Vietnam may issue permanent residence cards to foreign investors on Phu Quoc Island under a draft law on special administrative zones submitted to the government by the Ministry of Planning and Investment (MPI). MPI proposes a series of mechanisms in the draft to attract investment capital and foreign experts to live and work in the Phu Quoc economic zone. Phu Quoc will be prioritized for investment to become a center for trade, high-end services, and international procurement. It will be the only zone prioritized for the development of fisheries, aquaculture processing, and fisheries logistics. As with the other two special economic zones in Vietnam, Van Don in northern Quang Ninh province and Van Phong in south-central Khanh Hoa province, MPI has proposed a series of incentives for Phu Quoc, such as personal income tax exemptions for five years to 2030 for individual investors in the economic zone and then a … [Read more...] about Ministry proposes permanent residence cards for foreign investors on Phu Quoc
The Ministry of Finance's Department of Banking and Financial Institutions has been given the authority to grant business licences for casino and gaming services. This was announced under a newly-issued circular concerning the implementation of Decree 03/2017/NĐ-CP on casino and gambling business. Although the decree has taken effect since March this year, the ministry had so far not issued the circular on implementing the regulations. According to the decree, eligible investors wishing to invest and operate in services, tourism and entertainment businesses with casinos must invest a minimum capital of US$2 billion and submit plans to manage the negative impacts of casino operations. Such enterprises can provide a casino in only one location and this must be separate from other business areas of entertainment. Currently, casinos in Viet Nam only allow foreigners, such as Do Son Casino in Hai Phong, Ho Tram Casino in Vung Tau, Casino Aristo International in Lao Cai and Silver Shore … [Read more...] about New guide for casino, gaming business in Vietnam
VietNamNet Bridge - In a TPP without the US, powerful member countries will benefit most, according to economist Nguyen Tri Hieu. The other 11 member countries of TPP have decided to move ahead without the US, which once took the leading role in the deal. Vietnam will be able to benefit from TPP, not only in trade. The Vietnamese economy will have to change to conform to TPP’s regulations once the deal is made. However, the negative side of TPP-11, or the TPP without the US, is the modest share of TPP in global trade. A TPP with the US accounted for 40 percent of global trade, of which the US alone accounts for 20 percent. Without the US, the figure would be 20 percent.The TPP is only one among many multi-lateral cooperative frameworks that Vietnam joins as part of its international process. “However, 20 percent is still a considerable market share though it is smaller than initially planned,” Hieu said. The expert went on to say that Vietnam would lose many … [Read more...] about What benefits will Vietnam get from TPP without the US?
Authorities in Ha Tinh Province have just proposed to close the Thach Khe Iron Mine during a meeting with a multi-department team led by the Deputy Minister of Planning and Investment Nguyen Van Hieu on May 29. The delegation team includes representatives from the Ministry of Industry and Trade, the Ministry of Finance, Vietnam National Coal and Mineral Industrial Group (TKV) and many experts. According to Hanoi authorities, thousands of local people in six coastal communes have experienced many difficulties in the past nine years. They can't easily repair their houses and slow ground clearance work means many haven't had their compensation or resettlement plan yet. On-going construction at the mines means there is a lack of clean water and their agricultural land has been cut. Ha Tinh Chairman Duong Tat Thang agreed that after the iron mine began operation it would contribute to the local budget and provide jobs for local people. However, in the long run, they will face severe … [Read more...] about Ha Tinh proposes cancelling Thach Khe iron mine project
VGP - The national flag carrier (Viet Nam Airlines) will launch "Welcoming International Travel Expo 2013" to sell discount tickets for international flights. Passengers can buy cheap return tickets on 31 outbound flights from Ha Noi, HCM City, Da Nang and Nha Trang to 28 international destinations at preferential prices between VND199,000(US$9) and VND8.5 million (US$399). For instance, a return flight ticket costs VND199,000 (US$9) from HCM City to Thanh Do and VND838.000 (US$39) from Ha Noi, HCM City to Bangkok, Singapore, Kuala Lumpur, and. Phnom Penh Yangon. The return flight linking Nha Trang and Moscow is most expensive at VND8.5 million (US$399). In addition, Viet Nam Airlines also offers cheap tickets for individual passengers on inbound flight and cheap package tour tickets for both inbound and outbound flights./. By Kim Loan … [Read more...] about VNA launches cheap int’l tickets