Investment

FDI firms make small tax contributions despite plentiful incentivesThe Saigon Times Daily HCMC – Although foreign direct investment (FDI) enterprises are receiving more investment incentives than domestic businesses, tax payments by the FDI sector are much lower, the 2018 Vietnam Business Development Forum heard in Hanoi on June 19. Speaking at the event, Dau Anh Tuan, head of the Legal Department at the Vietnam Chamber of Commerce and Industry (VCCI), noted that Vietnamese private enterprises are weak and of small scale and the proportion of profit-making enterprises is low. In addition, private businesses have little exposure to the global market. Meanwhile, FDI enterprises are experiencing simpler business conditions, have better access to resources and are given more care. However, according to Tuan, combined tax payments by private enterprises make up 43.82% of the total, whereas FDI firms account for only 25.28%. Tuan said the domestic private sector needs equal care … [Read more...] about FDI firms make small tax contributions despite plentiful incentives

FDI firms make small tax contributions, given plentiful incentivesThe Saigon Times Daily HCMC – Although foreign direct investment (FDI) enterprises are receiving more investment incentives than domestic businesses, tax payments by the FDI sector are much lower, the 2018 Vietnam Business Development Forum heard in Hanoi on June 19. Speaking at the event, Dau Anh Tuan, head of the Legal Department at the Vietnam Chamber of Commerce and Industry (VCCI), noted that Vietnamese private enterprises are weak and of small scale and the proportion of profit-making enterprises is low. In addition, private businesses have little exposure to the global market. Meanwhile, FDI enterprises are experiencing simpler business conditions, have better access to resources and are given more care. However, according to Tuan, combined tax payments by private enterprises make up 43.82% of the total, whereas FDI firms account for only 25.28%. Tuan said the domestic private sector needs equal care and … [Read more...] about FDI firms make small tax contributions, given plentiful incentives

Soya Garden receives VND20 billion from reality showBy Chi Thinh Shark Thuy (R, seated) and one representative of Mr. Bean Group Limited (L, seated) at a signing ceremony to make Soya Garden a strategic partner of Mr. Bean Group - PHOTO: SHARK TANK HCMC – Soya Garden has officially been granted an investment of VND20 billion (US$875,000) by Shark Thuy, organizers of the reality program Shark Tank Vietnam announced. Earlier, on the reality TV show broadcast on VTV3 channel, startup project Soya Garden was chosen for an injection of funds up to VND15 billion by Shark Nguyen Ngoc Thuy, chairman of Egroup and general director of Apax English JSC. After Soya Garden passed Due Diligence, an enterprise appraisal round, Shark Thuy and Egroup decided to raise the investment to VND20 billion. Anh Tuan, CEO and founder of Soya Garden, made a presentation on their business plan for the year, which aims to help consumers experience new healthy products. Soya Garden makes all its … [Read more...] about Soya Garden receives VND20 billion from reality show

Danang urges investors to develop six hi-tech agriculture projectsBy Nhan Tam Foreign tourists visit a hi-tech vegetable farm in the outlying district of Hoa Vang, Danang City – PHOTO: NHAN TAM DANANG – The Danang Investment Promotion Agency (IPA Danang) is calling for local and foreign companies to develop six hi-tech agriculture projects worth a total of some US$90 million, in the central coastal city, an official said. Do Thi Quynh Tram, head of the Investment Promotion Division at IPA Danang, told the Daily on June 20 that the move follows a decision of the People’s Committee of Danang City. The six projects involve the farming of livestock and poultry; the growing of medicinal plants, mushrooms and vegetables; and the development of fishing harbors linked with tourism. Investors in these projects will enjoy a slew of incentives. They are subject to a corporate income tax of 15% during the course of the project. In addition, their income from production … [Read more...] about Danang urges investors to develop six hi-tech agriculture projects

FDI textile-garment projects on the riseBy Le Hoang Local authorities hesitate to develop dying projects due to concerns over environmental pollution - PHOTO: LE HOANG HCMC - The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA) have helped Vietnam attract more foreign direct investment (FDI) in textile-garment projects in the country, officials said. At a press conference held on June 18 to introduce the third Denims & Jeans Exhibition, which will be held in HCMC late this month, Nguyen Thi Tuyet Mai, general secretary and head of the representative office in HCMC of the Vietnam Textile and Apparel Association (VITAS), noted that Vietnam is one of the most attractive markets for those keen on the apparel sector. Early last year, when the United States, the largest buyer of Vietnam's textiles and garments, withdrew from the Trans-Pacific Partnership (TPP), the FDI capital injected into the local … [Read more...] about FDI textile-garment projects on the rise

New businesses to enjoy fee-free services in HanoiThe Saigon Times Daily Prime Minister Nguyen Xuan Phuc (3rd L) and Nguyen Van Binh (2nd L), head of the Party Central Committee’s Economic Commission, attend the “Hanoi 2018 – Investment and Development Cooperation” conference on June 17 - PHOTO: VGP HANOI – The government of Hanoi City will cover all business establishment costs from early August if the city People’s Council approves its proposal, said city chairman Nguyen Duc Chung at a conference in the capital city on June 17. Speaking at the “Hanoi 2018 – Investment and Development Cooperation” conference, he said, “Today I’m glad to announce the Hanoi City People’s Committee has proposed the city People’s Council at its sixth meeting in late July approve its proposal to cover all business establishment and service costs as from August 1.” According to local media reports, the conference … [Read more...] about New businesses to enjoy fee-free services in Hanoi

HCMC calls for more healthcare projects under public-private partnershipBy Hoang Nhung Representatives of Vietnamese and American companies in the healthcare industry hold talks in HCMC on June 15 – PHOTO: HOANG NHUNG HCMC – HCMC has great demand for healthcare projects that develop facilities, equipment and digitization under the public-private partnership (PPP), said the city’s vice chairman, Tran Vinh Tuyen, at a June 15 meeting on healthcare cooperation between Vietnamese and American companies. HCMC seeks to improve the quality of medical examinations and treatment provided to local residents, he said, adding that given the overstretched State budget, attracting PPP investments is an effective solution to promote the growth of the healthcare industry. Nguyen Tan Binh, director of the HCMC Health Department, said the municipal healthcare sector has much room for growth. The city has 28 drug manufacturing plants, 1,200 pharmaceutical companies and 8,200 … [Read more...] about HCMC calls for more healthcare projects under public-private partnership

Quang Binh calls for investment in 48 projectsBy Thuy Dung Quang Binh Chairman Nguyen Huu Hoai (standing) calls upon investors to develop projects in the province - PHOTO: THUY DUNG HANOI - The central province of Quang Binh is calling upon investors to develop 48 projects worth up to VND50 trillion (US$2.2 billion) in total during the 2018-2020 period, mainly in the tourism, renewable energy and hi-tech agriculture sectors. At a seminar, “Quang Binh meeting with potential investors in 2018”, held in Hanoi on June 15, Quang Binh Chairman Nguyen Huu Hoai said the provincial government would allocate 8,000 hectares of land for these projects. Quang Binh is endowed with favorable natural conditions to become a tourism hub in Vietnam and throughout Southeast Asia owing to its good beaches and beauty spots. The province is also considered a good destination for its healthy investment environment, having been recognized for achieving highprovincial governance and public … [Read more...] about Quang Binh calls for investment in 48 projects

An Giang to seek investors for 54 projectsThe Saigon Times Daily HCMC – Mekong Delta’s An Giang Province plans to call for investment in 54 projects across fields such as agriculture, tourism, industry, transportation, construction and urban development and healthcare, the Government news website reported. The provincial People’s Committee will call for investors to develop the projects at a three-day conference on investment promotion, which is scheduled to start on September 10. The event, under the theme, “An Giang – Chance connection, booming cooperation,” will comprise two sessions: hi-tech agriculture and tourism potential of An Giang. Vuong Binh Thanh, chairman of the provincial People’s Committee, urged the relevant departments and agencies to make use of the little time ahead of the conference to create incentive plans in appealing for investment, particularly for the two key sectors of tourism and agriculture, as well as policies … [Read more...] about An Giang to seek investors for 54 projects

Green energy projects still strugglingThuy Dung A wind turbine tower in the Mekong Delta - PHOTO: TRUNG CHANH HANOI – Though the Government has issued a slew of incentive policies, electricity purchase contract and credit risk issues have put a dent in solar and wind power market growth. Bui Vinh Thang, business developer at Mainstream Renewable Power, said on the sidelines of an international conference on wind power in Hanoi City on June 7 that the Government had created good mechanisms for developing wind and solar electricity in 2012 and 2017 respectively. However, the way the electricity purchase agreement is prepared by the Ministry of Industry and Trade has made it difficult for solar and wind power investors, especially those from abroad, to raise sufficient capital. Some contract terms expose investors to risks. This is why financial institutions are reluctant to lend to them. Meanwhile, the Government has not extended its guarantees to fresh loans for any … [Read more...] about Green energy projects still struggling