Gov’t looks to cut special inspections red tape

Tam Thang 2 Industrial Park has a total investment capital of VND350 billion. — Photo cpliz.com.vn Capella Quang Nam Joint Stock Company, a subsidiary of Capella Land JSC, began the construction of Tam Thang 2 Industrial Park in the central province of Quang Nam on Sunday. The park, which has an investment capital of VND350 billion (US$15.4 million), is expected to be ready in two years. The project is located in Quang Nam Province’s Thang Binh District and is expected to cater to the rising land-lease demand in the province’s industrial zones. The project will be built over 103ha in Chu Lai Open Economic Zone (EZ), and is located favourably, only 65km from Da Nang City, 35km from Chu Lai International Airport and a mere 6km from Tam Ky City. In addition, the park is easily connected to airports, seaports and urban centres through strategic transport routes such as National Highway 1A, Da Nang-Quang Ngai expressway and the coastal road. Companies investing in Tam Thang 2 Industrial Park will enjoy tax incentives under the Government’s preferential policy for the economic zone. Notably, they will be exempt from corporate income tax for four years and will enjoy 50 per cent reduction for the next nine years. Then, a tax rate of 10 per cent will be applied for 15 years. Besides, there will be a 50 per cent reduction in personal income tax for experts, officials and employees working in companies…... [read more]

The Ukrainian central bank said on Friday it had warned state-owned and private lenders of the appearance of new malware as security services said Ukraine faced cyber attacks like those that knocked out global systems in June. FILE PHOTO: A message demanding money is seen on a monitor of a payment terminal at a branch of Ukraine's state-owned bank Oschadbank after Ukrainian institutions were hit by a wave of cyber attacks earlier in the day, in Kiev, Ukraine, June 27, 2017. The June 27 attack, dubbed NotPetya, took down many Ukrainian government agencies and businesses, before spreading rapidly through corporate networks of multinationals with operations or suppliers in eastern Europe. Kiev's central bank has since been working with the government-backed Computer Emergency Response Team (CERT) and police to boost the defenses of the Ukrainian banking sector by quickly sharing information. "Therefore on Aug. 11..., the central bank promptly informed banks about the appearance of new malicious code, its features, compromise indicators and the need to implement precautionary measures to prevent infection," the central bank told Reuters in emailed comments. According to its letter to banks, seen by Reuters, the new malware is spread by opening email attachments of word documents. "The nature of this malicious code, its mass distribution, and the fact that at the time of its distribution it was not detected by any anti-virus software, suggest that this attack is preparation for a mass cyber-attack on the corporate networks of Ukrainian businesses," the letter said. Ukraine - regarded…... [read more]

Increasing the regional minimum wage has raised concerns over a potential trade-off with social allowances that would block the new wages from increasing employees' real income.  Hugaco  expressed concerns that the minimum wage increase might actually decrease employees' real income Cutting allowances to increase wages At the final meeting organised on August 7 to discuss regional minimum wages increases in 2018, relevant authorities reached a compromise of 6.5 per cent to submit to the prime minister for approval. If approved, the increase will come into effect on January 1, 2018, however, questions were still raised whether employees will actually benefit from the increased regional minimum wage. According to Deputy Minister of Labour, Invalids and Social Affairs cum chairman of the National Salary Council Doan Mau Diep, enterprises will have to cut existing allowances to compensate for the increased wage expenditure. The reason for enterprises’ opposition to increasing the regional minimum wage is that they will also have to bear the increasing expenses of social and health insurance. “Increasing the minimum wages will raise social and health insurance spending. Both enterprises and employees will have to bear this rising burden, and as a result, employees’ wages will increase but their incomes might very well decrease,” said Nguyen Xuan Duong, chairman of the board of directors of Hung Yen Garment Corporation (Hugaco). Duong added that Hugaco currently has 15,000 employees and if the authorities’ proposal is…... [read more]

VietNamNet Bridge – ILO Viet Nam Country Director, Chang-Hee Lee, explains the impact minimum wage can have on the country’s economy. ILO Viet Nam Country Director, Chang-Hee Lee What is the view of the ILO on minimum wage increase of 6.5 per cent for 2018? It was a joint decision of the Government, employers and trade unions through the National Wage Council, which we, the International Labour Organization (ILO), fully respect. I am sure that it was not an easy process of reaching the consensus on minimum wage increase, as each party came from different perspectives and interests. There can be different views on the 6.5 per cent increase. Workers and trade unions would say it is not sufficient to ensure minimum living standards. Meanwhile, employers, particularly those in export industries, would say their competitiveness will be eroded if minimum wage keeps going up. You can hear these arguments virtually in almost every country which is integrated into global trade. Based on Viet Nam’s macro-economic performance figures, it could be said that minimum wage increase of 6.5 per cent is within a reasonable range. According to the Government statistics, Viet Nam’s GDP (Gross Domestic Products) grew at 6.2 per cent and CPI (Consumer Price Index) up by 4.74 per cent in 2016. And this year’s GDP growth is expected to reach 6.5 per cent and CPI at 4 per cent. However, the effects of minimum wage can be different on different groups of employers and workers. In particular, businesses at…... [read more]

Workers at the Phu Quy Wood Processing Plant in Dong Hoi City in the central province of Quang Binh. — VNA/VNS Photo Vu Sinh The first Viet Nam international woodworking machinery and wood material show (VIFA WOODMAC Vietnam 2017) will be held in Binh Duong Province from August 23-25. The show aims to help domestic woodworking firms to adopt advanced technologies and identify legal timber sources. Of the 109 firms manning 420 booths, 30 will be from Vietnamese provinces and cities, and the remaining 79 from 14 countries and territories including China, Hong Kong, Taiwan, Austria, Canada, France, Germany, Italy, Poland, Singapore, Switzerland and Turkey, said Huynh Van Hanh, general director of HAWA Corporation, one of the event’s organisers. Firms exhibiting machinery will account for 53 per cent of total exhibitors, followed by wood materials (23 per cent), accessories for the woodworking industry (17 per cent ) and services (7 per cent), Hanh said at a recent press briefing in HCM City. Explaining the choice of the exhibition place Hanh said: “Binh Duong is home to many industrial parks and the largest woodworking centre in the South as well as in the whole country. “Therefore, it is the most convenient and ideal place to organise such a fair, serving woodworking industry in the region as well as in the country,” he said. The fair will be a place for manufactures, importers, distributors and traders of machinery and wood materials to connect…... [read more]

Workers at the Phu Quy Wood Processing Plant in Dong Hoi City in the central province of Quang Binh. — VNA/VNS Photo Vu Sinh The first Viet Nam international woodworking machinery and wood material show (VIFA WOODMAC Vietnam 2017) will be held in Binh Duong Province from August 23-25. The show aims to help domestic woodworking firms to adopt advanced technologies and identify legal timber sources. Of the 109 firms manning 420 booths, 30 will be from Vietnamese provinces and cities, and the remaining 79 from 14 countries and territories including China, Hong Kong, Taiwan, Austria, Canada, France, Germany, Italy, Poland, Singapore, Switzerland and Turkey, said Huynh Van Hanh, general director of HAWA Corporation, one of the event’s organisers. Firms exhibiting machinery will account for 53 per cent of total exhibitors, followed by wood materials (23 per cent), accessories for the woodworking industry (17 per cent ) and services (7 per cent), Hanh said at a recent press briefing in HCM City. Explaining the choice of the exhibition place Hanh said: “Binh Duong is home to many industrial parks and the largest woodworking centre in the South as well as in the whole country. “Therefore, it is the most convenient and ideal place to organise such a fair, serving woodworking industry in the region as well as in the country,” he said. The fair will be a place for manufactures, importers, distributors and traders of machinery and wood materials to connect…... [read more]

The Speed Queen chain of laundry stores owned by Alliance Laundry Systems will open five stores in Ho Chi Minh City this year. The first Speed Queen laundry was opened at Saigon Pearl Building, Ho Chi Minh City Felipe Coddou, director of the retail and vended department for the Asia-Pacific and Latin America region, said that the company plans to open five stores in Ho Chi Minh City in 2017 and expand their reach to Hanoi and Danang in the beginning of 2018. “We are also looking for medium- and big-sized franchisees for our business. Franchisees have to invest into at least 10 stores in their city or area with an investment capital around $150,000-180,000 per outlet,” he noted. Speed Queen’s first laundry store has been officially opened at Saigon Pearl Building in Nguyen Huu Canh Street, Ho Chi Minh City. With the investment capital of $200,000, the store is equipped with advanced washing technology that can handle all types of fabrics, even the most delicate ones. Speed Queen offers a high-end and time-saving laundry service, which is far more convenient and delivers better results than washing at home. Customers can simply drop-off their clothes and leave the washing, drying, and folding to Speed Queen while they go about more important chores. Besides, customers can choose to do their own washing and drying as the equipment is available for self-service. …... [read more]

Uber Vietnam’s representative said that its taxi brand UberX will raise fares in Ho Chi Minh City from August 24, closing up with traditional taxi fares. Reacting to pressure from the traditional taxi coalition led by Vinasun, Uber decided to raise fares in Ho Chi Minh City  In particular, UberX’s fare will increase from VND7,000 ($0.3) per kilometre to VND8,500 ($0.37) per kilometre in Ho Chi Minh City. Fare based on time stays unchanged at VND450 ($0.02) per minute, while the minimum fare and cancelation fee will still be VND15,000 ($0.66). Earlier, in November 2016, Uber has already raised prices once. Then the minimum fare increased from VND5,000 ($0.22) to VND15,000 ($0.66), and the kilometre charge increased from VND5,000 ($0.22) to VND7,000 ($0.3). Uber drivers still have to pay a 25 per cent commission to the company. Besides, Uber has a strategy of raising fares based on actual traffic flows to support drivers. In rush hours or during heavy rain, the minimum fare can be 1.3 times as much as the usual. By raising minimum fares, UberX fares may exceed traditional cabs. Through these two bouts of raising prices, Uber fares are getting closer to traditional taxis. According to the statistics of Ho Chi Minh City Taxi Association, the minimum price of Vinasun’s 5-8-seater passenger cabs is VND11,000-12,000 ($0.48-0.53) and charges VND14,000-16,000 ($0.62-0.7) per kilometre for the first 30 kilometres, after which the…... [read more]

Pham Hong Duong, chairman of TTC Bien Hoa Sugar Corporation and TTC Group, and Dr. Klanarong Sriroth, R & D Director of Mitr Phol Group, sign a MoU to boost the development of Viet Nam’s sugar industry. – VNS Photo Courtesy of TTC The TTC Group on Friday signed a memorandum of understanding with two prestigious international organisations in the sugar industry, Mitr Phol Group (Thailand) and Vasantdada Sugar Institute (India). Under the agreement, TTC and Mitr Phol Group will jointly support research and development (R & D) activities of both parties, including the exchange of R&D courses for students and staff; exchange of R&D staff, research for annual co-operation programmes on sugar products; and organisation of long- and short-term training courses depending on needs and the number of applications approved by the two parties. Mitr Phol has committed to working with TTC to hold annual conferences and other training activities as well as share experiences and introduce TTC to other prestigious units in Thailand. In another agreement, the Vasantdada Sugar Institute will provide consultancy in R&D and technical methods for TTC sugar labs, and will train staff in Viet Nam and India. TTC will sponsor related costs including travel expenses for scientists, and provide staff and related documentation for projects. With more than 70 years of development history, Mitr Phol is Asia’s biggest sugar producer and fourth in the world, owning many factories in Thailand. The Vasantdada Sugar Institute…... [read more]

VietNamNet Bridge – Vietnamese Prime Minister Nguyen Xuan Phuc and a high-ranking delegation paid an official visit to Thailand from August 17-19 at the invitation of Prime Minister of the Kingdom of Thailand Prayut Chan-o-cha. During the visit, the two sides issued a joint statement. Following is the full text of the joint statement: 1. His Excellency Mr. Nguyen Xuan Phuc, Prime Minister of the Socialist Republic of Vietnam, and his wife paid an official visit to Thailand from August 17-19, 2017 at the invitation of His Excellency General (Ret.) Prayut Chan-ocha, Prime Minister of the Kingdom of Thailand. 2. Prime Minister Phuc’s delegation included His Excellency Mai Tien Dung, Minister – Chairman of the Government Office; His Excellency Mr. Tran Tuan Anh, Minister of Industry and Trade; His Excellency Mr. Chu Ngoc Anh, Minister of Science and Technology; His Excellency Mr. Nguyen Xuan Cuong, Minister of Agriculture and Rural Development; His Excellency Mr. Truong Minh Tuan, Minister of Information and Communications, His Excellency Mr. Le Minh Hung, Governor of the State Bank of Vietnam, as well as other distinguished representatives from various ministries and agencies. 3. During the visit, Prime Minister Phuc was accorded a ceremonial welcome and had a bilateral meeting with Prime Minister Prayut, who hosted dinner in Prime Minister Phuc’s honour. Prime Minister Phuc paid courtesy calls on President of Legislative Committee; President of Privy Council General Prem Tinsulanonda and met with Chairman of Thailand – Vietnam Friendship Association, Mr. Prachuab Chaiyasan; CEO of leading Thai…... [read more]




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