Finance

An employee works at a factory. IFC, a member of the World Bank Group, on February 21 announced it has increased trade finance limits for Vietnamese banks – PHOTO: LE HOANG HCMC - IFC, a member of the World Bank Group, on February 21 announced it has increased trade finance limits for Vietnamese banks as a rapid response initiative to address, in advance, potential trade finance challenges triggered by the outbreak of the novel coronavirus, known as Covid-19. … [Read more...] about IFC boosts trade finance for Vietnamese businesses amid Covid-19 outbreak

Though there are challenges, it can’t be denied that advantages exist for tech companies and startups to compete against the world. As Mr. Diep said, when building products, the ambition of Vietnamese company founders is not only to serve the domestic market but also regional markets, and there are indeed Vietnamese names competing with foreign rivals. VN Economic Times … [Read more...] about Tech companies looking global

To prevent origin fraud and illegal transshipment, businesses will be subject to tax punishment. Specifically, violators will be subject to retrospective collection of anti-dumping and anti-subsidy taxes. In case of a serious violation, criminal charges may be filed. US customs offices not only look at exporters’ records and documents, they also contact agencies that issue the documents for consignments to check their accuracy. Since actual inspection of entire consignments to the US is not feasible, US customs offices apply a risk management mechanism. … [Read more...] about USAID supports Vietnam in efforts to prevent trade fraud

These effects were more pronounced in production and manufacturing sectors like agriculture, as well as tourism and foreign trade. SMEs, which generally struggle with capital shortages and low manufacturing capacity, will be affected directly by the epidemic in every stage of their operations, from importing materials through production to sales, and will be hard-pressed to whip up the capital necessary to stay liquid or meet their financial obligations. … [Read more...] about BUSINESS NEWS HEADLINES FEB. 22