Accumulated fiscal imbalances remain a cause of concern for the Vietnamese economy, according to the biannual Taking Stock report released today by the World Bank in Vietnam. Vietnam’s fiscal deficit is estimated to have widened to about 6.4 per cent of GDP in 2015. As a result, Vietnam’s total outstanding public debt was estimated at 62.2 per cent of GDP, inching quickly towards the ceiling of 65 per cent of GDP. The latest estimate of the Ministry of Finance (MoF) shows that actual budget revenues exceed the initial revenue target by 9.4 per cent in 2015. Despite this overall strong revenue performance, collections from major taxes, namely value-added tax (VAT) and corporate income tax (CIT, excluding oil) underperformed. Weak collection of domestic tax was partially offset by non-tax revenues. However, some of the increase in non-tax revenues was based on one-off effects. For example, proceeds from sales of state assets and collection of land-use rights was 75 per … [Read more...] about WB advises Vietnam government to act against growing state budget deficit
Vietnam government today
Vietnam government bonds, dong little changed before debt sales
Vietnam's government bonds and the dong were little changed on Thursday ahead of new debt offerings. The State Treasury plans to sell a total of VND4 trillion ($192 million) of two-, three- and five-year notes today, according to the Hanoi Stock Exchange. State-owned Vietnam Bank for Social Policies will auction VND1.3 trillion of two-, three-, and five-year securities, the exchange's website shows. … [Read more...] about Vietnam government bonds, dong little changed before debt sales
Vietnam government aims more reforms to improve business competitiveness
The Vietnamese government has made some achievements in reforming administrative procedures in order to improve the business environment, but there remains a lot to do. Minister of Planning and Investment Bui Quang Vinh made the above remark during the opening speech at the Annual Vietnam Business Forum 2015 themed Enhancing Enterprise Competitiveness for Global Integration held today. "In the 2016-2020 period, Vietnam is going to continue carrying out institutional reforms as well as restructuring the economy in order to increase competitiveness," he said. According to Victoria Kwakwa, World Bank’s country director for Vietnam, 2015 saw remarkable achievements by Vietnam. "We are especially pleased with the commitments in Resolution 19," she said. Still, "it requires great effort from Vietnam to modernise the soft infrastructure such as education and administrative procedures as well as hard infrastructure such as energy and transport," she added. Kwakwa said the World Bank … [Read more...] about Vietnam government aims more reforms to improve business competitiveness
Vietnam government should act over US catfish ban; lawyer
In an interview with Thanh Nien about the three US southern states' ban on basa catfish imported from Vietnam, a reputable lawyer has said the Vietnamese government needs to act to solve the problem. Since mid-August, basa catfish imported from Vietnam has been banned in Louisiana, Mississippi and Alabama - three of the top catfish producers in the US, on suspicion that some shipment of the fish might contain a banned antibiotic. Mr. Le Cong Dinh … [Read more...] about Vietnam government should act over US catfish ban; lawyer
Honda in talks with Vietnam government over back taxes claims
Honda Motor Co., Japan's third- largest carmaker, is in talks with the Vietnamese government over claims that its local unit owes "back taxes" from importing parts to the country. The company's unit in Vietnam was contacted by tax authorities there about the claim, Honda spokesman Tomohiro Okada said by phone Tuesday. … [Read more...] about Honda in talks with Vietnam government over back taxes claims