Business News

[02-03-2016] Decree No 11/2016/ND-CP, dated February 3, 2016, which details the implementation of granting of work permits to foreign nationals working in Viet Nam, has replaced Decree No 102/2013/ND-CP.

[07-03-2016] This means that parties to such contracts will have to be returned to their original positions as if the transactions have not occurred. The Foreign Exchange Ordinance of 2005 of Vietnam as amended in 2013 and the relevant guiding laws require all civil contracts in Vietnam that contain payment provisions to be denominated and paid in Vietnamese Dong (VND).

[02-03-2016] Property experts are warning that the draft amended Circular 36 of  the State Bank of Vietnam on credit tightening could have a detrimental effect on the real estate sector, which is still undergoing a process of recovery. According to this draft, loans pouring into the real estate sector are expected to be tightened so as to prevent the sector’s robust growth from turning into a real estate market bubble.

[01-03-2016] Regulations on management, provision and use of radio and television services, conditions on setting up foreign traders’ representative offices and the number of Vice Chairpersons at provinces will take effect since March 2016. 

[26-02-2016] The HCMC Department of Transport on Thursday started issuing driver’s licenses for Vietnamese nationals and expatriates for use in 73 countries and territories including Germany, France and Russia.

[26-02-2016]  The General Department of Customs would enhance efforts of administrative reforms and modernisation this year to create favourable conditions for imports and exports, a conference heard yesterday. Speaking at the conference to raise measures to improve customs operations in 2016, General Director Nguyen Ngoc Tuc said that customs modernisation was just at an initial stage, and added that greater efforts were required.

[25-02-2016] Foreign experts working on aid projects for foreign non-governmental organisations and Vietnamese nationals employed full-time by UN organisations will soon be exempted from personal income tax. Both exemptions, recently approved by Prime Minister Nguyen Tan Dung, will take effect on May 1.

[24-02-2016] The consumer price index (CPI) in February posted a month-on-month surge of 1.27% and went up 0.42% against last December, according to the General Statistics Office (GSO). The CPI rose 1.03% in the first two months of 2016 against the same period last year.