(VEN) - The dependence of the Vietnamese economy on the foreign-invested sector is a matter of concern. Associate Professor Nguyen Duc Trung, deputy rector of the Banking University, said Vietnam’s economy expanded 6.76 percent in the first half of 2019, lower than the 7.08 percent rate in the same period last year, but still higher than first-half figures during the 2011-2017 period. The Vietnamese economy is facing the impact of the escalating US-China trade war. Aggregate demand decreases as an inevitable response when risk factors increase. In the first seven months of the year, Vietnam’s exports reached an estimated US$145 billion, a year-on-year increase of 7.5 percent. The domestic economic sector accounted for US$44 billion, comprising 30.3 percent of total export turnover, while the foreign-invested sector (including crude oil) exported goods and services worth US$101 billion, accounting for 69.7 percent of Vietnam’s export turnover. The results reflect … [Read more...] about Vietnam seeks to ease dependence on foreign invested firms
Foreign investment review agency
Implementation of regulations on foreigner management reviewed
At the conference (Source: daibieunhandan.vn) Hanoi (VNA) – The National Assembly’s Committee for Foreign Affairs hosted a conference in Hanoi on August 22 to review the implementation of legal policies on the management of foreigners in Vietnam. A representative of the Ministry of Public Security said its authorized agencies approved the entry in Vietnam for more than 21.6 million foreigners from January 1, 2015 to December 31, 2018. In the reviewed period, 209 people were denied entry in Vietnam, many of whom are members of reactionary and terrorist organisations abroad. From February 1, 2017 to December 31, 2018, the ministry’s Immigration Department granted 422,928 e-visas to foreigners. As many as 924 foreigners were granted permanent residence cards from January 1, 2015 to November 15, 2018, mainly in southern Dong Nai province (429) and Ho Chi Minh City (252). According to the Ministry of Labour, Invalids and Social Affairs, the number of foreign … [Read more...] about Implementation of regulations on foreigner management reviewed
China approves foreign investment law, possible US olive branch
The legislation aims to address long-running grievances from foreign businesses, but the US and European chambers of commerce have voiced concerns that they were not given enough time to give their input. The National People's Congress voted 2,929 in favour of the law -- with eight against and eight abstentions -- barely three months after a first draft was debated, an unusually quick turnaround for the legislature, which meets once a year. The move comes as U.S. and Chinese negotiators have held complex talks aimed at resolving a months-long trade war that has pounded businesses with tariffs on $360 billion in two-way commerce. U.S. President Donald Trump said Thursday the negotiations should wrap up within four weeks, adding: "We are getting what we have to get." China's top trade negotiator, Liu He, held phone talks with U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer, with the official Xinhua news agency saying they made "substantial … [Read more...] about China approves foreign investment law, possible US olive branch
Major loss making foreign invested firms to be inspected for tax compliance
The foreign-invested enterprises which have been running large, prolonged losses and large related-party transactions, will be inspected for tax compliance. The General Department of Taxation ordered tax inspections at companies running large losses The General Department of Taxation (GDT) has just sent a document asking provincial and city Departments of Taxation to inspect and supervise groups, corporations, and companies, which reported big losses over the past years. According to the GDT, from the beginning of the year to October 23, tax authorities have conducted 70,102 inspections, reaching 78 per cent of the yearly plan and equalling 97 per cent of the same period last year. The resulting tax arrears detected by the amounted to VND12.84 trillion ($558.2 million). According to tienphong.vn, based on the list of businesses in the 2018 plan of inspection, tax agencies will need to start immediately auditing certain groups, corporations, and businesses. The GDT also … [Read more...] about Major loss making foreign invested firms to be inspected for tax compliance
White House favors tougher foreign investment oversight
US President Donald Trump on Wednesday (Jun 27) said he supported tougher restrictions on foreign investment in sensitive technology, as well as export controls on those goods, but he stopped short of imposing specific restrictions on China. US President Donald Trump seeks to protect "critical technology". (Photo: AFP/Nicholas Kamm) Following a report that raised "very serious issues" on China's trade and investment practices, Trump decided a plan in Congress to enhance the powers of the so-called Committee on Foreign Investment in the United States (CFIUS) was "the best approach to protect critical technology." In a statement, Trump said that if Congress fails to pass strong enough legislation to protect "the crown jewels of American technology and intellectual property" then he will take further action. After a year-long investigation into China's trade policies, the White House on May 29 said it planned to announce "specific investment restrictions and enhanced export … [Read more...] about White House favors tougher foreign investment oversight
Vietnamese overseas investment hits nearly $150 million
Vietnamese businesses have invested nearly US$150 million into 28 projects abroad, according to the Ministry of Planning and Investment’s Foreign Investment Agency (FIA). Customers register for services of Unitel - a joint venture between Viettel Global Joint Stock Company of Viettel and Lao Asia Telecom of Laos Accordingly, $123.6 million was pumped into 23 new projects abroad, while the rest was earmarked for five existing ones. During the reviewed period, finance banking caught the most interest from the Vietnamese investors, accounting for 70.2 per cent of their total investments, or $105 million. Manufacturing and processing ranked second with $19.9 million, or 13.3 per cent of the total investment capital in the period. The other fields were retail and wholesale, with seven projects worth $8.5 million, or 8 per cent of the total as well as accommodation, dining, communications, construction, freight and storage. From January to March, the Vietnamese businesses … [Read more...] about Vietnamese overseas investment hits nearly $150 million
Vietnamese businesses invest over $149.5 million abroad
Vietnamese businesses have invested in 23 projects totaling 123.62 million USD in other countries in the first quarter of this year, according to the Foreign Investment Agency under the Ministry of Planning and Investment. An office of the Vietnamese-invested LaoVietBank in Laos Five operating projects increased their capital by 25.88 million USD in the reviewed time, bringing the total investment capital Vietnamese businesses poured overseas to 149.5 million USD. In the time, finance-banking caught top interests from the Vietnamese investors, accounting for 70.2 percent of their total newly-licensed and added capital, or 105 million USD. It was followed by manufacturing and processing which received 19.9 million USD, or 13.3 percent of the total investment capital in the quarter. The other fields were retails and wholesales with seven projects worth 8.5 million USD, or 8 percent of the total, and accommodation, dinning, communications, construction, freighting and storehouse. The … [Read more...] about Vietnamese businesses invest over $149.5 million abroad
Vietnamese businesses invest over 149.5 million USD abroad
An office of the Vietnamese-invested LaoVietBank in Laos (Photo: VNA) Hanoi (VNA) – Vietnamese businesses have invested in 23 projects totaling 123.62 million USD in other countries in the first quarter of this year, according to the Foreign Investment Agency under the Ministry of Planning and Investment. Five operating projects increased their capital by 25.88 million USD in the reviewed time, bringing the total investment capital Vietnamese businesses poured overseas to 149.5 million USD. In the time, finance-banking caught top interests from the Vietnamese investors, accounting for 70.2 percent of their total newly-licensed and added capital, or 105 million USD. It was followed by manufacturing and processing which received 19.9 million USD, or 13.3 percent of the total investment capital in the quarter. The other fields were retails and wholesales with seven projects worth 8.5 million USD, or 8 percent of the total, and accommodation, dinning, communications, … [Read more...] about Vietnamese businesses invest over 149.5 million USD abroad
South Korea largest foreign investor in Viet Nam
South Korea has retained its position as Viet Nam’s leading source of foreign direct investment (FDI) in the first quarter of this year. This was mainly attributed to the additional US$500 million plus invested by LG Innotek Co in a project in the northern port city of Hai Phong. During the reviewed period, South Korean firms invested $1.84 billion in Viet Nam, accounting for 31.6 per cent of the country’s total registered FDI, according to the Ministry of Planning and Investment’s Foreign Investment Agency (FIA). Besides South Korea, businesses from Hong Kong poured $689 million into Viet Nam, making up 11.9 per cent of the country’s total FDI, while those from Singapore injected $649 million, equivalent to 11.2 per cent of the total FDI. During January-March, FDI witnessed a significant yearly decline of 25 per cent to $5.8 billion, but disbursement rose by 7.2 per cent year-on-year to $3.88 billion, FIA said. Manufacturing remained the most attractive sector … [Read more...] about South Korea largest foreign investor in Viet Nam
Cabinet meeting reviews socio-economic situation in first two months
Speaking at the meeting, PM Nguyen Xuan Phuc reviewed the Tet holiday, which lasted from February 14-20, lauding efforts of agencies and sectors to ensure a warm festival for people nationwide. The leader expressed his delight at seeing business activities promptly resuming after the festival. Regarding the country’s development in February, the PM said despite the week-long holiday, the macro economy, as well as interest and foreign exchange rates remained stable. February’s consumer price index (CPI) increased by 0.73%, with food and catering services up 1.53%. The index in the first two months of this year rose by 2.9% year-on-year. The leader also commented on exports in the month, which stood at some US$13.4 billion, raising the total export value in the two months to US$33.6 billion, up nearly 23% year-on-year. He cited a trade surplus of US$1.08 billion as a highlight of the national economy in February. The PM also recognised achievements in various fields from … [Read more...] about Cabinet meeting reviews socio-economic situation in first two months