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This has been the third extension of excise tax compliance due date for local cars since 2020, with an expected amount subject to a tax break of VND20 trillion ($US$863 million). The Government has further extended the excise tax payment deadline for domestically-produced cars until November 20. Car manufacturing at Vinfast's plant. Photo: Pham Hung The move was part of the Government’s decree No.32, according to which tax payment for domestic cars bought during the June-September period would be extended until November 20. This would be the third extension of the excise tax payment deadline for local cars since 2020, with the Ministry of Finance (MoF) expecting the amount subject to a tax break of VND20 trillion ($US$863 million). Once the extended deadline is expired, payment for an excise tax on domestic cars would be reverted to normal. The MoF previously put in place a 50% cut in the registration fee for local vehicles. Such support, along with this … [Read more...] about Gov’t extends excise tax payment deadline for domestic cars

Nguyễn Thị Huyền and her family celebrate her win at the Mỹ Đình Stadium. VNA/VNS Photo  Huy Hùng Thanh Hà HÀ NỘI — With the SEA Games 31 nearly at an end, people have been through every level of emotion, from historic wins to inspiring stories and beautiful moments. The biennial sport meets also see the participation of several Vietnamese couples who brought their love to the Games and contributed to the team's success. 1. Nguyễn Ngọc Trường Sơn and Phạm Lê Thảo Nguyên This year the Games see the participation of the most famous chess master couple in Việt Nam. Grandmaster Sơn has become one of Việt Nam's top players since he was crowned world U10 champion in 2000. He represented Việt Nam in many prestigious tournaments, including the Aeroflot Open, World Blitz Championship, Chess World Cup and Chess Olympiad. Phạm Lê Thảo Nguyên is a women's Grandmaster who has also participated in the highest-level chess tournaments. … [Read more...] about Love is in the air at sporting tournament

Passengers on the first Vietjet Air flight from Seoul to Nha Trang. (Photo: vietjetair.com) Hanoi (VNA) – Celebrating a vibrant summer and welcoming life back to Vietnam's famous paradise beaches, budget carrier Vietjet has officially reopened flights connecting Seoul and Nha Trang, Phu Quoc and Hai Phong. The first flight back to Nha Trang from Seoul on May 20 was greeted with a water cannon salute, flowers and gifts, showing Vietnam’s warm hospitality to visitors. Vietjet plans to relaunch services from Seoul to Phu Quoc and Hai Phong and vice versa this May, raising the total routes linking Vietnam and the Republic of Korea to six, given that the two countries are expecting a new wave of tourists from both sides, after the RoK announced the resumption of short-term tourist visas for foreigners from June 1. There are currently three Nha Trang - Seoul (Incheon) round-trip flights weekly, on Wednesdays, Fridays and Sundays. Starting from May 21, Vietjet … [Read more...] about Vietjet reopens flights between Seoul and Vietnam’s beach destinations

This preliminary assessment was made by the ASEAN+3 Macroeconomic Research Office (AMRO) after its Annual Consultation Visit to Vietnam from May 3 - 18. “The Vietnamese economy is expected to grow at 6.3 percent in 2022 and 6.5 percent in 2023. Inflation is projected to remain contained,” said AMRO Group Head and Lead Economist Kalra. “This positive outlook rides on strong external demand, a recovery in domestic consumption and healthy investments inflows, bolstered by an appropriate macroeconomic policy stance.” The domestic outbreak of the Omicron variant receded sharply in April 2022, and border restrictions and domestic containment measures were eased. The aggregate output gap is expected to narrow significantly by the end of this year. The recovery is, nevertheless, uneven across sectors. While both the manufacturing and service sector outputs have surpassed their 2019 levels, the service sector still has pockets of distress, especially in the tourism, hospitality and … [Read more...] about AMRO forecasts Vietnam’s strong recovery amid external headwinds

National carrier Vietnam Airlines remained in the red in the first quarter of this year, with losses of nearly US$113 million, despite its revenue rising to a two-year high. The airline posted a loss of VND2.621 trillion ($112.9 million) over the first three months of 2022, according to its Q1 consolidated financial statements issued on Friday. The loss was recorded even though the flag carrier logged revenue of more than VND11.6 trillion ($500 million) in the period, up 55 percent year on year, the highest performance since the second quarter of 2020, when COVID-19 began to severely affect Vietnam’s aviation industry. The impressive revenue failed to cover the total cost that was higher than expected, leading to the firm’s ninth consecutive quarterly loss, the carrier said. Vietnam Airlines’ fuel expense in the quarter was VND465 billion ($20 million) more than projected given rising world oil prices, VnExpress cited the company as saying. The Q1 result has brought the … [Read more...] about Vietnam Airlines suffers $113mn Q1 loss despite revenue surge

Global private equity firm General Atlantic plans to plough $2 billion into India and Southeast Asia over the next two years after falling valuations made the region's startups more attractive, a senior executive told Reuters . General Atlantic is in early-stage investment talks with about 15 companies in sectors including technology, financial services, retail and consumer, Sandeep Naik, the head of its business in India and Southeast Asia, said in an interview. The market for startups, especially in India, is going through a rough patch. After raising a record $35 billion in 2021, founders are struggling to attract cash, sparking fears of lower valuations and forcing some to cut jobs. After investing just $190 million in Indian startups in 2021, its lowest ever annual figure, General Atlantic is now ready to loosen its purse strings, Naik said in an interview at the World Economic Forum in the Swiss ski resort of Davos. "The realism is setting in. We were waiting for the … [Read more...] about General Atlantic plans $2 billion investment in India, Southeast Asia