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.

New rules for firms in fuel trade

As part of the new policies, fuel-trading activities between licensed traders and producers will be required to operate in accordance with General Department of Customs procedures.

Inflation control remains top priority: PM Dung

The key task for the remaining months of the year to continue with a tightened monetary policy while allowing credit for production in order to achieve the goals of containing inflation and maintaining a rational growth of around 6 per cent.

New law hopes to regulate direct bank wage transfers

Deputy director Hoang Minh Hao said payments via bank transfer were mentioned in the draft of the Labour Code, which has been proposed to the government for comments, as an alternative to cash payments.

Business start-up rules contradict intent of law

The Law on Investment, enacted the same year, affirmed the nation’s non-discriminatory approach to both domestic and foreign investors. Despite the admirable objective of creating a level playing field for all enterprises, establishing an enterprise in Viet Nam remains a tangled web.

Vietnam to Cut 10% Total Investment Capital in 2011: MoIT

The Vietnamese government ordered to reduce current expenditures by 10% of the year’s estimate and raise collecting revenue by between 7%-8% of the year’s estimate in the efforts of taming inflation.

Vietnam condemns all forms of terrorist acts

“Terrorists must bear responsibility for their acts and should be severely punished,” Nguyen Phuong Nga, spokesperson of Vietnamese Foreign Ministry, said.

Prime Minister orders to tame 2011 inflation at 12-13%, GDP at above 6%

WB said on the East Asia and Pacific Economic Update report on March 21 that Vietnam is taking important step in the right direction after the recent policy on stabilizing the country’s macro economics. WB forecast that Vietnam real GDP will slow down to 6.3% this year from 6.8% in 2010 due to tighten policy while inflation will stand at a single digit of 9.5%.

Rules amended for BOT, BTO and BT investment projects

Under the new decree, health, education, cultural and sport infrastructure projects, as well as head offices of State entities have been added to the list of projects encouraged to register under one of these investment forms.

Retired diplomatic cars may be taxed

The tax is being proposed for cars which otherwise would have qualified for tax exemptions enjoyed by diplomatic agencies and embassies in Viet Nam.

Contractors forced to register imported equipment, materials

The type, quantity and origin of imported equipment and materials must be in accordance with contracts. Lists must be registered annually or for the entire project duration.

New decree on labelling to promote energy conservation

Producers and importers must register for certification to affix energy labels within 60 working days of the effective date of the regulation. The decree also requires major energy users to apply energy management systems under which they must promulgate energy efficiency and conservation policies and targets; conduct energy audits; and assign staff and propose managerial and technological solutions to promote energy efficiency and conservation.

Vietnam stops making coins

The coins were reintroduced after a long gap in 2003 to enable their use in coin-operated machines.

Vietnam places further restrictions on gold lending

Vietnam has already forbidden banks from lending gold for the production and trade of gold bars since October last year. But starting May 1 banks are not allowed to offer gold loans to jewelry makers either.

Inflation control aids stability

Under Government Resolution No 11/NQ-CP issued in February to curb inflation, the ministry asked municipal and provincial People’s Committees to improve price management. The localities are boosting price inspections and reporting, control price-forming factors, releasing information to the public about pricing violations via mass media, and tightening State budget spending. The ministry has asked agencies from central to local levels to cut 10 per cent of recurrent expenditures for the last nine months of this year.

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