Vietnam is considering imposing a new tax on people who own property worth VND700 million ($30,700) or more. The 0.4 percent tax has been proposed by the Ministry of Finance, which claims it will bring in VND31 trillion ($1.3 billion) per year and help Vietnam “get in line with regulations on property tax rates in other countries.” However, experts have expressed their concerns about the idea. The new tax will be a burden on property owners, who already have to pay land use tax from 10 to 50 percent of their property's value, said Le Hoang Chau, chairman of the HCMC Real Estate Association. It will also inflate house prices and have a negative impact on the market, Chau added. In Ho Chi Minh City alone, 95 percent of properties are worth VND700 million or more, so the majority of homeowners will be hit by the tax, said Tran Khanh Quang, CEO of Viet An Hoa Real Estate Investment JSC. "When unexpected moves like this hit the market, negative reactions can occur. However, … [Read more...] about Proposed new property tax raises eyebrows in Vietnam
Despite the fact that the construction of Metro Line No.2 connecting South Thang Long and Tran Hung Dao has been delayed for ten years now, the Hanoi People’s Committee proposed the government to add VND16.1 trillion ($701.78 million) to the project, increasing its total investment capital to VND35.7 trillion ($1.56 billion). Metro Line No.2 has been delayed for 10 years (Illustration image) Approved in November 2008, the project is invested by Hanoi Metropolitan Railway Management Board (MRB) with the total investment capital of VND19.55 trillion ($857.5 million) by the Japan International Cooperation Agency (JICA). Under the approved plan, the metro line will be 11.5 kilometre long, nearly 9km of which will run underground and 2.6km above the surface. It consists of a 17.5-hectare depot in Xuan Dinh ward, North Tu Liem district, and ten stations, including three elevated and seven underground. The project was expected to come into operation in 2017, however, the … [Read more...] about Long delayed Metro Line No.2 may be added $701.78 million?
Ho Chi Minh City will organise a bidding this year to select investors to develop Metro Line No.5–phase II under the public-private partnerships (PPP) model. Illustration image Accordingly, the investors will conduct a survey and build the construction plan for Metro Line No.5–phase II. Previously, the city issued plans to organise the bidding in March this year, which failed as the authorities had not approved the project’s feasibility report yet. Ho Chi Minh City plans to build a total of eight metro lines, one tramway line, and two monorail lines, but currently only Metro Line No.1 between Ben Thanh and Suoi Tien is under construction and is scheduled for completion in 2020. In January 2018, during a working session with the Ho Chi Minh People’s Committee, Jose Kaiser Moreiras, general director for International Trade and Investment Department under the Spanish Ministry of Economy, Industry and Competitiveness (MEIC), pledged to provide … [Read more...] about Ho Chi Minh City to organise bid for Metro Line No.5 phase II
Dung Quat Economic Zone will develop specialised lines at ports to serve container ships due to a high demand on transporting goods containers. This was announced by the management board of Dung Quat Economic Zone. At present, seaports in the economic zone do not have lines serving container ships, creating pressure on the management of the zone. Investors have also proposed ports for container ships to reduce transportation costs for investment projects in Dung Quat Economic Zone as well as industrial parks in Quang Ngai Province. Now, containers of export goods must be transported to Da Nang or some neighbouring seaports in the central region. Dam Minh Le, deputy director of the management board of Dung Quat Economic Zone and industrial zones in Quang Ngai Province, said Hoa Phat Dung Quat Iron and Steel Complex and a number of other projects were strongly developed. Moreover, the volume of goods at the Viet Nam-Singapore Industrial Park has increased rapidly, while a … [Read more...] about Dung Quat to develop container lines at seaports
Preparations are on track to restart the process of selecting contractors for a key bidding package of Hanoi’s Metro Line 1. The perspective of Ngoc Hoi complex belonging to Hanoi's Metro Line 1 The Ministry of Transport has reportedly agreed with a recent proposal from Hanoi Metropolitan Railway Management Board (MRB) on restarting the process of selecting contractors for tender package HURC1-101 which involves preparing space and weak foundation treatment for Ngoc Hoi complex belonging to the first phase of Hanoi Metro Line 1. According to Deputy Minister of Transport Nguyen Ngoc Dong, MRB is required to send a report about the case to the project donor—Japan International Cooperation Agency (JICA)—to reach a consensus about annulling the previous short-listing results in 2013 and host another short-listing in compliance with Japanese donor regulations and Vietnamese laws. The first phase of Metro Line 1 has just been divided by MoT into two separate … [Read more...] about Major bidding package of Hanoi Metro Line 1 to be restarted