Company News
Vietnam’s MOF to Update Finance and Real Estate Regulatory Frameworks
Vietnam’s finance and real estate regulatory frameworks are set to undergo changes in the coming months, according to the Ministry of Finance.
Vietnam to Raise Power Prices by 15%
Vietnam recently announced that the government has decided to raise the country’s power price by a record 15.3 percent, up from the current VND1,077 per kw/h to VND1,241 per kw/h, starting March 1, 2011.
Updated Rules for Small Business Loans to Take Effect February 25
The Prime Minister issued decision 03-2011-QD-TTg on January 10, regulating loan guarantees for small and medium-sized enterprises (SMEs). The decision attempts to standardize procedures for the Vietnam Development Bank to issue guarantees for commercial bank loans to SMEs.
New Changes to Wholesale Tobacco Licensing to Take Effect March 14
Vietnam’s Ministry of Industry and Trade (MIT) issued circular 02/0211/TT-BCT on January 3, changing licensing procedures for firms seeking to engage in the wholesale of tobacco products.
State Bank of Vietnam Devalues Dong By 9.3% Against U.S. Dollar
The State Bank of Vietnam decided to lower the Vietnamese dong by 9.3 percent to VND20,693 to a U.S. dollar. The decision came into effect February 11.
Vietnam Amends VAT Regulations for SMEs
Vietnam’s government recently approved a proposal to extend the declaration time of value added tax (VAT) for small and medium enterprises (SMEs) and family businesses, removing cumbersome elements of the country’s tax code for emerging entrepreneurs.
Vietnam Lowers Import Duties on Petroleum Products
Vietnam’s Ministry of Finance lowered import duties for petroleum products from January 14 onwards, according to the ministry’s web site.
New Rules and Regulations Effective Jan. 1 in Vietnam
Beginning January 1, 2011, several new rules have come into effect.
Minimum wage increase
Minimum wages at both local and foreign firms in Vietnam have increased by VND100,000 and VND370,000 per month, respectively.
Vietnam’s Central Bank Proposes Set Annual Interest Rates
Vietnam’s central bank is proposing to the government that the country set interest rates annually and allow companies to negotiate the price they pay for the country’s currency independently with banks, according to reports by Tuoi Tre, a local newspaper.
Banks Accept 15 Percent Ceiling on Deposit Interest Rates
Twelve commercial banks in Hanoi entered an agreement with the State Bank of Vietnam’s Hanoi branch and the Vietnam Banking Association (VNBA) to cap deposit interest rates at 15 percent.