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The contribution of import duty to customs revenue has been declining over the past few years, from 21.85% in 2017 to 17.4% in 2018 and 16.7% in 2019. Vietnam’s tax foregone under commitments to free trade agreements (FTAs) hit VND13 trillion (US$536.83 million) in the first 11 months of 2019, according to Le Manh Hung, deputy head of the Import – Export Tax Department of the General Department of Vietnam Customs (GDVC).  In the first 11 months of 2019, Vietnam imported 110,000 cars, nearly doubling the amount recorded in the same period last year.  The amount of tax forgone under FTA commitments to date is estimated at VND29 trillion (US$1.25 billion), Hung said at a press conference held by the Ministry of Finance (MoF) on December 12. The amount was due to a reduction of import tariffs for goods, Hung explained, saying the contribution of import duty to customs revenue has been declining over the past few years, from 21.85% in 2017 to 17.4% in 2018 and … [Read more...] about Vietnam forgoes US$536.83 million tax under FTA commitments

Illustrative image (Source: UN Thailand) BANGKOK (NNT/VNA) – Labour Minister Adul Sangsingkeo has discussed with a visiting United Nations resident coordinator the migrant workers management, protection, and welfare as well as measures to prevent and suppress human trafficking.  The labor minister welcomed United Nations resident coordinator (UNRC) and United Nations Development Programme (UNDP) representative Deirdre Boyd for her official visit and discussion on the migrant workers issue.  He said he discussed with the UNRC the progress in the amendment to the migrant workers management law which is subject to review, the provision of welfare and protection to the migrant workers, and their access to education and healthcare, as well as the measures against human trafficking.  He reassured the UNRC that his agency has been working to solve labor shortages, illegal employment, and human trafficking, through negotiations with countries of origin to establish a … [Read more...] about Thailand, UN discuss migrant workers issue

Vietnam has become an appealing investment destination for international textile and garment enterprises, as Vietnam’s apparel sector is expected to continue to register strong growth in the coming years. Visitors inspect equipment in the apparel sector at the 2019 Saigon Tex & Saigon Fabric Specifically, more than 1,000 suppliers from 24 countries and territories, including China, France, Germany, Japan, Singapore, the United Kingdom and Thailand, are participating in the 2019 Saigon Tex and Saigon Fabric exhibitions, the two events in the textile and garment industry held concurrently at the Saigon Exhibition and Convention Center in HCMC’s District 7 from April 10 to 13. There are 100 more exhibitors this year, than in 2018. Most of them agreed that Vietnam, a leading exporter of textiles and garments, is a promising market for suppliers of apparel materials and equipment. According to data from the General Statistics Office, Vietnam exported US$7.3 billion worth … [Read more...] about Vietnam’s apparel sector increasingly attractive to foreign investors

A river in Thailand. Illustrative photo (Photo: The Straits Times) Bangkok​ (VNA) – Thailand’s economy saw an increase in external demand but domestic demand was not “sufficiently strong”, according to a minutes of the Bank of Thailand (BoT)’s latest policy meeting. The minutes show that some members of the country’s Monetary Policy Committee (MPC) felt economic growth was still “at the initial stage” and facing structural changes, the minutes said. Household debt remained an issue, particularly for low-income earners while expansion in private consumption needs to be closely monitored after the Thai government’s 2018 supplementary budget is spent. The MPC viewed that it is still necessary to adopt an accommodative monetary policy stance to foster stronger domestic demand. Public investment would remain a key growth driver and was expected to resume growth, the minutes added. The BoT forecast that Thailand’s … [Read more...] about Thailand: Domestic demand not strong enough

Vietnam international Doan Van Hau, who currently plays for SC Heerenveen in the Netherlands’ top-flight league, was honored by the Dutch side in a short ceremony at their home stadium on Friday for winning the 2019 Southeast Asian (SEA) Games gold medal. Hau scored twice in the finale of men’s football at the Games in the Philippines earlier this week to help the junior Golden Dragons defeat Indonesia 3-0 and clinch their first-ever SEA Games gold medal in the category. Upon his return to SC Heerenveen, the club spent a decent amount of time preceding their home game against Willem II paying tribute to the 20-year-old defender for his achievements with the junior national team. Gerry Hamstra, director of football of the Dutch club, gifted Hau a bouquet in the flashes of cameras capturing the moment. At the same time, the big screen at SC Heerenveen’s home stadium of Abe Lenstra Stadion played the goals the Vietnamese scored in the finale. Video of Vietnam's Doan Van … [Read more...] about Vietnam’s Doan Van Hau publicly honored at Dutch club’s stadium for SEA Games gold medal