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Hot rolled steel coil of Huu Lien A Chau JSC. The Ministry of Finance scrapped its plan of increasing MFN tax rate to 5 per cent on hot rolled steel coil products. — Photo huulienasia.com.vn The Ministry of Finance has postponed its plan of increasing the most-favoured nation (MFN) tariff on imported hot rolled steel coil (HRC) from zero per cent to 5 per cent after collecting opinions from businesses and experts. In its latest proposal for revision of Decree No 125/2017/ND-CP on export duty schedule, preferential import duty schedule and list of commodities and their flat tax rates, compound tax rates and outside tariff quota rates, the ministry has suggested not increasing the MFN tariff on HRC products. According to the ministry, the previous plan was derived from the concern that the worsening of US-China trade tensions could lead to a massive influx of cheap Chinese steel to the Vietnamese market, negatively affecting local steel manufacturers. Every year, Viet Nam imports … [Read more...] about The Ministry of Finance postpones plan of tax increase on hot rolled steel coil

Viet Nam News HCM CITY – The real estate market in Mũi Né in Phan Thiết City in the south-central province Bình Thuận has been buzzing in recent times with many tourism property and transport projects being developed.   Traders told dantri.com.vn in fact that the situation was abnormal since the property market is often dull soon after the Lunar New Year.   One broker said in the first month of the lunar year, which began in early February, while the HCM City, Hà Nội and Đà Nẵng markets had been quiet, Mũi Né had been red-hot, something that had never happened before.   Coffee shops on Huỳnh Thúc Kháng and Võ Nguyên Giáp streets were always full during weekends, he said.   Brokers said the popular story at recent time in Mũi Né was how to earn money after buying land in the area.   Huỳnh Huy Dũng of HCM City said it took him half … [Read more...] about Mũi Né property market runs red-hot

Companies issue $7.7b worth of bonds in nine months The nine-month value is equal to nearly 80 per cent of the total bond issuance value in 2018. The figure is also lower than the total registered value of nearly VND276.9 trillion (nearly $12 billion), which means nearly VND98 trillion bonds were unsold. In September, 28 companies made 60 issuances with total capital raised of VND19.4 trillion (excluding international bond issues). Most bonds were three-year term with total value of VND13.5 trillion. Interest rates of bonds issued in September ranged between 6 per cent and 11 per cent per annum. Banks were the main player in the bond market with total issuance value of VND14.1 trillion in September, accounting for 72.78 per cent of total market value. Real estate companies followed with VND965 billion (4.97 per cent) and securities firm with VND413 billion (2.13 per cent). Bonds issued by banks also had the lowest interest rate, averaging only 6.71 per cent per year. Some companies … [Read more...] about VIETNAM BUSINESS NEWS OCTOBER 18

Illustrative image (Source: https://www.philstar.com) Hanoi (VNA) - Speculative funds continued to flee the Philippines in September amid a spate of geopolitical issues which affected the flow of hot money globally.foreign portfolio investments yielded a net outflow of 231.71 million USD in September, pushing the net outflow for the nine-month period to 1.33 billion USD, nearly 17 times higher than the 74.67 million USD net outflow recorded in the same period last year. According to the BSP, some of the geopolitical issues affecting the flow of hot money into the country include the ongoing trade tensions between the US and China, attacks on oil facilities in Saudi Arabia that triggered the largest jump in oil prices in decades, further interest rate cuts by the US Federal Reserve and the impeachment inquiry against US President Donald Trump. VNA … [Read more...] about Hot money continues to flow out from Philippines

Vietnam’s wood firms should apply technologies to increase competitiveness Chairman of the Handicrafts and Wood Industry Association of Ho Chi Minh City (HAWA) Nguyen Quoc Khanh said Vietnam’s wood processing firms should apply technologies and take heed to production models to increase competitiveness. Advancement of CNC precision technology plus new technologies such as artificial intelligence, big data, cloud computing, and robots have helped woodworking technologies to make progresses. Vietnam is approaching to be a major furniture supplier in the world in this time when many US importers are shifting China orders to many countries including the Southeast Asian. However, the wood processing industry has faced challenges when more foreign investment capital has poured in the country. From the early this year, forestry industry showed a strong increase in export value from the beginning of the year. Overseas shipment of forestry product exports in first nine month … [Read more...] about VIETNAM BUSINESS NEWS HEADLINES OCTOBER 21