Around 7,500 businesses in Vietnam were dissolved in the first eight months of this year due to business difficulties, up 3.5% on-year, the General Statistics Office said in a report. According to the report, most of the dissolved businesses were limited and private firms which have an averaged registered capital of below VND10 billion (USD476,190). Between January and August, up to 40,419 companies suspended their operations, representing an on-year increase of 3.5%. Among those, 14,924 firms reported a limited suspension, while the remainder appeared to have closed entirely. As many as 73,400 companies were set up in the eight-month phase with a total registered capital of VND567.9 trillion, up 19.7% in enterprise number and 50.9% in capital value against the same period of 2015. The office also said that Vietnam faced a budget deficit of VND112 billion since early this year, while the country saw a trade surplus of USD2.5 billion during the time. … [Read more...] about Dissolved businesses continue to rise
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Singaporean businesses urged to expand investment in Vietnam
NDO – Chairwoman of the National Assembly (NA), Nguyen Thi Kim Ngan, has called on Singaporean firms to continue investing and expanding their business production activities in Vietnam, across the spheres of tourism, education, smart city, finance, renewable energy, high-tech agriculture and real estate, among others. * NA Chairwoman visits Vietnamese Embassy in SingaporeThe senior legislator made the appeal while meeting with representatives from Singaporean companies investing in Vietnam on November 27, as part of her official visit to Singapore at the invitation of Singaporean Parliament Speaker Tan Chuan Gin.She hailed Singapore as an important partner of Vietnam, stating that the two countries are geographically close to each other, thus possessing a lot of cooperation potential and advantages for the benefits of both sides.At the meeting, representatives from Singaporean firms updated the NA leader on their investment and business situation in Vietnam, whilst putting … [Read more...] about Singaporean businesses urged to expand investment in Vietnam
NA Chairwoman meets Singaporean businesses
Six Singaporean businesses are investing in Vietnam, namely Sakae Holding, Kinder World Group Ascendas- Singbridge Group, Sembcorp Development Company, Banyan Tree Holding Limited , and Changi Airport International Group.In her remarks, NA leader Ngan highlighted the significance of the meeting, which she said, will open up ample new investment opportunities for businesses from both nations. The Vietnam National Assembly is building laws in line with international integration, she noted."We are in the process of deeper economic integration, so building and fine-tuning the legal system for international integration, foreign investment attraction, economic development is the top priority of the National Assembly of Vietnam. Singapore is an important partner, the ninth trade partner and the third largest FDI investor of Vietnam. We are very close geographically and our cooperation have proved very effective and successful, " Ngan said.Singaporean business representatives thanked the … [Read more...] about NA Chairwoman meets Singaporean businesses
Level-playing field for all businesses
Nguyen Mai, chairman of the Vietnamese Association of Foreign Invested Enterprises, told VIR, “In Vietnam, no enterprises suffer from discrimination in any policies, including tax-related ones.”“All policies relating to investment are fair to all local and foreign firms. No provision in any laws in Vietnam states that foreign direct investment (FDI) enterprises are given better treatment than Vietnamese enterprises,” said Mai, who is former Deputy Chairman of the State Commission for Cooperation and Investment (now the Ministry of Planning and Investment).Currently, Vietnam gives major investment incentives to projects in specific sectors, like high-tech agriculture and supporting industries; in specific geographical areas; and depending on projects’ scale.“Samsung and other FDI enterprises in Vietnam enjoy higher tax incentives than Vietnamese ones because they can more easily meet criteria set by the state, not because the country’s … [Read more...] about Level-playing field for all businesses
BUSINESS IN BRIEF 27/11
Vietnam chairs IAEA meetings Vietnam will chair a plenary session and Technical Assistance and Cooperation Committee (TACC) meeting of the Board of Governors of the International Atomic Energy Agency (IAEA) for the 2013-2014 term. This will be the first time the country chairs the meetings as chairman of the IAEA Board of Governors. The meetings will take place from November 25-29, in Vienna, Austria. The TACC will review the agency’s activities in the field so far this year and examine a proposed technical cooperation programme for 2014-2015, including five projects with Vietnam in nuclear power and medicine, agriculture and industry. Meanwhile, the plenary session will focus on the IAEA action plans on nuclear safety, including its assessment report and forecast in early emergency response at nuclear power plants, as well as inspection activities in the Democratic People’s Republic of Korea, Iran and Syria. The Board of Governors generally meets four times per year … [Read more...] about BUSINESS IN BRIEF 27/11