Hong Sun, secretary general of the Korean Chamber of Business in Vietnam, told VIR that the Korean business community in Vietnam “feels happy” when Prime Minister Nguyen Xuan Phuc announced that the government will give special land, credit, and export-import incentives to farmers and agricultural investors. “Many Korean firms are operating in Vietnam’s agriculture sector, and many more will come here in 2017 to start vegetable and flower plantations”, Sun said. “Before they come, though, they need the incentives that are offered in many other nations.” Last week Phuc required the Ministry of Agriculture and Rural Development (MARD), the Ministry of natural Resources and Environment, and leaders of provinces and cities nationwide to remove unnecessary hurdles from all agricultural policies. “Any governmental policy that hampers the sector’s development and detracts from investment has to be abrogated immediately. Any … [Read more...] about Agriculture sector expects further investments with slashed policies
Why foreign direct investment is important
Ambassador Mitsuo Sakaba spoke to Viet Nam News on the occasion of Japan’s National Day today. Can you talk about the highlights of the bilateral relations between Viet Nam and Japan since your arrival here? I have been in Ha Noi for one year and nine months. I am quite satisfied with the state of relations between Japan and Viet Nam. They are developing not only between governments but also among the people. In terms of economic successes, we have made many achievements over the last year despite the economic downturn. We agreed on the Viet Nam-Japan Economic Partnership Agreement (VJEPA), which became effective on October 1 this year. This agreement will liberalise and facilitate the trading of commodities, capital, technology and skilled labour between the two countries. I was especially glad to see the successful visit of Japanese Crown Prince Naruhito to Viet Nam. He stayed for a week and I had the pleasure of accompanying him. He said that he had a very strong impression … [Read more...] about Japan recognises importance of Viet Nam
Investment Attraction in Hai Duong: Not Just a Slogan Hai Duong province has so far licensed 299 foreign investment projects with a total registered capital of US$6,676.2 million from 24 countries and territories, including 153 projects with US$3,284.2 million in industrial parks and 146 projects with US$3,392 million outside industrial parks. The province will continue to improve its investment and business environment, enhance the provincial competitiveness index (PCI), and draw investors to do business in the locality. What the province does is ‘not just a slogan,’ said Mr Vuong Duc Sang, Director of the Department of Planning and Investment of Hai Duong. Thuy Vu reports. Could you briefly introduce some remarkable results in investment attraction in the province? Hai Duong province achieved good results in foreign direct investment (FDI) attraction in the first months of 2015. Foreign investors were estimated to disburse a total of US$3,050 million and employ over … [Read more...] about Investment Attraction in Hai Duong: Not Just a Slogan
Standard Chartered's economists discuss the prospects for the Vietnamese economy in 2015 during the Global Research Briefing 2015 held in HCM City. They are upbeat about the economic outlook for Viet Nam with foreign investment likely to expand and exports to recover this year. — VNS Photo Standard Chartered Bank recently released a report called Global Research 2015 – The Year Ahead, Rekindling the Animal Spirits, which also takes a look at Viet Nam's economic and financial outlook, growth, FDI prospects, trade and interest rate. Viet Nam News spoke with the bank's economist, Betty Rui Wang, about these issues. How do you see the prospects for the Vietnamese economy in 2015? Betty Rui Wang Economist, NEA Standard Chartered Bank. This year we expect Viet Nam's GDP growth to accelerate to 6 per cent, slightly higher than our previous forecast of 5.8 per cent for 2014. Foreign direct investment and exports are likely to increase as well. We also expect some progress … [Read more...] about Viet Nam moving in the right direction
Last week, Viet Nam News asked readers whether they think the country should continue allowing imported cars and motorbikes to enter the country as expatriate assets. Currently, every expatriate bringing a car back to the country is exempt from both import tax and the VAT. Here are some responses. Andrew Burden, Canadian, Ha Noi As long as a Viet Kieu (overseas Vietnamese)-imported car can pass a roadworthy safety test, I see no reason why it should not be imported, providing the owner can demonstrate legal ownership. As Viet Nam continues growing its economy with foreign direct investment and encourages tourism via Southeast Asian visa integration, why not bring more hard currency and cold-hard steel in the form of consumer goods? Tax the car, register the car and insure the car. The return of overseas Vietnamese brings in a whole new set of concerns and potential conflict. You need to be careful not to swamp the local market, but if richer, more independent and successful … [Read more...] about Should imported vehicles remain tax free for expats?