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BUSINESS IN BRIEF 6/5

VN, Idaho firms plan to work together Viet Nam is expected to become one of Idaho’s top 10 trading partners in the next decade, according to Laura M. Johnson, head of Idaho’s Department of Agriculture’s market development division. “Our state’s diverse agricultural products combined with our success in other Asian markets and Viet Nam’s economic success” would pave the way ... Read More »

Admin orders corrupt business ethics

VietNamNet Bridge – Administrative orders on the market are giving rise to corruption and spoiling business ethics, said economists, pointing an accusing finger at recent moves of the central bank. Interest rate cap Among the administrative measures taken by State agencies in recent years, the central bank’s interference in the market emerges as the greatest concern. The State Bank of ... Read More »

Vietnamese boycotting Coca-Cola on the suspicion about transfer pricing

VietNamNet Bridge – The information that Coca-Cola has not paid any dong in tax over the last 10 years of operating in Vietnam has raised a wave of anger among Vietnamese. Vietnamese netizens call on to boycott Coca-Cola’s products “I have decided not to drink Coca-Cola any more. I feel I need to do so. We should not accept an ... Read More »

Import tax on used cars to increase

The import tax on used cars of nine seats and more will be increased since June 20, according to the Prime Minister’s Decision 24/2013/QD-TTg. Accordingly, for cars under 1,000 cc, the tax rate will be 5,000 USD while cars from 1,000 cc to 1,500 cc will be subjected to the tax rate of 10,000 USD. The current tax rates are ... Read More »

Saigon Co.op, FairPrice to open hypermarkets in Vietnam

The Saigon Union of Trading Co-operatives, Limited (Saigon Co-op) and Singapore NTUC FairPrice Co-operative, Limited (FairPrice) announced their Saigon Co.op – FairPrice joint venture on May 4 with a proposed new chain of hypermarkets. The joint venture, which has an initial investment of 6 million USD of which 64 percent was contributed by Saigon Co.op and 36 percent by FairPrice ... Read More »

Brazil-Vietnam trade to hit 2 billion USD in 2013

Bilateral trade turnover between Vietnam and Brazil is estimated to reach 2 billion USD this year, riding the growing trend since 2000 that saw two way trade value surpassing 1 billion USD in 2011. According to the Vietnam General Department of Customs, two-way trade reached 422 million USD in the first quarter of this year, including 207.7 million USD worth ... Read More »

Power assured during dry season

Power supply will meet the anticipated surge in demand during the dry season this year, said Dang Huy Cuong, Director of the Electricity Regulatory Authority of Vietnam. The authority under the Ministry of Industry and Trade was prepared to tackle the falling output at hydropower plants due to prolonged drought in the Central Highlands and southern regions, he said. Gas-fuelled ... Read More »

Online trade frauds would be make public

VietNamNet Bridge – E-commerce websites participating in trade fraud and violating customers rights are to be publicised on the official portal website of the Ministry of Industry and Trade (MoIT). The move is part of the ministry’s ongoing effort to protect customers from trade fraud on the internet, which has mushroomed in recent years. “Besides a number of administrative measures ... Read More »

Several bank mergers to take place

VietNamNet Bridge – Many banks have brought forward merger plans at their annual shareholders’ meetings, including several obvious deals to be carried out soon. The merger between Dai A Bank and HDBank has been approved by the central bank, said HDBank Chairwoman Le Thi Bang Tam at the recent shareholders’ meeting, where the proposal for this merger was passed. Similarly, ... Read More »

Workers join walk to highlight industrial safety

Nearly 4,000 workers from industrial zones in the southern province of Binh Duong on May 5 joined a walk programme to highlight the importance of safety at work. Co-organised by Better Work Vietnam, the International Labour Organisation, and the International Finance Corporation, the 2013 walking programme was themed “Fire and explosion safety.” Deputy Chairman of Binh Duong provincial People’s Committee ... Read More »