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Draft law to cut corporate tax rate to 23%
Vietnam News | December, 12 2012


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HA NOI (VNS) – Corporate income tax rates will fall from 25 per cent to 23 per cent in 2014, under a draft revision to the Law on Corporate Income Taxation issued yesterday by the Ministry of Finance.

"With the change, the country's corporate tax rates will be equal to those in Thailand and lower than those of China, Indonesia, Malaysia and the Philippines," the ministry said. However, it estimated that the State budget would lose roughly VND12 trillion (US$ 571 million) in the first year of applying the lower rates.

Under the proposed changes to the law, small- and medium-sized enterprises (SMEs) with earnings of less than VND20 billion and a workforce of fewer than 200 workers would enjoyed an even lower rate of 20 per cent.

Preferential rates of 10-20 per cent are also proposed for firms in the fields of education, healthcare, culture, and environment, as well as agricultural co-operatives and credit unions.
 
Without foreign capitalism investors to develop, china is still in Culture Revolution.

Do you understand what the industry is that I said?
Heavy industry,a base of a strong manufacturing industry,the capitalist from developed country would not like to help any developing country with improving heavy industry,that is the reason that your country has to rely on weapon trade to equip with arms
even the economy is developing quickly
 
Chinese were arrested by Vietnam Police.

Vietnam Police The morning of 6-12, police in the division Ho Chi Minh City has been controlled villas F13 is located in the Thao Dien 1, . . At villas , police caught 22 men, 5 women are Taiwanese and Chinese citizens are using high-tech devices such as IP voice,radio, internet ... call the live in China, Taiwan and some Southeast Asian countries to cheating and fraud activities. Upon seeing the police stormed in, an object has to drop through a window to tried to escape.

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Chinese criminals were taken to Police station for futher investigation.:enjoy:

http://nld.com.vn/20121206063454495p0c1019/bat-ngo-***-kich-tom-gon-52-nguoi-trung-quoc-lua-dao.htm
 
Illegal foreign workers being kicked out of Vietnam
Last Updated: Friday, August 17, 2012 08:40:00

Government gets serious about inspecting companies suspected of employing foreigners illegally

The Ministry of Labor, War Invalids and Social Affairs has ordered city and province authorities to check whether or not any local companies are employing foreign workers illegally, and punish them if they are.

Since the decision last week, local authorities are now obliged to report the exact number of foreign workers employed in each locality.

The cities and provinces will also have to report on their localities’ demands for foreign workers and draft new foreign worker management regulations to be submitted to the ministry by the end of September.

The ministry also ordered that undocumented workers, their employees, and the authorities that let them get away with it, all be punished.

Hundreds of Chinese working in Vietnam without the proper paperwork have already been deported as ministries try to quell furor over reports of malpractice by Chinese doctors and claims that Chinese fishermen are working too close to a strategic military base.

Recent headlines have the Vietnamese public worked up that too many jobs that should be given to unemployed locals are going to foreign Chinese.

Since July 17, Vietnamese police have deported 204 Chinese workers from a wood processing company in Binh Phuoc Province and seven fish traders and farmers in Khanh Hoa Province have also been expelled. Local police are also investigating several Chinese nationals accused of working illegally as doctors and nurses at three medical clinics in Ho Chi Minh City.

Whose jobs?

Trinh Hoa Binh, deputy chairman of the Vietnam General Confederation of Labor, told his colleagues at a meeting on July 11 that foreign workers were illegally occupying thousands of jobs that should be available to locals.

He said that statistics from the labor ministry’s employment department showed that more than 31,000 foreign workers were working in Vietnam without a work permit, while nearly 147,000 Vietnamese workers had lost their jobs in the first quarter of this year.

Since 2009, the number of foreign workers in HCMC has been rising steadily, according to recent reports from the municipal labor department.

Since 2011, the agency has issued fines against 35 companies for illegally employing foreign workers.

Foreign manual laborers can only work in Vietnam for three months maximum, but they are not required to obtain a work permit. For all other jobs, foreigners employed in Vietnam must obtain work permits from the Vietnamese government, unless they work here for less than 3 months. No work permit is required for members or owners of limited companies or joint stock company board members.

So far this year, the HCMC labor department has issued work permits for nearly 2,500 foreigners and has rejected some 380 applications.

Alleged Chinese malpractice death

After 35-year-old Nguyen Thu Phong died mysteriously at the Chinese-owned Maria Clinic on July 14, Hanoi police issued a decision prohibiting four Chinese medical practitioners allegedly involved in the death from leaving Vietnam.

Zhou Ji Anjao, Deng Qin Zhi and Zhang Ling Gong – three Chinese who treated Phong – and Dong Chang Rui, chief of the clinic’s gynecology-family planning ward, are currently on the lam.

Investigators have yet to release the cause of death of the female bank employee, who came to the clinic for a general health checkup after she felt tired on her way home from work. She was pronounced dead at the clinic several hours later.

The Hanoi Health Department told a press conference on July 24 that the four Chinese nationals had in fact successfully fled Vietnam on July 15, the morning following the woman’s death, despite the order prohibiting them from doing so.

The agency’s director Nguyen Khac Hien confirmed that his agency had never granted licenses to the four Chinese medical practitioners who were allegedly involved in Phong’s death.

In June, several clinics employing Chinese doctors in HCMC were fined for various violations, including the employment of unlicensed doctors, the issuance of expired medicines, and waste management violations.

‘Sensitive’ area

Over the past two months, local media reports have claimed that Chinese fish farmers and traders were operating illegally in Khanh Hoa Province’s Cam Ranh Bay, not far from the Cam Ranh Military Port.

A subsequent inspection led to administrative fines and the deportation of seven Chinese people working as fish farmers and traders.

Earlier, local media reported that hundreds of Chinese farmers were working illegally and owned hundreds of floating fish farms only a couple of hundred meters from the military base.

Tran Dinh Nha, deputy chairman of the National Assembly’s National Defense and Security Committee, said it was difficult to understand why many Chinese people were working near such a “sensitive” area.

He said there should be an investigation to see if the Chinese farmers and traders were operating in Vietnam purely for economic purposes.

“We should also investigate foreigners working as fishery farmers in all Vietnamese waters and on Vietnamese islands,” he said.

Management problem

An influx of Chinese working illegally in Vietnam has been reported since last year and a recent Sai Gon Tiep Thi (Saigon Marketing) editorial strictly criticized relevant authorities for failing to control and manage immigration into Vietnam.

In August 2011, Ca Mau authorities found more than 1,000 undocumented Chinese workers employed by Ngu Hoan Company to build a local factory in the southernmost province.

“The situation has gotten no better despite wide coverage in the media,” said the editorial.

“On April 20, Ba Ria-Vung Tau authorities found 15 unregistered Chinese workers at a local textile company. And the most recently on July 1, Thanh Hoa’s Nghi Son Economic Zone found 229 illegal Chinese workers at the Cong Thanh Cement Factory project… the Labor Code stipulates strict regulations against local workers and not foreign workers. In reality, many Chinese people have immigrated into Vietnam to work under tourism visas.”

The editorial said fines against companies employing unlicensed foreign workers, between VND20 million – VND30 million (US$960-1440) per case, were not high enough to deter violations.

An official in charge of issuing work permits for foreign workers at industrial parks in HCMC said many Chinese laborers apply with fake documents.

“Some applicants are just 20 years old but produce documents saying that they have five-years working experience in China. We have to issue a work permits for them because it’s the law,” he said.

Vietnam latest news - Thanh Nien Daily | Illegal foreign workers being kicked out of Vietnam

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Here to stay
Last Updated: Friday, September 02, 2011 09:00:00

Vietnam has to get very tough or the flood of illegal Chinese workers will continue

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Vietnam latest news - Thanh Nien Daily | Here to stay

The best way is kick they out of Vietnam
 
Nation turns around current account deficit
Thanh Dat | vir.com.vn | Dec 10, 2012 14:23 pm

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After eight years of suffering from a current account deficit, Vietnam will enjoy a surplus this year despite a turbulent economy.

The World Bank in Vietnam’s lead economist Deepak Mishra last week announced that in 2012 Vietnam would earmark a current account surplus, including a trade surplus for the first time since 2005.

“This is quite good news, though the figures are not so high. This is thanks to export growth largely by foreign enterprises. Also the current account surplus is attributed to a rise in remittances,” Mishra said

According to the World Bank’s calculation methodology, Vietnam’s current account surplus would be 2.7 per cent of gross domestic product (GDP), or $3.7 billion and the trade surplus would be 4.7 per cent of GDP, or $3.45 billion.
 
German bank funds rural power project in Vietnam
12/13/2012 4:39:13 PM VOV

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Tens of thousands of rural residents in four provinces of Vietnam will get better access to electricity supply via a newly-launched project funded by a German bank.

The project, which was kicked off on December 12 in the central province of Nghe An, covers the upgrading and building of new power grids in Nghe An and three northern provinces of Bac Giang, Vinh Phuc and Phu Tho.

It has a total investment of over VND1.94 trillion (about US$92 million), of which almost VND1.5 trillion is sourced by a loan from the German Resconstruction Credit Institute (Kreditanstalt fur Wiederaufbau, KFW): 77,3%.
 
Vietnam warned of refinery overkill
Last Updated: Tuesday, December 11, 2012 09:00:00
Thanh Nien News

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Dung Quat, Vietnam’s only oil refinery, in the central province of Quang Ngai. A series of new refineries is planned to be built in the country, but critics warn against it.


Energy-hungry Vietnam, heavily reliant on imported oil products, may face a completely different problem the next decade when a series of new refineries become operational.

Experts say that without a good strategy, the country will not have enough crude for the plants to process and it may end up with an excessive amount of fuel that it cannot sell.

Currently Vietnam only has one oil refinery, Dung Quat, which meets one-third of its demand for oil products. The plant aims to raise its capacity from 135,000 barrels per day to as much as 240,000 barrels per day.

Oil and gas group PetroVietnam, the owner of Dung Quat, is also planning two more refineries – the Nghi Son Plant in the central province of Thanh Hoa and a petrochemical complex in southern Vietnam.

Construction of the 200,000 bpd Nghi Son Refinery was originally scheduled to start in the first quarter of 2011 but has been delayed due to difficulties with preparation procedures. PetroVietnam, Kuwait Petroleum International, Japan’s Idemitsu Kosan Co., and Mitsui Chemicals – the four investors behind the US$7 billion refinery – are expected to sign an engineering and construction contract this month to commence the project soon.

Tran Ngoc Nam, deputy CEO of Petrolimex, Vietnam’s largest fuel distributor, said the company is looking for investors to build the Nam Van Phong Refinery in the central province of Khanh Hoa with a capacity of 200,000 bpd.

He said plans are being drawn up on raising funds and which crude sources will be tapped.

Thailand’s PTT Pcl., is planning to build another US$28.7 billion refinery, also in central Vietnam, with a capacity of 660,000 bpd. Works on the plant, which would be one of the largest in the world, may begin in 2016.

Meanwhile, construction plans for the Vung Ro Refinery in central Vietnam were revised in October after a two-year delay. Investment in the plant, made by UK’s Technostar Management Ltd., and Russia’s Telloil, has been raised to $3.2 billion.

Another project in the Mekong Delta city of Can Tho has not made any progress since it received an investment license in 2008. The cost estimate for the plant has been cut from $500 million to $350 million, but no commencement date has been announced.

Experts say once all these projects become operational, Vietnam may face a shortage of crude oil.

Tran Viet Ngai, chairman of the Vietnam Energy Association, said if the country does not find new oil reserves, current resources, which can provide 14-15 million tons of crude oil per year, would not be enough for the new refineries.

Dung Quat by itself needs large volumes of crude oil, he said, adding exports would have to be cut.

Statistics from PV Oil, an arm of PetroVietnam, show that it is supplying Dung Quat with 6.5 million tons of crude oil per year.

Ngai said the plan is for new projects to process crude oil imported from the Middle East and South America for both local consumption and exports, but this is not likely to be a cost-effective solution.

Imported materials could make locally-produced oil products more expensive than refined products bought from other countries, he said.

Vietnam does need new refineries to be more energy independent and add value to its exports, instead of selling only crude oil, but the number of plants needed should be considered carefully, Ngai said.

All the projects announced so far, along with Dung Quat, will be able to produce a combined 60 million tons of fuel every year, including gasoline, diesel and liquefied petroleum gas.

Vietnam’s consumption of oil products now stands at 15 million tons per year and is projected to rise to 27 million in 2025. That means the country’s refining capacity will be more than double the domestic demand then.

An expert who asked not to be named said a large output is not necessarily a cause for worry. However, that means Vietnam has to position itself as a fuel supplier for neighboring countries too, he said.

Local plants, therefore, have to be capable of helping Vietnam compete against other fuel exporting countries in the region, he said.
 
Military telecom firm gains foothold in Cameroon
Tuoitrenews
Updated : Fri, December 14, 2012,12:00 PM (GMT+0700)


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Viettel Cameroun S.A.R.L, a joint venture between the Vietnamese military-run Viettel Group and Bestinver Cameroun S.A.R.L, has been licensed to be the third mobile service operator in Cameroon.

The company has won over other rival bidders including India's Bharti Airtel Ltd., Maroc Telecom and Korea Telecom for a mobile telecom tender that was launched earlier this year.

With a $400 million investment, Viettel "will be covering some 81 percent of the national territory when it goes operational; and will use second and third generation (2G – 3G) technologies," said Minister of Telecommunications Jean Pierre Biyiti Bi-Essam in a statement released late Monday.
 
11 direct flights Can Tho and Taiwan during Tet
Tuoi Tre | Updated : Fri, December 14, 2012,9:32 AM (GMT+0700)

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As many as 11 direct return flights between Can Tho city and Taiwan will be launched during the 2013 Tet holiday, said Can Tho Branch Director of Vietnam Airlines on December 13.

The flights aim to save money and time for overseas Vietnamese passengers that want to return Can Tho and the Mekong Delta provinces for the lunar New year, the most important festival in Vietnam which will fall by the middle of February next year.

This is the fourth year Vietnam Airlines has opened such flights.



Japan's MUFG to buy 20% of VietinBank for $720 mln
Reuters
Updated : Thu, December 13, 2012,4:02 PM (GMT+0700)


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Clouds are reflected in the window of the Mitsubishi Tokyo UFJ Bank (MUFG) in Tokyo in November 2009. Photo: Reuters


TOKYO – Japan's Bank of Tokyo-Mitsubishi UFJ plans to buy 20 percent of VietinBank from the Vietnamese government for about 60 billion yen (US$720 million), a source close to the deal said, as Japan's cash-rich big banks expand into fast-growing Southeast Asian market.
 
80 percent of domestic consumers using Vietnamese goods by 2015
12/14/2012 7:17:51 PM VOV

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Buy Vietnam campaign

(VOV) - By 2015, around 80 percent of Vietnamese consumers will favour Vietnamese goods, and 90 percent of rural and mountainous communes will have access to stores stocking domestically produced products.

In his speech, Deputy Prime Minister Hoang Trung Hai said that the campaign has helped with curbing inflation, stablising the macro economy, and made businesses aware of its role in the country’s socio-economic development.
 
Vietnam, US amend air transport agreement
12/14/2012 8:52:45 AM VOV

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(VOV) - Minister of Transport Dinh La Thang and the United States Ambassador to Vietnam David Shear have signed an agreement on the amendments to the Vietnam-US Bilateral Air Transport Agreement.

It is particularly relevant to the national flag carrier, Vietnam Airlines, which is preparing to launch a direct route that will link Vietnam and the US.
 
RoK funds welfare complex in Quang Nam
Nhan Dan: 11:23PM (GMT+7), Thu, December 13, 2012

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At the ground-breaking ceremony ( Image: VNA )

Construction of an US$4.65 million educational welfare complex was started on December 12 in Tam Ky city, the central province of Quang Nam.

The complex funded by the Korean Lotus Village organisation from the Republic of Korea (RoK), will comprise facilities for the elderly and people with disabilities, as well as a foreign language training centre and a kindergarten.
 
Nam Trieu shipyard launches 56,200-tonne bulk carrier
Posted on December 17, 2012 TalkVietnam

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Nhan Dan – The Nam Trieu Shipbuilding Industry Corporation (NASICO) delivered a 56,200 tonne bulk carrier named Vosco Sunrise, on December 16 to the Vietnam Ocean Shipping Company (VOSCO).

Vosco Sunrise, which is 190 metres long and 32.26 metres wide was designed by Japanese company IHI Marine United Inc and certified by the Japanese ship classification society NK and the Vietnam Vehicle Registration Agency.

The bulk carrier features five holds and four state-of-the-art cranes and is powered by an 8,890 kW main engine.
 
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