The legislation aims to address long-running grievances from foreign businesses, but the US and European chambers of commerce have voiced concerns that they were not given enough time to give their input. The National People's Congress voted 2,929 in favour of the law -- with eight against and eight abstentions -- barely three months after a first draft was debated, an unusually quick turnaround for the legislature, which meets once a year. The move comes as U.S. and Chinese negotiators have held complex talks aimed at resolving a months-long trade war that has pounded businesses with tariffs on $360 billion in two-way commerce. U.S. President Donald Trump said Thursday the negotiations should wrap up within four weeks, adding: "We are getting what we have to get." China's top trade negotiator, Liu He, held phone talks with U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer, with the official Xinhua news agency saying they made "substantial … [Read more...] about China approves foreign investment law, possible US olive branch
Foreign investment review agency
Rising business costs to upset foreign investment inflow to Vietnam
The Hanoitimes - The government has so far also planned to cut costs for businesses to make the country’s investment environment more attractive. Vietnam needs to curb the rising business cost as soon as possible because it will be hindering foreign investors to pour into the country in the time to come, experts warned. Land lease rate in industrial parks in Vietnam’s big cities has increased According to Vu Tien Loc, chairman of the Vietnam Chamber of Commerce and Industry (VCCI), Vietnam would be less appealing as an investment destination if the rise of business costs is not halted. The country’s business costs are increasing faster than labor productivity, Loc said, adding besides investment costs, administrative expenses are also on an upward trend. In fact, the costs of land, labor and building materials in Vietnam has increased significantly. As for land lease rate, for example, in the Giang Dien Industrial Park in the southern … [Read more...] about Rising business costs to upset foreign investment inflow to Vietnam
Rising business costs to plague foreign investment inflow to Vietnam
The Hanoitimes - The government has so far also planned to cut costs for businesses to make the country’s investment environment more attractive. Vietnam needs to resolve the rising business cost problem as soon as possible because it will be a main cause hindering foreign investors to pour into the country in the time to come, experts warned. Land lease rate in industrial parks in Vietnam’s big cities has increased According to Vu Tien Loc, chairman of the Vietnam Chamber of Commerce and Industry (VCCI), although Vietnam is an attractive destination to foreign investors, the challenge in attracting the foreign investment inflow to Vietnam in the time ahead is the increasing business costs. The country’s business costs are increasing faster than labor productivity, Loc said, adding besides investment costs, administrative expenses are also on an upward trend. In fact, the costs of land, labor and building materials in Vietnam has increased … [Read more...] about Rising business costs to plague foreign investment inflow to Vietnam
Major loss making foreign invested firms to be inspected for tax compliance
The foreign-invested enterprises which have been running large, prolonged losses and large related-party transactions, will be inspected for tax compliance. The General Department of Taxation ordered tax inspections at companies running large losses The General Department of Taxation (GDT) has just sent a document asking provincial and city Departments of Taxation to inspect and supervise groups, corporations, and companies, which reported big losses over the past years. According to the GDT, from the beginning of the year to October 23, tax authorities have conducted 70,102 inspections, reaching 78 per cent of the yearly plan and equalling 97 per cent of the same period last year. The resulting tax arrears detected by the amounted to VND12.84 trillion ($558.2 million). According to tienphong.vn, based on the list of businesses in the 2018 plan of inspection, tax agencies will need to start immediately auditing certain groups, corporations, and businesses. The GDT also … [Read more...] about Major loss making foreign invested firms to be inspected for tax compliance
White House favors tougher foreign investment oversight
US President Donald Trump on Wednesday (Jun 27) said he supported tougher restrictions on foreign investment in sensitive technology, as well as export controls on those goods, but he stopped short of imposing specific restrictions on China. US President Donald Trump seeks to protect "critical technology". (Photo: AFP/Nicholas Kamm) Following a report that raised "very serious issues" on China's trade and investment practices, Trump decided a plan in Congress to enhance the powers of the so-called Committee on Foreign Investment in the United States (CFIUS) was "the best approach to protect critical technology." In a statement, Trump said that if Congress fails to pass strong enough legislation to protect "the crown jewels of American technology and intellectual property" then he will take further action. After a year-long investigation into China's trade policies, the White House on May 29 said it planned to announce "specific investment restrictions and enhanced export … [Read more...] about White House favors tougher foreign investment oversight