Korean goods are displayed in Vietnamese supermarkets. — Photo foody.vn Many goods imported from the Republic of Korea (RoK) into Viet Nam will be exempted from import taxes in 2018, due to the Viet Nam-Korea Free Trade Agreement (VKFTA). The Government recently issued Decree No149/2017/ND-CP, which regulates a new special preferential import tariff, as agreed upon in the VKFTA, and to be put in place between 2018 and 2022. Under the decree, import taxes imposed on 704 types of products imported from the RoK to Viet Nam, will be eliminated in 2018. The groups of commodities that will enjoy tax exemptions this year are mainly in seafood, wheat flour, confectionery, diesel fuel, jet fuel, paint, laundry detergent, plastic, iron and steel products, power machinery and equipment, and electronic products. In 2018, an additional 653 products imported from the RoK will also have their tax rates lowered from last year. The preferential tax rates will be applied to commodities directly transported from the RoK to Viet Nam. The goods must also meet origin regulations, as stated in the agreement, and exporters must provide certificates of origin in a form stipulated by the Vietnamese Ministry of Industry and Trade. This year, Viet Nam has set several new preferential import tariffs to implement bilateral and multilateral FTAs with partner countries and territories, such as mainland China, Hong Kong, Japan and RoK. Under the Viet Nam-Japan Economic Partnership Agreement (VJEPA) and the ASEAN-Japan Comprehensive Economic Partnership Agreement (AJCEP) for 2016-19, nearly 4,000 import tariff… [Read full story]
SEOUL — A dialogue with 118 local businesses on Viet Nam's new tax and customs policies was held in Seoul on Friday . The event was part of a working visit to South Korea by a Finance Ministry delegation led by Deputy Minister Do Hoang Anh Tuan. The delegation answered questions on the country's tax incentives, corporate taxes, value added tax and new regulations on customs procedures. Tuan said more than 70 per cent of Korean businesses investing in Viet Nam were up to medium size so they faced difficulties in accessing policies and dealing with issues on procedures and…... [read more]
Dung Quat, Vietnam's only oil refinery, received various tax incentives from the government last week, including a four-year income tax exemption. Apart from the exemption, Binh Son Refining and Petrochemical Co, which runs the 130,500 barrels-per-day refinery, only needs to pay half its corporate tax for the first nine years after it begins earning taxable incomes. Over the course of 30 years, it will be subject to an income tax of 10 percent, compared to the current 25 percent applied to other businesses, according to the government's website. Dung Quat, which started operations in February 2009, is also allowed to…... [read more]
South Korean Kim Dong-jin will referee a London Olympics 2012 qualifier between Viet Nam's national team and Saudi Arabia at Ha Noi's My Dinh National Stadium next Sunday, according to the Viet Nam Football Federation (VFF). Kim will be assisted by referees Yang Byoung-eun, Lee Jung-min and Kim Sang-woo during the match. Australian Lennie McGregor will officiate as referee supervisor and Chinese Tu Xiang as match supervisor. Viet Nam's Olympic team will also meet Saudi Arabia at an away match on Sunday. Tickets for the second leg match in Ha Noi will officially go on sale on Monday with prices…... [read more]
Korean Kumho Asiana Group will continue its expansion into Viet Nam with the construction of an automobile tire plant in the southern province of Binh Duong in late October, said Sun Jongsun, incoming general director of Kumho Tire Viet Nam Co. The US$380 million plant will be located in the My Phuoc Industrial Park and produce 3.1 million tires per year. The plant is expected to open in March 2008 and produce an export turnover of over US$100 million in 2009. Viet Nam will be the main consumer of Kumho tires though they will also be exported to other ASEAN countries,…... [read more]
Viet Nam News By Hồng Vân A music video featuring breathtaking views of Việt Nam and sweet violin melodies is the result of South Korean musician Ko Jmi's seven years living in Việt Nam, particularly her two years' experience travelling throughout the country. "The idea of a music video featuring Việt Nam took shape from my love for the country and my experience living here. I would like to express my love for Việt Nam as well as introduce its stunning destinations through this music video," said Ko. The video highlighting the artist playing Xin Chào Việt Nam (Hello Việt…... [read more]
