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BUSINESS IN BRIEF 19/5
Imported
cars to cost more after tax changes
Imported
cars are expected to become more expensive by around 5 percent if the finance
ministry's draft plan to adjust the calculation of special consumption tax on
imported automobiles is approved.
Under
the current regulations, the special consumption tax on imported automobiles
is calculated on their cost, insurance, and freight value plus current import
tariff.
However,
the draft plan suggests that the special consumption tax on imported cars
with less than 24 seats will be calculated on the basis of the current
special consumption tax plus the domestic sale fee of importers. The domestic
sale fee should be calculated on the basis of fees paid for services such as
packing, managing, advertising, displaying, transporting, and the warranty
plus interest of tax payers.
The
domestic sale fee will be levied on importers when cars are sold.
The new
calculation method is expected to cause an estimated 5-per-cent increase in
the prices of imported cars.
According
to the ministry, in comparison with locally-assembled vehicles, the current
calculation of the special consumption tax on imported cars will create more
competitive advantages for imported products in terms of prices.
It
further said that the Vietnam Association of Automobile Manufacturers and
many local businesses have complained that the current calculation of special
consumption tax on imported cars has been unfair, particularly in the context
of
Many
local automobile importers fear that the ministry's proposal will create
difficulties for them and will surely push car prices higher.
They
noted that importers will have to go through more procedures to pay tax. They
will have to pay the special consumption tax, which will be calculated after
they complete all car import procedures, and then pay the domestic sale fee
after their cars are sold.
They
added that the new method will also force businesses to restructure their
operations, from transporting, marketing and even warranty services, to
ensure returns.
Meanwhile,
the ministry has invited businesses, importers, and associations to give
their opinion on the draft plan. The deadline to send their opinions to the
ministry is May 20.
The
draft plan will be submitted to the Prime Minister for approval in June; if
approved, it will take effect from January 1, 2016.
From1998
till date, the special consumption tax on automobiles has been revised four
times in keeping with the trend of regular reductions. Earlier in 2009, the
tax was levied, based on the number of seats in cars. From 2009 till date,
the tax has been calculated on the cylinder capacity of cars.
From
1999 to 2003, a sedan with five seats or lower was taxed 100 percent of the
car's value, while cars with six to 15 seats had to pay 60 percent of their
value.
From
2004 to 2005, tax on a sedan with five seats or lower was reduced to 80
percent of their value, while cars with six to 15 seats had to pay 50
percent.
From
2006 to March 31, 2009, a sedan with five seats or lower received a tax cut
to 50 percent, while cars with six to 15 seats were asked to pay 30 percent
of their value.
From
April 1, 2009, till date, 45 percent, 50 percent and 60 percent as taxes have
been levied on cars that have nine seats and lower, with a cylinder capacity
of below two litres, between two and three litres, and more than three
litres, respectively.
Central
Highlands secures over 30 investment projects
More
than 30 socio-economic investment projects will be carried out in the Central
Highlands provinces of Dak Lak, Dak Nong, Gia Lai, Kon Tum, and Lam Dong,
under commitments made a conference held in Lam Dong on May 17.
The
third conference on investment promotion and social welfare in the Central
Highlands was jointly held by the Steering Committee for the
Head of
the steering committee Tran Dai Quang said despite vast potential for
development, the Central Highlands so far has remained underdeveloped,
accounting for only about 4.5 percent of the total country’s gross domestic
product (GDP).
The
region needs huge investments for development, which the State budget only
cannot meet, he said, emphasing that capital should be mobilised from both
domestic and foreign sources such as official development assistance (ODA)
and foreign direct investment (FDI).
Apart
from this, the Central Highlands itself should continue to reform policies
and administrative procedures, create favourable investment environment, and
improve infrastructure and human resources in order to attract investors, he
suggested.
At the
conference, five Central Highlands provinces granted investment licences to
13 outstanding projects worth over 16.6 trillion VND (768 million USD),
mainly in agriculture, animal husbandry, serves and energy.
Kon Tum
attracted the biggest share of investment with 7.7 trillion VND (over 357
million USD) while Gia Lai welcomed the largest number of projects.
At the
same time, 15 cooperative projects and three MoUs were signed in
hydroelectricity, transports, and agriculture production, with commercial
banks pledging to lend 15 trillion VND ( 694 million USD) to their
implementation.
According
to the Ministry of Planning and Investment, between 2011 and 2015, the
Central Highlands received over 30 trillion VND (1.4 billion USD) from the
State budget and Government bonds to upgrade highways; and mobilised over
28.4 trillion VND (1.3 million USD) to improve roads in the respective
localities.
In the
2011-2014 period, the region lured 410 million USD in ODA.
From
2011 to April 2015, it secured 38 FDI projects worth 122 million USD. Lam
Dong led localities with 29 projects worth nearly 75 million USD, accounting
for 61.5 percent of the region’s total investment.
Song
Hau 1 Thermal Power Plant gets off ground
The
construction of the Song Hau 1 Thermal Power Plant started on May 16 with a
ground-breaking ceremony in Chau Thanh district, the Mekong Delta
The
plant, spanning an area of 115 hectares, has a total investment of 43
trillion VND (1.98 billion USD) with two turbines producing a combined
capacity of 1,200 MW.
Addressing
the event, Prime Minister Nguyen Tan Dung said the Song Hau 1 Power Plant is
important to ensuring national energy security, thus asking relevant parties
to ensure the quality and deadline of the project.
A
special mechanism was adopted for the construction of the plant to ensure its
operation begins in 2019, the PM stressed.
Song Hau
1, forming part of the Song Hau Electricity Centre, will supply 7.8 billion
kWh to the national grid and generate jobs for hundreds of local residents.
It will
realise the national oil and gas sector’s power development strategy to 2030.
Total
outstanding loans of credit institutions in
The
deputy director of the State Bank of
He said
investments by enterprises tended to increase, which was evident in the
greater proportion and higher growth of medium – to long-term loans compared
with short-term credit. In four months, medium – to long-term loans expanded
7.66 percent and accounted for 53.5 percent of all loans, while short-term
loans rose by 0.36 percent and comprised 46.5 percent of the total loans.
Lending
reached some 655 trillion VND (31.19 billion USD) for prioritised sectors,
which include agriculture and the development of rural areas, exports, small
and medium-sized enterprises, and high-tech firms and support industries.
Through
a special city programme that connects banks and businesses, nearly 1,000
firms obtained loans worth some 31.28 trillion VND (1.49 billion USD) with
short-term interest rates of less than 7 percent per year.
Minh
said medium- to long-term interest rates had fallen by 0.6 to 0.9 percentage
points at the end of April, compared with end-2014, supporting enterprises
and the economy. The monetary market and exchange rates also showed stable
development, he added.
Vinh
Phuc: investment promotion yields progress
Promotion
and supportive investment initiatives in the northern
In 2014,
the province’s competitiveness index (PCI) ranked sixth among 63 provinces
and cities nationwide, climbing 20 spots against previous year.
By end
of April 2015, the province boasted 193 foreign direct investment projects
with total registered investment capital of over 3.23 billion USD and 586
domestic-invested projects with combined registered investment capital of
nearly 44 trillion VND (2 billion USD).
The
province has attracted about 350 million USD in official development
assistance from international funds and foreign countries including the World
Bank, Asia Development Bank,
Delegations
at the event highlighted challenges hindering investors from operating
business in the province such as higher land rent, limited social
infrastructure and services and overlapping and ineffective State management
of foreign-invested enterprises.
Chairman
of the provincial People’s Committee Phung Quang Hung said local governments
should speed up overall administrative reform and create favourable
conditions for enterprises to operate business effectively as well as
strengthen manpower training to meet labour demand.
Cinnamon
production brings prosperity to Quang Ngai
A newly
established plant producing cinnamon products has enabled thousands of locals
in Tra Bong district, Quang Ngai province to make a living from their popular
plants, revealed Tra Bong People’s Committee Chairman Nguyen Xuan Bac.
The
Quang Ngai Cinnamon Essential Oil JSC funded the facility, costing more than
44 billion VND (2 million USD), and plans to spend some additional 20 billion
VND (930,232 USD) to improve local plantations.
The
factory is capable of producing 80 tonnes of oil each year, requiring 10,000
tonnes of materials including the tree’s leaves and twigs. The materials are
purchased from farmers through the company’s agencies for 2,800 VND (0.13
USD) per kilogramme.
After
the oil-extracting process, discarded matter will be used to make organic
fertilizers and incense powder, preventing unnecessary waste.
Quang
Ngai ranks second nationwide in cinnamon plantation area with 7,000 hectares.
If the trend of plantation expansion by 80-100 hectares each year continues,
it will reach approximately 16,000 hectares in 2020.
The
Vietnamese delegation actively joined discussions and shared experience in
promoting women’s engagement in building a sustainable economy at sessions on
the last day of the 25th Global Summit of Women in
During
business-themed discussions on May 16, Vice President Nguyen Thi Doan and Vietnamese
delegates gave opinions on how to build strategies to improve female presence
in managerial and leading positions, and policies designed for female
workers.
Businesswomen
in the delegation talked about challenges they faced in business start-up and
expansion and how they contributed to their companies’ activities.
The
summit concluded on late May 16, with attendees agreeing to boost cooperation
to encourage women’s active contributions to business and social activities.
The 26
th Global Summit of Women is scheduled to be held in
Following
the summit, President Nguyen Thi Doan and the Vietnamese delegation are to
pay an official visit to
Stock
market role in the economy to be enhanced
The
stock market development has contributed to accelerating the equitisation of
State-owned enterprise and public investment restructure, but it can still
play a greater role, heard a conference on stock market roles in Vietnam held
in Ho Chi Minh City on May 15.
Fifteen
years since its establishment, the Ho Chi Minh Stock Exchange (HOSE) now has
over 300 listed companies have been listed on the HOSE with the total market
capitalisation estimated at around 1,000 trillion VND (46.5 billion USD),
representing 25 percent of the GDP. In 2014, HOSE reported an average 2.1
trillion VND worth of transactions each day. On average, listed firms have
doubled their chartered capital.
However,
some businesses at the event agreed that there are still limitations in the
Vietnamese stock market, which prevent it from leveraging its roles in the
economy to the fullest extent.
They
said that banks and financial institutes still play a key role in mobilising
capital for the economy, while the role of the stock market as a crucial
source converging mid- and long-term funds for economic development is still
neglected. In addition, the market has yet to carry out its role in
connecting capital supply and demand as well as providing various investment
opportunities.
Nguyen
Duy Hung, chairman of Saigon Securities Inc., said listed companies as well
as brokerages have to ensure the transparency of the information they
disclose and its accuracy to protect investors.
Nguyen
Thanh Long, vice chairman of the State Securities Committee, said listed
firms need to abide by international accounting and auditing criteria to
provide accurate information to investors.
Vu Viet
Ngoan, chairman of the National Financial Supervisory Committee, said
investor protection is one of the key factors in the healthy growth of the
market as are policies related to corporate bankruptcy, access to capital,
and implementation of the law.
The
seminar, organised by HOSE and Saigon Securities Inc., is among programmes to
celebrate the 15th anniversary of
Long
Thanh airport, long-term strategic issue
The
Civil Aviation Authority of Vietnam held a seminar in
Lai Xuan
Thanh, head of the CAAV, said building an aviation hub or entrepot was a
long-term strategic mission of his agency.
The
airport would also help resolve the issues facing
"In
future Tan Son Nhat will no longer meet the demands of airlines flying to
Tran
Dinh Thien, the director of the Vietnam Economic Research Institute and an
enthusiastic backer of the project, said since the airport was closely linked
with the country's future, there should be a vision for a longer term than
just five or 10 years.
Even if
Tan Son Nhat was expanded to double its current size, it would remain a
traditional terminal, and in any case, due to its urban location, expansion
was impossible, he said.
"The
regional hub cannot always be
Le Manh
Hung, General Director of the Airports Corporation of
To
expand its capacity to 40-50 million, an additional 641ha of land would be
needed in Tan Binh, Go Vap, and Phu Nhuan District and 500,000 people would
have to be relocated, he said.
"The
location selected for building the international airport has adequate
conditions for establishing a transit international terminal that will be
competitive in the region."
Dr Tran
Dinh Ba, who had proposed the much-debated straight-line air route between
HCM City and Hanoi, expressed the fear that the new airport's 18.7 billion
USD cost was too high for the country.
Deputy
Minister of Transport Pham Quy Tieu said it was imperative to quickly build
Long Thanh airport, adding it would give a boost to the country's economic
development.
Long
Thanh, approved by the Government in 2011, is scheduled to open in 2020 with
a capacity of 25 million passengers a year, according to authorities in Dong
Nai province, where the airport is to be built.
To be
built in three phases, it is expected to be fully completed by 2035 with a
capacity of 100 million passengers.
Construction
is scheduled to begin this year.
Dai
Lai resort puts golf courses into operation
The Hong
Hac Dai Lai JSC on May 16 officially put into use a 9-standard-hole golf
course and an 18-hole miniature putting course in the five-star Flamingo Dai
Lai Resort in the northern Vinh Phuc province, with the aim of providing
customers with professional experience.
According
to the company’s General Director Le Thi Van Anh, the inauguration of the two
golf courses is a part of the company’s plan to develop the resort into the
largest entertainment complex in
The
company will continue expanding and perfecting services to better meet
consumers’ demand, she added.
On this
occasion, the Flamingo Golf Open 2015 was organised at the resort.
The
Flamingo Dai Lai Resort was listed in the Top 10 Hotels and Resorts of 2014
on December 24 by DESIGNBOOM, the world’s first and most popular digital
architecture and design magazine.
The
resort is described as a residential retreat for city dwellers to enjoy their
weekends in a more natural environment with cultural and sports events as
well as high class services.
It also
won a gold medal and the Building of the Year title at the Architects
Regional Council Asia (ARCASIA) Awards, the FuturArc Green Leadership Prize,
the US’s Green Good Design and International Architecture Awards for the two
bamboo structures within it, Dai Lai conference hall and Bamboo Wing, both
designed by Vietnamese architect Vo Trong Nghia.
Located
one hour away from
Advanced
aquaculture areas formed in Vinh Long
Reforms
in the aquaculture sector in the Mekong Delta
Vinh
Long is currently home to nearly 95 hectares of tra fish farms certified with
VietGAP, GlobalGAP/ASCC/BMP standards and two GlobalGAP-standard breeding
production facilities covering 6.3 hectares.
In a bid
to increase value and competitive capability of the local aquatic sector, the
province has carried out a project on developing large-scale tra fish farms
with advanced feeding systems in line with the GlobalGAP/ASCC/BMP standards
from 2011-2015. As a result, two farms with a combined 10ha of fish farming
ponds were awarded with GlobalGAP certificates in February this year.
However,
reforms in the sector have been slower than expectation due to difficulties
in connecting processing enterprises and local farmers. It is also difficult
for the famers to access preferential capital, a barrier to aquaculture
restructuring.
This
year, the province aims to have 100 percent of tra fish farming areas adopt
internationally recognised breeding practice. It is also developing
collectives and groups which supply healthy fish fry, fish food, techniques
and environmental management methods for the farmers.
In
addition, it is consolidating the role of industry associations and
organisations in linking production and consumption, safeguarding benefits
for both sellers and buyers and increasing the efficiency of the aquaculture
sector reforms.
There
has been a global shift in consumption behaviours towards a greener lifestyle
in which consumers purchase environmentally friendly products that do not
negatively affect human health or threaten natural ecosystems.
The
socio-economic development strategy of
The
country has also adopted a national strategy for green growth for the period
from 2011 to 2020 with a vision to 2050, which encourages the development of
clean production to enhance the efficient use of natural resources while
reducing emission and pollution as well as a civilised, harmonious and
naturally-friendly culture in consumption. The strategy forms a strong legal
foundation for related state policies and campaign and action plans at the
local level.
Since
the per capita GDP of Vietnam has increased from 699.5 USD in 2005 to 1,960
USD in 2014, there has been an increasing demand in the country for green
products that meet safety standards with environmentally friendly features.
Yet
plenty of challenges remain, including non-green government procurement of
goods and services. The government has not created policies to encourage the
purchase of recyclable or environmentally friendly products for its own uses.
Additionally,
most local businesses prefer old-fashioned and energy-intensive machines and
technologies for their low cost despite the fact that they have negative
impacts on environment.
Others
challenges include the overuse of coal, oil and gasoline rather than green
sources of energy, such as solar energy, wind power and biogas, and the
popularity of extravagant lifestyles which promote the purchasing of imported
luxurious commodities.
Experts
urged the Government to build a legal framework on green consumption along
with incentives for makers and providers of green products and services. More
communications and promotion campaigns should be organised to improve
consumers’ awareness and help them build good buying habits.-
Muong
Thanh Group invests two projects in Quang Ngai
People’s
Committee of Quang Ngai province yesterday announced that the province
approved the Muong Thanh Hotel Group's project of building a four-star hotel
in Ly Son island district, a trade center and a five-star hotel in Quang Ngai
city.
Firstly,
the Muong Thanh Group will invest around VND 250 billion to build a four-
star hotel with its scale of 5- 7 floors, locating on Ly Son island district.
The
hotel includes around 80- 120 rooms, a luxury restaurant system, a 700 seat-
conference hall, swimming pools, area of massage and spa, sport area, outdoor
tourist park and others.
Next,
the group will implement a project of building a trade center and a five-
star hotel in Le Hong Phong ward, Quang Ngai city, covering an area of 3, 2-
3, 5 hectares. The hotel will be desinged 20 floors with a total capital of
VND 450 billion.
Officials
of
Bac
Giang provincial leaders said they would instruct local authorities in lychee
growing areas to create favourable conditions for traders to purchase and
transport fresh lychees in a safe and timely manner.
Its Vice
Chairman Bui Van Hanh said the province’s lychee output in 2015 was estimated
at 160,000 tonnes with around 25,000 tonnes to be collected from the latter
half of May to early June.
The
remainder will be gathered during the main harvest which usually lasts for
one month until early July.
Meanwhile
Lao Cai authorities said they will deploy more staff from relevant agencies
such as customs, border guard, plant quarantine and public security, and
increase their working hours at Kim Thanh and Lao Cai checkpoints to quickly
clear lychee shipments to
Deputy
head of
He
pledged to simplify import procedures and improve logistics so that fresh
lychees can be transported to
Last
year, 40,000 tonnes of Bac Giang lychees were shipped to
Exports
to
A surge
in exports with higher added value spurred Vietnamese exports to
Shipments
by exporters from Vietnam to India in the three months leading up to April
surged 30.52% on-year to US$644.46, propelled by mobile telephones and
components skyrocketing 41.37% to US$258.35 million.
All
told, mobile telephones and components accounted for 40% of the total exports
trailed by computers, electronics and components at US$41.75 million, up
modestly 1.31% on year.
Equipment,
machines and tools ranked third on the list of exports for the January-March
period at US$36.73 million, free falling down 34.25% compared to last year’s
corresponding period.
Other
items that saw robust growth during the period included metal (up 172.97%),
fibres (up 47.92%), animal food and material (up 69.97%), ceramics (up
239.18%) and cashew nuts (up 299.59%).
Speeding
up restructuring of banking system
The
banking system restructuring has resulted in positive changes, the most
notable involving bad debts and interest rates.
This
year, the sector has built on these achievements to curb inflation and stabilize
the macro-economy.
The
State Bank of
These
actions have helped curb inflation and stabilize the macro-economy. Last year
the central bank cut its interest rate slightly to accord with real
inflation, easing difficulties for businesses.
The
annual interest rate on deposits has dropped 1.5% to 2%, while the lending
interest rate has been lowered about 2%.
The
interest rate policy has helped credit institutions mobilize longer-term and
more stable capital sources and create a more efficient allocation of capital
in the economy.
SBV Deputy
Governor Nguyen Thi Hong said all monetary criteria including the total
amount of money, credit growth, the continued decline of interest rates, and
a rise in foreign currency reserves have met the direction set in the
monetary policy, leading to economic growth of 5.93%, higher than the set
target of 5.8%. This is an important reason for
The
central bank has taken over several struggling banks and state assets and clients’
rights have been secured. Its efforts have gradually reduced cross-holding of
banks towards international standards.
As a
result, international credit rating agencies like Moody’s and Fitch have
acknowledged
Nguyen
Quoc Hung, President of the members’ council of the Vietnam Asset Management
Company (VAMC), said “our ultimate mission is to buy bad debts at any costbut
and in the most effective way. We’ll restructure debts for enterprises and
credit organizations and settle the debts pursuant to the VAMC’s purpose
which is to restructure businesses.”
This
year the debt restructuring and settlement remain one of the key missions of
the banking sector.
SBV
Governor Nguyen Van Binh said under the targets set by the National Assembly
and government, economic and credit growth are likely to be higher, leading
to greater demand on capital and a greater pressure on interest rates. To
deal with the situation, the State Bank of
Governor
Binh noted that domestic credit institutions have now entered the second phase
of the rearrangement and restructuring process, adding that the central bank
will create optimal conditions for the Merger and Acquisition of credit
organizations.
New
season brings good news for
This
year’s lychee season for
This
time around, the harvest from mid-May to mid-July is expected to yield more
than 200,000 tonnes of fresh lychee, slightly outpacing last year’s harvest,
a representative from MARD unveiled.
Of
which, about 60%, or 120,000 tonnes, will be consumed domestically. The
remaining 80,000 tonnes will be dried or processed with the pulp frozen and
shipped to foreign markets.
The
However
this season
The
Ministry of Industry and Trade (MoIT) in turn has said the quality of
Vietnamese lychee has been gradually improving, while prices have been stable.
This year’s sales price of lychee in both domestic and foreign markets is on
par with last year.
The MoIT
and the MARD have been working hand in hand with with domestic growers to
insure cultivation methods are in accordance with GlobalGAP and VietGAP modern
food quality and hygiene standards.
They
have also been engaged with processors over the past year in developing much
improved post-processing preservation technology because many markets such as
In
addition, the two ministries have worked closely with the Bac Giang
provincial People’s Committee on solutions to increase lychee consumption in
the peak season.
Lastly,
the MoIT will meet with Vietnamese and Chinese enterprises in the northern
border provinces of Lao Cai and Lang Son in late May in the hope of helping
lychee access overseas markets through border gates.
The MoIT
anticipates that this year lychee overall consumption will be much improved
and more profitable in comparison to last year.
Car
buyers continue preferring imported vehicles
Vietnamese
people have shown that they favor imported cars over locally assembled
vehicles, as the debate about whether the local automobile industry can
withstand a possible collapse after 2018 has not ended.
Last
month Mercedes-Maybach, the re-launched luxury brand from Daimler AG,
reported that Vietnamese customers have ordered ten units of its luxury
Mercedes-Maybach S600 model, which cost VND9.6 billion (US$451,850) each.
Fifty
Mercedes-Maybach S600 cars will be produced for the global market in 2015,
the German carmaker said.
Official
figures have also indicated that sales of imported cars in the first four
months of this year were much better than expected, with 34,000 units worth some
$883 million sold, an increase of 125.4% and 188.8% in volume and value
compared to the same period last year.
According
to a recent report by the General Statistics Office (GSO), about 9,000
automobiles, or completely built units (CBUs), were imported into the country
last month with a turnover of US$294 million.
The
all-new Mercedes-Maybach S600 attracts interest after its unveiling at the LA
Auto Show's press and trade day in
Compared
with the previous month, the importation of CBUs fell by 11% in volume, but
rose 7.4% in value.
According
to a recently released report of the Vietnam Automobile Manufacturers'
Association (VAMA), total sales of personal cars in
The
number of CBUs imported by VAMA members topped 4,200 vehicles, up 19% from the
previous month.
While
sales of locally assembled vehicles during the first four months rose by 58%,
the sales of imported cars surged 73% compared to the same period last year,
according to the VAMA.
The
Southeast Asian country last year spent US$1.57 billion importing 72,000
vehicles, rising 103.8% and 117.3% in volume and value compared to 2013,
respectively, the highest rates ever, the GSO said in its report in January.
As sales
of domestically assembled automobiles, or CKDs, grew more slowly than the
sales of CBUs, this reflects the trend that Vietnamese people continued to
turn away from the former.
In late
April, local experts raised concerns about the survival of the automobile
industry following Japanese carmaker
By 2018,
as soon as the import taxes slapped on many kinds of personal cars imported
from ASEAN countries sharply drop or are exempted altogether as promised by
The
ASEAN members include
Many
luxury car brands, including Lamborghini, Jaguar, Bentley and Rolls-Royce,
have established branches in
Vietnam
is projected to stand third in the group of countries with the fastest growth
rate of affluent population globally, or New Wealth Builders (NWBs), which
are households with financial assets of US$100,000 to US$2 million, in the
2014-2020 period, according to a report released by the Economist
Intelligence Unit under The Economist magazine on March 23.
During
the period, the Southeast Asian country will have about 347,000 NWBs,
representing a 34.9% compound annual growth rate, standing behind only
Total
assets of the Vietnamese group will top US$68.1 million, or about US$196,500
per household.
Meanwhile,
according to the latest Wealth Report 2015 unveiled by British property consultant
firm Knight Frank in March,
The
Southeast Asian country will also see the fastest growth rate in the number
of UHNWIs at 159 percent in the 2014-2024 period, followed by
In 2014,
As
defined by Knight Frank in the report, UHNWIs are those with assets of US$30
million or more.
The
Establishment Post news website quoted a report from Euromonitor
International as stating that more than 100,000 Vietnamese in 2013 had a
disposable income of more than US$75,000 per annum.
A survey
conducted by Nielsen concluded that
Moreover,
56% of the participants responded that they are willing to pay more for
designer products than for less known brands with the same functionality, the
Establishment Post reported.
Workshop
on improving export business awareness in trade remedies
Enterprises
should grasp and effectively apply trade remedy measures to develop
sustainably and overcome economic integration challenges, trade experts said
at a workshop themed “
Trade
remedy lawsuits—anti-dumping, anti-subsidy, and safeguard measures—usually
take a long time, at least two years, to solve, and they usually result in
serious damage to export businesses’ trademarks and finances, said Pham Chau
Giang, an official from the Vietnam Competition Authority under the Ministry
of Industry and Trade.
According
to Director of the
As a
result, Vietnamese export businesses need a comprehensive overview of the
signed FTAs and issues related to trade between the country and its partners,
said Wong Chian Voen, Consulting Director of Mayer Brown company from
She
added that businesses should actively prepare necessary strategies and
policies to minimise the possibility of trade remedy cases.
Steel
imports from
Chinese
steel landing in
According
to a VSA report,
Domestic
steel billet capacity reached 11 million tonnes, yet demands for these
commodities only stands at 6.5 million tonnes this year.
The VSA
leader said that there has also been a significant escalation in the amount
of imported Chinese so-called alloy steel products, including steel rod,
steel wire and galvanised steel, exports of which are tax free from
Meanwhile,
there is surplus of those products from Vietnamese enterprises.
Sua
highlighted that steel enterprises need to implement reforms while making
efforts to increase product competitiveness as there is currently no
practical solution to address this issue.
In a bid
to control the import of alloy steel from
Vietnam
farm products introduced in Indonesia
A forum
to introduce Vietnamese agricultural products and promote trade between the
country and
At the
event, Vietnamese Ambassador to Indonesia Nguyen Xuan Thuy gave an overview
of the economic cooperation between
Meanwhile,
Chairman of the Indonesian Chamber of Commerce and Industry (KADIN) Juan
Gondokusumo pointed to the government’s policies towards small- and
medium-sized enterprises, including those from agricultural and aquatic
sectors.
Event
participants were also introduced to
Representatives
from the Lotte Mart Corporation, which owns a chain of foods and shopping
services in
Conference
talks opportunities from ASEAN Community
Representatives
from 22 universities in nine ASEAN countries gathered at an international conference
in the central city of
Participants
highlighted a number of matters related to ASEAN Economic Community’s
post-2015 vision, as well as the process and initial outcomes in the building
of the association’s identity.
They
talked the preparation of university-graduated human resources for the ASEAN
Community, as well as the prospect of the community in the future.
The
ASEAN Community is expected to make debut on December 31 this year.
Currently, the grouping’s 10 members are focusing on finalising the
preparations for the community.
At the
same time, ASEAN leaders are working together to draw out post-2015
orientations for the community.
Vietnamese
and Belarusian food and agricultural enterprises gathered at a business
meeting in Ha Noi on Thursday.
Co-organised
by the Viet Nam Chamber of Commerce and Industry (VCCI) and the Belarusian
Embassy in
At the
meeting, officials from major Belarusian enterprises expressed their hope to
cooperate with, and purchase, peanuts, cashews, coffee and cacao from
VCCI's
Deputy Head of the International Relations Department, Nguyen Vu Kien,
highlighted that Viet Nam would create the best possible conditions for
business from both countries.
In
return, Belarusian Ambassador to Viet Nam Sadokho Valery said economic and
trade relations had not met their full potentials, though Belarus had
imported several products from Viet Nam, including tea, rice, and seafood.
Finance
banks talk development
Speaking
to a room full of representatives of financial institutions from across the
Asia and Pacific region, Deputy Prime Minister Vu Van Ninh stressed how
infrastructure development was one of
Viet Nam
Development Bank (VDB) hosted the 38th annual meeting of the Association of
Development Financing Institutions in Asia and the Pacific (ADFIAP) by in
Ninh
said the meeting's theme - sustainable infrastructure: policy framework,
operational best practices and challenges - was practical, given
Ninh
also said that the Government was headed towards developing infrastructure
that helps achieve sustainable development, which he believed would harmonise
economic growth, social development and environmental protection.
In
ADFIAP
chairman Pema Tshering, said that development finance institutions played a
role in advancing sustainable infrastructure and developing innovative
solutions to the region's growing infrastructure needs.
He cited
ADB's estimate that energy, transportation, telecommunications, water and
sanitation projects demand US$750 billion in funds a year.
Nguyen
Quang Dung, VDB's chairman said that the three-day meeting which ended
yesterday provided a chance for the 131 member institutions, from 45
countries and territories in the region, to exchange information and enhance
co-operation in financing infrastructure projects.
Source : VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Ba, 19 tháng 5, 2015
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