Ministry of finance

The Ministry of Finance (MOF) has developed a draft plan on e-commerce management for imports and exports in the context of an average growth rate of 25-30 percent per annum of the e-commerce sector. Vietnam’s e-commerce is predicted to rank third in Southeast Asia by 2025. It is easy not only for businesses, but for individuals to make trade transactions across borders. One just needs to have bank account and international payment card to buy any product on Amazon or Alibaba at reasonable cost and get delivery in 5-15 days. MOF, while believing that cross-border e-commerce development is inevitable, said the State needs to set regulations to manage the activities. In fact, many regulations related to the issue are in the E-commerce Transaction Law, the Decree No 52 on e-commerce, Decree 72 on internet and information management, Cyber Security Law and Tax Management Law. However, analysts say the laws are not enough. When cross-border e-commerce develops strongly, state … [Read more...] about Finance Ministry to tighten control of cross-border retail activities

The headquarters of the Vietnamese Ministry of Finance. (Source: MoF ) Hanoi (VNS/VNA) - The Vietnamese Ministry of Finance (MoF) has said that Moody's Investors Service’s decision to place Vietnam’s Ba3 rating under review for downgrade due to delayed payments on an obligation of the Vietnamese Government was improper as the Government has never delayed meeting debt repayment obligations. Moody's Investors Service on October 9 placed the Ba3 local and foreign currency issuer and senior unsecured ratings of the Vietnamese Government under review for downgrade, saying the decision was driven by institutional deficiencies that have come to light. In particular, Moody's became aware of delayed payments on an obligation by the Government. While the information available so far points to no or minimal losses for creditors, the coordination gaps within the administration that the delayed payments may reflect, point to creditworthiness that may no longer be consistent with a … [Read more...] about Moody’s review of Vietnam’s Ba3 rating improper: ministry

Hanoi (VNS/VNA) - A list of 755 enterprises failing to register to list on the stock market after equitisation will soon be announced. The information was released by Dang Quyet Tien, Director of the Ministry of Finance's Corporate Finance Department, during a meeting held on October 11 in Hanoi. Of the 755 firms, 154 enterprises are newly included in the list. The 747 remaining firms were previously announced in August 2017. Under Decision 51/2014 issued by the Prime Minister, state-owned companies that were equitised after November 1, 2014 would have only 90 days to register with Vietnam Securities Depository (VSD) and State Securities Committee (SSC) for trading. Companies that were equitised before that date would have one year to register for trading. Those found guilty of delays in registering as a public limited company within a year of their initial public offering (IPO), will be fined. However, investors think the fines are only warnings, and want protection of … [Read more...] about Finance ministry to announce over 750 firms delaying listing

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

An artist’s impression of the passenger terminal of the Long Thanh International Airport project in the southern province of Dong Nai. (Photo: Saigon Times) The Ministry of Transport said in its proposal that major airports, such as Singapore’s Changi, Thailand’s Suvarnabhumi, Malaysia’s Kuala Lumpur, South Korea’s Incheon, Hong Kong’s Chek Lap Kok, France’s Charles de Gaulle and Germany’s Frankfurt, have all adopted a similar investment model with a single investor in charge of the investment, management and operations of the airport. The investors in those projects have developed and operated many essential facilities, such as the runway and passenger terminal, as well as utilities such as water supply and communications tools. They have also worked with other investors to build and run the cargo terminal and offer meals for passengers and plane maintenance services. These airports are State-owned enterprises (SOEs) or joint stock … [Read more...] about Ministry suggests three investment plans for Long Thanh airport project