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Credit Institutions in Vietnam Now Offering Foreign Currency Loans
Written by Dailynews.vn Tuesday, 15 May 2012 10:43
May 14 – In a recent interview, Vice Director of the Central Institute for Economic Management Nguyen Dinh Cung said that the role of the State has to conform to the requirements of the market, the corporate sector, plus other stakeholders. In this way, the State would not be only build institutions and policies, but could also help the market work more efficiently – paving the way for economi...
Important Changes to Vietnam’s Tax Regulations
Written by Dailynews.vn Tuesday, 08 May 2012 05:43
By Marco Azzaro
May 7 – Vietnam’s government has made some important changes to the country’s tax regulations over the first four months of 2012, and has issued Circular 06, which took effect from March 1, providing a detailed guidance on some key changes to VAT rules.
The government has underlined that VAT is enforceable on interest from loan agreements between non-credit institutions. More...
Vietnams National Assembly Approves 2012 Salary Increases
Written by Dailynews.vn Monday, 23 April 2012 20:43
Nov. 15 – On November 10, the Vietnamese National Assembly approved VND59.3 trillion (US$2.83 billion) in salary increases starting from May 1, 2012.
Under the recent resolution, minimum salaries for state employees will be increased to VND1.05 million (US$51) per month. The current minimum wage for state employees is VND830,000 (US$40), established by Decree No. 22/2011/ND-CP dated April 04, 20...
Vietnam to Cut Income Tax By 30% for Small Business
Written by Dailynews.vn Monday, 23 April 2012 20:43
By Lorenzo Martelli
Nov. 16 – On November 4, 2011 the government enacted Decree 101/2011/ND-CP presenting tax incentives to help enterprises and individuals survive in the current high level of inflation in Vietnam.
According to Decree 101, corporate income tax payable by small-and-medium-sized enterprises will decline by 30 percent this year. Firms in line for tax reductions include those opera...
Lower Rent for Manufacturers and Environmental Tax Exemptions
Written by Dailynews.vn Monday, 23 April 2012 20:43
By Lorenzo Martelli
Manufacturers benefit from lower rent
Dec. 7 – On November 23, the Vietnamese Government issued Decision No. 2093/QD-TTg to reduce businesses’ land use rental costs for 2011 and 2012. A 50 percent reduction in rentals for leased land will be enjoyed by firms conducting manufacturing businesses. According to calculations, under Decree No. 121/2010/ND-CP, the rental fee i...
Business Registration Set to be Streamlined in Mid-2012
Written by Dailynews.vn Monday, 23 April 2012 20:43
Dec. 20 – The Ministry of Planning and Investment (MPI) of Vietnam has recently drafted a circular pertaining to an online registration initiative for start-up businesses that aim to streamline the establishment process.
According to the draft circular, the Business Registration Management Agency will be responsible for the portal www.dangkykinhdoanh.gov.vn, which provides online registratio...
Vietnam to Extend CIT Payments for SMEs by 3 Months
Written by Dailynews.vn Monday, 23 April 2012 20:43
By Tran Que Chi
Feb. 13 – On January 19, 2012 the Prime Minister enacted Decision No. 04/2012/QĐ-TTg – granting a three-month extension for the payment of corporate income tax which small and medium enterprises, and enterprise using many laborers, must pay for the first and second quarters of 2011.
According to Decision No. 04, enterprises which were extended tax payments according to Dec...
Vietnams New Tax Schedule for 2012
Written by Dailynews.vn Monday, 23 April 2012 20:43
By Nguyen Huyen My
Feb. 21 – Vietnam’s Ministry of Finance issued Circular No.157/2011/TT-BTC on November 14, 2011, stipulating the tax rates of export and import tariff preferences under the list of taxable items. The Decree takes effect from January 1, 2012.
The 2012 tax schedule has been renewed with many changes compared with the 2011 schedule, both in terms of commodity lists and tax ...
Update Regarding Land Use Mortgage Rights
Written by Dailynews.vn Monday, 23 April 2012 20:43
By Mattia Capsoni
Feb. 24 – The Vietnamese Government issued Decree 05/2012/ND-CP to change and set up new rules concerning mortgages of land use rights and assets lying on land. More specifically, this kind of contract was to be approved by the commune-level People’s Committee; but according to the Decree, from April 2012 this power will be passed on to the district-level authorities.
The...
Vietnam to Increase General Minimum Wage Levels from May 1
Written by Dailynews.vn Monday, 23 April 2012 20:43
Apr. 17 – Vietnam has officially increased its general minimum wage levels from VND830,000 per month to VND1.05 million per month effective from May 1, according to Decree No. 31/2012/ND-CP dated April 12, 2012. The new decree solidifies the content of the National Assembly’s Resolution on the State Budget in 2012.
The general minimum wage applies to officials and public servants, the me...
New Audit Regulations in Vietnam
Written by Dailynews.vn Monday, 23 April 2012 20:43
Apr. 19 – The Ministry of Finance approved a new regulation on March 13 – which will be effective from May 1, 2012 – to set new rules with regards to the audit of:
Enterprises with foreign capital
All credit institution (Vietnamese, foreign and mixed)
All enterprises operating in the financial sector
All companies listed on the stock market
All of the above mentioned institutions have to ...
Vietnam to Tighten Cash Loan Disbursements from June 1
Written by Dailynews.vn Monday, 23 April 2012 20:43
By Nguyen Huyen My
Apr. 20 – On April 10, 2012, the State Bank of Vietnam promulgated Circular 09/2012/TT-NHNN stipulating the payment methods for disbursing loans of credit institutions and foreign bank branches (hereafter collectively called “banks”) towards their customers. According to the Circular, banks will not use cash as a method for disbursing loans from June 1, 2012.
This regulati...
More borrowers allowed to access bank loans: SBV
Written by Dailynews.vn Saturday, 14 April 2012 20:16
Clients from the property sector will from now on be able to approach banks for loans as the central bank has decided to loosen the purse string for half of tSTC previously put in the restriction list of borrowers, the governor said. Nguyen Van Binh told a press meeting in Hanoi on Wednesday that the national monetary authority had also completely unleashed consumer credits, a move expected to s...
Conversion time extended for gold traders
Written by Dailynews.vn Saturday, 14 April 2012 20:16
The State Bank of Vietnam (SBV) has completed a draft circular permitting gold bar traders to switch business for another six months after Decree 24/2012/ND-CP on gold bar trading restrictions takes effect on May 25. So now gold firms have more than seven months to go after Decree 24 came out early this month. In the meantime, they have to finalise the procedures for obtaining gold bar trading c...
Conversion time extended for gold traders
Written by Dailynews.vn Friday, 13 April 2012 22:46
The State Bank of Vietnam (SBV) has completed a draft circular permitting gold bar traders to switch business for another six months after Decree 24/2012/ND-CP on gold bar trading restrictions takes effect on May 25. So now gold firms have more than seven months to go after Decree 24 came out early this month. In the meantime, they have to finalise the procedures for obtaining gold bar trading c...
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