Top ten auto events in 2013 in rear-view mirror

From top luxury car manufacturer coming to Vietnam to the first Vietnam Motorcycle Festival in passing through new incentives, a glance at the 10 auto events in 2013. Illustrative image (Photo: VNA) 1. World's top luxury car manufacturer comes to Vietnam British luxury car maker Rolls Royce appointed Regal Motor Cars as its first dealer in Vietnam, giving the company a … [Read more...]

Top ten auto events 2013

1. World's top luxury car manufacturer comes to Viet Nam British luxury car maker Rolls Royce appointed Regal Motor Cars as its first dealer in Viet Nam, giving the company a foothold in one of the region's emerging auto markets. As many as 70 Rolls Royce cars are running in Viet Nam, four of them Phantom Dragons - a limited edition that costs US$1.2 million. 2. Vietnam … [Read more...]

BUSINESS IN BRIEF 28/1

Realty market witnesses many projects change handsThe property market witnesses many projects changing hands this January as companies are restructuring their investment portfolios.VinaLand, a real estate fund managed by VinaCapital, announced it had sold its stake in an office building project at 30 Nguyen Du Street in Hanoi after four years of investment. The entire stake of … [Read more...]

Vinaxuki wants tax reduction and bank loan

One of two largest Vietnamese auto brands, Xuan Kien Automobile Joint Stock Company (Vinaxuki) has asked the Government to reduce the 70 percent consumption tax on its locally made cars from January 2014. Vinaxuki said this would help expand the manufacturing of eight-seat vehicles, popular in rural areas, taxi business as well as push up its localisation process. The company … [Read more...]

Car makers plead for Gov’t help

HA Noi (VNS) — Xuan Kien Automobile Joint Stock Company (Vinaxuki) has asked the Government to reduce the 70 per cent consumption tax on its locally made cars from January. Vinaxuki said this would help expand the manufacturing of eight-seat vehicles, popular in rural areas and as taxis - as well as push up its localisation process. The company also wants to borrow VND250 … [Read more...]

BUSINESS IN BRIEF 21/3

Supermarkets set up to serve workers in Industrial ZonesIndustrial and Export Processing Zones in Ho Chi Minh City have recently coordinated with Saigon Union of Trading Co-Operatives to open supermarkets to serve workers right at the zone precinct.Ho Thi Kim Oanh, head of Co-op Food Supermarket in Linh Trung 2 Export Processing Zone in Thu Duc District, said the supermarket … [Read more...]

BUSINESS IN BRIEF 2/10

Purchasing power sees slight decline The purchasing power of Vietnamese residents has slightly reduced according to the General Statistics Office (GSO), following a month-on-month decrease of 0.1 per cent of the total retail sales value of goods and services. In the first nine months of this year, the total sales value reached VND1.7 trillion (US$81.6 billion), up 17.3 per … [Read more...]

BUSINESS IN BRIEF 6/8

New office to promote trade with Tuscany An office to promote trade and investment between Viet Nam and Italy is set to open in central Italy's Tuscany region. Viet Nam's Ambassador to Italy Nguyen Hoang Long and Stefano Giovannelli, General Director of Tuscany Economic Promotion Agency (TEPA), yesterday signed a memorandum of understanding on the establishment of the … [Read more...]

BUSINESS IN BRIEF 8/6

300 tonnes of litchi exported to China daily Since the end of May, on average 300 tonnes of litchi were transported every day to the Chinese market through the Lao Cai international border gate. Between 2,000-5,000 tonnes of fresh litchi will be delivered to Chinese dealers each day in the next two weeks when the harvest season is at its peak. Litchis are mainly grown in Bac … [Read more...]

BUSINESS IN BRIEF 4/4

VCB to make $1b bond issue Vietcombank (VCB) will issue up to US$1 billion in bonds on overseas markets this year in order to facilitate the bank's foreign currency operations, Vietcombank general director Nguyen Phuoc Thanh accounced at the bank's shareholders' meeting yesterday in Ha Noi. Thanh said foreign exchange operations played an important role in Vietcombank's … [Read more...]

Transfer pricing skills plentiful

All the tricks played ever in the world to transfer pricing have also been used in Vietnam. Transfer pricing burns in Vietnam According to Nguyen Dinh Tan, Head of the HCM City Taxation Department, tax officers would have doubts about the accuracy of businesses' finance reports, if they can see "abnormal things." For example, the enterprises declare losses for many … [Read more...]

BUSINESS IN BRIEF 28/12

Office gives okay for 3 new trademarks The National Office of Intellectual Property in Viet Nam has acknowledged trademarks of products Rach Goc dried shrimp, boi dried fish and U Minh Ha honey. The Farmer Associations of southern Ca Mau Province districts Ngoc Hien, Tran Van Thoi, U Minh districts, plan to expand their market domestically and abroad, and extensively promote … [Read more...]

BUSINESS IN BRIEF 16/11

ACB Bank, Standard Chartered ink MOU for VIP clients', cardholders' sake Vietnam's Asia Commercial Bank (ACB) and Britain's Standard Chartered Bank on Thursday signed a memorandum of understanding on adding more benefits to the Vietnamese bank's VIP customers and Visa Platinum cardholders. The deal enables the VIP customers and Visa Platinum cardholders to get benefits and … [Read more...]

Major auto show to highlight more luxury brands

Hung Le Promotion girls stand next to luxury cars at an auto show in HCMC - Photo: Hung Le The Vietnam Automobile Manufacturers Association (VAMA) said that the upcoming event will feature 18 auto brands, including luxury ones like Mercedes-Benz, Audi, BMW, Mini Cooper, Land Rover, Jaguar, Porsche, Nissan, Infiniti and Lexus. The participating auto companies, including … [Read more...]

Car sales leap 65pct y-o-y in September: car assoc.

Car sales in Vietnam last month rose around 65 percent over the same period last year, said the Vietnam Automobile Manufacturers' Association (VAMA) in its monthly report. VAMA's report, covering sales of SUVs, passenger cars and commercial vehicles manufactured by 21 member companies, shows that sales for the entire local automotive industry in September reached 16,149 … [Read more...]

Auto sales hit over 16,000 units in September

(VOV) -Vietnam's automobile industry sold nearly 16,150 units in September, up 29% in August and 65% on the same month of last year, according to Vietnam Automobile Manufacturers' Association (VAMA). Of the figure, 10,511 were cars and 5,638 were trucks, up 30% and 25% against last month. Of these automobiles, 11,232 were domestically-assembled, and 4,917 were imported, or … [Read more...]

ASEAN-made car imports to VN rise sharply over tax cut

Members of the Vietnam Automobile Manufacturer Association (VAMA) have enjoyed steady sales growth in the 17-month period ending in August, but this is not good news for local car assemblers. Sales of domestically assembled cars in the 17 months only rose 27%, while imported cars posted a 66% growth in the same period, according to the VAMA. Such a huge disparity was also … [Read more...]

Integration of Vietnam Automobile Industry: Desire and Reality

The Prime Minister's approval of the strategy and development plan of the auto industry of Vietnam by 2025, a vision towards 2035 with many new features compared with the previous strategy and plan confirms the importance as well as expectations of the development of this industry in the future. First, the promulgation of the strategy of the Prime Minister has drawn great … [Read more...]

Automobile sales increase for 17 consecutive months

August marked the 17 th month in a row of automobile sales growth, with 12,562 cars sold, a 59 percent year-on-year increase, according to the Vietnam Automobile Manufacturers' Association (VAMA). Compared to the same period last year, the sales this month of domestically-assembled cars rose slightly by 0.1 percent to surpass 9,700 units, while the figure of imported cars … [Read more...]

High taxes hinder growth of Vietnam’s auto industry

If taxes aren't cut, local automakers will hesitate to expand their investment, as taxes make their products more expensive than imported ones. (Photo: Hung Nguyen) Vietnam's car and part manufacturers say the newly-approved automobile development strategy won't succeed unless the government offers more tax and credit incentives to local car producers which are struggling amid … [Read more...]