Hot rolled steel coil of Huu Lien A Chau JSC. The Ministry of Finance scrapped its plan of increasing MFN tax rate to 5 per cent on hot rolled steel coil products. — Photo huulienasia.com.vn The Ministry of Finance has postponed its plan of increasing the most-favoured nation (MFN) tariff on imported hot rolled steel coil (HRC) from zero per cent to 5 per cent after collecting opinions from businesses and experts. In its latest proposal for revision of Decree No 125/2017/ND-CP on export duty schedule, preferential import duty schedule and list of commodities and their flat tax rates, compound tax rates and outside tariff quota rates, the ministry has suggested not increasing the MFN tariff on HRC products. According to the ministry, the previous plan was derived from the concern that the worsening of US-China trade tensions could lead to a massive influx of cheap Chinese steel to the Vietnamese market, negatively affecting local steel manufacturers. Every year, Viet Nam imports … [Read more...] about The Ministry of Finance postpones plan of tax increase on hot rolled steel coil
Quotas in international trade
All banks in the country have to adopt the standard version of Basel II and then switch to the advanced version by 2025. — Photo baokiemtoannhanuoc.vn In 2016 the State Bank set a deadline of January 1, 2020, for 17 banks to meet Basel II norms under a national banking sector development strategy. Also, by 2025 all banks in the country have to adopt the standard version of Basel II and then switch to the advanced version. Basel II is the second edition of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on banking supervision. It comprises minimum capital requirements, supervisory review and market discipline to enhance competition and transparency in the banking system and make banks more resistant to market changes. Basel II requires banks to have a capital adequacy ratio (CAR) of at least 8 per cent. However, the SBV has allowed 10 banks to adopt Basel II standards earlier than the 2020 deadline. They are Joint Stock … [Read more...] about Basel II deadline rapidly approaching, are banks on course to meet norms?
The UK, in partnership with Italy, has been nominated to host COP26 in 2020. On this occasion, British ambassador to Vietnam, Gareth Ward, and Italian ambassador Antonio Alessandro jointly wrote an Op-ed on climate change in which they shared their expectation to work closely with Vietnam on climate and sustainability during Vietnam ASEAN chairmanship next year. British ambassador to Vietnam, Gareth Ward (left) and Italian ambassador Antonio Alessandro (Photo by the British and Italian Embassies) The following is the full text of their joint article: As British and Italian Ambassadors working in Vietnam for the past year, we have been fortunate to travel all around this beautiful country. As well as visiting the thriving cities, we have been by train, car, bicycle and boat through the hills and forests of the North-West, along the coast of Central Vietnam, and through the world’s second most biodiverse delta in the Mekong. We have learned about the richness of … [Read more...] about “We have only one planet”
Vietnam is particularly appealing to Asian investors and homebuyers Since 2015 when Vietnam legalised foreign property ownership, the market has been receiving increasing interest from foreign buyers, specifically Asian investors taking advantage of the bargain price compared to the rest of the continent. Henri Limyuen, a 36-year-old from the Philippines, told VIR that he is looking for a suitable apartment to buy in Ho Chi Minh City. Limyuen was visiting a launching ceremony of the Rome Residential project which is located in District 2. He said he has worked and lived across different Asian countries, and Vietnam is a top destination of his in terms of purchasing a home. “I think the regulations to permit foreigners to buy a house in Vietnam are open, and I see an opportunity for a good house here at a much cheaper price compared to other neighbouring countries,” he said. Limyuen added that the price of homes in Vietnam still remains lower than those in … [Read more...] about Strong demand for high-end property