The automobile market has become bustling again after the Government cut by 50 percent the vehicle registration tax. Car sales in the first three quarters of the year witnessed a sharp fall of 46 percent compared with the same period last year. However, the market has warmed up since the second month of the fourth quarter, when pandemic developments became less complicated and the vehicle registration tax was reduced by 50 percent. More than 40 domestically assembled car models, from low-cost to luxury ones, are getting benefits from the Government’s tax cut policy. With the tax cut, people can save from tens to VND100 million when buying cars. Nguyen Van Truong in Dong Anh district in Hanoi decided to buy a Hyundai Tucson shortly after the release of the new policy. “If you buy cars right now, you will get benefits from both the price discount policies applied by sale agents and the registration tax cut. If you are hesitant, you may miss the golden opportunity as car … [Read more...] about People queue to buy cars as Government halves registration tax
Diverted tax profits
Some honey products made in Ha Giang province (Photo: VNA) Hanoi (VNA) – Vietnam’s honey products are different from those produced in the US so they do not cause damage to the US’s apiculture sector, Deputy Director of the Ministry of Industry and Trade’s Trade Remedies Authority of Vietnam Pham Chau Giang said at the Vietnam – US Trade Forum 2021 which was held both online and offline on December 7. American Chamber of Commerce in Hanoi and the US – ASEAN Business Council . Recently, the US Department of Commerce (DOC) announced a preliminary anti-dumping tax of 412.49 percent on honey products imported from Vietnam, doubling the rate of 207 percent initially proposed by the American Honey Producers’ Association. Giang said it is the first time the Vietnamese farm produce sector has been subject to such a high tax rate, though Vietnamese beekeepers have provided sufficient information for relevant US agencies. She added that the DOC used data in a biased and … [Read more...] about Official: US tax on Vietnamese honey products too high
A TPBank employee tying a pile of notes. — Photo vietnamfinance.vn The State Bank of Viet Nam (SBV) has approved TPBank to increase its maximum charter capital by VND4.1 trillion (US$177.8 million) through the issuance of common shares to existing shareholders. Accordingly, the bank plans to issue more than 410 million common shares to existing shareholders at a rate of 35 per cent, meaning shareholders holding 100 TPB shares will receive 35 new shares. Issued shares are not subject to transfer restrictions. The issuance source is from retained earnings that have not yet been distributed after provisioning according to the resolution of the Annual General Meeting of Shareholders in 2021. After completing the issuance, TPBank's charter capital is expected to rise to nearly VND15.82 trillion, up nearly 26 per cent compared to the current charter capital of nearly VND11.72 trillion. In the third quarter of 2021, TPBank increased its charter capital by VND1 trillion through … [Read more...] about TPBank allowed to raise capital by nearly US$178 million
There is a high chance that the bilateral trade turnover could surpass the US$100-billion mark for the first time right this year. The shortage of goods due to the disruption of the global supply chains and growing demands from major economies on recovery, especially the US, is offering opportunities for Vietnamese businesses to further penetrate the world’s largest market. Vice Minister of Industry and Trade Do Thang Hai. Photos: Hai Yen Counselor of the Vietnam Trade Office in the US Bui Huy Son shared the view at the Vietnam-US Trade Forum 2021 held today [December 7]. “As Vietnam makes up only 3.6% of US total imports, there remains huge potential in economic cooperation for both countries,” Son noted. Sharing the view, Vice Minister of Industry and Trade Do Thang Hai said the US remains one of Vietnam’s key partners in all spheres, noting cooperation in trade and economy between the two is the pillar in the bilateral comprehensive partnership. … [Read more...] about US economic recovery offers opportunities for Vietnam businesses
Asia was the first to experience the virus, the first to exit lockdown, and now has new spikes. Asia was the first place to experience the coronavirus, impose lockdowns and then emerge from them. It was also the first to experience new groups of infections, with clusters from nightclubs in Seoul, the Russia-China border, and elsewhere. Although it is early for conclusions, can lessons be learned? 1. Wave, spike or cluster - it's unavoidable Terms such as second wave, spikes or clusters of cases are bandied around, but what do they mean? Medically, a second wave refers to the resurgence of infection in a different part of a population after an initial decrease. The WHO says past pandemics have been characterised by "waves of activity spread over months". In Asia, we have been seeing isolated clusters and regional spikes in infection numbers. and it is hard to predict how they will develop. But for Jennifer Rohn, a cell biologist at University College, London, a second … [Read more...] about Coronavirus ‘second wave’: What lessons can we learn from Asia?
If approved, the loans will be given to people from poor and near-poor households so they can meet their needs in buying food, daily-life items, medical examinations and treatment, and means of transportation. Deputy Director of Ho Chi Minh City Bank for Social Policy Bui Van Son said that, at the end of August, the municipal Bank for Social Policy sent an official dispatch to the local Department of Labour - Invalids and Social Affairs asking the department to advise and submit to the HCM City People's Committee a package of interest-free consumer support loans for citizens. Specifically, the program is expected to be implemented in the fourth quarter of 2021 and the first quarter of 2022. However, there has been no response. In 2022, the HCM City Bank for Social Policies said it will continue to pursue this recommendation. If approved, the loans will be given to people from poor and near-poor households so they can meet their needs in buying food, daily-life items, medical … [Read more...] about HCM City proposes 0% interest loan package for the poor