Ministry rejects import-export tax changes

At an earlier working session between the two ministries, the Ministry of Industry and Trade (MoIT) requested the Ministry of Finance (MoF) to hike import tariffs on NPK fertiliser from the current 6 per cent to 6.5 per cent; delay imposition of a 3-per-cent export tax on steel ingots and finished steel; and slash the export tax on coal from 20 per cent to 10 per cent.

Mazut oil imports won’t be tax-exempt, says Deputy PM

According to the Ministry of Finance, the Hiep Phuoc Power Company imports mazut oil for electricity production purposes at its plants, the oil not being for sale on the domestic market which necessitates its taxation. The Ministry of Finance added that, as tax exemptions would only be allowed in cases of extreme necessity, the Hiep Phuoc Power Company would still have to pay a tax of VND300 per kilo for imported mazut oil.

Ministry urges EVN not to raise rates more than once per quarter

Minister of Finance Vuong Dinh Hue has sent a document to Minister of Industry and Trade Vu Huy Hoang responding to Hoang’s proposals on taxes, fees and prices for a number of commodities, including electricity.

Cement industry loses loan guarantees

The Government had guaranteed foreign loans worth US$1.36 billion for 16 State-owned cement companies out of whom Dong Banh, Thai Nguyen, Tam Diep and Hoang Mai companies were facing financial problems and could not repay, said the Minister of Finance, Vuong Dinh Hue, during a press meeting in Ha Noi on Thursday.

FDI should be on the right track

Many foreign-invested enterprises in Vietnam are struggling at the bottom of the value chain. “On average, only 5 percent foreign investors nationwide invests in advanced technology production and information and communication technology; 5 percent takes part in scientific and technical services; and 3.5 percent in insurance or finance, which all require high-caliber workforce,” states the PCI report. “Foreign-invested businesses’ trend toward raw material exploitation should be scrutinized and analyzed carefully,” Dr. Tran Dinh Thien, director of the Vietnam Institute of Economics, stressed.

Income from securities could get tax waiver

Deputy Minister of Finance Do Hoang Anh Tuan said the recommendation is in light of the fact that the securities market has been on a downtrend since the beginning of this year.

Railway freight surcharge increases to 15pct

Previously, with the Ministry of Finance (MoF)’s decision of adjusting the diesel oil price from 14,750 dong per litre to 18,300 dong per litre from February 28, 2011, increasing 24 percent, causing an increase of 7 percent for railway transport costs.

Compulsory reserves for foreign currencies may be raised 1-2pct in May

At the meeting between representatives of ministries of finance, industry and Trade, and SBV on April 4, Tran Phuong Binh-General director of East Asia Commercial JS Bank (EAB) proposed that the Central Bank should swap the dong and US dollar for banks and issue measures to cut down foreign currency deposit interest rates.

Economic woes deflate bond market

In March, three Government bond auctions worth a total of VND15 trillion (US$717.7 million) were conducted, but just VND314 billion ($15 million) worth of bonds were sold. All were sold at a 10-year term with an interest rate of 11.5 per cent per year – the ceiling rate for Government bonds set by the Ministry of Finance during the last 18 months.

VietinBank finances 600b dong for Nhon Trach 2 project

The project’s total investment of $706 million will be arranged by PetroVietnam Finance Corp (PVFC)’s HCM City branch (PVFC HCM).

Las Vegas Sands wants to build casino in Vietnam

When asked whether he had met with the Vietnamese government to proceed with the plan, Adelson said, “About a year and a half ago, during a real estate survey, some representatives of Vietnam’s Ministry of Finance and Ministry of Industry and Trade asked me if I had any plan to open a casino in Vietnam. I told them that I really wanted to.” However, Adelson said, “The problem is that Vietnam does not allow its citizens to access the casino. We have been told that if we set up a casino in Vietnam, the customer base for our casino is limited to the foreigners in Vietnam only.”

Experts explore potential products for securities market

At the meeting held by the State Securities Commission of Viet Nam (SSC), Nguyen Thanh Ky, general secretary of Viet Nam Association of Securities Business suggested that Ministry of Finance (MoF) and SSC should consider policies to help create more new products for the stock market. Suggestions include allowing an investor to sell and trade shares during the same session while being able to open more than transaction account at different securities firms.

Gov’t top tasks after Tết holidays

The Ministry of Planning and Investment, in collaboration with the Ministry of Finance, will allocate capital for projects using Government’s bonds and work with local authorities to lure more investment in key projects, especially for auxiliary industries and high-tech field.

Local products dominate holiday shopping season

The stable costs of essential goods during the year’s largest festival were attributed to the Government’s business support policies. According to the Finance Ministry, subsidised loans were made available for businesses in 42 provinces and cities that implemented the price stabilisation programme with a total investment of over VND2.5 trillion (US$218 million).

Interest rates set to drop in Q2

The National Advisory Council for Finance and Monetary Policies has forecast that interest rates for deposits and lending interest rates would be 14 per cent and 17 per cent per year respectively in the first quarter of this year. These rates should drop to 12 per cent and 14.5 per cent in the second and third quarters.

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