Read more...] about Hai Phong ranks among top localities in FDI attraction

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

Vietnam has benefited from the trade tensions between the United States 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 per cent between 2018 and 2021. Steven Cranwell, CEO and Regional Head, Client Coverage, Americas It is, however, important to note that Vietnam was an alternative to China for general manufacturing in Asia long before the pandemic, and its long-term prospects remain bright. Despite the uncertainty of global economic conditions, many remain confident in Vietnam’s outlook. The country’s business-friendly atmosphere, its strategic location as a gateway to other fast-growing markets, the plentiful supply of skilled labour, and the competitive costs and incentives are compelling propositions for companies looking to expand their manufacturing in the region. While Vietnam has yet to host an Apple plant, the country is already home to … [Read more...] about The significance of Vietnam for US businesses and why they should take notice

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