Free trade fair trade

In a group photo: Politburo member and head of the Party Central Committee's Economic Commission Tran Tuan Anh (6th from left) and Graham Stuart, Minister of State (Minister for Europe) at the Foreign, Commonwealth and Development Office (4th from right) and Minister of State in the Cabinet Office Nigel Adams (5th from left). (Photo: VNA) London (VNA) – A Party delegation, headed by Politburo member and head of the Party Central Committee's Economic Commission Tran Tuan Anh, paid a visit to the UK from August 10 – 15, aiming to fortify the countries’ strategic partnership, particularly in economy, trade, and investment. During the trip, the delegation met many UK officials, namely Graham Stuart, Minister of State (Minister for Europe) at the Foreign, Commonwealth and Development Office; Deputy Speaker of the House of Commons Nigel Evans; Minister of State in the Cabinet Office Nigel Adams; Economic Secretary to the Treasury Richard Fuller; and General Secretary of the Communist … [Read more...] about Party officials visit UK for improved strategic partnership

Nowadays online shopping becomes more popular than in-store shopping The new Law on Tax Administration which took effect in mid-2020 has added regulations on the responsibilities of relevant ministries including the Ministry of Industry and Trade, the Ministry of Information and Communications, the Ministry of Finance, and the State Bank of Vietnam in tax administration for e-commerce business activities. Plus, the Decree No. 126/2020 also details e-commerce business for individuals. Accordingly, if an organization does business with an individual, the individual does not directly declare tax, but the organization is responsible for declaring VAT on the entire revenue of business cooperation activities, regardless of the form of business cooperation results. At the same time, the organization declares and pays personal income tax on behalf of the individual. Accordingly, with this provision, local businesses which cooperate with a foreign party shall pay tax on behalf of the … [Read more...] about Vietnam to tighten management, increase supervision to prevent tax loss

An overview of the conference. — VNA/VNS Photo More than 100 businesses and 43 investors of industrial clusters and nearly 20 commercial banks participated in a conference to connect local firms in Ha Noi with commercial banks and the Ha Noi Development Investment Fund (HANIF). The event, launched on August 15, was jointly held by the city's Department of Industry and Trade, the Ha Noi Branch of the State Bank of Vietnam, and the Ha Noi Association of Main Industrial Products (HAMI). Addressing the event, Tran Thi Lan Phuong, Acting Director of the Ha Noi Department of Industry and Trade, said that the conference aimed to provide a chance for banks and investment funds to introduce soft loans and support programmes to businesses, helping them overcome difficulties and develop. In order to launch infrastructure projects in industrial parks and clusters in the city, the Ha Noi Department of Industry and Trade suggested that businesses should coordinate closely with credit … [Read more...] about Ha Noi connects commercial banks with local businesses

Japan will give post-COVID-19 support to over 100 overseas Japanese-invested projects, including more than 40 in Vietnam, but the Southeast Asian country needs to overcome certain challenges facing them, a Japanese trade official said. Nobuyuki Matsumoto, chief representative of the Japan External Trade Organization (JETRO)’s Ho Chi Minh City Office, released the information at a press briefing held recently at the twin launch of the upcoming METALEX Vietnam Exhibition and Supporting Industry Exhibition 2022 in October this year. Since 2021, the Ministry of Economy, Trade, and Industry of Japan has implemented an investment aid policy for Japanese firms abroad, aiming to diversify supply chains in the face of the heavy impacts of the COVID-19 pandemic, Matsumoto said. Among the 103 Japanese-invested projects selected by the Japanese government after five rounds of consideration for support, Vietnam took the lead with 41 projects, followed by Thailand with 25, and Malaysia and … [Read more...] about Vietnam emerges as focus of Japan’s post-pandemic supply chain diversification

The city's authorities will continue focusing on boosting economic recovery while addressing the concerns of the business community. An agreement signing ceremony to support access to concessional loans between the Hanoi Investment Fund for Development, the city's commercial banks and the business community took place at a conference connecting stakeholders in Hanoi on 15 August. An overview of the signing ceremony. Photo: kinhtedothi.vn The municipal Department of Industry and Trade and the Investment Fund for Development also signed an agreement on cooperation and information exchange on the same day to promote the recovery of the city’s businesses in the post-pandemic period. Speaking at the conference, Acting Director of the Hanoi Department of Industry and Trade Tran Thi Phuong Lan said: “The conference is expected to facilitate the connection between local banks and businesses to support those who need  concessional loans.” She called on the … [Read more...] about Hanoi helps businesses get loans

The Vietnamese Directorate of Fisheries required its subordinates in Ho Chi Minh City to verify whether a recently-circulated video capturing the release of an arapaima gigas that allegedly took place at a wharf in the city is true or not. Captioned 'Releasing 90-kilogram (198 pounds) arapaima gigas,' the 30-second video showed about 10 people on a boat returning a large arapaima back to the water. The location of the boat was believed to be at a wharf in District 8, Ho Chi Minh City. Arapaima gigas, also known as pirarucu, is an air-breathing fish that is native to the rainforest rivers of South America’s Amazon Basin and nearby lakes and swamps, according to National Geographic . Among the largest freshwater fish species, it can grow up to 15 feet long and weigh up to 440 pounds, though fish that big have not been reported for many years. It preys mainly on smaller fish, but can eat many other creatures given its size. The species has been introduced to parts of East … [Read more...] about Vietnam fisheries watchdog orders inquiry into video of giant arapaima release

Vice Chairman of the municipal People’s Committee Vo Van Hoan delivers the remark at the celebration ceremony of Singapore’s 57th National Day on August 15. (Photo: SGGP) Hoan delivered the remark at a ceremony to celebrate Singapore’s 57th National Day hosted by the Singaporean Consulate General in HCMC. Congratulating Singapore on its National Day, Hoan said he was impressed by its robust development over nearly six decades. Singapore is now one of the world’s most developed countries and a role model with a pioneering approach – “dare to dream, look ahead and seek new solutions and opportunities.” Built on the foundation of the flourishing relations between the two countries, HCMC-Singapore ties have produced good results, he said, noting that because of geographical proximity and cultural similarities, HCMC and Singapore boast great potential to supplement each other in various fields. According to the official, Singapore has been HCMC’s largest investor and second … [Read more...] about Singapore’s 57th National Day marked in HCMC

Delivering a report on the explanation, acquisition and revision of the draft law, Chairman of the N.A.’s Committee for Economic Affairs Vu Hong Thanh said that many have suggested adding midstream and downstream oil and gas exploration and exploitation activities to the scope of the amendment of the draft law. Thanh said that upstream oil and gas exploration and exploitation activities are closely linked with the fields of defense, security and foreign affairs. Therefore, it is necessary to have a separate provision in this law. Speaking at the session, N.A. Chairman Vuong Dinh Hue appreciated efforts of the drafting agency - the Ministry of Industry and Trade, the legislature's Committee for Economic Affairs and relevant agencies - in the study and acquisition of opinions of deputies at the legislative body’s third session to complete the draft law with a high quality. He suggested the report on verification of the draft law review the overall objectives, viewpoints and major … [Read more...] about N.A. Standing Committee scrutinizes draft amended Petroleum Law

Chairman of the NA’s Committee for Economic Affairs Vu Hong Thanh speaks at the session. (Photo: VNA) Hanoi (VNA) – The National Assembly (NA) Standing Committee gave opinions on the explanation, acquisition and revision of the draft Petroleum Law (amended), during its on-going monthly law-making session on August 16. Delivering a report on the explanation, acquisition and revision of the draft law, Chairman of the NA’s Committee for Economic Affairs Vu Hong Thanh said that many have suggested adding midstream and downstream oil and gas exploration and exploitation activities to the scope of the amendment of the draft law. Thanh said that upstream oil and gas exploration and exploitation activities are closely linked with the fields of defence, security and foreign affairs. Therefore, it is necessary to have a separate provision in this law. Speaking at the session, NA Chairman Vuong Dinh Hue appreciated efforts of the drafting agency - the Ministry of Industry … [Read more...] about NA Standing Committee scrutinises draft amended Petroleum Law