Vietnam special economic zone

Over the past 35 years of development, the Vietnam Bank for Agriculture and Rural Development, better known as Agribank, always proves its position and role as a leading commercial bank in Vietnam. It has pioneered monetary policies, contributing to stabilizing the macro-economy, curbing inflation and supporting the country’s economic growth. The bank has cemented its key role in developing the agriculture sector and rural areas and offering credit and services to serve the country’s socio-economic development. Agribank was proud to receive the Vietnam National Brand award for the third consecutive year in 2022 and was among the top 10 Vietnamese strong banking and financial brands the same year. The lender has obtained impressive achievements in digital and green transformation and made substantial contributions to community development. Despite the negative impact of the COVID-19 pandemic, Agribank, with its initiative and flexibility, has employed multiple … [Read more...] about Vietnam’s Agribank wins many local prestigious prizes

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

The energy transition in Vietnam is tied to the rapid growth of the economy, urbanisation, and industrialisation. We have seen the strong aspiration of the government to speed up the energy transition while meeting the requirements of economic development and the goal of becoming a high-income country by 2045. Energy transition is more seen as a potential engine for employment, and this trend will likely grow, helping to build support for renewables. John Rockhold, head of the Power and Energy Working Group under the Vietnam Business Forum Fossil energy sources are gradually being replaced by green and clean energy sources, reducing greenhouse gas emissions and combating climate change, while Vietnam is one of the first countries to renew its nationally determined contribution to the United Nations Framework Convention on Climate Change in 2020. The roadmap for the country’s transition process towards green and sustainable development will not only need to ensure … [Read more...] about Displaying readiness for the energy transition in Vietnam

Vietnam is said to have been avoiding the usual recessionary trends across the Asian markets and is showing better-than-average growth. (Photo: VNA) New Delhi (VNA) – An Indian expert has highly valued Vietnam’s post-pandemic recovery in an article recently published on Moderndiplomacy.eu. In the writing, titled “Vietnam’s macroeconomic policy and post COVID recovery”, Prof. Pankaj Jha, Director of the Centre for Security studies at India’s Jindal School of International Affairs, cited the latest IMF reports as saying that Vietnam's real gross domestic product ( GDP ) in 2023 is estimated at 6.2%, and this clearly indicates Vietnam has been avoiding the usual recessionary trends across the Asian markets and is showing better-than-average growth. He noted with an inflation rate of less than 4%, it clearly shows that Vietnam is likely to emerge as a promising economy in Asia. If one looks into the core fundamentals of Vietnam following the COVID-19 pandemic, it … [Read more...] about Vietnam showing better-than-average growth: Indian expert

Renato Darsie (R), Chairman of the Italy - Vietnam Friendship Sub-Association in Veneto , presents the right to use the Vietnamese cultural centre to a representative of Vietnamese students in May 2022. (Photo: VNA) Rome (VNA) – With multiple-year experiences, the Italy - Vietnam friendship sub-associations in regions of the European country can make practical contributions to the friendship and cooperation between the two countries by providing information on Vietnam to Italian people and businesses. So said Renato Darsie, Chairman of the Italy - Vietnam Friendship Sub-Association in the Veneto region, in an interview granted to the Vietnam News Agency. He described the 50th anniversary of the diplomatic relationship (March 23, 1973 - 2023) as an important milestone marking the growing friendship and political, economic, and cultural ties between the two countries. Bilateral relations over the last 50 years are those of solidarity and friendship across the board as … [Read more...] about Friendship sub-associations practically help with Italy – Vietnam ties: insider

We are facing a challenging business environment on a global scale. How do you evaluate the support the ASEAN Business Advisory Council (ASEAN-BAC) has and the wider Vietnamese business community? Arsjad Rasjid, chairman of ASEAN BAC 2023 In our country we have something called Indonesia Incorporated, where the government and the private sector work together. This is very important and, at the ASEAN level, we should have an ASEAN Incorporated, where the governments and the business community work together. This is because there are multiple challenges. For instance, we have 280 million people in ASEAN. If we didn’t have the public and the private sectors working together, we would not have been able to solve issues like carrying out mass vaccinations during the pandemic. If we work together on ASEAN connectivity, on energy for example, we can maintain our security with this synergy. We are a $3.2 trillion economy. However, with more efforts towards ASEAN … [Read more...] about Vietnam can enhance its role further within ASEAN

Participants look at products made from bamboo at the event. (Photo: VNA) Nghe An (VNA) – The sustainable clam and bamboo value chain development in Vietnam (SCBV) project, funded by the European Union ( EU ) and implemented by Oxfam Vietnam in collaboration with Vietnamese partners, has benefited a large number of rural residents and stabilised these production areas in Vietnam, heard a conference in Vinh city of Nghe An on March 23 to review the project. The project covers five provinces of Tra Vinh, Ben Tre, Tien Giang, Thanh Hoa and Nghe An, aiming to contribute to promoting economic development and business efficiency of small-scale firms and processors towards sustainable standards, while strengthening market access and creating favourable policies for inclusive and sustainable development of the clam and bamboo value chain in Vietnam. It also focused on reducing poverty nd inequality in rural areas of Vietnam, assisting clam and bamboo producers and … [Read more...] about EU-funded project promotes sustainable clam, bamboo value chain in Vietnam

The US was the largest export market to Vietnam in 2022 with Vietnamese exports to the former reaching US$100 billion. Vietnam is willing and ready to foster bilateral relations with the US, Ministry of Foreign Affairs’ deputy spokesperson Dang Thu Hang said at a press conference in Hanoi on March 23. Prime Minister meets US corporate executives on March 22 during a meeting with the US-ASEAN Business Council. Photo: VGP "The Vietnamese Government expects to foster our relations with President Joe Biden's administration," Hang replied to a reporter's question about Vietnam's readiness to upgrade the Comprehensive Partnership to a Strategic Partnership with the United States. "We hope the Vietnam-US relations will be strengthened in-depth, sustainability and efficiency for regional and international peace and cooperation," she said. Hang said that the Vietnam-US comprehensive partnership has grown stronger in the face of bilateral, regional, and … [Read more...] about Vietnam ready upgrade US ties on 10th anniversary of comprehensive partnership

In December, the EU officially approved a directive for companies to pay a minimum tax rate of 15 per cent from 2024. Our neighbouring markets such as Malaysia, Singapore, and Hong Kong are heading towards the official application of GMT policy from 2024 or 2025. Thomas McClelland - Country tax leader Deloitte Vietnam Countries with foreign investment in Vietnam, like South Korea and Japan, will implement new tax policies or announce a draft tax reform, moving towards the application of the GMT from the fiscal year 2024. The impact of the policy on Vietnam is clear and urgent, and requires the authorities to take timely action before it is too late. Firstly, to protect tax collection, Vietnam could consider the immediate solution of implementing a qualified domestic minimum top-up tax to gain the right to collect the top-up tax rather than the tax going to another country. This mechanism can simply be understood as a domestic mechanism in which the calculation of … [Read more...] about Vietnam must revisit policies to develop implementation of global minimum tax

Deputy Prime Minister Tran Hong Ha (Photo: VNA) Hanoi (VNA) - Vietnamese Deputy Prime Minister Tran Hong Ha has highlighted the need to establish a social ethical standard in relations and behaviours regarding water resources, especially transboundary water, in accordance with the principles of fairness, equality, rationality, and respect for the rights and interests of other countries in river basins. He made the call when addressing the opening session of the UN 2023 Water Conference in New York on March 22. Sharing concerns about the fact that nearly one-third of the world's population are living in countries with water stress or scarcity, the Deputy PM stressed that the water agenda should be given a prominent position in sustainable development, alongside climate change, socio-economic development and environmental development. He said a global science-based legal framework is needed to orient and coordinate the sustainable exploitation, use, and restoration of … [Read more...] about Vietnam stresses importance of ethical standards in handling water resources