Boosted return policy

Optimistic exports In 2021, despite COVID-19, Vietnam's goods exports to CPTPP markets recorded encouraging achievements. Japan became the largest CPTPP importer of Vietnamese goods, accounting for more than 52 percent of Vietnam’s export value to the bloc. Meanwhile, exports to Chile and Peru increased 85 and 128 percent over the previous year. According to the Ministry of Industry and Trade, the CPTPP bloc has contributed 15 percent to the global gross domestic product (GDP) and trade. The zeroing of import duties by large markets, such as Japan and Canada, will help Vietnam increase its export value. Vietnam’s major exports, including farm produce and seafood, electricity and electronics, became tax-freed ones as soon as the CPTPP came into effect. The Ministry of Planning and Investment has predicted Vietnam's exports would likely increase 4.04 percent by 2035. Having FTA relations with CPTPP countries will offer Vietnam opportunities to restructure its import and export … [Read more...] about Pacific Rim trade deal boosts Vietnam’s economy

A Samsung manufacturing plant in Bac Ninh Province. — Photo baophapluat.vn The Organisation for Economic Cooperation and Development (OECD) two-pillar solution has introduced a global minimum corporate tax rate (GMCT) of 15 per cent applicable from 2023, but experts have mixed positions on the tax. Nguyen Mai, chairman of the Association of Foreign Investment Enterprises, said that the GMCT would boost Viet Nam’s tax revenues and contain tax avoidance, tax evasion and price transferring in the country. This is because tax rates lower than GMCT have incentivised illegal tax practices without significantly affecting investment attractiveness. In fact, 56 per cent of foreign-invested firms in Viet Nam declared unprofitability in 2020, with a total loss of VND151 trillion (US$6.5 billion), substantially reducing the country’s tax collection. Accordingly, he urged the Government to modify tax regulations in line with the GMCT and re-negotiate with FDI investors on investment terms … [Read more...] about Mixed views on global minimum corporate tax rate

Trinh Thai Ha - Manager, Vietnam National Plastic Action Partnership Our statistics say eight million tonnes of plastic waste leak into the ocean every year. Under a ‘business-as-usual’ approach, there will be more plastics than fish in the ocean by 2050. The pandemic has accelerated the growth of mismanaged plastic waste. If even 1 per cent of disposable face masks are discarded incorrectly, 10 million masks will litter the environment every month. Globally, less than 15 per cent of all plastics that are produced are eventually recycled. It’s time to move past the ‘take-use-dispose’ mindset and towards a closed-loop approach to plastics – one that transforms the life cycle of plastics at all stages, from production to consumption to re-use. The Global Plastic Action Partnership (GPAP) is championing the global shift to a circular economy for plastics by adopting a groundbreaking model that allows governments to measure, evaluate and address their national plastic pollution … [Read more...] about Increasing teamwork for green growth

Vietnam’s economy has performed well amid a difficult global environment in the first six months of the year. The Vietnamese Government would stay focused on stabilizing macro-economic conditions, containing inflation, and keeping all major balances intact. Overview of the meeting. Source: VGP Prime Minister Pham Minh Chinh gave his conclusion at the monthly Government meeting held today [July 4]. According to Chinh, Vietnam’s economy has performed well amid a difficult global environment in the first six months of the year. Chinh highlighted the GDP growth of 7.72% in the second quarter, the highest second-quarter growth since 2011, and the six-month GDP growth of 6.42%. Such  half-year growth rate is even higher than the pre-pandemic one. (6.38% in the 2016-2019 period). In this context, 44 out of 63 provinces/cities posted economic growth of over 6%, which showed a consistent recovery level among localities, he said. Other positive factors include … [Read more...] about Vietnam to solidify macro-economic stability: PM

Local authorities have requested tourism businesses and management agencies to restructure products to meet the demand of domestic travelers. Hanoi's tourism sector is seeking ways to diversify tourism models as part of efforts to boost the city's night economy. Dang Huong Giang, Director of the Hanoi Department of Tourism told the Ha Noi Moi Newspaper about solutions. Many activities on walking streets in Son Tay ancient town. Photo: Pham Hung/ The Hanoi Times How has the night economy of the city been doing when Hanoi has implemented many night activities? Hanoi's night economy is closely associated with tourism development. The concept of night economy covers night economic activities which have been carried out long before its emergence. More concretely, since September 1, 2016, the Hanoi People’s Committee piloted the pedestrian space around Hoan Kiem Lake and its vicinity, and allowed restaurants and bars in Hoan Kiem District to operate from … [Read more...] about Hanoi takes solutions to spur night economy

Singapore's president announced Monday she had tested positive for Covid-19, but said that her symptoms were mild as she had been vaccinated. Singapore’s President Halimah Yacob delivers a speech during the opening ceremony of the Conference on Dialogue of Asian Civilizations at the National Convention Centre in Beijing in May 2019. Photo: AFP "Just tested positive for COVID-19 with mild flu-like symptoms," Halimah Yacob said in a Facebook post. "Thankfully, I have been vaccinated and boosted. I hope to recover soon and am sorry to have missed the events this week." Singapore's presidency is a largely ceremonial role, with the prime minister running the country's affairs. The city-state, a trade and aviation hub, reopened its borders and lifted most virus restrictions after the number of cases fell and most of its population was vaccinated, though people are still required to wear masks indoors. But cases have risen recently, with the health ministry … [Read more...] about Singapore president tests positive for Covid