Vietnam Economy Forum

[Viet]

Foreign direct investment to Vietnam up 74 pct in Jan.
(Xinhua) | 13:38, January 29, 2013

HANOI, Jan. 29 (Xinhua) -- Vietnam attracted nearly 281.5 million U.S. dollars from the foreign direct investment (FDI) in the first month of the year, an increase of 74 percent year-on- year, the Vietnam General Statistics Office (GSO) reported on Tuesday.

Among 17 countries and territories having newly licensed projects in Vietnam in January, Japan was the largest investor, with new and expanded capital of over 157.7 million dollars ( accounting for 57.6 percent of the newly registered capital), followed by Thailand with 54.3 million dollars (21.1 percent) and France with 20 million dollars.

Last year, Vietnam attracted 13 billion dollars from the FDI and disbursed about 10.5 billion dollars, according to the GSO.

 

[Viet]

Low income people get six-month tax break for 2012
Updated January, 30 2013 14:28:00 Vietnam News

Vietnamese government cabinet meeting

HA NOI (VNS) – People with monthly taxable incomes of VND5 million (US$240) or less will be exempted from personal income tax for the last six months of last year.

The Finance Ministry's General Taxation Administration has issued instructions to this effect following a National Assembly resolution approved last June to help individuals and organisations overcome difficulties due to economic slowdown.

According to the instruction, the income tax payable in 2012 is the multiplication of average monthly taxable income, tax rate and 12 (months). The tax exemption for eligible people would be half the income tax payable calculated thus. Tax deduction for dependents is calculated from the month tax payers assume responsibility for their dependents.

Any income generated prior to last December but paid this January would be included in this year's tax balance sheet.

The General Taxation Administration also regulates that tax payers can submit their returns until 1st April, 2013.

Under the current Law on Personal Income Tax, the threshold is VND4 million ($192) per month and deduction for each dependant is VND1.6 million ($77) per month.

Last November, the National Assembly approved amendments to the law by which the threshold will be increased to VND9 million ($430) per month and the deduction rate for family will be VND3.6 million per dependant per month.

The amendment takes effect on July 1, 2013. - VNS

 

[Viet]

53,000-tonne cargo ship delivered to UK company
Updated : 1/31/2013 8:00:00 AM Voice of Vietnam

The Ha Long Shipbuilding Company on January 30 handed over a 53,000-tonne cargo ship to its United Kingdom’s partner, MUHR Maritime Pte.

The cargo ship, named Anne Kjersti, is to make its maiden voyage to Singapore on January 31. The ship is the ninth in a series of ten 53,000 tonne-vessels that the shipyard has built for foreign partners.

It is 190m long and 32.26m wide and capable of moving at 14 nautical miles per hour. The company will complete the last vessel destined for a Thai cargo company in the second quarter of 2013.

 

[Viet]

Russian-Founded Online Search Engine Launched in Vietnam
31 January 2013 | Issue 5058 | The Moscow Times

Nigma.ru founder Viktor Lavrenko has launched a new online search engine offering services in Vietnamese, Vedomosti reported Wednesday.

The development of the search engine — Coccoc.com, which means "knock-knock" in Vietnamese — cost Lavrenko $15 million and two years of work. The money was used mainly for the purchase of equipment and payment of Russian software developers who relocated to Vietnam's capital, Hanoi, to work on the project.

Some 40 Russians are currently working for the search engine, the businessman said.

Coccoc.com hopes to generate revenue by selling contextual advertising tailored to the needs of small business, which is well-developed in Vietnam. Lavrenko sees potential in placing ads for cafes, gas stations and other places that may be of interest to Internet users.

The first search engine with Russian origin in Vietnam, Wada.vn, was launched in 2012. One of its founders, Igor Ashmanov, told Vedomosti he is confident about the prospects of the country's rapidly growing Internet market.

According to the Alexa.com online statistics service, the most popular online services in Vietnam are the local version of Google, social network Facebook, the English-language Google and video hosting site YouTube.

Lavrenko said Vietnam is only the first stage of his expansion strategy in the region. Eventually, his whole development team may move to Thailand, Indonesia or Malaysia to work on his greatest ambition: a search engine to serve all of Southeast Asia. By his estimates, such a project could generate up to $1 billion per year.

 

[Viet]

Japan’s ODA promotes economic growth in Vietnam
Updated : 1/31/2013 3:43:17 PM Voice of Vietnam

(VOV) -The Japanese International Cooperation Agency (JICA) held a conference in Hanoi on January 30 to review Japan’s official development assistance (ODA) to Vietnam over the last 20 years and its future orientations.

Japanese tourists visiting Vietnam

Under these orientations, Japan will help Vietnam achieve its industrialisation goal by 2020. Japanese ODA will focus on promoting economic growth, increasing competitiveness, as well as the restructuring of State-owned companies, the financial sector and public services.

Addressing the event, JICA Head Representative to Vietnam Tsuno Motonori said Japan has been the largest provider of ODA to Vietnam for 20 years, with a total of more than JPY 1.8 trillion.

Furthermore, Japan has sent around 5,000 experts and 500 volunteers to Vietnam , and trained 18,000 Vietnamese employees in Japan . Japan considers Vietnam a leading partner in terms of ODA and will continue to provide a high level of aid to Vietnam. It will boost bilateral cooperation, despite its recent natural disasters and the global economic crisis, said Motonori.

 

[Viet]

WB adds US$ 156 mln to Mekong Delta transport project
Updated : 1/31/2013 3:25:36 PM VOV

(VOV) -The World Bank (WB) on January 30 approved an additional credit of US$156 million for an underway project to develop transport infrastructure in the Mekong Delta.

The additional credit will be used to improve waterway corridors and national roads that connect to the region’s economic hub - Ho Chi Minh City.

 

[djsjs]

any more pics of vietnam roads? seems very good.

 

[Viet]

any more pics of vietnam roads? seems very good.

Vietnam´s roads and highways are far from good, moreover they are still in a bad shape. It is still a long way to go. Vietnam needs some $15 billion per year. Pls come back in 7 years.

traffic in the city

Phap Van-Cau Gie Expressway

 

[Viet]

Dunkin' Expands to Vietnam
BY SAABIRA CHAUDHURI | Wallstreet Journal | January 30, 2013, 7:55 a.m. ET

Dunkin' Brands Group Inc. has signed a deal to take its eponymous doughnut chain to Vietnam as the company continues its push to expand internationally.

The Canton, Mass., company has signed a franchise agreement with Vietnam Food and Beverage Co. to develop Dunkin' Donuts restaurants across the country over the next several years, with the first locations planned for the Ho Chi Minh City area.

 

[Viet]

First Japan-funded farmers’ store opens in Vietnam
1/31/2013 5:56:18 PM Voice of Vietnam

(VOV) - A farmers’ store at the Binh An Road Side Station was inaugurated in the central province of Quang Nam on January 31.

The inauguration ceremony was hosted by the Japan International Cooperation Agency (JICA) and the Quang Nam provincial People’s Committee. The event is part of a project to develop local economies with the participation of farmers based on a model applied in Japan’s Minhamiboso city, and is the first of its kind in Vietnam.

On display in the store were 50 VietGAP products from different areas of the central Quang Nam province and some specialties from Japan.

The Binh An Road Side Station was built in Binh An commune was funded by JICA under the authorisation of Minhamiboso city. It encompasses a chain of restaurants and is expected to welcome around 2,000 visitors per day. The station is a place which provides information to visitors, supports the development of the local economy and doubles as a shelter from natural calamities.

JICA also financed the plantation of new vegetable lines in Binh Trieu and Binh Sa communes, Thang Binh district.

 

[Viet]

Fitch reaffirms nation's B+ rating, stable outlook

Updated January, 31 2013 11:05:59 Vietnam News

HA NOI (VNS)— Fitch Ratings on Tuesday affirmed Viet Nam's long-term foreign and local currency-issuer default ratings (IDRs) at ‘B+', with a stable outlook. The ratings agency also affirmed the country ceiling at ‘B+' and the short-term foreign-currency IDR at ‘B'.

"Viet Nam's ratings are underpinned by its track record of strong economic growth and a favourable environment for foreign direct investment that has rendered the economy less vulnerable to external shocks and raised its potential growth rate," Fitch said in a statement.

"The ratings are also supported by favourable overall levels of external debt and debt service relative to rated peers as well as by high levels of domestic savings and investment."

 

[Viet]

Japan needs more guest workers
Updated : 2/1/2013 10:26:52 AM Voice of Vietnam

More Vietnamese workers are expected to work in Japan this year, according to the Department of Overseas Labour Management. The department approved labour contracts for 1,900 guest workers in October, 1,999 in November and 1,720 in December last year.

Pham Do Nhat Tan, deputy chairman of the Vietnam Association of Manpower Supply, said over the past few months, Japanese partners have placed large orders for guest workers, (50-100 employees per order).

 

[Viet]

Hoi An voted world’s best tourism destination
Tuoitrenews
Updated : Fri, February 1, 2013,2:00 PM (GMT+0700)

Japanese bridge

Traditional Hoian restaurant

Ancient meeting hall

Gate to ancient meeting hall

riverside

A view of the old town - UNESCO World Heritage Site

Hoi An City in the central province of Quang Nam, home to a UNESCO world heritage ancient town, has been voted the world’s best tourism city by UK tourism magazine Wanderlust.

The Wanderlust Travel Awards 2013 went to the Vietnamese city with a whopping 98.18 percent satisfaction rating from the magazine’s 3,000 surveyed readers who are described as UK's most dynamic tourists.

 

[djsjs]

Hoi An voted world’s best tourism destination
Tuoitrenews
Updated : Fri, February 1, 2013,2:00 PM (GMT+0700)

Japanese bridge

Traditional Hoian restaurant

Ancient meeting hall

Gate to ancient meeting hall

riverside

A view of the old town - UNESCO World Heritage Site

Hoi An City in the central province of Quang Nam, home to a UNESCO world heritage ancient town, has been voted the world’s best tourism city by UK tourism magazine Wanderlust.

The Wanderlust Travel Awards 2013 went to the Vietnamese city with a whopping 98.18 percent satisfaction rating from the magazine’s 3,000 surveyed readers who are described as UK's most dynamic tourists.

it looks like a town in south China.especially the style of the memorial arch and the houses.

 

[Viet]

@djsjs
The bridge connects China town with Japan town.