Want to be in the loop?
subscribe to
our notification
Business News
HANOI TACKLES DIFFICULTIES FACED BY FOREIGN INVESTORS
The People’s Committee of the capital city held a dialogue with foreign-invested enterprises in the city on October 19 to seek measures to tackle difficulties faced by foreign firms amid the COVID-19 pandemic.
Speaking at the event, Secretary of the municipal Party Committee Dinh Tien Dung said Hanoi has so far basically controlled the pandemic and gradually returned to new normal. He appreciated the support and contribution of the foreign business community in the city to the pandemic fight.
The official reiterated the city's policy that considers the foreign-invested economic sector an important driving force for the city's development, and stressed that the municipal authorities always respect and protect legitimate rights and interests of investors, and ensure harmony in interests among the State, investors and workers.
Participants at the event discussed issues regarding taxation, social insurance, licensing and extension of work permits for foreign experts and workers, regulations on entry-exit and pandemic prevention and control.
The city's officials affirmed they will focus on helping foreign investors overcome the difficulties to maintain and restore production and business activities. The city's administration has instructed the Taxation Department to extend the deadline for payment of added value, corporate and individual income taxes for over 31,000 taxpayers this year, with a value of nearly 22 trillion VND (956 million USD), reduce land lease by 30 percent for 650 taxpayers at a cost of nearly 250 billion VND.
In the time ahead, the city will strongly renew its growth model, restructure its economy based on science-technology and innovation, develop digital infrastructure, intensify administrative reforms and improve planning quality to best serve businesses and people.
The city is home to 6,625 valid foreign projects worth nearly 48.7 billion USD. In 2018 and 2019 alone, it led the country in FDI attraction with 7.5 billion USD and 8.67 billion USD, respectively. Last year, it ranked third nationwide with 3.83 billion USD.
In the first nine months of this year, foreign investors poured 1.28 billion USD in the city. The FDI sector contributed about 10 percent of the city's budget, 12.6 percent of development capital, 30 percent of jobs and 45 percent of foreign trade revenue.
Source: VIR
Related News
BUSINESS ENVIRONMENT REFORM NEEDS FURTHER PROMOTION: EXPERT
Ministries, sectors and localities need to drastically improve the business environment, including improving the efficiency in implementing reform. That was the message from Nguyễn Thị Minh Thảo, head of the Business Environment and Competitiveness Research Department at the Central Institute for Economic Management (CIEM).
MINISTRY ASKS CARRIERS TO DEVELOP FLEET OPERATION PLAN TO MEET SUMMER TRAVEL DEMAND
In a document sent to the Civil Aviation Authority of Việt Nam, the ministry said that the restructuring of some airlines’ fleet and flight networks, coupled with the recall of PW1100 engines by Pratt & Whitney for repair, have affected the load on both international and domestic flight routes, causing difficulties to passengers in terms of prices and schedules.
US AND VIETNAM BUILD MOMENTUM WITH UPGRADED TIES
In the six months since the historic upgrade of the US-Vietnam relationship to a Comprehensive Strategic Partnership, the United States and Vietnam have built on the momentum of our elevated relationship to advance bilateral cooperation across a range of areas.
LENDING SLOWDOWN THREATENS TO DELAY REAL ESTATE RECOVERY
Phan Duc Tu, chairman of BIDV’s Board of Directors, said, “Over the first 80 days of 2024, BIDV has disbursed loans totalling $18.95 billion to the economy. However, the figure is lower than its debt repayment of $19.55 billion. As of March 11, the bank’s outstanding balance contracted approximately 1 per cent compared with the end of 2023.”
PERFECT SPRINGTIME SIP AT LEGEND LOUNGE
Ho Chi Minh City, February 28, 2024 - The season of love dedicated to women has returned to the LOTTE HOTEL SAIGON, offering ladies impressive and sophisticated experiences. A highlight not to be missed at The Canvas seafood buffet restaurant is the masterpiece Lobster Ravioli. Visit Ottimo House to enjoy premium Italian cuisine prepared with Australian Wagyu beef. On Mondays and Tuesdays, Yoshino Japanese Cuisine Restaurant offers a 20% discount on sashimi. Discover the classy space and enjoy the new drinks available at Legend Lounge, including "Cherry Blossom Latte" and "Strawberry Afternoon Tea.". To end your self-love journey, Legend Healing Spa will be offering 20% off two special treatments.
VIETNAM RANKS IN TOP 5 FAVOURITE INVESTMENT DESTINATIONS AMONG ASIA’S EMERGING AND DEVELOPING COUNTRIES
The US' Milken Institute released the Global Opportunity Index (GOI) on March 5. The GOI remains a strong predictor of capital movements 10 years after its inception. The index alone explains 64.7 per cent of the variation in per capita foreign direct investment (FDI) inflows and 51.7 per cent of per capita portfolio inflows to countries across the world. The 2024 GOI report provides a global overview of countries' attractiveness and capital inflows.