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Normally, by the end of a year they would have enough orders for the whole of the following year, Nguyen Van Thoi, chairman of TNG Investment and Trading JSC, which makes garments, said. But this year many businesses have said they do not have enough orders for 2020, with some reporting a 20 percent drop in orders from last year. Besides, many have not signed long-term contracts for products, only monthly or quarterly, Thoi said. A Vietnam Textile and Apparel Association (VITAS) official, who did not wish to be named, said many orders have shifted to emerging countries in Africa, while competition with textiles superpowers like China, India and Bangladesh is becoming increasingly fierce. "Even China’s orders are being transferred to countries with preferential tariff rates such as Bangladesh and Cambodia." Not only Vietnamese textile and garment producers, but also its fiber industry is facing increasing competition from foreign businesses and rivals in countries such as … [Read more...] about Vietnam textile industry orders hit by African competition

Vietnam’s government has been praised for its economic and administrative development by the European Chamber of Commerce in Vietnam (EuroCham), an organization representing over 1,000 European businesses. “The chamber appreciates the continued constructiveness and openness of the government in understanding the essential role of businesses and treating them as partners in increasing trade, investment and economic development,” EuroCham stated in the 10th edition of its Whitebook. EuroCham praised the government for cutting over 5,000 administrative procedures and creating opportunities for small and medium-sized enterprises to enter the market.  “We can see positive changes and results in completing Vietnam’s regulations and law,” said Nicolas Audier, co-chairman of the chamber. The Whitebook also describes Vietnam as having one of the strongest economic growth rates in the world over the past two decades, with average annual GDP growth of 6.4 … [Read more...] about Vietnam’s business environment changing for the better: European commerce chamber

Panel discussion on how Vietnamese enterprises need to prepare for changes in tax policy At the Tax and Law Symposium 2019, experts from EY Consulting Vietnam emphasised that apart from handling tax issues appropriately and reducing tax costs, enterprises also need to take care of potential risks of non-compliance, especially in a fast-growing digital business environment. A new Law on Tax Administration in 2019, recent proposals on the application of International Financial Reporting Standards (IFRS) in Vietnam, as well as previous decrees on e-invoices and transfer pricing all share the same goal of raising Vietnamese tax regulations to international standards in order to have a more effective system for both government authorities and taxpayers in tax administration, collection, and tax dispute resolution. These policies not only introduce new tax treatments such as e-commerce transactions, re-auditing, or the application of penalties but also propose new regulations of tax … [Read more...] about EY Consulting Vietnam: enterprises need to prepare for tax changes

Colonel Vo Van Thanh, Vietnamese Defence Attaché in the UK, speaks at the event. (Photo: VNA) London (VNA) – The Vietnamese Embassy in the UK held a ceremony to mark the 75th founding anniversary of the Vietnam People’s Army (VPA) on December 9 and the 30th All-People’s Defence Festival (December 22). Prominent among the guests at the event was Mark Field, former Member of Parliament and former Minister of State for Asia and the Pacific at the Foreign and Commonwealth Office of the UK, and representatives of foreign embassies and defence attaché offices. Colonel Vo Van Thanh, Vietnamese Defence Attaché in the UK, briefed the participants of the VPA’s development over the past 75 years and the birth of the All-People’s Defence Festival. Vietnam has maintained defence ties with more than 80 countries worldwide, he said, adding that the country has played an active role in regional and international cooperative activities in this sphere, … [Read more...] about Founding anniversary of Vietnam People’s Army held in UK

Football fans in colorful wigs, headbands and red t-shirts with the golden star crowd the T2 Terminal in Hanoi's Noi Bai Airport. Most of them have booked one-day tours to the Philippines. Two women dressed for the final match against Indonesia for the SEA Games gold medal hold up a cutout of South Korean coach Park Hang-seo and a banner with "Viet Nam" emblazoned on it. Travel agency Vietravel has said that around 1,000 of its customers will fly from Hanoi, Saigon and Da Nang City to go today to the Ninoy Aquino Airport in the Philippines today. People wait to check in for their flight in Hanoi. Nguyen Cong Hoan, director of Hanoi RedTours, said around 300 customers would fly on two planes operated by national carrier Vietnam Airlines. All their tours to the Philippines sold out within 12 hours after December 5, he said. Vietnam drew against Thailand in their last group stage match on December 5, securing a spot in the SEA Games men's football final. Nguyen Viet Hung, 5, … [Read more...] about Vietnam airports awash in red as football fans head for the Philippines