It May Take EU Two Years to Ratify FTA with Vietnam: Ambassador
It will take member countries of the European Union around two years to approve a free-trade agreement with Vietnam, said new Ambassador – Head of EU Delegation Bruno Angelet.
The EU and Vietnam concluded negotiations on the FTA in August and will finish writing the pact in early December, on the occasion of visits by Vietnamese leaders to the EU, Mr. Angelet said at a press meeting on Wednesday.
Vietnam New Rules Clarify Ownership of Airports
The Vietnamese government has issued Decree 102 to clarify regulations related to the management and use of domestic airports.
Airlines can hold a maximum of 30% of the registered capital of airports and passenger and goods terminals in Vietnam, says the decree, which will come into effect on December 12.
Foreign investors who want to invest in the sector, which includes airports and terminals, airport services, information and supervision, besides oil supply and aviation meteorology service, can own a 30% stake at most of the businesses. Meanwhile, state holdings in these businesses will not be less than 65%.
Vietnam Finance Ministry Denies Tax Incentives for Post-Merger Banks
The Ministry of Finance has refused to offer preferential tax policies to credit institutions that participate in the restructuring of the banking industry.
The tax exemption or reduction is not in accordance with Vietnam’s legislation as well as international rules, a deputy finance minister has said.
Vietnam Budget Constraints Heat Media
Local press has heated a debate centering on the worrisome restrictions of Vietnam’s state budget allocations next year, following a minister’s revelations.
Discussions arose when Minister of Planning and Investment Bui Quang Vinh on October 20 said the central budget will have just 45 trillion dong ($2 billion) left for socio-economic development projects. “We don’t know what to do with this amount, while debt repayments are pending,” the minister noted.
South Korea Stays Firm as Vietnam’s Top Investor
FDI approvals for both fresh and operational projects totaled $19.29 billion in the firth ten months of this year, representing a year-on-year increase of 40.8%, the Foreign Investment Authority (FIA) under the Ministry of Planning and Investment has said in a report.
South Korean businesses won licenses to invest $6 billion in Vietnam in the year to October 20, making the Northeast Asian country the largest investor here, the status it has retained since March 2015.
German Investors Prefer Ho Chi Minh City
German firms have 261 projects worth $1.41 billion as of October 20, putting it at the 22nd position among 105 countries and territories investing in Vietnam, the Foreign Investment Authority under the Ministry of Planning and Investment said.
They have rolled out 104 projects having a combined capital of $237.3 million in HCM City, Vietnam’s largest economic hub. The figures represent 39.8% of the total number of projects and 16.8% of total capital.
Vietnam Voted as Most Favored Real Estate Market in ASEAN
Panelists of the Vietnam Panel of Property Report Congress have voted Vietnam as the best performing real estate market in 2016, ahead of Thailand, Indonesia and the Philippines.
Vietnam was also chosen the clear favorite real estate market which is currently offering the best opportunity.
Vietnam Ranked Low on Ease of Paying Taxes: World Bank
Vietnam stands at 168 in the ranking of 189 economies on the easy of paying taxes, showing the tax compliance burden for businesses in the country.
The country’s rank puts it far behind regional peers such as Malaysia (31), Thailand (70), the Philippines (126), Laos (127), China (132) and Indonesia (148), the World Bank (WB) has said in the “Doing Business 2016” report.
Vietnam Transport Ministry Books $196 Million from Share Sales
The Vietnamese Ministry of Transport has raked in nearly 4.4 trillion dong ($196 million) from divesting stakes in 110 enterprises, including seven corporations, so far.
In the 2011-2015 period, 50 companies in the transport sector were restructured and 137 firms were privatized, including large corporations such as Vietnam Airlines, Civil Engineering Construction Corp. 4 (Cienco4) and Vietnam Motors Industry Corporation-JSC (Vinamotor).
The ministry will retain control over six enterprises namely Vietnam Railways, Vietnam Air Traffic Management Corp., Northern Vietnam Maritime Safety Corp., Southern Vietnam Maritime Safety Corp., Vietnam Maritime Communication and Electronics LLC and Transport Publishing House.
Blue-chips Push Vietnam Stocks up
The benchmark VN Index of the Hochiminh Stock Exchange finished up 1.5% at 605.2 Thursday as institutional investors stepped in to buy large-cap stocks such as Vinamilk (VNM) and Vingroup (VIC).
Vinamilk (VNM), the largest ticker by market capitalization, leaped 4.39% on trade of 1.15 million shares. Foreign investors are keen on this stock when the government’s investment arm SCIC divests entirely from the firm.