Illustrative image (Source: Investopedia) Hanoi (VNA) – The Government has approved an agreement between Vietnam and China’s Macau Special Administrative Region on the avoidance of double taxation and prevention of income tax evasion. The Government assigned the Ministry of Finance to chair and coordinate the two sides’ relevant agencies to implement the pact. The Ministry of Foreign Affairs is thereby responsible for completing external procedures, as well as making announcements of and keeping a legal copyright of the agreement as stipulated. –VNA … [Read more...] about Government approves double taxation avoidance pact with Macau
Government approvals
Vietnamese Government approves establishment of Bamboo Airways
FLC Group’s Chairman Trịnh Văn Quyết (left) and Airbus Executive Vice President and Chief of Sales and Marketing Eric Schulz (right) signed an agreement to purchase 24 A321NEO aircraft for Bamboo Airways, under the witness of General Secretary of the Communist Party of Việt Nam Nguyễn Phú Trọng and the President of France’s National Assembly François de Rugy in March 2018. — VNS PhotoViet Nam News HÀ NỘI — Deputy Prime Minister Trịnh Đình Dũng on Monday signed a decision to approve the establishment of Bamboo Airways, after receiving the proposal of the Ministry of Planning and Investment (MPI) and the consensus of relevant ministries. According to the MPI, Bamboo Airways has completed all necessary legal procedures for establishment. In addition, other Government agencies, namely the Ministry of Transport, Ministry of Finance, Ministry of Defence, Ministry of Public Security, … [Read more...] about Vietnamese Government approves establishment of Bamboo Airways
Vietnamese government approves fuel tax hike proposal in fight against pollution
Vietnam is looking to increase environmental taxes to the highest level permitted for fuels, according to a recent proposal by the Ministry of Finance already approved by the Prime Minister. Under the proposal, which is currently under review by the Standing Committee of the legislative National Assembly, petroleum tax will increase by 33 percent to VND4,000 per liter (17 cent) and diesel tax by 33 percent to VND2,000 per liter. Taxes are also being hiked for mazut and motor oil. If passed, the tax hike would go into effect starting from July 1. The proposed hike is expected to add VND14 billion ($610,000) to Vietnam’s national budget and the consumer price index from June to July would increase by 0.27-0.29 percent, according to government calculations. The governments hopes higher environmental taxes will encourage efficient energy usage and a switch to more environmentally friendly products, thus reducing emissions and air pollution. As Southeast Asia’s fastest-growing … [Read more...] about Vietnamese government approves fuel tax hike proposal in fight against pollution
RoK government approves constitutional revision proposal
President Moon Jae-in (Source: EPA) Seoul (VNA) – The Republic of Korea (RoK) government passed a constitutional revision proposal at a cabinet meeting on March 26 under the chair of Prime Minister Lee Nak-yon before sending the bill to the National Assembly for approval. President Moon Jae-in signed the proposal electronically from the United Arab Emirates, where he has been on a four-day visit since March 24. This is the first time since 1980 that a President of the RoK has proposed changes to the Constitution. If approved, the bill will be opened for a public referendum to be held at the same time with the country’s local election on June 13. The proposal centers on changing the current single five-year presidential term to a maximum of two successive four-year terms, while curtailing presidential powers and strengthening the rights of the prime minister and the National Assembly. The current five-year single term was introduced, along with a direct … [Read more...] about RoK government approves constitutional revision proposal
Government approves restructuring of Vinachem
Deputy Prime Minister Vuong Dinh Hue has signed Decision No.16 approving the restructuring plan of the Vietnam National Chemical Group (Vinachem). The Ha Bac Nitrogenous Fertiliser & Chemicals Company Limited under Vinachem’s management in Bac Giang Province. - Photo nongnghiep.vn The decision, designated for 2018-2020, aims to improve Vinachem’s structure, capacity, production efficiency and business competitiveness.While signing the decision, the deputy prime minister stated the need for streamlined and compact business models after the equitisation process at Vinachem and its member companies.The key focus of Vinachem is State divestment from the mother company and a number of its subsidiaries.The mother company plans to become equitised in 2018-19, leaving only 50-65 per cent of its charter capital of some VND20 trillion (US$890 million) under State control.As for Vinachem’s member companies, it plans to retain more than 65 per cent of charter capital at … [Read more...] about Government approves restructuring of Vinachem
Vietnamese Government approves inland container depot master plan
The Hanoitimes - Deputy Prime Minister Trinh Dinh Dung has approved adjustments to the master plan for Vietnam’s inland container depot development to 2020, with a vision to 2030. The adjustments aim to help inland container depot systems meet the increasing demand of export-import transport, increase sea ports’ capacity for goods clearance, ensure the safety of goods and reduce traffic congestion in urban areas. Inland container depots will be developed into centres for organising goods transport and providing logistics services. By 2020, Vietnam’s inland container depot systems are hoped to clear at least 15-20 percent of the volume of goods containers, with a total capacity of 4 - 6.84 million TEU/year. The figures is expect to reach at least 25-30 percent and between 12 - 17.6 million TEU/year, respectively by 2030. According to the plan, 15 inland container deports will be built across the country, including six in the north, six in … [Read more...] about Vietnamese Government approves inland container depot master plan
Government approves power price hike of 15.28%
>> Vietnam considering a hike in electricity rates Prime Minister Nguyen Tan Dung has approved a power price increase of 15.28% beginning March 1, 2011.As a result, from March 1, 2011, the country’s averaged power price will be VND1,220 (USD0.05)/kWh, instead of VND1,058/kWh, Vuong said.According to the ministry’s estimates, such power price increase could drive up the national CPI by between 0.54% and 0.7% this year. This is considered acceptable in terms of macro-economic impacts, but not an optimal solution to the electricity industry, which is in desperate need of capital for investment. Despite of the price increase, EVN is still forecast to incur as much losses as VND19 trillion (USD918.18 million) this year.The national total power output is projected at 117.6 billion kWh in 2011, up 17.63% from a year earlier. The country may consume as many as 56.11 billion kWh of electricity during the dry season of this year, up 18.3% compared to the same period last … [Read more...] about Government approves power price hike of 15.28%
The Government’s regular meeting in November 2017
THE GOVERNMENT SOCIALIST REPUBLIC OF VIET NAMIndependence - Freedom - Happiness No. 131/NQ-CP Ha Noi, December 06, 2017 RESOLUTION THE GOVERNMENT’S REGULAR MEETING – NOVEMBER 2017 THE GOVERNMENT Pursuant to the Law on Organization of the Government dated June 19, 2015; Pursuant to the Government’s Decree No. 138/2016/ND-CP dated October 01, 2016 promulgating the working regulation of the Government; Based on the discussion of the Cabinet members and the conclusion of the Prime Minister at the Government’s regular meeting in August 2017, held on August 30 DECIDES 1. Regarding the socio-economic situation in November and the first 11 months of 2017, the implementation of Resolution No. 01/NQ-CP dated January 1, 2017 The Government unanimously agreed that the socio-economic situation in November and the first 11 months of 2017 continued positive improvements. Macro-economy remained stable. Inflation was kept under control. Major … [Read more...] about The Government’s regular meeting in November 2017
The Government approves the organization of the first international Gong Festival of 2009 in Gia Lai province
(Cinet)- Towards the Government’s commitments in the action program Vietnam registered with UNESCO when submitting the dossier of title recognition for Tay Nguyen Gong cultural Space as a masterpiece of human’s intangible and unwritten heritage, at the same time considering the suggestion of MCST on organizing the first international Gong Festival of 2009, Deputy Minister Nguyen Thien Nhan has recently signed into the Decision and agreed on the organization of the first international Gong Festival of 2009 in Gia Lai province. Deputy Prime Minister assigned Gia Lai People’s Committee to chair and prepare for contents, scenarios and organization work of the first international Gong Festival of 2009 meeting the requirements and targets and honoring Vietnam’s national culture, strengthening solidarity and cultural exchange among ethnic groups; ensuring security, order and savings; actively placing local budget and mobilizing other legally financial sources for … [Read more...] about The Government approves the organization of the first international Gong Festival of 2009 in Gia Lai province
Government urges HCMC port operators to move quickly
Government urges HCMC port operators to move quicklyBy Song Nguyen - The Saigon Times DailyHCMC – The Government on Tuesday again demanded the operators of Ba Son Shipyard and seaports along the Saigon River to quickly move out of the inner city under a years-old scheme to open new seaports in outlying areas.Deputy Prime Minister Hoang Trung Hai told the operators and relevant agencies in a meeting in HCMC on Ministries of transport, finance, investment-planning and the city government were also told to lend a helping hand in this rezoning scheme.Port operators and the shipyard owner were also told to quickly bring out plans on utilizing the old premises when these facilities are shut down, said an official who attended the meeting on Tuesday.The source told the Daily that Deputy PM Hai requested the authorities of HCMC and neighboring provinces make conditions easier for port operators to build new seaports as replacements.Five key ports in HCMC that will be shut down before … [Read more...] about Government urges HCMC port operators to move quickly