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.
Digital printing industry set to grow in Vietnam
Nguyen Van Dzong, chairman of the Vietnam Printing Association, told the two-day Asia-Pacific Premier Partner Annual Conference organised by Fuji Xerox that offset printing still accounted for 65 per cent of all printing done in the country while digital printing accounted for much less than 5 per cent. Though the latter had not developed as much in Vietnam as in other countries, it would develop strongly in future, especially when orders became larger and required strict control over quality and design and rapid changes.
Steel industry targets energy saving opportunities
The application of waste gas in drying scrap steel as well as the use of compressed natural gas (CNG) to replace fuel oil in steel billet blast furnaces with a capacity of 80 tonne/hour has helped the Southern Steel Company (SSC) reduce energy consumption by 30kWh/tonne of product and fuel costs by VND110,000/tonne.
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.
PetroVietnam achieves 67.4 pct of year’s plan
Oil output reached 9.64 million tonnes, making up 64 percent of the year’s target, while gas production stands at 6 billion cubic metres, representing 73 percent of the target for 2011.
Industrial park moves offset FDI downturn
Total foreign direct investment (FDI) commitments are declining in Vietnam, but new industrial park investment registration shows the country is still attractive to foreign manufacturers.
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.
Electricity price should have been raised by 50pct instead of current 15pct
The fluctuation of the world prices has put much pressure in the price management methods for basic commodities.
Vietnam lacks construction standards for underground car parks
Nguyen Hong Tien, director of the ministry’s Technical Infrastructure Department, told the Daily on Tuesday that the ministry’s progress has been held up by numerous overlapping issues involving various ministries. Tien said, for instance, the Ministry of Transport is responsible for traffic circulation at underground car parks, while the Ministry of Natural Resources and Environment is in charge of land use and the Ministry of Construction oversees underground car park construction.
Phong Phu and Song Da groups apply for upgrading National Highway No 6
The National Highway No 6, from Ba La to Xuan Mai, has total length of 25 kilometres, connecting Hanoi with northwest provinces. It was estimated that the total investment cost for this project may reach 1.764 trillion dong.
Vietnam tourism receipt poised to grow at a CAGR of 13pct
At present, Vietnam has become a more attractive destination for medical and cosmetic surgeries, by offering cheaper service prices than other countries. This has resulted in a rise in number of visitors from around the world seeking remedies for a range of medical needs. These include both critical health services as well as cosmetic and remedial care.
Industrial output tops $13bln in four months
Private-sector industry achieved a growth rate of 16.8% during the period, with an industrial value of VND101.1 trillion ($4.9 billion), while the foreign-invested sector grew by 16.7% for a value of VND114.43 trillion ($5.5 billion). The state-run sector, meanwhile, saw a growth of just 5.1%, fetching a turnover of VND54.95 trillion ($2.65 billion).
No power cuts in May, ministry orders
According to the ministry’s Electricity Regulatory Authority, with water levels rising at hydropower plant reservoirs and new power sources coming online, the pressure on power supply should ease in May and June. It also said Vietnam has increased power purchases from China by around 100 million kilowatt-hours per month starting April.
Cathay climbs with local aviation scene
It is undeniable that Vietnam is of the fastest and largest growing aviation markets in South East Asia and the world. With good government support, economic and infrastructure development, its aviation has gone a long way to reach today’s standards. The continued growth of the Vietnamese economy, people’s increasing purchasing power and desire to travel are obviously vital elements for Vietnam’s aviation to grow in significance.
Kyocera plans electronic parts factory in Vietnam
Kyocera Corp. President Tetsuo Kuba was quoted as saying at a news conference in Osaka on April 27 that the company will start the construction by the end of this year as it looks to commence the plant’s operations in late 2012. The plant is designed to cover about 400,000 sq. m in Hanoi’s suburb area, to be on a par with Kyocera's largest overseas factory in China.
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For Foreigners
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- Further fiscal & monetary tightening in coming months
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