Sweden Wants to Upgrade Ties with Vietnam to Strategic Partnership
Sweden wishes to level up the four-decade bilateral relationship with Vietnam to strategic partnership, Swedish Minister for Trade Ann Linde told Prime Minister Nguyen Xuan Phuc at a meeting on October 6.
Vietnam attaches importance to developing comprehensive ties with Sweden and expects the EU-Vietnam free trade agreement, once effective, will open up more opportunities for businesses of both countries, said the Vietnamese PM.
Iran, Vietnam Pledge $2 Billion Trade Boost
Vietnam and Iran pledged Thursday to boost future trade to $2 billion, as Tehran seeks to jump-start its sputtering economy after crippling international sanctions were lifted this year, AFP reported.
Iran’s moderate President Hassan Rouhani, who was elected on a promise to normalize relations with the outside world, praised ties with Vietnam Thursday after both sides signed several deals.
Vietnam Ends Tax Exemption for Car Imports for Overseas Vietnamese
Vietnam has decided to put an end on a policy that waives taxes on cars and motorbikes taken to their home country by overseas Vietnamese as many have been found abusing the privilege.
Starting September 1, those vehicles taken to Vietnam by overseas Vietnamese are no longer eligible for the exemption, which cover import tariff and value-added and special consumption taxes, according to the new Law on Export, Import Duty.
Hanoi Starts Building Japanese-funded Wastewater Treatment System
Construction of an $800-million wastewater treatment system started in Hanoi on October 10, with funding provided by the Japan International Cooperation Agency (JICA).
The system, with a capacity of treating 270,000 cubic meters of wastewater per day, is scheduled for completion in 2019.
Vietnam Calls for Thai Investment in Supply
A seminar calling on investment from Thailand to Vietnam’s parts supply industry was held yesterday in Bangkok, Thailand, the Vietnam News Agency (VNA) cited the Trade Office of Vietnam in Thailand as saying.
Vietnam is a potential market with favorable geographic conditions, stable and high growth in the economy and open investment incentives, said Chokdee Kaewsang, deputy general secretary of the Thai Board of Investment.
Foreigners Eager to Buy, Gov’t Slow to Respond
Foreign investors are eager to buy stakes in state-owned enterprises in Vietnam, but have come up against a lack of transparency in the firms’ information disclosure, as well as red tape, CEOs from financial firms said.
Foreign investors have the best opportunity of buying into the state-owned enterprises from which the government wants to divest as not many local buyers can afford to buy them. Most Vietnamese private companies would be unable to compete against foreign investors in purchasing assets worth 149 trillion dong ($6.62 billion), HCM Securities Corporation CEO Johan Nyvene told VNA.
Salaries Increase Modestly, but 2017 Stronger Rise Expected
Both multinationals and local companies have given lower salary increases this year compared to 2015, according to a survey by Mercer, a leading global provider of human resource services, and Talentnet Corp, its Vietnam associate.
Multinationals paid 8.9% more, domestic giants paid 9.3% more this year, compared to last year’s increases of 9% and 9.7%, respectively, said a senior director of Talentnet, adding companies plan to give a slightly higher salary raise for 2017 because of more optimistic business forecasts for the 2016-2017 period.
Vietnam Motorbike Imports Halve after 5 Years
Vietnam spent $261 million on importing motorbikes in the first eight months of this year, compared to $547 million in the same period of 2011, customs data showed.
State Capital Investment Corporation (SCIC), the Vietnamese government’s investment arm, has announced it has picked a consortium of three companies to advise it on selling a 9% stake in Vietnam Dairy Products JSC or Vinamilk
The consortium includes Morgan Stanley
Asia (Singapore) Limited Co., VinaCapital Corporate Finance Vietnam, and Saigon Securities (SSI) – the largest brokerage house in the country.
A subsidiary of Thailand’s Land and Development Public Company and Vietnamese builder Cienco 4 have formed a joint venture to develop a $1-billion industrial and township zone in Vietnam, which has emerged as a foreign investment magnet in the region.
will hold 80% of the joint venture and the rest will be taken by the Vietnamese partner, formally known as the Civil Engineering Construction Corporation No. 4.
The State Bank of Vietnam, the country’s central bank, bought in $11 billion worth of foreign currencies in the first nine months of this year, bringing the forex reserves to the all-time high of over $40 billion.