Turkey urged to ease trade defence against Vietnamese goods At a consultation session on the free trade agreement with Turkey from February 20-25, 2017, the Vietnamese Ministry of Industry and Trade (MOIT) asked the Turkish side to consider and recognise Vietnam’s market economy and minimise the application of trade defence measures against Vietnamese goods. The MOIT expressed concern that Turkey’s increasing application of trade defence measures against Vietnam’s export items in recent times has been adversely affecting trade exchange between the two countries. The Vietnam Competition Authority on February 28 revealed that Turkey has initiated anti-tax avoidance and anti-dumping investigations over partially oriented yarn (POY) imported from a number of countries, including Vietnam. Accordingly, POY items imported from China, India, Malaysia, Indonesia, Thailand, Chinese Taipei and Vietnam in the period of January 1, 2010 - December 31, 2016 will be put under … [Read more...]
Banks warned for violating interest rate regulations
HA NOI — The State Bank of Viet Nam yesterday sent strong warnings to leaders of Kien Long Commercial Jointstock Bank and Phuong Tay Commercial Jointstock Bank after investigators discovered their deposit interest rates were higher than regulated. The cap on the rate of Vietnamese dong is 14 per cent per year but Phuong Tay's Ha Noi branch was offering up to 17.8 per cent and Kien Long's Dak Lak branch was offering 15.7 per cent on one-month deposits. Postal service to market life insurance products HA NOI — Prevoir Viet Nam Life Insurance Ltd Company (Prevoir Vietnam) signed a contract on Thursday to co-operate with the Viet Nam Post Joint Stock Co (VNPost Express) in distributing Prevoir Viet Nam's life insurance products. Other distribution channels are the Viet Nam Post Company and commercial banks. Import tax on sugar to be cut substantially in April HA NOI — Import tax of raw and processed sugar would be reduced from 40 per cent to 15 per cent as of April 15, … [Read more...]
BUSINESS IN BRIEF 20/4
Mercedes-Benz Viet Nam recalls 3,624 vehicles over faulty fuse Mercedes-Benz Viet Nam is recalling 3,624 vehicles that are at risk of catching fire due to a potentially faulty fuse. According to the German car maker, the list of recalled vehicles includes C200, C250, C300, E200, GLC 250 4MATIC and GLC 300 4MATIC models, manufactured between September 2015 and February 2017. The models will be checked and installed with an additional fuse in the electrical line to the starter at an estimated time of 30 minutes per car. The recall campaign is scheduled to begin on May 14, 2018, and end on September 9, 2020. Mercedes-Benz Viet Nam is also recalling another 384 vehicles (models E200, E250 and E300) manufactured from August 2016 to April 2017 to replace the seat belts on the left and right backseats. The duration of checking and repairing is estimated at one-and-a-half hours per vehicle. This recall campaign started on April 16, 2018, and will run till December 31, 2022. JLL: Hanoi … [Read more...]
BUSINESS IN BRIEF 22/7
Chinese farm produce floods Vietnam market Massive quantities of Chinese agricultural products are routinely smuggled into the Vietnamese market, despite repeated warnings of pesticide residues. The produce is often laced with a toxic cocktail of pesticide residues causing leading agricultural experts to raise the alarm that Vietnamese consumers may be unwittingly exposed to hazardous levels of pesticides. The Hanoi-based Long Bien wholesale market, the largest farm produce market in northern Vietnam, imports between 200-300 tonnes of grapes, apples, cabbages, tomatoes, carrots, potatoes and onions from China every day. These products are mixed with similar Vietnamese fruits and vegetables in retail markets, making it difficult for consumers to distinguish with the naked eye. Tran Thu Huong, a consumer in Hanoi’s Thanh Xuan district, said that most of the cabbages, tomatoes, carrots, and potatoes available at her nearby markets are imported from China. “My family refuses … [Read more...]
With Abundant Money, Banks Boost Investment
With Abundant Money, Banks Boost Investment With abundant liquidity, Vietnamese banks have accelerated their investments since 2016, especially when interbank lending rates are too low. According to their financial statements, government bonds are the most popular investment channel. The year 2016 also witnessed credit institutions returning to buy each others' bonds and increase purchases and capital contributions in consumer finance companies. Priority placed on Vietnamese government bonds According to separate financial statements of 2016 announced by banks, the balance of bond investment in 2016 continued to increase strongly, especially in State-owned commercial banks’ statements. Specifically, Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank)'s securities investment portfolio stood at VND130.6 trillion, an increase of VND23.2 trillion or 21.6 per cent. Bank for Investment and Development of Vietnam (BIDV) invested VND143.4 trillion, up VND22.2 … [Read more...]
Master plan on economic restructuring
I. TARGETS, VIEWPOINT, ORIENTATIONS FOR ECONOMIC RESTRUCTURING 1. Overall target Economic restructuring is carried out in association with the conversion of the growth model in line with a roadmap with proper steps so as to form an in-depth model of growth by 2020, guarantee growth quality, and improve the economy's efficiency and competitiveness. 2. Specific targets a) Perfecting the socialist-orientated market economy, creating a range of sound, sustainable and long-term stimuli, especially tax incentives and other investment-encouraging measures, boosting the market-based distribution and use of social resources in sectors and products of competitive advantages, improving labor productivity, aggregate power of different factors, and competitiveness. b) Forming and developing a proper economic structure on the basis of improving the development of sectors, fields and economic zones; developing hi-tech and high added value industries and fields which can gradually replace low ones as … [Read more...]
PM Dũng’s report on hot topics presented at NA
Leaders of the Party, State, Việt Nam Fatherland Front, NA deputies, Compatriots and comrades, First of all, on behalf of the Government, I would like to thank the NA for agreeing with the Government's reports and for approving Resolutions on socio-economic development for 2012 and the period of 2011-2015. At this working session, 77 deputies have raised 237 questions to the Prime Minister and Cabinet members; including 11 questions to the Prime Minister. The Government spoke highly of NA deputies' questions regarding issues of the management and instruction of the Government. Over the past two days, five ministers, two Deputy Prime Ministers stood for interpellation. Their ideas and answers featured with sense of responsibility. On behalf of the Government, I would like to explain more about issues widely concerned by NA deputies and compatriots. They are also the tasks that the Government will focus on addressing them in the time to come. I. UPDATE SOCIO-ECONOMIC PERFORMANCE At the … [Read more...]
Outcomes of socio-economic development in 2011-2013, tasks for 2014-2015
The following is the translated version of the report: Leaders of the Party, State, and Fatherland Front of Viet Nam, Members of the National Assembly, Veteran Revolutionaries, Distinguished guests, Dear fellow citizens, On behalf of the Government, I have the honour to report to the National Assembly and fellow citizens about the socio-economic situation in 2013, results of the first three-year implementation of the five-year plan for 2011-2015 and the tasks for 2014-2015. Part I SOCIO-ECONOMIC SITUATION IN 2013, RESULTS OF THE FIRST THREE-YEAR IMPLEMENTATION OF THE FIVE- YEAR PLAN FOR 2011-2015 The targets and tasks stated in the 11th Party Congress Resolution for the five-year plan of 2011-2015 were developed amidst global adoption of pro-growth policies to respond to the global financial crisis and economic downturn, and optimistic forecasts for global economic recovery. The domestic situation enjoyed favourable conditions, pro-growth policies adopted since 2009 had proven … [Read more...]
Socioeconomic development in 2014, tasks for 2015
National Assembly, Leaders of the Party, the State and the Viet Nam Fatherland Front Central Committee Revolutionary veterans and distinguished guests, Comrades and compatriots As scheduled, the Government has sent to 49 reports on various fields to the National Assembly. Today, on behalf of the Government, I would like to report on the contents related to socio-economic development in 2014 and tasks for 2015. Part 1 SOCIO-ECONOMIC PERFORMANCE IN 2014 We have realized tasks set for 2014 against the global backdrop of profoundly complicated changes. The world economic recovery has been slower compared to previous forecast. Conflicts have occurred in many places around the globe. Tensions in the East China Sea and East Sea have arisen. Domestically, macro-economy was basically stable and inflation was put under control. Economic growth has gradually recovered but business environment, productivity, efficiency, and economic competitiveness still remained low while the requirements for … [Read more...]
PM highlights development strategy for 2011-2020
Prime Minister Nguyen Tan Dung has written an article about major contents of the draft socio-economic development strategy for the 2011-2020 period and the country’s key tasks in 2011. I. National situation and international circumstance 1. In continuing to follow the Party’s renovation guidelines, we have, during the 2001-2010 period, created new driving force for the national development. By expanding democracy in the economy through stipulating and enacting the Enterprise Law, promoting the development of privately-run economy, stepping up State-owned enterprise equitisation and foreign investment attraction, implementing administrative reforms with the focus on administrative procedures, participating deeply and broadly into regional and international integration process, and joining the World Trade Organisation, we have been able to tap our country’s inner strength and potential, make use of external resources and combine national strength with … [Read more...]