Nhan Dan Online - Vietnam has implemented various regulatory reforms to improve its business environment over the years, making it easier for local firms to start a business, according to the Doing Business 2013 report released by the World Bank. Between June 2011 - 2012, Vietnam eased business start-up regulations and began allowing companies to use self-printed value added tax invoices, effectively reducing the time needed to buy and certify official VAT invoices. According to the report, Vietnam stood at the 99th out of 185 economies in the ease of doing business rankings, falling one notch from last year's listing. Despite the numerous reforms already implemented, the report findings imply that more needs to be done to bring Vietnam up to par with other economies in the region that have fared better than Vietnam over the past eight years. The ranking was based on indicators that measure regulations affecting ten key areas of the local business life cycle from their … [Read more...] about Regulatory reforms improve start-up business environment
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The semiconductor industry is a growing sector in Viet Nam and has attracted many foreign investors. Viet Nam News reporter Thu Ngân talks with Ng Kai Fai, president of SEMI Southeast Asia, about the industry and the upcoming 2017 SEMICON Southeast Asia Penang, Malaysia.How do you see the potential of the Vietnamese semi-conductor industry?A lot of people are talking about the potential of the country’s electronics industry, including semiconductors.In think for the next five years everybody is projecting a compounded annual growth rate of almost 15-16 per cent. That is pretty significant. I think there is a lot of potential in Viet Nam in the electronics supply chain. Viet Nam’s electronic exports are almost 30 per cent of its total exports. That is huge.The foreign direct investment inflow into electronics is significant as well.I think for the next phase of Viet Nam’s growth, there is a need to nurture and enhance the talent and capabilities of local … [Read more...] about Semi-conductor expo to reap a growth of 15 per cent
The State Bank of Viet Nam has said no to the Viet Nam Gold Trading Association (VGTA)'s proposal to mobilise privately owned gold.An anonymous SBV official told Saigon Times Daily that it would be very risky in terms of the price movements it might cause, claiming there has been no precedent by any government in the world in this regard.One of the VGTA's most important suggestions was that the central bank and Ministry of Finance should soon set up a national transaction floor for physical gold.Since the Government issued Decree 24 on management of gold trading in 2012, which enables the central bank to directly intervene in the local gold market, the market has become very stable while the number of gold traders decreased sharply from 12,000 units then to 38 now.Under the decree, bullion trading is only permitted by gold firms and credit institutions licensed by the central bank.To be licensed, however, a firm must have chartered capital of at least VND100 billion (US$4.8 million), … [Read more...] about How to mobilise public gold for development?
Shifting from debt in 2012, Thang Long Cement JSC produced 2.48 million tonnes of cement and clinker last year to post a year-on-year growth before interest and taxes of estimated 30 per cent. The company has set a goal of becoming a leading cement group in Viet Nam by 2030. Viet Nam News spoke to Mukhamad Saifudin, general director of Thang Long Cement JSC, about this target. Positive signs were seen last year in the domestic economy and real estate market. How have they influenced your company’s performance? In 2014, in line with macroeconomic stability and policy improvements, the domestic cement market showed better signs than the year before. One encouraging sign was that the domestic cement demand increased by about 10 per cent compared with 2013, according to the Viet Nam Cement Association (VNCA). It means the cement industry saw positive growth last year. Despite positive growth in 2014, cement manufactures in Viet Nam still had a lot of excess capacities. For our … [Read more...] about Thang Long Cement strives to become a sector leader
Hanoi's tallest apartment bloc breaks ground The Vietnam Construction and Import-Export Corporation 2 (Vinaconex 2) began building Block B of the Kim Van-Kim Lu (Golden Silk) project in a new urban area of Hanoi in Dai Kim Ward of Hoang Mai district on September 22. Covering an area of 5,600sq.m, the building will have 45 floors, making it the city's highest apartment building. The first four floors will be reserved for a leasing office and a trade centre. With an investment of 1 trillion VND (45 million USD), the construction is expected to be finished in the third quarter of 2018, providing 604 apartments ranging from 43sq.m to 100sq.m. The apartments will be offered for sale in December this year, according to the project's investor. The target customers will be middle-income earners. At the ground breaking ceremony, Vinaconex 2 signed a credit contract worth 800 billion VND with the Bank for Investment and Development of Vietnam. Vietnam, Singapore foster economic connectivity … [Read more...] about BUSINESS IN BRIEF 25/9