Southern bao ngoc investment

A man was killed after his car exploded in Vietnam’s southern province of Binh Phuoc on Friday morning. The victim was identified as Dang Ngoc Phuong, 50, residing in Binh Thanh District, Ho Chi Minh City. Preliminary information indicated that some local residents living along Nguyen Thi Dinh Street in Tan Phu Ward, Dong Xoai City heard a loud explosion on the street at around 0:10 am They rushed outside and discovered a car was on fire while the driver was found lying immobile in the vehicle. They immediately put out the blaze and attempted to evacuate the driver but failed. Firefighters and rescuers were dispatched to the scene and managed to extinguish the fire in around 10 minutes. The interior of the car was completely destroyed while the driver was found dead inside. Some witnesses said that they saw his car traveling slowly with lowered windows prior to the explosion. The police are investigating the cause of the fatal accident. Like us on Facebook or … [Read more...] about Car explosion kills driver in southern Vietnam

The Ba Ria-Vung Tau People’s Committee has imposed a VND1.3 billion (US$55,330) fine on South Korea-invested Kbec Vina Company for releasing raw sewage in excess of what is currently permitted. In early February of this year, the environmental police division of the provincial Department of Public Security found Kbec Vina, had installed a drainage pipe connecting its sewage tank with the local rainwater drainage system. The sewage from the drainage system flows onto natural streams, turning them yellow and leaving an unpleasant odor. Competent forces collected wastewater samples from the affected streams for inspection, measurement, and analysis, and discovered that their environmental indicators were many times higher than national standards. A corner of Kbec Vina’s waste dump which generates sewage. Photo: D.H. / Tuoi Tre As a result, a fine was levied on the firm, whose legal representative is South Korean national Noh Kyung Hwan, for violating regulations … [Read more...] about South Korean firm fined for discharging untreated sewage in southern Vietnam

Property arm Lotte Land last month said it would cease plans for the Lotte Eco Logis Dong Nai, which was granted an investment certificate only in November 2022. illustration photo/source baodautu.vn In a document dated March 2, Dong Nai Industrial Zones Management Board stated that Lotte Land had sent an official document on cancelling the project in Nhon Trach Industrial Zone VI from February 17. The board requested the investor to liquidate the project and fulfill all obligations related to the operation of the enterprise in accordance with the law. Younggun Ko, a director of Lotte Land, told VIR that various circumstances and investment plans related to this project had been changed, leading to the cancellation. Ko added that the move would not make much of an impact on the business of Lotte Land, and its general business strategy would remain the same. Lotte Mall Hanoi, a $600 million facility, is still expected to open in August and will include a hotel, … [Read more...] about Lotte switches focus after cancellation of warehouse development in Dong Nai

The second annual report on foreign investment in Vietnam for 2022 released earlier in March by the Vietnam’s Association of Foreign Invested Enterprises noted that the United States has decreased corporate income tax from 25 to 21 per cent, while also reforming investment licensing procedures. In addition, the US government is applying higher taxes on imported products to increase the competitiveness of several industrial sectors, such as energy, automobiles, steel, and aluminium. Vietnam may need to come up with new tactics to retain foreign investors, photo Le Toan Besides that, the US is also promoting a “prosperous economic network” that connects allied countries to build supply chains of products such as semiconductors and 5G-related technology. In Europe, some countries such as Germany and Italy have also unveiled policies to limit investment in overseas markets, while France is encouraging its enterprises to expand their operation in high-value sectors, such as … [Read more...] about Gains feasible through large-scale FDI

The number of Cambodian travelers entering Vietnam is on the high rise, with the primary purpose of these visits quickly shifting from medical tourism to vacation tourism. Vietnam currently welcomes over one million Cambodian tourists each year – a figure which has surged since the end of the COVID-19 pandemic. Still, many local travel firms claim the number of Vietnamese companies offering tourism geared toward Cambodian tourists remains limited. Extended stays According to Pham Ngoc Ha, deputy general director of Saco Travel Company, her firm has been facilitating travel for scores of weekend travelers from the Cambodian provinces which border Tay Ninh Province in southern Vietnam. Popular tourism attractions for these visitors were local pagodas and Ba Den Mountain in Tay Ninh. Prior to the COVID-19 pandemic, many of these tours lasted just one day. Now more and more Cambodian tourists are opting for four-day, three-night tours to Ho Chi Minh City and other major … [Read more...] about Vietnam a major destination for Cambodian tourists

The 15% tax on profits, which was approved by 136 countries in 2021, is considered the deepest overhaul of cross-border tax rules in decades. The purpose of the overhaul is to ensure that tech giants such as Apple and Google will not have an unfair advantage by booking their profits in low-tax countries such as Ireland. The tax applies to multinationals with total revenues of at least EUR750 million ($819 million) in two of the preceding four years. This means that a company that invests in a foreign country will have be taxed by that country by at least 15%. Vietnam, along with the United Kingdom, Japan, South Korea, and the E.U. plan to start collecting the tax next year. It is estimated that 100 multinationals will be affected by the tax, which is expected to yield an extra $220 billions in tax income globally. Nguyen Thi Thu Huyen, deputy director of publicity at Canon Vietnam, said that tax incentive is one of the key factors for the company to maintain its large-scale … [Read more...] about New global tax to diminish Vietnam’s FDI attractiveness

A customer examining a vehicle insurance product at Bao Viet Insurance Group’s office. The potential growth of vehicle insurance is high car travel increase. — VNA/VNS Photo Experts have predicted that the health and vehicle insurance sectors will continue to serve as the primary growth drivers for non-life insurance in Viet Nam this year. Data from the Vietnam Insurance Association reveals that non-life insurance and health insurance comprised the largest proportion of the insurance industry's premium revenue last year, accounting for approximately 33.2 per cent, with revenue of VND22.41 trillion. This represented a 24.3 per cent increase from the same period in 2021. In the meantime, vehicle insurance generated a revenue of VND18.1 trillion, comprising 26.8 per cent of the overall market revenue and witnessing an 11.9 per cent growth rate over the same period in 2021. Health and vehicle insurance products are expected to continue to increase this year, especially when the … [Read more...] about Health and vehicles to be main growth drivers for non-life insurers in 2023

Illustrative image (Photo: Bao Viet) Hanoi (VNS/VNA) - Experts have predicted that the health and vehicle insurance sectors will continue to serve as the primary growth drivers for non-life insurance in Vietnam this year. Data from the Vietnam Insurance Association reveals that non-life insurance and health insurance comprised the largest proportion of the insurance industry's premium revenue last year, accounting for approximately 33.2%, with revenue of 22.41 trillion VND. This represented a 24.3% increase from the same period in 2021. In the meantime, vehicle insurance generated a revenue of 18.1 trillion VND, comprising 26.8% of the overall market revenue and witnessing an 11.9% growth rate over the same period in 2021. Health and vehicle insurance products are expected to continue to increase this year, especially when the awareness of people and economic organisations about the role of insurance continues to be improved. Regarding health insurance, the … [Read more...] about Health, vehicles main growth drivers for non-life insurers in 2023

Land law adjustments aim to protect entities as well as the real estate market, photo Le Toan In a seminar to collect opinions from enterprises and experts regarding amendments to the Law on Land held last week in Ho Chi Minh City, Seck Yee Chung, a representative of the Vietnam Business Forum’s Trade and Investment Working Group, said that Article 35.d of the draft law provided that domestic companies only have the right to mortgages with their land and properties attached to the land at credit institutions licensed to operate in Vietnam. “This means that companies in Vietnam cannot mortgage their factory or land through foreign lenders, which creates great challenges for them to access competitive financing resources outside the country,” Chung said at the seminar, which was organised by the International Finance Corporation (IFC) and Ministry of Natural Resources and Environment (MoNRE). “Foreign lenders will look for security assets of Vietnamese companies to secure their … [Read more...] about Land law points further scrutinised

The first wave of bullishness as China began abandoning its zero-Covid policy in December lifted airline stocks and online travel agencies like Trip.com Group Ltd. But with global airlines being slow to add capacity to connect China with the U.S. and Europe and Chinese travelers preferring trips closer to home, a new set of stocks is benefiting. Thailand has re-emerged as a favorite destination for Chinese travelers, and also for investors. "We were active earlier in terms of domestic travel, lodging space and airports, where we've done quite well," said Elaine Tse, portfolio manager at Allspring Global Investments. Tse said the firm has locked in some profits from those bets. "We are optimistic on a rebound in regional and international travel and continue to get exposure through airports and airplane leasing." Shares of airports, such as Airport of Bangkok and Shanghai International Airport have underperformed the big three Chinese airlines Air China, China Eastern and … [Read more...] about China travel rebound bets turn toward airports, away from airlines