Ho Chi Minh City is set to pilot the rental of state-owned cars in a bid to offset their overall cost to the state budget.The southern metropolis is expected to begin the pilot program in January 2018 following a proposal by the Ministry of Finance.Once the plan is rolled out nationwide, it is expected to reduce the number of state-owned cars by 10,000, saving the state some VND3.4 trillion (US$149.6 million).According to Le Minh Khoa, head of the Ho Chi Minh City Youth Volunteer Force, the unit in charge of the project, the rental of state-owned automobiles has not been done before, but the potential results are encouraging.Each state entity currently manages five cars, with the state spending VND15 million ($660.8) per vehicle per month on drivers’ salaries and vehicle maintenance, Khoa said.If the program is rolled out, each agency will only be responsible for two cars, with monthly expenditure of around VND20 million ($880.5) per vehicle, saving about VND35 million ($1,540) … [Read more...] about Ho Chi Minh City to pilot rental of state-owned cars
National party rental companies
Update on mega foreign invested projects in Vietnam
The projects are mostly industrial in nature, with the lion’s share being steel, power, and manufacturing, as well as real estate. The presence of big multinational companies, such as Intel, Samsung, Posco, and LG, indicates that Vietnam is an attractive destination due to competitive labour costs and the ever-improving business environment.On the other hand, Vietnamese companies have been gradually increasing their capacity and product quality in order to join the global supply chain. However the connection between Vietnamese and foreign companies remains weak.Below is the list of mega foreign direct investment (FDI) projects licensed during the 10-year period from 2006 to 2015 and their current status: 1) $1.1 billion Posco project in Ba Ria-Vung TauLicensed in 2006, the project aimed to build a steel plant on an area of 130 hectares. While the plant is going to operate for 48 years, producing cold and hot rolled, as well as galvanized steel items. The first phase of the plant … [Read more...] about Update on mega foreign invested projects in Vietnam
Vacation Property: Effective Alternative Investment Channel
Amid high volatility of gold prices, exchange rates and the stock market, along with many inflation-causing risks, real estate in general and vacation property projects in particular are viewed as a secure investment channel. Mr Nguyen Van Minh, General Secretary of the Vietnam Real Estate Association, said: Vacation property is a potential market segment as it catches the interest of many investors. The boom of vacation property projects in Ba Ria - Vung Tau, Quang Nam, Thua Thien - Hue, Tra Vinh, Binh Thuan and other provinces in the last five years has led this market to its most vibrant phase. A recent survey by Savills Vietnam showed that up to 52.5 percent of vacation home buyers want to satisfy their lifestyle.According to the Vietnam National Administration of Tourism (VNAT), some 50 new resort projects are applying for investment certificates, while some 20 existing resort projects are carrying out second-phase expansion. Vacation property attracts investors because … [Read more...] about Vacation Property: Effective Alternative Investment Channel
PM reiterates Formosa’s investment term
Prime Minister Nguyen Tan Dung has agreed to maintain an investment termof 70 years for the Taiwan-invested Formosa project in the centralprovince of Ha Tinh. The decision was taken following a suggestion made by the Ministry of Planning and Investment (MPI) regarding the same. Minister and Chairman of the Government Office, Nguyen Van Nen,reiterated the PM's decision before reporters on the sidelines of apress conference on March 2, after the Government Inspectorate ofVietnam alleged that Hung Nghiep Formosa Ha Tinh Steel Co. Ltd. wasoffered illegal incentives. The Investment Law of 2005 stipulates that the maximum investmentterm for a foreign- invested project is 50 years, and this term may beincreased to 70 years in exceptional cases and should be ordered by theGovernment. Inspectorate reports stated that the province granted the 70-yearinvestment licence to the company without the Government's … [Read more...] about PM reiterates Formosa’s investment term
PM confirms Formosa investment term
Workers erect production facilities at the Formosa project in Ha Tinh. The central province is alleged to offer the Taiwanese investor illegal incentives. — Photo nld.com.vn HA NOI (VNS) — Prime Minister Nguyen Tan Dung has agreed to maintain an investment term of 70 years for the Taiwan-invested Formosa project in the central Ha Tinh Province.The decision was taken following a suggestion made by the Ministry of Planning and Investment (MPI). Minister and Chairman of the Government Office, Nguyen Van Nen, reiterated the PM's decision before reporters on the sidelines of a press conference on Monday, after the Government Inspectorate of Viet Nam alleged that Hung Nghiep Formosa Ha Tinh Steel Co Ltd was offered illegal incentives. The Investment Law of 2005 stipulates that the maximum investment term for a foreign – invested project is 50 years, and this term may be increased to 70 years in exceptional cases and should be ordered by the Government. … [Read more...] about PM confirms Formosa investment term
Solutions to remove difficulties against production and business, support the market and deal with non-performing loans
GOVERNMENT ___________ No: 02/NQ-CP SOCIALIST REPUBLIC OF VIET NAM Independence – Freedom – Happiness _____________________ Ha Noi, January 07, 2013 RESOLUTION On solutions to remove difficulties against production and business, support the market and deal with non-performing loansTo realize the socio-economic development objectives and targets for 2013 approved by the National Assembly, namely curbing inflation, stabilizing the macro-economy, ensuring social security, gradually restructuring the economy towards higher quality, effectiveness and competitiveness, creating changes since the beginning of year, striving to successfully achieve the socio-economic development indices set for 2013, while taking measures to remove difficulties to facilitate enterprises’ production and business, and step by step handling bad debts in … [Read more...] about Solutions to remove difficulties against production and business, support the market and deal with non-performing loans
Landlords can be a blessing or a curse for house renters
Photo vietnamnet Last week, Viet Nam News asked its readers to state the problems they have faced with house renting in Viet Nam. Here are some responses. John McDonald, Australian, Ha NoiIt makes good sense to use a rental agent in Viet Nam. They are certainly invaluable if there are language problems, acting the role of honest brokers between two parties.The rules on renting are not easy to find and, like many other things, sometimes difficult to follow or implement. A good landlord or landlady makes up for all this, but there are many inexperienced and greedy owners in the marketplace. For instance, what do you do if you want to take a girl home? Indeed, are you allowed, as a single male, to take a girl home? The rules flap all over the place, depending on the nationality of the woman.When in doubt, landlords often collude - or are advised - by police. It is not uncommon to receive a demand for a VND1 million or more a month to handle such matters. Maybe this is not … [Read more...] about Landlords can be a blessing or a curse for house renters
PM reiterates Formosa’s investment term while accepting mistakes
The decision was taken following a suggestion made by the Ministry of Planning and Investment (MPI) regarding the same.Minister and Chairman of the Government Office, Nguyen Van Nen, reiterated the PM's decision before reporters on the sidelines of a press conference on March 2, after the Government Inspectorate of Viet Nam alleged that Hung Nghiep Formosa Ha Tinh Steel Co. Ltd. was offered illegal incentives.The Investment Law of 2005 stipulates that the maximum investment term for a foreign- invested project is 50 years, and this term may be increased to 70 years in exceptional cases and should be ordered by the Government.Inspectorate reports stated that the province granted the 70-year investment licence to the company without the Government's permission. The local People's Committee, Department of Planning and Investment and the management board of the Vung Ang Economic Zone, where the project is located, was also held responsible for the oversight.However, Ha Tinh Chief Inspector … [Read more...] about PM reiterates Formosa’s investment term while accepting mistakes
SBV pursues fight against dollarisation
by Thien Ly (VNS) Later this month, the State Bank of Viet Nam plans to submit its anti-dollarisation project to the Politburo for consideration. Under its proposal, the people's right to keep foreign currency will continue, but all activities related to foreign-currency lending will cease. The new policy, outlined in Circular No. 03/2012/TT-NHNN issued on March 8 by the State Bank, regulates foreign-currency lending by domestic credit institutions and foreign bank branches. It will take effect by the end of December. As stated in the circular, domestic credit institutions and branches of foreign banks with forex-service licenses will be permitted to extend short-, medium- and long-term loans in foreign currencies to companies that use funds to import goods and services for their production and trading purposes. However, borrowers must show that they have sufficient foreign currency generated from their business activities to repay their loans. The central bank has also … [Read more...] about SBV pursues fight against dollarisation
Teed Of (30-09-2012)
with Robert BicknellAh, you can always tell when the Ryder Cup rolls around and will be played in the US. Patrons…er, sorry, that term is reserved for Augusta National. Spectators … er, nah, that implies people quietly watching…Ryder Cup crowds (ah yes, that's the word I was looking for…) in the US are anything but quiet, and with the event being held in Chicago, it's gotta be a bit loud. After all, Chicago was home to one of the most infamous golfers of all time … Al Capone.Bet you thought I was gonna say US President Obama, but yes, you read that right. Scarface was a golf nut.I couldn't believe it either when I came upon the story, but it does make sense. Where else could Capone and his cronies escape prying eyes for a few hours and just enjoy being in each other's company? Unfortunately for his enemies – who were just about anybody who got in his way, Capone was more accurate with a machine gun than his driver or putter. If it had been the other … [Read more...] about Teed Of (30-09-2012)