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[2011-12-27] Auto manufacturers threatening to cut down production ‘cause of higher tax

Auto manufacturers threatening to cut down production ‘cause of higher tax December, 27 2011 Responding to the Hanoi and HCM City authorities’ decision to raise the car ownership registration tax, commencing from January 1, 2012, automobile joint ventures have commented that the Vietnamese policies abandon manufacturers. Tachibana, General Director of Toyota Motor Vietnam, who is also Chair of the Vietnam Automobile Manufacturers’ Association (VAMA), said that the car owners...
[2011-12-27] Economy depresses Tet specialty exports

Economy depresses Tet specialty exports December, 27 2011 HCM CITY — Export of Tet specialties to serve overseas Vietnamese has dipped in volume this year because of the economic downturn, the Sai Gon Tiep Thi newspaper reported yesterday. Tran Thanh Toan, owner of Tran Gia company in southern Dong Nai Province, said it was the sixth year that Tran Gia was sending banh chung (square glutinous rice cake) abroad. The company typically exports more than 20 tonnes of banh chung (a sq...
[2011-12-26] Report predicts continued dong depreciation

Report predicts continued dong depreciation December, 26/12/2011 The VN dong may continue to depreciate against the US dollar early next year, said a report of the National Assembly Economic Committee. The report conducted by a team headed by Chairman Nguyen Van Giau of the economic committee gave comments on the trend of the Vietnam dong depreciating against the U.S. dollar in the upcoming time, including early 2012. The pressure was attributed to different factors, including inflation,...
[2011-12-26] MOT kicks off plan to organize container transport by rail

MOT kicks off plan to organize container transport by rail December, 26 2011 Transport and logistics companies will benefit from the Ministry of Transport’s plan to organize the carrying of containers by rail. Though MOT has just begun drawing up the plan to organize the container transport by rail in order to ease the overloading of the road system, the idea has been applauded by logistics and import-export companies. It is clear that the deeper involvement of the railway in the contai...
[2011-12-24] Fire rages through Da Nang largest night club

Fire rages through Da Nang largest night club December, 24/12/2011 This afternoon, a fire fiercely raged the night club Phuong Dong situated on Dong Da Street in central Vietnam’s Da Nang city. According to a source, the fire occurred at 12:00 when the club was busily preparing for Christmas and the New Year.   Initially, professional firefighters couldn’t step inside the club since there was only one door there. Around 20 minutes later, firefighters equipped with gas-mask...
[2011-12-24] Securities companies restructuring to rescue themselves

Securities companies restructuring to rescue themselves December, 24 2011 Securities companies have laid off a lot of officers in an effort to cut out waste in the organizations, to rescue themselves before the God saves them. Two years ago, securities investors once found it difficult to squeeze into the Dong Duong Securities Company’s (DDS) trading floor. There on the trading floor, people would feel the bustling atmosphere of the stock trade. However, the company nowadays cannot hold...
[2011-12-23] Gold market stabilization program fails

Gold market stabilization program fails December, 23 2011 VietNamNet Bridge – The State Bank of Vietnam has applied a series of measures to stabilize the gold prices. However, to date, the domestic price is still higher by 3 million dong per tael than the world’s price. In the eyes of the State Bank of Vietnam, with such a big gap between the domestic and international prices, the domestic market has been driven by the speculation. The program of the central bank to stabilize ...
[2011-12-21] Tax incentives not the only thing to attract FDI

Tax incentives not the only thing to attract FDI December, 12 2011 VietNamNet Bridge - Local authorities have been rushing to attract foreign direct investment FDI by offering high investment incentives to investors. However, experts have pointed out that tax incentives are not the only thing that can be used to attract and retain investors. In June 2011, the government released a dispatch instructing the Bac Ninh provincial authorities to grant an investment license to Nokia Vietnam Com...
[2011-12-21] High price of decorating fails to dampen spirits

High price of decorating fails to dampen spirits December, 21/12/2011 HCM CITY — The spirit of Christmas has filled streets, shopping centres and stores in HCM City with striking colours, decorations and items, with prices rising by 5-20 per cent compared to last year. Hai Ba Trung, Vo Thi Sau and Hai Thuong Lan Ong streets are often the most bustling on the day before Christmas Eve, offering holiday goods and crowded with buyers. Some shops on Vo Thi Sau and Hai Ba Trung have sol...
[2011-12-20] Audit uncovers fuel wholesalers’ hefty profits

Audit uncovers fuel wholesalers’ hefty profits December, 20 2011 Although fuel wholesalers have repeatedly claimed a “refrain” bemoaning of losses, they have actually been operating with enormous profits, Deputy Minister of Finance Vu Thi Mai said in a press briefing yesterday, citing audit results. At the press conference held to publicize the audit results conducted on four major fuel wholesalers, Le Hoang Hai, deputy head of the Business Finance Agency under the Mi...
[2011-12-20] Unstable material supplies makes seafood industry stagger

Unstable material supplies makes seafood industry stagger December, 20 2011 VietNamNet Bridge – Seafood exporters have been suffering heavily due to the unstable materials supply In December, tra fish price dropped dramatically after reaching its high peak of 29.500 dongs per kilo in November. As such, the tra material price in 2011 climbed to the highest peak in May and plunged to the deepest low in August.Factories running at 50-60 percent of capacity A paradox exists that when the...
[2011-12-19] Mercedes car catches fire on street

Mercedes car catches fire on street December, 19 2011 A Mercedes E300 sedan suddenly started burning and was then completely destroyed Sunday afternoon when it was carrying four people on Nguyen Xien Street in Thanh Xuan District, Hanoi. Ngo Van Nam, one of the four, told local newswire VnExpress that they had noticed a burning smell shortly before seeing smoke rise from the front. They immediately got out of the vehicle which was engulfed in flames 15 minutes later, Nam said. The four-w...
[2011-12-19] Prices predicted to rise in December

Prices predicted to rise in December Thứ hai, 19 2011 Vietnam's Consumer Price Index (CPI) in December is estimated to increase 0.6% from November, according to newswire NDHMoney’s calculation, using Leontief -ARIMA models.  NDHMoney said this would bring the whole year's CPI to 18.2%, slightly exceeding the government’s target of 18%. NDHMoney’s estimate proves accurate, Vietnam's month-on-month CPI will accelerate for the 3rd consecutive month, from 0.36% in Oct...
[2011-12-19] Industrial zones to shift strategies

Industrial zones to shift strategies December, 19 2011 The Government plans to tighten management and increase the economic effectiveness of economic zones (EZs), industrial zones (IZs) and industrial clusters (ICs). Legislators hope the new decree would also reduce pollution. Deputy head of the Central Institute for Economic Management (CIEM) Vo Tri Thanh talks about the issue. The number of enterprises based in IZs, EZs and ICs is still relatively small. Why is that? I don’t think th...
[2011-12-15] Who will own Hanoi’s “gold land”?

Who will own Hanoi’s “gold land”? December, 15 2011 Some ministries and state agencies plan to move their headquarters to Hanoi’s suburbs in order to reduce the pressure of population and traffic jam for the inner area, and to form a concentrated administrative zone under the government’s policy and Hanoi’s development plan. However, once these agencies move to the suburbs, who will take over their offices, which are located on the so-called “gol...
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