HCMC has 160,560 active businesses

At a seminar on Vietnamese businesses one year after the country’s admission to the World Trade Organisation (WTO) held recently by the Ho Chi Minh Institute for Economic Research and Doanh Nhan Sai Gon (Sai Gon Entrepreneur) Newspaper, economic experts, lawyers and leading businesses in production, trade and retail gave their assessments and analyses of the WTO’s membership impact on Vietnamese enterprises. Dr Le Dang Doanh, a senior economic expert, said that 2007 showed the positive signs of Vietnam’s economic development such as the strong attraction of foreign direct investment (FDI) (FDI predicted to reach US$17 billion), sharp increases in investment capital on the securities market, a high export growth and Vietnam’s increasing international position. Despite finding it difficult to analyse the impacts of joining the WTO, the Vietnam-US Bilateral Agreement (BTA), the ASEAN Free Trade Area (AFTA) and Central America Free Trade Agreement (CAFTA), there is no denying that Vietnam’s WTO membership has had certain direct and indirect impacts. As a result, foreign investors have made thorough preparations so they can operate inVietnam as some products have enjoyed tariff cuts and businesses are treated more equally since joining the WTO. Last year, the private economic sector developed very strongly, attracting more than 38,550 newly-establshed businesses with a total registered capital of VND303 billion, up 320 percent from the 2006 figure. The ammount of investment capital in the economic sector also rose by 28 percent, accouting for 17 percent of the country’s GDP and serving as the driving force behind…... [read more]

At their meeting in Cha-am – Hua Hin, Thailand, on October 23 on the sidelines of the 15th ASEAN Summit, the two PMs were pleased with the effective operation of the Vietnam-Singapore Industrial Parks in Vietnam and underscored the need for both sides to work harder to continue maintaining and boosting cooperation in the field. Highlighting the effectiveness of the implementation of the Framework Agreement on Vietnam-Singapore Linkage, they said they will assign the two countries’ relevant agencies to define new domains of cooperation in addition to the already identified six areas so they can make a decision on the matter during PM Lee’s upcoming visit to Vietnam in early 2010. The Singaporean PM hailed Vietnam’s decision to participate in the Trans-Pacific Economic Partnership Agreement (TPP) as an observer and pledged to willingly assist the country in negotiations for its joining of the treaty as a full partner. PM Dung highly valued Singapore’s educational cooperation with Vietnam and asked the country to broaden this cooperation and grant more scholarships to Vietnamese students. Regarding defence cooperation, the two PMs said the freshly-signed memorandum of understanding on the issue was of significant importance to bilateral ties and its deployment needs to be stepped up to contribute to strengthening and tightening the two countries’ friendship and mutual trust. In their talks, they shared the view that the building of the ASEAN Economic Community should be one of the top priorities of the group’s cooperation. They said ASEAN needs to make greater efforts in…... [read more]

Domestic goods make up 70-90 percent of the total goods on sale as more and more consumers prefer to buy Vietnamese goods instead of those imported from Thailand, Indonesia and Malaysia. The Big C supermarket has taken the lead in launching promotional programmes, providing local manufacturers with useful information about both consumer demand and taste to help them produce high quality products. Vu Kim Hanh, BSA director said that there should be close cooperation among state management agencies, businesses, distributors and consumers to make Vietnamese goods secure a firm foothold in the country. While management agencies are focused on raising public awareness of the quality of Vietnamese goods and promoting trade activities, businesses should create new designs to catch the attention of customers. The organizing board of the “Bringing Vietnamese goods to rural areas” programme said apart from basic consumer goods and production tools, local customers are also in need of electronic and mechanical devices.... [read more]

In order to promote export activities, businesses need to improve the quality of their products. According to the General Department of Vietnam Customs, in the past seven months of this year Vietnam’s exports to these two markets reached US$1.7 billion. Cao Thanh Diep from the Multilateral Trade Policy Department said exports of crude oil, mobile phones, wood, furniture and cashew nuts to Australia enjoyed a remarkable advantage of zero taxes but garment and footwear products were levied 5 -19 percent in New Zealand and even much higher in Australia. It is a fact that they remain as strict as the US, the European Union and Japan in terms of their intellectual property rights, regulations on packaging and controls of plant and animal products to prevent foreign exporters from gaining a leg up on local businesses. So to speak, Vietnamese exporters should closely follow market trends and customer demands by keeping close contact with wholesalers and retailers in these two countries. As Australia and New Zealand have committed to further cutting their taxes, Vietnamese exporters should pay due attention to their Code of Origin (C/O) declarations as they are valid for one year under the ASEAN-Australia-New Zealand Free Trade Agreement. They can contact with 18 Import-Export Offices of the Ministry of Industry and Trade (MoIT)’s Market Departments for more information. The Asia-Pacific Market Department said they need to use ANZ form when shipping goods to Australia and New Zealand. Experts said consumers in these two markets are not demanding but they…... [read more]

SMEs are the backbone of the Vietnamese economy, accounting for more than 40% of the country’s GDP and generating millions of jobs for workers, helping to reduce poverty and ensure the social welfare. However, in recent years, the majority of SMEs have not paid proper attention to environmental protection. Most of them use outdated machinery and technology, consuming too much energy and causing excessive environmental pollution. To raise the SMEs awareness on the importance of environment protection, the Institute of Strategy and Policy on Natural Resources and Environment (ISPONRE) in coordination with the Stockholm Environment Institute and the SMEs Association launched a green action plan project for SMEs from November 2012 to December 2013. The project aims to help SMEs formulate and implement green plans to improve their overall business operations. It also aims to organise a network of SMEs to efficiently cope with climate change and effectively and sustainably use natural resources while protecting the environment. Through green activities, businesses are not only increasing their ability to improve their products and services but are also attracting more customers, allowing for greater penetration into new and emerging markets. Green activities help reduce production costs and time, allowing for optimal use of materials, raising productivity while limiting the negative impact on environmental pollution. Sharing information among businesses is a fundamentally very important task as it can help SMEs choose safer business solutions, minimize risks and losses, develop international market and find the best environment management experience.... [read more]

HCMC Customs Department yesterday committed to halve customs procedure time compared to standards of regulations on customs. Deputy head of the department Dinh Ngoc Thang said that the city now has 140,000 active businesses. The number of customs declarations at city border gates account for 40 percent of the country.The city’s customs industry contributes to nearly 45 percent budget revenue of the country. Therefore, the existing and moving on of business community in the city plays decisive role to the country’s economy development, he affirmed.In fact, the time of doing customs procedure for a consignment of goods accounts for only 28 percent customs clearance time and does not exceed a working day. Specialized management bodies take 72 percent of customs clearance time.The HCMC Department of Customs has launched two checkpoints gathering eight specialized bodies to examine cargo mainly from three customs divisions at Saigon Port, Tan Son Nhat International Airport and HCMC Express Customs Branch. In the upcoming time, the department will further work with these bodies by signing coordination regulations in cargo examination to speed up customs clearance.... [read more]

Taxation - Customs Committed to Continuously Improving Administrative Procedures In the second annual dialogue on taxation and customs, held recently in Hanoi and Ho Chi Minh City with the participation of thousands of businesses and representatives of the Ministry of Finance, Deputy Minister Vu Thi Mai stressed, "In the next time, the Ministry of Finance is committed to continuing to strongly improve taxation and customs policies to support businesses and create the best business environment for enterprise development.” Focus on specialised inspection According to Mr Vu Ngoc Anh, Deputy General Director of the General Department of Vietnam Customs, the body will continue the reforms of administrative procedures in order to achieve the following objectives: Innovate comprehensive management practices and export and import tax policies; Complete the legal basis for implementing national one-stop shop (OSS); Continue the reform of customs procedures in the direction of openness and transparency, facilitating import and export business. Current administrative procedures of customs include 168 procedures; 100 percent of customs units perform procedures through Vietnam Automated Cargo Clearance System - Vietnam Customs Intelligence Information System (VNACCS /VCIS). But the story of specialised inspections was always a hot topic for companies and customs in 2016. That was the basic obstacle to the improvement of the index "cross-border trade transactions" as required by Resolution 19 to improve the business environment, enhance competitiveness and contrary to the commitments under the new generation free trade agreements. The results of research and fieldwork management, specialised inspection for imported goods in some…... [read more]

The following are Vietnam’s top ten economic events in 2016. The Resolution adopted at the 12th National Party Congress has defined tasks of stepping up renovation in a comprehensive and synchronous fashion; accelerating the economy fast and sustainably; and developing Vietnam into a modern, industrial country. The five-year average economic growth is expected to reach 6.5-7 percent per year. By 2020, an average gross domestic product (GDP) per capita will stand at about 3,200-3,500 USD, whilst the proportion of industry and services will make up some 85 percent of the GDP. Total average social investment in the next five years will account for 32-34 percent of the GDP, and State budget overspending will comprise of only 4 percent of the GDP. 2. National Assembly approves master plans for finance and investment The second session of the 14th National Assembly has approved a national financial blueprint in the 2016-2020 period, along with a middle-term public investment plan. Accordingly, the proportion of State budget overspending between 2016 and 2020 will not exceed 3.9 percent of the GDP. The annual public debt index, the Government debt, and the foreign debt are set within the limit of no more than 65 percent, 54 percent, and 50 percent, respectively, of the GDP. 3. Economy grows despite difficulties The drastic direction and administration of the Government, the high determination of the whole political system, and the active involvement of the business community, have backed the national economy to continue recording a positive growth in 2016. The…... [read more]

Hanoi (VNA) - The following are Vietnam’s top ten economic events in 2016.1. The 12th National Party Congress set a goal of rapid, sustainable economic development The Resolution adopted at the 12th National Party Congress has defined tasks of stepping up renovation in a comprehensive and synchronous fashion; accelerating the economy fast and sustainably; and developing Vietnam into a modern, industrial country. The five-year average economic growth is expected to reach 6.5-7 percent per year. By 2020, an average gross domestic product (GDP) per capita will stand at about 3,200-3,500 USD, whilst the proportion of industry and services will make up some 85 percent of the GDP. Total average social investment in the next five years will account for 32-34 percent of the GDP, and State budget overspending will comprise of only 4 percent of the GDP.2. National Assembly approves master plans for finance and investment The second session of the 14th National Assembly has approved a national financial blueprint in the 2016-2020 period, along with a middle-term public investment plan. Accordingly, the proportion of State budget overspending between 2016 and 2020 will not exceed 3.9 percent of the GDP. The annual public debt index, the Government debt, and the foreign debt are set within the limit of no more than 65 percent, 54 percent, and 50 percent, respectively, of the GDP. 3. Economy grows despite difficulties The drastic direction and administration of the Government, the high determination of the whole political system, and the active involvement of the business…... [read more]

HÀ NỘI - Prime Minister Nguyễn Xuân Phúc yesterday urged ASEAN countries to take measures to facilitate cross-border trade and investment, while warning against the re-emergence of protectionism. Speaking at the Bloomberg ASEAN Business Summit 2016, he said the world and ASEAN region are facing serious challenges in security, economy, food, climate change and protectionism. However, the fourth industrial revolution has also presented great opportunities for development, he said. He called for ASEAN member nations to foster economic connections and transport infrastructure development in order to facilitate trade and investment flows and cross-border services and thus build a united and efficient ASEAN market. Member economies will not be able to boost development if they only rely on the exploitation of natural resources and unskilled labour, Phúc said. "The ASEAN business community is the momentum for economic linkages, creating a new impetus for trade and investment development within the bloc," Phúc added. ASEAN nations need to promote innovation and creativeness, improve their competiveness, and engage more in the global supply in order to achieve higher added values, he stressed. For its part, Việt Nam is joining ASEAN efforts to further strengthen and deepen the intra-bloc co-operation, Phúc said, noting the centre role of ASEAN in Asia. While expressing hope that outside investors will seek win-win co-operation opportunities with ASEAN partners, he affirmed that the Vietnamese Government is working hard to improve the investment and business climate and welcomes all enterprises from ASEAN and other regions. Việt Nam currently has 600,000 active…... [read more]




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