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Foreign ownership ratio in aviation sector may be lowered
The foreign capital contribution in Vietnam's aviation sector could be lowered to 30 percent only instead of current 49 percent, citing the amended draft Decree 76 written by the Civil Aviation Authority of Vietnam according to the request of Ministry of Traffic and Transportation.
The five big issues of amended Decree are logo, business plan and product development strategy, ownership rates in c...
Registration fees on property set at 0.5pct
Ministry of Finance (MoF) has issued Circular No 68/TT-BTC on property registration fees dated April 26, 2010, in which MoF provided detailed guidance on collection and payment of the property registration fees. In details, depending on the quality of the houses, the users have to pay relevant registration fees.
The property registration fees will be calculated by the percentage over the total ac...
Wood export tariff cut down to 0pct
Ministry of Industry and Trade has lately issued document No 5207/BTC-XNK regulating exporting wood products belonging to Category 44.07.
In details, Ministry of Industry and Trade, Ministry of Finance, and Ministry of Agriculture and Rural Development agreed to reduce the export tariff of wooden Category 44.07 from 10 percent to 0 percent in order to help solve the difficulties with enterprises....
Automatic import licensing for some steel products
Ministry of Industry and Trade has lately issued circular regulating about offering automatic import licences for some steel products, starting from July 5, 2010.
Under the new circular, the steel importers will be offered automatic licences to be applied for steel products under the list of non-alloy flat-rolled steel products with width of over 600 millimetres, non-alloy hot-scrolled steel bars...
Government works out draft on developing support industry for exporters
Ministry of Industry and Trade has reported completing the collection of public opinions on the draft decree of developing support industries for exporters. As planned, the decree will be issued in early June, 2010.
The new decree concerns necessary mechanisms and policies to develop support industries for categories of key export items such as apparel, footwear, electronic and computing accessor...
Mineral exploration and mining right to be auctioned
The amended Law on Minerals that will be submitted to the National Assembly in the coming meeting regulates that mineral exploration and mining right will be auctioned, aiming to limit the sublicensing mechanism in the super profitable field.
The number of enterprises operating in mineral industry surged from 427 in 2000 to over 1,500 at this time. The mining production value (excluding petroleum...
Car registration fee raised to 15pct
Under the Circular No 68/2010 TT-BTC issued by the finance ministry, registration fee for less than 10-seat car will be raised by 3-5 percent to the ceiling level of 15 percent in some localities as of June 10.
Accordingly, the floor registration fee would be 10 percent.
Currently, the car registration fee is at 10 percent in localities and 12 percent in Hanoi.
New legislation to facilitate trade with Vietnam, China
Two draft laws aimed at facilitating trade between Cambodia, China and Vietnam are to be passed by the National Assembly today, officials say. Cheam Yeap, Cambodian People’s Party member of parliament and chairman of the National Assembly’s fifth committee, said Thursday that a consular treaty with China and a law on waterway transportation with Vietnam are due to be approved this morning. The...
Over 35tr dong projects await for NA's approval
The Standing Committee of National Assembly (NA) on May 6 gave resolution amending some articles of the Resolution No 66/QH11 dated June 29, 2006 on the national important projects.
Accordingly, under the proposal of Ministry of Planning and Investment, key projects worth from 35 trillion dong must submit for NA's approval.
Earlier, under the Resolution No 66/QH11, key projects to submit for NA'...
Vietnam to offer more incentives for industrial complexes
Vietnam will give more incentives to the development of industrial complexes, the government said on its website on Monday, citing a draft decision submitted by the Ministry of Industry and Trade. Under the draft, investors of industrial complexes will get 50 percent interest rate-subsidised loans at local commercial banks. The subsidy will be offset by the state budget. Capital priorities wil...
Legal status of overseas Vietnamese: clarification needed
Dr Nguyen Van Nam, an overseas Vietnamese living in Germany, says that he intended to join forces with some friends and set up an information technology company in HCM City a few months ago. However, an official from the HCM City Department of Planning and Investment insists, without any clear basis, that he has to complete the same investment procedures as any foreign investor. Disappointed with ...
Bond interest to be calculated in loan rate
Deputy minister of Finance, Do Hoang Anh Tuan, on April 22 issued a Circular No 64/2010/TT-BTC to amend the Circular No 134/2008/TT-BTC issued December 31, 2008 on guiding the implementation of tax payment of foreign institutions and individuals doing business in Vietnam.
Accordingly, the bond interest (except bonds under the tax exemption) and certificate of deposits (C/Ds) interest will be adde...
Government proposed to cut down tax on construction material
Vietnam Construction Material Association has proposed government to consider a 5 percent reduction in VAT on construction materials from 10 to five percent to counter with the high import prices of energy and materials.
According to the association's explanation, the construction ceramic and tile have a high export value with a quick growth. In 2010, the ceramic and tile export could bring in $5...
Ministry proposed to put mobile phones under special consumption tax
Ministry of Industry and Trade recently has coordinated with agencies to control imports and limit trade deficit through proposing Ministry of Finance to put mobile phones into the list of subjects under special consumption tax.
At this time, mobile phone is named in the list of commodities needed for import limitation. In Q1 of 2010, the mobile phone import surged 38.6 percent year-on-year and a...
Duty cuts on lorry imports
Ministry of Finance has issued Circular No 65/2010/TT-BTC amending the import tariff on Lorries in the tariff incentive list.
Accordingly, from today April 26, the import tariff on motor vehicles designed to transport cargo (Lorries) with the tonnage of over 10 tonnes will be down to 4-12 percent.
In details, over 10-20 tonne dumper trucks designed for usage on the kinds of roads (excluding nati...
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