Xbid cross border intraday market project

Delegates attended to the factory's groundbreaking ceremony. — Photo baodautu.vn Kurz International Holdings GMBH from Germany held a groundbreaking ceremony to build a thin-film factory at the Becamex Viet Nam-Singapore Industrial Park (VSIP) in the south central province of Binh Dinh on Tuesday. Kurz International is the first European investor to invest in the 1,425-ha park as well as in the south central province. The US$40-million project covers 12,000sq.m. It is the third invested by Kurz International in Asia. The first phase of the project is expected to be operational in the third quarter of 2023, with a total production capacity of 15 million sq.m of hi-tech film and coating products a year. Depending on operations in Viet Nam, the total investment for the project is expected to be up to $100 million in 10-15 years. General Director of KURZ Vietnam Co, Cosima von Salis said the new factory in Binh Dinh Province will help strengthen the influence of KURZ Group in … [Read more...] about Work begins on $40-million thin film project in Binh Dinh

Illustrative photo (Source: VNA) Hanoi (VNA) - The Bank for Investment and Development of Vietnam (BIDV) and the Asian Development Bank (ADB) on May 25 co-organised a workshop to announce a report on Vietnam’s financial market in 2021 and its 2022 outlook. BIDV Senior Executive Vice President Tran Phuong said it is a result of research by a team of ADB and BIDV experts. This is the first time a Vietnamese financial institution has collaborated with ADB to make a comprehensive assessment report on the Vietnamese financial market, covering the fields of banking, securities, and insurance, he noted. Looking back at 2021, the report states that the world economy recovered quite quickly along with a rapid increase in inflation due to the majority of countries reopening socio-economic activities. The global financial market continued its fast recovery given the new normal condition and strengthened confidence. In that context, Vietnam's economy recovered quite … [Read more...] about BIDV, ADB release report on Vietnam’s financial market

Fashion designer Vo Viet Chung (R) and the Vietnam Design Association (VDAS) sign a cooperation agreement on organizing the Fashion Design Voices program. The program includes three projects of a reality TV show of future Vietnamese fashion designers, VietSilk International Fashion Week and Heritage Fashion Design Awards. It aims to inspire young people to promote design skills and the trading of Vietnamese fashion products, connect the fashion community, share a passion for fashion and develop the fashion designing market. Fashion designer Vo Viet Chung hoped that the cooperation will contribute to the building and development of the Vietnamese fashion industry. The program will support local fashion brands to build their business plans, and catch up with the current trends with high applicability to confidently integrate with the region, said Chairman of the VDAS Ho Tan Duong. A seminar on trends and a comprehensive view of the fashion business market 2022 is held at … [Read more...] about Projects promoting Vietnamese fashion, young designers launched

Prime Minister Pham Minh Chinh (right) met with Charles R. Kaye, CEO of Warburg Pincus, VNA Following the visit by Vietnam’s Prime Minister Pham Minh Chinh to the United States last week, a number of American business leaders have expressed their confidence in Vietnam as a compelling story for them to generate alpha. Charles R. Kaye, CEO of private equity firm Warburg Pincus, highlighted interest in Vietnam’s policy of restricting foreign ownership limits (FOL) in banking, set at 30 per cent for private commercial banks and 20 per cent for state-owned banks. The FOL barrier, consequently, could hamper international financing sources flowing to Vietnamese banks. With a diverse portfolio, Warburg Pincus is now a prominent US backer, spending over $2 billion on a range of companies and joint ventures such as Techcombank, MoMo, Vincom Retail, BW Industrial, Lodgis, and The Grand Ho Tram Strip, among others. “There are some significant issues that investors are always interested … [Read more...] about US institutions here to help local leverage

Facebook ads in Việt Nam will be subject to a 5 per cent value-added tax beginning from June 1. — Photo vtv.vn HÀ NỘI — Facebook ads in Việt Nam will be subject to a 5 per cent value added tax (VAT) beginning from June 1. This affects advertisers who have set Việt Nam as their “Sold To” country on their business or personal address. In addition to Việt Nam, starting from April and September, Meta, Facebook's parent company, will also add VAT to advertising costs in Cambodia and Thailand, respectively. Not long ago, Facebook also charged a foreign currency conversion fee of 1-3 per cent for transactions in Vietnamese đồng . Within the framework of Prime Minister Phạm Minh Chính's working visit to the US on May 20, representatives of the Public Policy Department of Meta had a meeting and discussed with the Prime Minister and the Ministry of Planning and Investment. Meta said that it would register, declare and pay foreign … [Read more...] about Facebook ads in Việt Nam to be charged 5% VAT from June 1

Facebook's parent company assures the Vietnamese Government that it will fulfill its tax obligations. Facebook customers will have to pay an additional 5% value-added tax (VAT) when running ads in Vietnam, starting from June 1. The move has just been officially announced on the “Business Help Center” page of Meta - Facebook's parent company after assuring the Vietnamese Government that it will fulfill its tax obligations. “The additional 5% VAT is added whenever you’re charged for your ads, regardless of whether you’re buying Facebook ads for business or personal purposes,” the announcement stated. Meta recommended that customers add a Vietnamese tax code in their payment settings, although it’s not required to start running ads on Facebook. An ad runs on Facebook in Vietnam. Screenshot: Nguyen Ngan “When you have registered for VAT and provided a tax code, the information will be displayed on the customer’s advertising receipt. This can help them get … [Read more...] about Facebook to charge 5% VAT on ad services in Vietnam

Giles Cooper, partner at the Hanoi branch of Allens Vietnam is leading Southeast Asia’s energy transition, but it continues to face challenges including gaps in regulations. What are you looking for in the government’s policies in the coming time? Looking past the transitional projects’ regime to new greenfield development, the key is certainty. Investors and lenders are willing participants and will adapt to what’s in front of them to the maximum extent possible. The sooner it is clear which projects will be approved in principle, how investors will be selected to implement them, and how they will be remunerated, the better. The sector still needs and deserves a supporting and enabling environment. This needn’t be a one-size-fits-all approach. For example, offshore wind has huge potential but is currently almost entirely undeveloped. I would like to see ambitious targets for offshore wind projects by 2030 and approval of a new feed-in tariff (FiT) for offshore wind … [Read more...] about Certainty in policy vital for fortunes of renewables

Some smuggled veterinary drugs seized by authorities. — Photo cand.com.vn HÀ NỘI — The Ministry of Agriculture and Rural Development asked for stronger actions to curb the transport, trade, and use of veterinary vaccines and drugs smuggled into Việt Nam with their origins unidentified. The move was made following recent reports from veterinary agencies and media across the country, particularly those about a vaccine against bird flu that has not been licensed for circulation in Việt Nam. The ministry has requested the Standing Office of the National Steering Committee to Combat Smuggling, Commercial Fraud and Counterfeit Goods (National Steering Committee 389), People's Committees of provinces and cities and relevant agencies to implement strict measures. The Steering Committee 389 of border provinces was asked to strengthen inspection and promptly detect and strictly handle cases of transporting and trading in smuggled and unknown-origin veterinary drugs and vaccines. The … [Read more...] about Agriculture Ministry cracks down on smuggled medicines for animals

Shouting "Go back to Turkey", furious locals at the port of Thermi blocked migrants from landing. AFP/Aris MESSINIS Shouting "Go back to Turkey", furious locals at the port of Thermi blocked the boats. After Turkey's decision to open its borders into Europe, migrants have been arriving in greater numbers on the Greek islands in the Aegean, just off the Turkish coast. The locals also shouted insults at the local official of the UN refugee agency the UNHCR - and some also attacked journalists and photographers at the scene, hitting them and throwing cameras into the water. On the road to the overcrowded Moira camp on the island, another group of local people used chains and rocks to try to block the route of a police bus transporting migrants who had arrived on Sunday, the Greek news agency ANA reported. A police officer was slightly injured in the incident. More than 19,000 are already staying at the camp, which was built to hold fewer than 3,000. Around 500 migrants … [Read more...] about Greek islanders block migrant boat from landing

The Vietnamese economy recovered more slowly than the world economy last year, but the reverse is likely to be true this year. Participants at the conference (Photo: VNA) BIDV Chief Economist Can Van Luc made the forecast at the conference “Vietnam financial market 2021 and outlook 2022” on May 25. Luc had three possible scenarios for the Vietnamese economy in 2022. In the best-case scenario, the economy is expected to rebound strongly with an annual growth rate of 6-6.5 percent. The figure is adjusted down to 5.5-6 percent in the base-case scenario, and to 4.5-5 percent if things do not turn out well. Meanwhile, inflation is believed to rise steadily due to global inflationary pressures. “I’m quite sure that Vietnamese inflation will rise to around 3.8-4.2 percent this year. It’s inevitable amid rapid-rising global inflation,” he added. Additionally, Luc was optimistic that the securities market is likely to become more sound and stable … [Read more...] about Vietnamese economy to do well in 2022: experts