Foreign investors

Da Nang calls for RoK’s investment in ICT A forum to promote investment in information and communications technology (ICT) in the central city of Da Nang from the Republic of Korea (RoK) was held virtually on November 30, bringing together representatives from over 200 enterprises and investors from the two countries. The event aims to introduce potential, advantages, preferential and investment support policies of Da Nang to RoK businesses and investors, especially in ICT, and high technology. Addressing the event, Deputy Minister of Information and Communications Phan Tam said the RoK is the largest foreign investor in Vietnam with over 9,000 valid projects worth over 71.5 billion USD, including nearly 500 investment projects in the ICT field with the presence of the world's leading technology corporations such as Samsung and LG. To welcome more investments from the RoK, the Vietnamese Government has been perfecting models, mechanisms and policies to create breakthrough …

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Vietnam’s foreign trade surged 22.3 per cent year-on-year in the first 11 months of this year to exceed US$599.1 billion, according to the General Statistics Office (GSO). Workers at Eclat Vietnam Textile Co Ltd's factory in Dong Nai Province. The country exported $29.9 billion worth of commodities in November, up 3.6 per cent month-on-month and 18.5 per cent year-on-year. — VNA/VNS Photo Cong Phong The figure reached $59.7 billion in November, up 8.5 per cent month-on-month and 19.7 per cent year-on-year, the GSO announced on November 29. The country exported $29.9 billion worth of commodities in November, up 3.6 per cent month-on-month and 18.5 per cent year-on-year. It raised the 11-month export turnover to close to $299.7 billion, up 17.5 per cent from a year earlier, with the foreign-invested sector (including crude oil) contributing 73.6 per cent of the total, or $220.68 billion, up 20 per cent year-on-year. Thirty-four commodity items earned export revenue of …

[Read more...] about Vietnam’s foreign trade up 22.3 per cent in 11 months

Workers at Eclat Vietnam Textile Co Ltd's facotry in Dong Nai Province. The country exported $29.9 billion worth of commodities in November, up 3.6 per cent month-on-month and 18.5 per cent year-on-year. — VNA/VNS Photo Cong Phong Viet Nam’s foreign trade surged 22.3 per cent year-on-year in the first 11 months of this year to exceed US$599.1 billion, according to the General Statistics Office (GSO). The figure reached $59.7 billion in November, up 8.5 per cent month-on-month and 19.7 per cent year-on-year, the GSO announced on November 29. The country exported $29.9 billion worth of commodities in November, up 3.6 per cent month-on-month and 18.5 per cent year-on-year. It raised the 11-month export turnover to close to $299.7 billion, up 17.5 per cent from a year earlier, with the foreign-invested sector (including crude oil) contributing 73.6 per cent of the total, or $220.68 billion, up 20 per cent year-on-year. Thirty-four commodity items earned export revenue of $1 …

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A group of tourists, including Vietnamese and foreigners, left Ho Chi Minh City’s downtown for its coastal Can Gio District on Sunday in the first waterway tour launched by the city under its tourism recovery plan after months of suspension due to COVID-19. The tour kicked off as the city and Vietnam in general have loosened COVID-19 restrictions and reopened their economies under ‘new normal conditions,’ which refers to the government’s strategy of living safely with the coronavirus. Daily infections have fallen nationwide in the last few weeks while health workers have given almost 73 million vaccine doses since vaccination was rolled out on March 8. The group of 50 travelers, including expats working in the city, departed from Bach Dang Wharf at 8:00 am on the express boat Greenlines DP. They had earlier attended a ceremony held by the city’s Department of Tourism and Vietnamtourist, the tour organizer, to welcome the first visitors to Can Gio by waterway since …

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The article by Grigory Lokshin, an expert from the Center for Vietnam and ASEAN Studies under the Russian Academy of Sciences’ Institute of Far Eastern Studies, said Russia is one of the destinations on the first foreign trip of President Nguyen Xuan Phuc, which reflects the importance of the Russia-Vietnam relationship. It noted that when he was Prime Minister of Vietnam, Phuc also visited Russia in 2019 and the visit had achieved great success with the signing of a series of agreements to promote bilateral cooperation in many fields including economy, trade, security, and defense, it said. The article stressed that collaboration with Vietnam has long been an important orientation in Russia's "pivot to the East" policy and has become increasingly relevant given the current international situation. This orientation is not intended to replace Russia's main partner in Asia, but to diversify Russia's economic and trade relations with the east. According to the article, …

[Read more...] about Vietnam a focus of Russia’s “pivot to the East” policy: expert

Major changes are afoot next year in tax administration The centre, formerly known as the Hanoi Promotion Agency, hosted a training conference regarding Circular No.80/2021/TT-BTC, which governs the execution of certain provisions of the Law on Tax Administration No.38/2019/ QH14 and Decree No.126/2020/ND-CP detailing this law. The circular shall take effect from January 1, with the tax declaration form prescribed in it applicable to tax periods starting from the same date. The conference in late November emphasised some major changes in respect of the tax payment allocation mechanism and principles of tax declaration and tax administration introduced under Circular 80 and Decree 126. It gathered 100 participants, including leaders from several governmental ministries in Hanoi, high-profile speakers, investors, and regional enterprises. According to Circular 80, where taxpayers with centralised accounting have operations and business activities in provinces other than the head …

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Speaking to a Vietnam News Agency correspondent in Moscow on the visit, Yatskin said that the Vietnam-Russia relationship is experiencing a period of strong growth and need to be further reinforced. He noted that the two countries share a special relationship not only in terms of politics but also in the sentiment of people of both sides towards each other, and the elevation of bilateral ties to a comprehensive strategic partnership in 2012 reflected their sound relationship. Yatskin noted that the economic partnership between Vietnam and Russia is expanding impressively, with two-way trade reaching 5.7 billion USD in 2020, up 15 percent year on year despite COVID-19 impacts. This year, the figure is expected to hit 6.5 billion USD. He attributed the results to the efficiency of the free trade agreement between Vietnam and the Eurasian Economic Community (EAEC) that was signed in 2015. At the same time, the two countries have enjoyed sound cooperation in science, with Russian …

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Showing support for the ADB’s opinions raised at the forum, Chairman Hue paid special attention to the bank’s recommendations related to the size of a policy package aiding economic recovery. He agreed with the bank that international cooperation holds great importance to increasing resources for economic recovery. He said the lender has always been an important partner of Vietnam, noting that amid the COVID-19 pandemic that remains complicated around the globe and the coming into being of a new variant, the country will have to carry out an economic stimulus package that is big and long enough to maintain and boost driving forces for growth, overcome difficulties caused by the pandemic, and develop sustainably in the time ahead. The top legislator expressed his hope that the ADB will keep assisting Vietnam in the pandemic combat and economic recovery. He called on the bank to provide Vietnam with capital for investment projects and policy advice on sustainable development, as well …

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ADB Country Director for Vietnam Andrew Jeffries made the promise during his virtual meeting with Chairman of the municipal People’s Committee Phan Van Mai on October 23. ADB is also willing to coordinate with HCM City in the disbursement of capital for joint projects and provision of credit to help recover local businesses affected by COVID-19 through intermediate financial institutions or guaranteed bank loans, he said. Jeffries expressed his belief that HCM City will soon overcome adverse impacts of the pandemic, and spoke highly of the economic development capacity of HCM City and Vietnam as well in the medium and long terms. The next six months will be an important period when businesses, especially small- and medium-sized enterprises (SMEs), and investors should receive support to surpass difficulties caused by COVID-19, he said. For his part, Mai applauded the bank’s support to Vietnam in economic recovery and safe adaptation to the pandemic, highlighting the ADB-funded …

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Illustrative image (Photo: VNA) Hanoi (VNA) - The Ministry of Public Security has officially established an airborne security unit under the Immigration Department, which is responsible for preventing and combating terrorist attacks and unlawful interference to ensure aviation security in Vietnam. After the Government issued Decree No. 922015 on October 13, 2015 on aviation security, the Ministry of Public Security directed the Border Security Department under the General Department of Security (now the Immigration Department ) to build a scheme on airborne security force. The Immigration Department has coordinated with competent ministries and agencies to complete the tasks and reported to the ministry for approval in early 2020. The airborne security force is in charge of preventing and combating terrorism, unlawful interference to ensure flight security of Vietnamese airlines. It would collect, synthesise, analyse, evaluate and forecast the situation related to …

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