Textiles and garments are potential exports to Cuba Opportunities Marcel Casas Blanco, an official from the Cuba Chamber of Commerce, said Cuba had enacted Law No. 118 on foreign investment, and the new constitution of Cuba offers preferences to encourage foreign investment in the country. Cuba has also promulgated a law on taxation with specific regulations protecting foreign investors against any complaints and proceedings from third parties. It allows free-of-charge overseas remittances in foreign currency. Cuba’s Mariel Special Development Zone offers investors favorable conditions. Cuba imposes no taxes on exports and applies an average import tax of 10.7 percent, which will be further decreased when the Cuba-Vietnam Trade Agreement signed in 2018 takes effect. The list of projects for which Cuba is calling for investment has been updated on an annual basis through the Havana International Trade Fair. The list currently consists of 525 projects, an increase of 69 … [Read more...] about Cuba, Vietnam seek to tap trade, investment potential
Where is foreign currency traded
Black market USD trade almost non-existent
Unofficial market for foreign currencies in Hanoi has been reduced to almost nothing after recent new regulations. Unofficial market bustling before crackdown The State Bank of Vietnam (SBV), the country’s central bank, has been coordinating with authorities to tighten control over unofficial trading in foreign currencies,particularly USD. After a case where authorities caught a shop red-handed while attempting to illegally trade USD400,000 in Hanoi on March 8, shops at Ha Trung Street, known as a centre of foreign currency exchange in Hanoi, are almost empty. Would-be USD buyers simple receive a firm “no” from these foreign currency exchange shops, or are guided to commercial banks for official transactions. When being asked, an official of a shop at No. 39 Ha Trung said, “We no longer trade foreign currencies, now we\'re just sticking to gold.” Quoc Trinh, a famous foreign currency exchange shop, has halted operations. As of the morning of March … [Read more...] about Black market USD trade almost non-existent
People turn their backs to gold and foreign currency
>> Demand for foreign currency reveals need for stricter regulations >> New policies to ease disparity in foreign currency market >> Financial quandary: where to put your money? >> More reasonable policies for gold market needed Gold and foreign currency speculation has dropped after the government’s recent crackdown on unofficial trading. Gold speculation seems to be on the decline In light of this trend, realty and securities traders expected that some money would flow into these channels. It has turned out not to be the case. Nguyen Thi Ha from Giang Vo, Hanoi, is rather reticent to make new investment decisions even though she just earned VND2 billion (USD95,693) by selling a house worth nearly VND6 billion (USD287,081). In order to obey Government\'s regulations, Ha’s decided not to put her assets on gold or foreign currency. After careful consideration, she had to go back to real estate rather than securities as for investment. But it … [Read more...] about People turn their backs to gold and foreign currency
Central bank requests control on foreign currency loans
It was estimated that outstanding foreign currency loans, mainly in US dollars, among banks, were significant at nearly 300 trillion VND (12.76 billion USD).(Source: cafef.vn) Hanoi (VNS/VNA) - Governor of the State Bank of Vietnam (SBV) Le Minh Hung has recently directed the entire banking industry to strictly control foreign currency lending to better minimise dollar speculation and fight against dollarisation in the economy. According to the SBV’s current regulations, commercial banks can still provide short-term loans in foreign currencies to export firms that need funds for production and have turnovers in foreign currency until the end of this year. After receiving such loans, the exporters must immediately sell the amount of foreign currency borrowed to the lenders to get VND, using the spot forex trading method, except in cases where the foreign currency will be used to make payments. It was estimated that outstanding foreign currency loans, mainly in USD, of banks, … [Read more...] about Central bank requests control on foreign currency loans
SBV requests control on foreign currency loans
Governor of the State Bank of Viet Nam (SBV) Le Minh Hung has recently directed the entire banking industry to strictly control foreign currency lending to better minimise dollar speculation and fight against dollarisation in the economy. It was estimated that outstanding foreign currency loans, mainly in US dollars, among banks, were significant at nearly VND300 trillion (US$12.76 billion). - Photo cafef.vn According to the SBV’s current regulations, commercial banks can still provide short-term loans in foreign currencies to export firms that need funds for production and have turnovers in foreign currency until the end of this year. After receiving such loans, the exporters must immediately sell the amount of foreign currency borrowed to the lenders to get Vietnamese dong, using the spot forex trading method, except in cases where the foreign currency will be used to make payments. It was estimated that outstanding foreign currency loans, mainly in US dollars, of … [Read more...] about SBV requests control on foreign currency loans