VietNamNet Bridge - The Ministry of Finance’s warning about the lack of VND32 trillion for state budget expenditures this year has raised concerns among businesses, as the ministry could try to raise domestic taxes and fees to ease the deficit. Being a member of many free trade agreements, Vietnam will have to gradually cut many tax categories to zero percent, which will lead to a decrease in state budget revenue. Since April 1, 2015, the import tariffs on 3,200 products from Japan have been cut to zero percent within the framework of the Vietnam-Japan Economic Partnership Agreement. The zero percent tax rate will be applied to many more products from the country in the time to come. Since March 30, 2015, Vietnam has begun applying preferential tariffs on South Korean sourced imports within the framework of the ASEAN-South Korea Free Trade Agreement (AKFTA) with a tax rate of zero percent applied to many product items. A survey on the possible impact of the AEC on … [Read more...] about Will taxes and fees be raised to pay for “integration costs”?
Capital raising fees
By Thu Thuy - The Saigon Times Daily A customer withdraws money at an ATM. Banks are seeking the central bank’s approval to collect a fee from customers withdrawing money from their own banks’ ATMs - Photo: Le Toan HCMC – The Vietnam Bank Card Association said most of its members had agreed to increase cash withdrawal fees at a rival bank’s ATM from VND3,300 to VND5,500 per transaction. The new fees are expected to come online early next month. In addition, the association has asked the central bank for approval for the fourth time to collect a fee from customers withdrawing money at their own banks’ ATMs. The three previous bids were refused. Nguyen Thu Ha, chairwoman of the association, told a local newspaper that raising cash withdrawal fees at a rival bank’s ATM was to recoup investment capital in the ATM system as the central bank won’t allow banks to collect fees from cash withdrawals for customers at their own banks’ ATMs. … [Read more...] about Banks want higher ATM cash withdrawal fees
In the first six months of this year, Hanoi's gross domestic product grew 10.9 per cent more than it did in the first half of 2007, a Government website reports. The figure was achieved despite adverse weather that affected the agricultural sector and global and domestic price inflation. Measured in the same way, the value of industrial production increased by 15.6 per cent and export turnover, bringing in US$2.6 billion, was up 23.3 per cent.The first six months of 2008 saw licences granted to 160 foreign direct investment (FDI) projects, which brought total registered capital to $1.2 billion, up 20 per cent against the first half of last year.To stabilise consumer prices and ensure social welfare, the municipal People's Committee has postponed increases in public transportation prices, health care charges and education fees.Hanoi authorities have also created more than 45,000 new jobs, provided professional skills training for over 40,000 people and dragged 2,000 households out of … [Read more...] about Capital’s H1 GDP up 10.9% on 2007
VietNamNet Bridge - This is the first time a transport project of Vietnam is to be promoted overseas. To seek $1 billion to build the Dau Giay - Phan Thiet highway, the Ministry of Transportation and the World Bank will jointly promote the project in a number of Asian countries. It is expected that international competitive bidding will help find the second investor for the project, besides Bitexco, which has agreed to contribute 60 percent of the capital. The Dau Giay - Phan Thiet Highway is one of the first transport projects that will be implemented in the form of public - private partnership (PPP). "This project is very important so the government and related provinces are interested in its success," stressed Minister of Planning and Investment - Mr. Bui Quang Vinh. According to the website of the Ministry of Planning and Investment, Minister Vinh said that the Vietnamese Government would create favorable conditions for investors, including assistance for the site clearance, … [Read more...] about Vietnam seeks foreign capital for Dau Giay – Phan Thiet highway
After a tense meeting, the Hanoi People’s Council on December 8, approved Hanoi authorities’ proposal to increase the car registration fee to 20 percent and the license-number fee by ten times, to VND20 million around ($1,000). According to Hanoi authorities, the fast growth of personal cars in recent years while transport facilities do not develop at the same pace, has contributed to the capital city’s serious traffic jams. The city, therefore, wants to increase of kinds of fees in order to partly curb gridlocks and to raise budget revenue. The city’s government had proposed to increase the first-time registration fee on cars of less than ten seats to 20 percent, from 12 percent at present while the registration fee from the second time will be kept at 12 percent. The Hanoi authorities had suggested to raise the license-number granting fee for personal cars of less than ten seats to VND20 million, from the current level of VND2 million ($100). In … [Read more...] about Hanoi to raise car registration number charge by 10 times