Nguyen Xuan Thuy (left) and Vu Thanh Minh, partners of LNT & Partners The launch of the Law on Investment (LOI) and the Law on Enterprises (LOE) in 2014 has brought about significant improvements to the investment environment by, inter alia, simplifying relevant administrative procedures. The gradual transition from pre-check to post-check is also clearly reflected in these laws. Furthermore, but for the barriers in Vietnam’s World Trade Organization commitments on services, domestic and foreign-invested enterprises would have been treated equally. However, after five years of implementation, certain defects persist. This is the reason why in 2019 lawmakers have decided to amend these laws to meet expectations from the state management as well as the investors’ changing demands under new circumstances. The draft amendments to the laws have been developed and widely commented on from different perspectives. The amended laws intend to deliver three outcomes. First, by … [Read more...] about Adjustments to put wind in private sector’s sails
Trade adjustment assistance
Trade unions play key role in connecting labourers and managers
Trade union leaders of enterprises located in the Hải Phòng Economic Zone expressed their hope that labourers will receive the most favourable conditions. — Photo voa HÀ NỘI — Trade union leaders of enterprises located in the Hải Phòng Economic Zone expressed their hope that labourers will receive the most favourable conditions at work during their meeting with Trương Thị Mai, head of the Communist Party of Việt Nam (CPV) Central Committee’s Commission on Mass Mobilisation. Mai paid a visit to the economic zone, which has a large number of local and foreign labourers, yesterday to discuss the implementation of policies and laws on trade union and labour relations. According to the trade union leaders and managers of enterprises, local trade unions which act as a bridge linking labourers and managers help the workers express their wishes and make proposals while helping managers understand workers’ … [Read more...] about Trade unions play key role in connecting labourers and managers
Vietnam, EU reiterate commitment to trade, investment deals
The Vietnamese Government and the European Commission (EC) have pledged to carry out the EVFTA and the IPA in a timely and effective manner (Source: VNA) Brussels (VNA) – The Vietnamese Government and the European Commission (EC) have pledged to carry out the Europe-Vietnam Free Trade Agreement (EVFTA) and the Investment Protection Agreement (IPA) in a timely and effective manner. The commitment is expressed in a joint statement issued by Vietnam’s Minister of Industry and Trade Tran Tuan Anh and European Commissioner for Trade Cecilia Cecilia Malmström following their meeting on October 19 in Brussels on the sidelines of the 12th Asia-Europe Meeting Summit (ASEM 12). The statement said the Vietnamese Government is preparing plans to fulfill obligations under the free trade agreements while the EC stands ready to support the necessary reforms and adjustments through technical assistance. Both sides acknowledged the relevance of the trade and sustainable development … [Read more...] about Vietnam, EU reiterate commitment to trade, investment deals
HCMC proposes adjusting HCMC-Can Tho express railway project
HCMC proposes adjusting HCMC-Can Tho express railway projectThe Saigon Times Daily The scheduled route of the HCMC-Can Tho high-speed railway project as proposed by the Ministry of Transport HCMC - The HCMC government has proposed the Ministry of Transport adjust the HCMC-Can Tho high-speed railway project to reduce the route length to make the project more feasible, the local media reported. According to the Ministry of Transport’s decision, issued on August 27, 2013, the railway was planned to be nearly 173,700 kilometers long with 14 stations, starting from An Binh station in Binh Duong Province and running through the urban areas of HCMC and four Mekong Delta provinces. However, representatives of HCMC and four localities in the Mekong Delta region later agreed to the Southern Institute of Science and Technology’s proposal to reduce the route’s length to 139 kilometers, shortening the travel time between HCMC and Can Tho City to roughly 45 minutes. The … [Read more...] about HCMC proposes adjusting HCMC-Can Tho express railway project
VN-Cambodia trade forum kicks off
Viet Nam News HÀ NỘI — The Việt Nam - Cambodia trade and investment promotion forum opened in Phnom Penh, Cambodia on Friday, providing updated information on new trade policies for enterprises of the two countries and creating opportunities to increase business. The forum was part of efforts to help the two countries reach the target of US$5 billion trade value in the future. Chairman of the Vietnam Confederation of Entrepreneurs Cao Sỹ Kiêm said the forum aimed to help businesses reach ministries and agencies of Cambodia, seek partners and set up joint ventures, contributing to trade and investment promotion activities between the two countries, towards a stable and prosperous common market in the region and in the world. Vietnamese Ambassador in Cambodia Vũ Quang Minh said that enterprises of the two countries had good conditions to develop business as Cambodia had successfully organised the national polls of the 6th mandate of the … [Read more...] about VN-Cambodia trade forum kicks off
BUSINESS IN BRIEF 23/1
Vietnam promotes trade, tourism in ChileVietnamese Chargé d'affaires a.i. in Chile Nguyen Minh Anh introduced the potential for cooperation between Vietnam and Chile in trade and tourism at a seminar in Chile on January 19.Anh highlighted the remarkable growth in bilateral trade exchange recently, with value reaching 1.28 billion USD. He noted that Vietnam is the 10th biggest foreign trade partner and the second largest Southeast Asian market of Chile.The diplomat underlined the trend among young Chilean entrepreneurs to seek investment opportunities in Southeast Asia, including Vietnam.A representative of the Chilean Ministry of Foreign Affairs said the Vietnam – Chile free trade agreement, effective in 2014, has made significant contributions to increasing trade exchanges between the two nations.Vietnam can serve as a gateway for Chilean products to enter ASEAN markets, while Chile as a bridge connecting Vietnam and Latin America.The seminar, jointly hosted by the Embassy … [Read more...] about BUSINESS IN BRIEF 23/1
Social News 16/1
Fire destroys thousand sq. meter wood factory in Dong NaiA huge fire suddenly occurred at a wood factory of Shing Mark Company in Bai Xep Industrial Park, Trang Bom district, Dong Nai at midnight on January 15. Because materials inside the wood factory are easily ignited, the flame quickly spread out causing the firefighters to meet difficulties in order to access the site and localize the fire. By 5am today, the blaze was extinguished.The initial information showed that there was no death in the fire; however, the flame destroyed thousand sq. meter factory and burnt wood materials inside the factory. At present, the functional agencies have investigated the cause of the fire. HCM City ensures traffic safety for TetThe Ho Chi Minh City Traffic Safety Committee has deployed various measures to ensure traffic safety and order in the city before and during the Tet (Lunar New Year) holiday.Nguyen Ngoc Tuong, deputy chief of the committee, said, “The campaign aims to … [Read more...] about Social News 16/1
BUSINESS IN BRIEF 14/1
Pepper growers concern about falling pricesPepper growers are entering the harvest season of 2018 in the southeastern region of Vietnam, concerning about price fall and output reduction because of pests and diseases.Traders now pay VND65,000-66,000 a kilogram of pepper, accounting for half of the price in the same period last year.Long lasting rains last year created conditions for pests and diseases to attack pepper crop, resulting in output drop this year.According to statistics, high pepper prices in previous years sent farmers to expand farming area to 40,100 hectares in Ba Ria-Vung Tau, Dong Nai and Binh Phuoc provinces in 2017. The area far exceeds the plan of 12,800 hectares by 2020 of the Government.That has broken supply and demand balance causing continuos price reductions for the last two years. Enterprises develop fast in number, efficiency low: economic survey 2017Data from economic survey of HCMC 2017 showed that although the number of enterprises quickly develops, their … [Read more...] about BUSINESS IN BRIEF 14/1
BUSINESS IN BRIEF 9/1
Vingroup, T&T to develop urban railway projects in HanoiThe government of Hanoi City has proposed the Prime Minister allow Vingroup and T&T Group to develop three urban railway projects which the city plans to complete by 2025, Tuoi Tre newspaper reports.The two domestic investors will use their capital to make pre-feasibility studies for these projects.When the projects were announced, many investors expressed interest in Hanoi. However, only Vingroup and T&T Group have registered to take part.Both of them proposed implementing the projects in the build-transfer (BT) format. Particularly, Vingroup registered to build the 38.4-kilometer metro line No. 5 which connects Van Cao and Hoa Lac and metro line No. 2 from Tran Hung Dao to Thuong Dinh with a length of 5.9 kilometers. Meanwhile, T&T Group is keen on metro line No. 4 connecting Me Linh, Sai Dong and Lien Ha, and measuring 54 kilometers in length.The two investors said they would use their own finances to study the … [Read more...] about BUSINESS IN BRIEF 9/1
Gov’t figures out key tasks for 2018 (part I)
The following is the first part: STT Tasks Line ministries Coordinators Deadlines I Enhancing macro-economic stability, controlling inflation, ensuring major balances of the economy, accelerating fast and sustainable growth 1 Comprehensively and flexibly regulate monetary tools to stabilize the monetary market, contributing to control inflation and create favorable conditions for credit organizations to reduce lending rates The State Bank of Viet Nam … [Read more...] about Gov’t figures out key tasks for 2018 (part I)