HA NOI (Biz Hub) — A Government agency set up to monitor the quality of State transport works has given approval for a Chinese contractor to build and import the single train needed for the 13.5km elevated railway line between Ha Dong and Dong Da districts for a cost of US$63.2 million. The new line will be the first elevated line in the capital. Known as the Cat Linh – Ha Dong line or Route 3, it is one of eight urban railway routes envisioned in the Ha Noi transport master plan approved by the Prime Minister Nguyen Tan Dung. The quality of construction is being overseen by the Transport Engineering Construction and Quality Management Bureau, which comes under the Ministry for Construction. The bureau approved a plan to buy the train, which is more expensive than another option offered by the Chinese, a train for $51.7 million The plan was approved, based on an appraisal made by the AASC Auditing Co.Ltd on the train's price, the ministry's newspaper Giao Thong … [Read more...] about Contractor approved for elevated train
Government approvals for business
Vietinbank seeks approval for $1b bond issue
Customers make transaction at Vietinbank's Hung Yen branch. Vietinbank plans to issue US$1 billion bond overseas this year to finance its projects. — VNA/VNS Photo Hong Ky HA NOI — Vietinbank's executive board plans to raise up to US$1 billion in an overseas bond issue this year to finance projects and enhance capital for business, the bank has announced on its website. The bond will have a maturity of five to 10 years. The Ha Noi-based bank is considering to offer the bond to Asian and European investor groups (excluding investors in the US) or global investors. The plan will need shareholders' approval at its annual meeting on April 4. Vietinbank (coded CTG on HCM City Stock Exchange) decided an overseas bond issue had the potential to provide a large term loan at competitive interest rates. The lender has sold a 10 per cent stake to the International Finance Corporation (IFC), a financial arm of the World Bank, and plans to sell another 15 per cent stake to Canada's … [Read more...] about Vietinbank seeks approval for $1b bond issue
Enhancing support for business
(VOVworld) - Vietnam's economy in the first two months of this year has seen positive signs. The February Consumer Price Index was low compared to previous years. Bad debts of the banking sector fell from 8% to 6%. In order to achieve the twin government targets of higher growth and lower inflation, ministries and sectors should enhance government measures to help businesses restore production. Although the national economy has improved, businesses face numerous challenges. In the first two months, 8,600 enterprises suspended operation. Functional agencies should enhance management and implementation of support measures for businesses. Minister and Head of the Government Office Vu Duc Dam says: "The resolution on socio-economic management and resolving difficulties for businesses has been concretized into allocation plans earlier than in previous years. The Government has told ministries, sectors, and provinces that in addition to the government measures, they should … [Read more...] about Enhancing support for business
Quang Ninh awaits approval for casino
Quang Ninh awaits approval for casino Tu Hoang - The Saigon Times Daily HANOI - Quang Ninh Province is looking for foreign investors for three multi-billion dollar projects to support fast development of Van Don Economic Zone, with the first project regarding a US$4-billion tourism complex covering 2,000 hectares and comprising a casino. Nguyen Van Doc, chairman of the Quang Ninh People’s Committee, told the Daily that the casino in the complex in Van Don District was among prerequisites to attract investors and tourists to the northern province, which is home to the UNESCO-listed heritage site of Halong Bay. Last January, Prime Minister Nguyen Tan Dung assigned Quang Ninh Province and some ministries to mull policies for the complex including the casino. Doc said the Government was expected to consider the policies in the regular meeting by the end of this month. “We (Quang Ninh Province) receive six million tourists annually, but we still lack entertainment facilities for … [Read more...] about Quang Ninh awaits approval for casino
Tax relief- temporary but effective measure for businesses
(VOVworld) – The National Assembly has just approved a resolution on tax reduction and exemption for businesses. The move is considered a temporary but effective measure in the wake of Vietnam's stagnating economy in the first quarter of this year. The resolution sets out two ways to ease tax burden for business. The first way is that liable corporate tax for this year will be reduced by 30% for small and medium sized enterprises (SMEs) and enterprises classified as A, which belong to economic groups or corporations. Companies that employ a large number of workers for production and processing of agro-forestry-fishery products, garments, textiles and spare parts and construction companies can also enjoy tax reduction. The second way is that value added tax, income tax and corporate tax for this year will be exempt for those renting workers' houses if they maintian the same renting prices as late last year. … [Read more...] about Tax relief- temporary but effective measure for businesses