InVision Hospitality signs management contract for Scenia Bay

The Ministry of Finance (MoF) introduced a draft of amendments to laws on Value Added Tax, Special Consumption Tax, Corporate Income Tax, Personal Income Tax and Natural Resources Protection Tax at a press conference on Tuesday. Tax payers at the Ha Noi Tax Department on Giang Vo street, Ha Noi - VNA/VNS Photo Hoang Hung Pham Dinh Thi, Director of the ministry’s Tax Policy Department, said at the conference that the amendments were needed to address difficulties that remained for tax paying businesses and individuals, ensure a coherent legal framework, and better deal with rising public debts. He said that under adjustments made to the Law on Value Added Tax, there will be less goods and services entitled to the preferential level of five per cent VAT. The proposed amendments contain two options: increase the base VAT level from 10 per cent to 12 per cent from the beginning of 2019, or increase it to 12 per cent from 2019 and to 14 per cent from 2021. Other changes include a regulation on businesses having the current level of 5 per cent VAT being reimbursed in full if they can prove that their input VAT amount (levied on input goods used for export) has yet to be completely deducted after 12 months or four quarters. Under another change, VAT deduction for non cash payment with invoices is now inapplicable to purchases of less than…... [read more]

Construction steel at a business in HCM City. — Photo Domestic steel consumption in the first seven months of 2017 rose 14.5 per cent from the same period last year to 5.14 million tonnes, the Viet Nam Steel Association (VSA) said. VSA said that by the end of July, steel inventory was 530,306 tonnes, reducing 19 per cent from the previous month. Construction steel output last month was 780,000 tonnes, increasing 24 per cent from the corresponding period last year and 7 per cent higher than the previous month. Export of construction steel reached 541,377 tonnes, posting a year-on-year increase of 75 per cent. According to the association, in recent years, many local steel producers have yielded high revenue and profit, although steel consumption has witnessed difficulties. Viet Nam is considered one of the largest steel producers in ASEAN since 2015. Hung Nghiep Formosa Ha Tinh Steel Corporation has been able to produce hot rolled steel, reducing the annual import of steel from June 2017. VSA also said Vietnamese steel producers had had to adjust prices due to the surge of steel billet. In particular, steel plants in the north increased their selling price by four times while those in the south increased it by three-four times. In addition, the increase in demand and subsequent shortage of coal for steel production has contributed to the price rise. It is expected that the steel billet prices will remain…... [read more]

ExxonMobil Corporation from the US is completing the geological survey and build the design of the pipeline installation, aiming to conduct the construction of the onshore infrastructure of the Blue Whale (Ca Voi Xanh) gas-to-power complex located in the central provinces of Quang Nam and Quang Ngai. ExxonMobil seems eager to start project implementation At a working session with leaders of the Management Board of Dung Quat Economic Zone, the representative of ExxonMobil confirmed that the corporation is preparing the necessary conditions to implement the construction. At present, the corporation has carried out the land survey and took soil samples to conduct the environmental impact report. The investor urged relevant authorities to complete other procedures so that it can implement the project soon. The exact amount of investment capital has not been released, but initial information suggested that the gas-to-power complex could carry a price tag of $20 billion. However, Vietnam's state-run oil and gas group PetroVietnam, the co-investors of the project, referred to $10 billion. ExxonMobil and PetroVietnam signed a memorandum of understanding for the project in 2013. The project is believed to have high feasibility thanks to the good reputation of the investor and the readiness of the local authorities. According to the plan, the construction will be implemented in the two provinces of Quang Nam and Quang Ngai. Notably, the landfall location of the gas pipeline stemming from Blue Whale gas…... [read more]

NDO/ VNA – Prime Minister Nguyen Xuan Phuc hosted a reception in Hanoi, on August 16, for Belgian Ambassador Jehanne Roccas, Ambassador and head of the European Union (EU) Delegation to Vietnam Bruno Angelet and Charge D’affaires of the German embassy in Vietnam Wolfgang Manig to discuss the investment promotion activities of European businesses in Vietnam. The PM spoke highly of the ties between Vietnam and the EU, in particular the ties with Germany and Belgium. The Vietnamese government always creates the most favourable conditions for domestic and foreign firms to conduct business in the country, he assured the guests. He also affirmed that Vietnam expects European investment on the back of their advanced and eco-friendly technologies, adding that he is ready to direct ministries, agencies and localities to clear any barriers facing European enterprises in Vietnam. Discussing Hamon Corporation’s desulphurisation contract at Song Hau 1 thermal power plant, Belgian Ambassador Jehanne Roccas said that Hamon wishes that the Vietnamese government and agencies would promptly push forward the deal on a mutually-beneficial basis. The host expressed his wish that the ambassador would serve as a bridge linking the two countries’ businesses together in order to learn about business environment and opportunities in Vietnam and Europe. Roccas also hoped that partnership between Hamon and Vinh Tan 1 thermal power plant would go smoothly. ... [read more]

Vietnam has been reported as leading the region and beating the world average in the representation of women in its business sector. While the figures are promising, there remains ample space for improvement. Vietnamese women entrepreneurs are better represented than almost anywhere in the Asia-Pacific According to newswire TechCrunch, Vietnamese women entrepreneurs are doing exceedingly well, even in the global context—the country is hands down in the Top 2 in the Asia-Pacific, following Australia, in terms of the representation of women in business, be it small and medium sized enterprises (SMEs) or the boards of directors of the country’s leading corporations. A Mekong Business Initiative (MBI) study shows that Vietnam’s enterprising women own 25 per cent of the country’s SMEs—a far cry from gender equality, but overtaking the Middle East, North Africe, and Sub-Saharan Africa, not to mention South Asia, where the average percentage is only 8 per cent. 98.8 per cent of these women-owned enterprises are micro- and small-sized, and 61.4 per cent of them operate in the services sector, which MBI claims is very similar to other countries, based on an IFC study from 2014. By MBI’s evaluation, women-owned enterprises are somewhat more equitable and socially responsible than enterprises run by men. They employ a higher percentage of female workers (43.4 per cent against the 36 per cent of menterprises), contribute more to the national budget in taxes per worker (VND24.9 million…... [read more]

Workers process shrimp. Minh Phu Seafood Corporation (MPC) recorded a post-tax profit of VND101.4 billion (US$4.54 million) in the second quarter of this year, 34 times higher than the same period last year. — Photo Minh Phu Seafood Corporation (MPC) recorded a post-tax profit of VND101.4 billion (US$4.54 million) in the second quarter of this year, 34 times higher than the same period last year and the highest level in the last eight quarters, online newspaper reported. During the reviewed period, MPC’s net revenue reached VND3.6 trillion, up 37.3 per cent year-on-year. The company’s cost of goods sold (COGS) on net revenue dropped sharply from nearly 93 per cent to 89 per cent, bringing gross profit to VND398.2 billion, double the same period last year. Thanks to a 26.4 per cent decrease in loan interest, financial expenses were lower than the same period last year. Corporate governance cost also declined sharply by 41 per cent to over VND40 billion. Sales costs increased by 29 per cent to nearly VND182 billion, resulting in a pre-tax profit of VND134.4 billion. Earning per share (EPS) reached VND1,480, much higher than last year’s figure of VND469. In the first six months of 2017, MPC’s net revenue reached VND6.34 billion, up 34.5 per cent year-on-year while its post-tax profit totalled VND144 billion, seven times higher than the same period last year. EPS reached VND2,104. In 2017, MPC targets consolidated net profit of VND841.28 billion.…... [read more]

While a renewed focus on equitizing State-owned enterprises (SOEs) has been exhibited following the leadership transition in April last year, equitization alone is not a short-term solution to reducing the government’s fiscal deficit. Rather, meeting the government’s 3.5 per cent deficit target for 2017 would have to come on the back of reduced government expenditure, which HSBC in its latest report believes is unlikely, given the government’s growth targets. It has been consistently framed in recent statements by policy makers that the sale of SOEs is viewed as a means to both increase fiscal revenues and reduce government expenditures.  One of the highlights, Decision No.58, signed by Prime Minister Nguyen Xuan Phuc on December 28, 2016, pushed for further divestment of State capital in existing SOEs by eliminating or reducing the minimum level of ownership that the government holds in certain industries. What makes Decision 58 a positive move and deserving of full recognition is the fact that it provides a clearer roadmap for equitization by announcing a total rate of State ownership in specific companies (not just broadly by sectors) that are set to be equitized. As the new sense of urgency in SOE equitization is mainly driven by rising public debt, increased equitization leading to greater revenues and alleviating the government’s fiscal burden is no easy task given the remaining challenges in SOE reform and the recent trends in government expenditure. SOE reform has primarily focused on targeting the sale of minority stakes, while the government retains majority…... [read more]

Mr. Pisit Serewiwattana, President of Export-Import Bank of Thailand (EXIM Thailand), together with Mr. Nitid Manoonporn, President of Thai Credit Guarantee Corporation (TCG), and Mr. Surachai Kampalanonwat, Managing Director of Central Laboratory (Thailand) Co., Ltd. (CLT or Central Lab Thai), signed an MOU at EXIM Thailand’s Head Office on August 10, 2017 to provide SME exporters with financial support in conjunction with product quality standard certification to enhance Thai brand recognition and expansion in the global market, especially for such products as agricultural products, foods and cosmetics. Under this collaboration, SME exporters using “EXIM Instant Credit Super Value,” which is a working capital loan with a credit line up to 2 million baht, secured only by a letter of guarantee from TCG and requiring no collateral assets, are entitled to an interest reduction by 0.5% in the first year to only 4.5% per annum and a complimentary coupon for product standard upgrade worth 5,000 baht per exporter.  This will allow exporters seeking to raise their product quality standard to gain access to Pracharat laboratory service, which is of international standard with laboratory testing facilities certified by European Union Reference Laboratory (EURL).  Thai products acquiring such certification will thus be better received in markets overseas.  These products include fruits and vegetables, raw foods, processed foods, cosmetics, drinking water, beverages in sealed containers, semi-instant foods, tea and coffee drinks, in which impurities and residues have frequently been detected. In some cases,…... [read more]

Volatility eased as traders focused on the world economy and corporate earning figures after a week dominated by the dramatic increase in tensions over North Korea triggered a global sell-off before prices bounced back Monday. Calm returned to Asian markets Wednesday, with equities stabilising after a two-day rally, as the dollar strengthened on encouraging US economic data. Volatility eased as traders focused on the world economy and corporate earning figures after a week dominated by the dramatic increase in tensions over North Korea triggered a global sell-off before prices bounced back Monday. The greenback rose after official figures showed US consumers splurged in July, with retail data spurred by strong auto and department store sales. However, Wall Street finished little changed as the strong statistics were offset by some disappointing earnings reports. The Nikkei, which recovered Tuesday after finishing at its lowest level for more than three months Monday, was flat by the break, even as the weakening yen boosted exporters, while Hong Kong was higher in morning trade. Seoul, which was closed Tuesday for a public holiday, gained ground by midday. "Volatility declined on international markets ... with US stock markets returning to their moribund state," said Ric Spooner, an analyst at CMC Markets in Sydney. "This has provided a neutral lead for the local market where the main focus will be on the profit reporting season." However, Shanghai was down as traders digested a warning from the IMF Tuesday that China's massive debt is on a "dangerous"…... [read more]

Hanoi’s Transport Department and the Hanoi Transport Corporation have proposed to the municipal People’s Committee a pilot programme on using an electronic transportation cards on BRT route 01, connecting Kim Ma and Yen Nghia bus stations. The city’s transport department has proposed a pilot of electronic transportation cards on the BRT route 01 starting in September Travellers using e-cards tap them on a sensor to pay and can top up their e-cards at every bus station on the route. This saves them having to purchase single journey tickets for every ride. The pilot programme is scheduled to run in September and October. Vu Van Vien, Director of the Transport Department, said the e-card would replace printed tickets, which are a waste of paper and money for the transport corporation. An estimated 2,500 e-cards are expected to be issued during the pilot programme, he said. The corporation plans to cooperate with the military telecoms group Viettel to install sensor systems on buses and at bus stations if the proposal is approved, he said. The installation cost is estimated at about 22.5 billion VND (990,000 USD). Nguyen Hoang Hai, Director of the Hanoi Urban Traffic Management and Operation Centre, said the e-card model will be implemented widely on the city’s bus system from 2018 after relevant agencies examine results of the pilot programme. Hai said the biggest challenge now was the quality of the sensor system. “The sensor equipment needs to be highly durable and stable,” he added. Developed countries in the…... [read more]

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