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  Illustrative image (Source: Internet) HCM City (VNA) – The southern metropolis Ho Chi Minh City will form logistics centres in concentrated production areas or those near seaports to provide various services and operate as ports, container depots and container freight stations. It was part of a project on logistics development in HCM City built by the municipal Department of Industry and Trade, aiming to minimise logistic costs. On March 20, the Vietnam Logistics Association (VLA) and the municipal Department of Industry and Trade, organised a seminar discussing promoting the development of logistics services in the city, drawing representatives from nearly 100 firms in the field. In 2017, the logistics sector of the city reached 91.541 trillion VND (4.03 billion USD), accounting for 8.6 percent of the Gross Regional Domestic Product (GRDP) and 14.8 percent of the service sector, according to statistics. Logistics is the second most important industry in the nine … [Read more...] about Logistics centres to be taken shape in HCM City

National Assembly Chairwoman Nguyen Thi Kim Ngan addresses the meeting (Photo: VNA) Hanoi (VNA) – National Assembly Chairwoman Nguyen Thi Kim Ngan hosted a reception in Hanoi on March 7 for a delegation from the Parliamentary Network on the World Bank and the International Monetary Fund (the Parliamentary Network) led by its Vice President Soukri Cherif. Showing her delight at the effective cooperation between Vietnam and the WB, the top legislator said that Vietnam needs the support of the international community, including the bank, to fulfill its goals amidst many difficulties and challenges. She affirmed that the NA of Vietnam will closely supervise the management and use of WB assistance, ensuring it is used effectively to bring added value to the local socio-economic development. She also spoke highly of the cooperation and support that the WB has given to NA agencies, which she said helped improve the legislature’s supervision over finance, budget and economy. … [Read more...] about NA leader receives WB-IMF Parliamentary Network delegation

A river in Thailand. Illustrative photo (Photo: The Straits Times) Bangkok​ (VNA) – Thailand’s economy saw an increase in external demand but domestic demand was not “sufficiently strong”, according to a minutes of the Bank of Thailand (BoT)’s latest policy meeting. The minutes show that some members of the country’s Monetary Policy Committee (MPC) felt economic growth was still “at the initial stage” and facing structural changes, the minutes said. Household debt remained an issue, particularly for low-income earners while expansion in private consumption needs to be closely monitored after the Thai government’s 2018 supplementary budget is spent. The MPC viewed that it is still necessary to adopt an accommodative monetary policy stance to foster stronger domestic demand. Public investment would remain a key growth driver and was expected to resume growth, the minutes added. The BoT forecast that Thailand’s … [Read more...] about Thailand: Domestic demand not strong enough

Tax authorities clamping down on foreign evaders (illustration photo) Hanoi Tax Department and its peer in Ho Chi Minh City revealed last week that thousands of foreign-invested enterprises (FIEs) are failing to keep up with regulatory demands. The published list of groups is part of Vietnamese authorities stepping up investigations into the tax affairs of such enterprises, which account for a growing share of suspected underpayment by large businesses. The Hanoi tax authorities say they are closely co-operating with the media to ensure offending companies are known to the public. “Multinational corporations might use various schemes to avoid paying taxes in Vietnam, where they make vast revenues. But it is intrinsically difficult to detect tax avoidance or evasion,” economist Nguyen Tri Hieu told VIR. World Economic Forum research shows $420 billion in corporate profits shift out of 79 countries annually, as seen in the cases of some high-profile names operating in … [Read more...] about Tax authorities clamping down on foreign evaders

After revision, Vietnam’s GDP grew an average of 25.4% annually in the 2010 – 2017 period, in which 2011 recorded the highest growth rate of 27.3%. Vietnam’s GDP in 2017 is estimated at VND6,294 trillion (US$272.77 billion) after revision, representing an increase of VND1,300 trillion (US$56.34 billion) against the previous figure of VND5,006 trillion (US$216.95 billion), according to the General Statistics Office (GSO). This would result in revised GDP per capita of US$2,985, higher than the preceding number of US$2,343, stated the GSO in a statement announcing the result of GDP revision in the 2010 – 2017 period held Friday. As a result, Vietnam’s GDP grew an average of 25.4% annually in 2010 – 2017, in which 2011 recorded the highest growth rate of 27.3% and 2015 grew the lowest rate of 23.8%. Among economic sectors, services posted the highest growth rates after revision with an additional increase of VND316 – 615 trillion (US$13.68 … [Read more...] about Vietnam 2017 GDP expands US$56 billion after revision