VAMA objects to news about auto price fall Hung Le By Hung Le - The Saigon Times Daily HCMC – The Vietnam Automobile Manufacturers Association (VAMA), rejecting news about a possible steep automobile price plunge next year, said tax policies will not affect auto prices. In a document submitted to the competent authorities, VAMA said online media had reported on the possibility that prices of vehicles of less than nine seats would plunge by hundreds of millions of dong next year. However, according to VAMA, inaccurate information may lead to confusion and misunderstanding among consumers. VAMA’s objection comes after dealerships have run into difficulties over the past week due to falling sales though this is the peak car sale season of year. Consumers seem to be waiting for car prices to drop next year following news reports, dealerships explained. Regarding import tax on vehicles of less than nine seats shipped from ASEAN nations next year, VAMA said it has yet to … [Read more...] about VAMA objects to news about auto price fall
Pass road auto sales
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...] about BUSINESS IN BRIEF 22/7
VCCI accused of misusing state budget funds On July 10, the government inspectorate announced that the Vietnam Chamber of Commerce and Industry committed wrongdoings when they made bank deposits totaling over VND9.4 billion (USD448,000). VCCI had been given an amount of money from the budget to prepare for the APEC Summit 2006. After the summit ended, the excess funds were over VND9.4 billion. However, instead of reallocating this money to the state budget, VCCI deposited it in order to earn interest. "VCCI violated regulations when they withdrew the interest in 2008, 2009 and 2010 for their own activities," according to inspection results. There were hundreds of contracts and invoices worth tens of millions of VND that also violated regulations. In addition, members of VCCI did not fulfill their duties. VCCI did not record the meeting of ASEAN Business and Investment Summit on May 10, 2010. Also, when VCCI's headquarters is being built, they did not evaluate the plan in advance, and … [Read more...] about BUSINESS IN BRIEF 12/7
HCM City vows to protect businesses targeted by rioters Vice Chairman of the Ho Chi Minh City People’s Committee Le Manh Ha on May 16 visited foreign enterprises hit hard by the recent anti-Chinese protests, vowing that authorities will provide them with all possible support to resume operations as soon as possible. At a working session with five businesses in Binh Chieu industrial park, Ha was informed that the park is free from looting or arson thanks to the city’s timely response. Business representatives expressed hope that relevant units will respond faster to any future contingency, possibly with the launch of a hotline. Meanwhile in Linh Trung 2 industrial zone, Ha toured the Taiwanese-invested Freetrend company that was hardest-hit by the violence. Its executives said their firm returned to work on May 16 after a two-day shutdown. All of the workers here want to have stable jobs and local assistance has emboldened them to resume operations, they said. Ha assured … [Read more...] about BUSINESS IN BRIEF 18/5
After years of delay, authorities in Hanoi and Ho Chi Minh City are determined that they will have their first metro systems commissioned by 2018 in a bid to clear streets increasingly clogged with cars and motorbikes. However, they face a much tougher task in convincing millions of motorbike and car owners to switch to the trains because old habits die hard, and, some experts say, entrenched attitudes die even harder. "Successful public transit projects need to combine a policy framework with good facilities that encourages people not to use cars and encourages them to use public transport," Jonathan Pincus, a HCMC-based economist with the Fulbright Economics Teaching Program, told Vietweek. But Vietnam has not been able to do this so far, and such failure could cast a dark shadow over the metro systems, experts say. They say that the country looks set to experience a strong car culture as a large number of nouveau riches choose to flaunt their wealth with luxury cars like … [Read more...] about Vietnam metro systems get set, but will the public go?