Signed on July 7, 2015, the DTT and its Protocol will enter into force once ratified by the US and Vietnam. Read more
HA NOI (VNS) — Viet Nam is seeking to improve its business environment, which has also been recognised by the Government as a vital task for ensuring economic growth and competitiveness in the economy.
As part of the effort, the Central Institute for Economic Management (CIEM) and the United States Agency for International Development (USAID) jointly held a conference on Mar 12 to discuss measures to implement the Government’s Resolution and enhance the country’s ease of doing business index, which is ranked by the World Bank. Read more
Summary: “We recommend that the Government of Vietnam remove “non-alcoholic carbonated sweetened beverage” from the Draft Law on Excise Tax because: (1) Carbonation (CO2) in carbonated sweetened beverages is not harmful to human health; (2) The proposed excise tax on only “carbonated sweetened beverages” would be discriminatory, and would violate WTO commitments on “national treatment;” (3) the proposed excise tax on carbonated sweetened beverages would not increase tax revenue significantly, but would be disruptive and damaging to the beverage industry, as well as the economy; and (4) Vietnam would become the first and only country to impose an excise tax solely on sweetened carbonated beverages.” Read more
The American Chamber of Commerce and Vietnam Chamber of Commerce & Industry recently organized a forum on Vietnam’s food and beverage industry to canvas opinion on the Ministry of Finance’s recent draft amendment to the Excise Tax Law, adding non-alcoholic carbonated drinks to the list of products subject to an excise tax rate of 10 per cent. The ministry claimed that the tax would substantially increase governmental revenue. However, many industry players have opposed the proposal. Read more
Three of the key performance metrics include ASEAN-6 averages by 2015: reduce time required to start new businesses to no more than 6 days; reduce tax procedures to 171 hours/year; reduce the time for import to 13 days and export 14 days.
in the business environment quality-cost rankings of The World’s Most Competitive Cities in 2013, by Site Selection and IBM Global Services. But that ranking is based largely on cost factors rather than business environment quality factors. Click the image to left and scroll to page 3 to see the complete rankings list. Read more
The Ministry of Finance has recommended an increase in excise tax on alcohol and tobacco by 15-20 percent.
The rate on tobacco will increase from 65 now to 75 percent in July next year and to 85 percent in 2018.
The ministry has also recommended imposing excise tax of 10 percent on carbonated soft drinks. Read more
The Asian Development Bank (ADB) and the Vietnamese Government signed an agreement on November 22 providing a 50 million USD concessional loan for fostering the development and competitiveness of small and medium-sized enterprises (SMEs) in Vietnam.
“While the Government made great efforts to enhance policy reforms to support the creation, survival and growth of SMEs, more needs to be done to foster a greater scale of SME development essentially required for the country to achieve more sustainable and inclusive growth,” said ADB Country Director for Vietnam Tomoyuki Kimura. Read more
Changes to customs procedures that now require quality checks of certain imports before they leave the port have got firms worried about cost and the risk of goods spoiling. The Ministry of Finance’s Circular 128, effective November 1, moves the quality checks from importers’ warehouses to ports, and companies fear that the country’s drawn-out customs procedures will mean they have to leave their shipments at ports for a long time. Read more