Other Briefings
Tax Officials to Impose Higher Fines from April
Feb. 17 – Under a new decree, tax officials will be allowed to fine up to VND200,000 on those found guilty of infringements and group heads can impose fines of up to VND5 million.
The new decree takes effect in April. People caught delaying submission of documents for tax registration or breaking tax laws can also be meted fines of as much as VND20 million (US$1,150).
For taxpayers filing tax declarations 90 days or more past the due date can be fined from VND500,000-VND5 million although no penal tax will be added.
Collection of Personal Income Tax Moved to End of May
Feb. 10 – The Vietnamese government has announced that it will move the collection of personal income tax to the end of May to boost domestic spending.
The National Assembly is still undecided whether payments will be cut completely or collected at a later date. The personal income tax covers salaries, profit from real-estate and stock transactions and other investment returns.
Non-resident individuals will not be required to pay tax for income from financial investments, transactions, copyright and franchising until May as well.
Vietnam to Sell 1.5 Million Tons of Rice to the Philippines
Feb. 4 – Vietnam has agreed to sell 1.5 million tons of rice to the Philippines this year in a deal that would account for 30 percent of its forecasted exports.
The Philippines is the world's largest buyer of rice and its pact with Vietnam is expected to fulfill its grain needs for the year. Last year, Vietnam sold 1.6 million tons of rice to the Philippines.
Previous reports said that the Philippines would buy 1 million tons of rice at US$380 a ton plus cost and freight, with 500,000 tons to be delivered in February and March.
Vietnam to Use 14 Million Tons of Oil in 2009
Feb. 2 – Vietnam is forecast to consume an estimated 14 million tons of petrol and oil in 2009, reports the Ministry of Industry and Trade.
The figure is a 1 million ton rise compared to 2008. By mid-February when the Dung Quat oil refinery is expected to be operational, the imported volume of petrol and oil will drop to 12 million tons.
The ministry has also pushed for fertilizer, chemical and oil and gas sectors to expedite the operation of the Ninh Binh, Bac Giang and Ca Mau nitrogenous fertilizer projects and operate the other existing plants to guarantee a 0.95 million ton supply of urea for agricultural production.
Vietnamese Rice Prices Propped by Manila Deal
Jan. 21 – Prices for Vietnamese rice slated for export increased by 3 to 4.9 percent when exporters start loading 500,000 tons bound for the Philippines starting next month.
The Vietnamese rice shipment is expected to arrive in Manila by February and March as part of a deal that will ship a minimum of 1 million tons of grain.
"Food companies have prepared stocks for the shipment so the price rise won't affect their loading but indicative prices have gone up, anyway," a trader at a foreign firm in Ho Chi Minh City told Reuters.
Vietnam to Revamp Business Tax Procedures
Jan. 8 – Vietnam's tax agencies have been told to reduce the time it takes to fulfill tax and customs requirements from the average 1,050 hours annually to 800 hours.
The Deputy Minister of Finance, Do Hoang Anh Tuan, said that tax agencies should cut red tape to lessen the amount of time it takes for businesses to compny with tax formalities.
Tuan told Thanh Nien News that customs offices will start processing 80 percent of tax declarations online to save time. The plans for streamlining the tax process also include slashing the amount of time it takes to check export shipments by a third.
Vietnam’s Labor Official Predicts 300,000 to Lose Jobs in 2009
Jan. 6 – An official from the Ministry of Labor, Invalids and Social Affairs (MoLISA) predicts that the slowing Vietnamese economy could lead to job losses amounting to 300,000 jobs, or 0.65 percent of the country's labor force.
The head of Employment Division under MoLISA, Nguyen Dai Dong, said some 300,000 people might be affected by the economic slowdown.
The hardest hit will be the industrial and services sectors, which already provide about 9 million jobs while the more than 35 million working as agricultural workers should expect reduced working hours.
New Container Route to China, Hong Kong Launched
Dec. 19 – The new international shipping container route starting from Cai Lan port in Quang Ninh province to China and Hong Kong has been officially launched.
The port is the first deep-water port located in northern Vietnam with a capacity of accommodating freighters weighing up to 50,000 DWT.
Previously, test-runs on the new route were done using the MSC's 1,090 TEU vessel, the Wellington, being the first to arrive in November.
South Korean Mall to Invest US$5 billion in Vietnam
Dec. 18 – South Korea's top retailer, Lotte Mart, said it would invest US$5 billion in the next 15 years to develop a chain of 30 shopping malls in Vietnam.
The company's first outlet opened in Ho Chi Minh City last Wednesday spanning 31,000 square meters making it the largest mall in the country.
Lee Sang Woo, general director of the Lotte Vietnam Shopping Company, told Xinhua that Lotte Mart would develop a chain of 15 shopping malls in Ho Chi Minh and 15 more malls in the cities of Hanoi, Haiphong, Danangand Can Tho.
