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Nguyen Van Phung, director of the Department of Tax Administration at Large Enterprises from the General Department of Taxation Nguyen Van Phung, director of the Department of Tax Administration at Large Enterprises from the General Department of Taxation, spoke with Viet Nam News about incentive tax policies for Indian corporations investing in the Vietnamese pharmaceutical industry. How has the bilateral trade relationship, especially in the pharmaceutical industry, between India and Viet Nam developed? The bilateral trade relationship between India and Viet Nam in recent years has grown quite steadily and developed continuously. For India, Viet Nam is the 18th-largest trading partner globally and within ASEAN, the fourth-largest trading partner after Singapore, Indonesia and Malaysia. For Viet Nam, India is a major trading partner among 10 important partners, is the seventh-largest source of imports and the ninth-largest export market globally. India imports from Viet Nam … [Read more...] about Indian firms to benefit from Vietnamese pharmaceutical industry: expert

The Hanoitimes - The latest SuperPort project is considered a contributor to cooperation in ASEAN and the Vietnam-Singapore friendship. Witnessed online by Prime Minister Nguyen Xuan Phuc and his Singaporean counterpart Lee Hsien Loong, the construction of Vinh Phuc ICD Logistics Center (SuperPort), the cornerstone of the ASEAN Smart Logistics Network (ASLN), kicked off on November 14. Delegates at the ground breaking ceremony of the project on November 14. Photo: VGP As part of the recently-concluded 37th ASEAN Summit and related Summits, the ground breaking ceremony of the project, jointly invested by YCH Holdings (Singapore) and T&T Group (Vietnam), was held in the northern province of Vinh Phuc. Addressing the event, PM Phuc highlighted this is an evidence of ASEAN’s cohesive and responsive spirit. At the 37th ASEAN Summit, ASEAN leaders agreed that the bloc needs to continue containing the Covid-19 pandemic while ensuring safety for citizens and … [Read more...] about Singapore, Vietnam launch ASEAN Smart Logistics Network

The Hanoitimes - In 2020, Vietnam would announce the strategy of national digital transformation, marking the beginning of a comprehensive and inclusive switchover process nationwide. Vietnam targets to have 100,000 digital firms by 2030, double the current 50,000, while the digital economy would account for 30% of the country’s GDP, the governmental portal reported. The target is set in the prime minister’s Directive No.01, the first of its kind in 2020, aiming to promote the development of digital firms in Vietnam, build smart cities, e-government and expand technological advances in every socio-economic aspect towards national digital transformation. “The move would help realize Vietnam’s desire to become a prosperous nation with a 100-million population market, laying a strong foundation for Vietnamese digital firms to compete globally,” said PM Nguyen Xuan Phuc in the directive. Source: e-Conomy SEA report 2019. Statistics from the Ministry … [Read more...] about Vietnam targets to have 100,000 digital firms by 2030

The Hanoitimes - The EU-Vietnam agreement is the most comprehensive trade agreement the EU has concluded with a developing country. Doing business in Vietnam will become easier for European companies as the EU – Vietnam Free Trade Agreement (EVFTA) comes into force today [August 1], according to the European Commission (EC). The EVFTA comes into force today. European firms would now be able to invest and pitch for government contracts with equal chances to their local competitors, said the EC in a statement. The EVFTA, officially signed last June after six years of negotiations, has been dubbed “the most ambitious” FTA the EU has ever reached with a developing country, according to the EC. It includes not only the almost full elimination of bilateral tariffs, but also a substantial reduction of non-tariff barriers. Moreover, it includes provisions to protect intellectual property, labor, environmental standards, and fair competition, while promoting … [Read more...] about Doing business in Vietnam becomes easier as EVFTA comes into force: EC

Flower growers look to online sales amid COVID-19 resurgence Workers at a flower farm in Da Lat City. Traditionally, city dwellers shop for flowers and botanicals at flower markets to fill their home with the most cheerful blooms to celebrate the new year. But many flower growers said that flower markets were not busy this year, leaving them with an oversupply. Nguyen Duy, a flower farm owner in Da Lat City, said that COVID-19 outbreaks in many localities would likely affect people's purchasing power for flowers ahead of Tet festival. Thuy Vu, director of the The Gioi Hoa Tuoi JSC, a wholesale supplier of flowers, said it would not focus on retail sales for the Tet festival this year due to market uncertainty. Nguyen Thi Ngoc Lan, a flower vendor at Ho Thi Ky flower market in HCM City, said flowers stockpiled for the Tet market this year were not as numerous as last year due to concerns over weak purchasing power. Purchasing orders with flower farms are expected to … [Read more...] about VIETNAM BUSINESS NEWS FEBRUARY 8