The State Bank of Vietnam (SVB), financial institutions, and other organisations providing payment brokerage services must intensify inspections and promptly report suspicious cryptocurrency transactions. (Photo: unbox.ph) Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc has required the State Bank of Vietnam (SVB), financial institutions, and other organisations providing payment brokerage services to intensify inspections and promptly report suspicious cryptocurrency transactions. The Prime Minister has just signed Directive No.10/CT-TTg on the matter, following repeated warnings from relevant agencies on risks associated with Bitcoin and other cryptocurrencies, along with the threat that cryptocurrencies can be used to finance crimes such as money laundering, terrorism, tax evasion and fraud. At the same time, cryptocurrency trading and investment is on the rise, posing a threat to the stability of the financial market and social order and safety due to the … [Read more...] about PM orders tighter control of Bitcoin, cryptocurrency
Pm 15
Hungary’s PM Orban claims victory as his party takes sweeping poll lead
Viet Nam News BUDAPEST — Hungary’s firebrand nationalist Prime Minister Viktor Orban claimed a "historic victory" Sunday as his right-wing party took a thumping lead in the country’s key parliamentary election. With almost 98 per cent of votes counted, Orban’s Fidesz party has won 48.81 per cent of the vote, the National Election Office (NVI) said, surpassing even the expectations of many within Fidesz. The score represents an improvement on four years ago, and puts the 54-year-old premier on track for a third consecutive term in office -- and more possible clashes with Brussels. Voter turnout had reached 69.26 per cent, up more than seven points on elections in 2014, the NVI said, with several polling stations forced to open late to accommodate the increase. Addressing flag-waving supporters in Budapest late on Sunday, Orban said the result gave Hungarians "the opportunity to defend themselves and to defend Hungary". The crowd cheered as a giant TV screen … [Read more...] about Hungary’s PM Orban claims victory as his party takes sweeping poll lead
Vietnam to cut corporate tax to 15 17 percent in bid to boost business climate
Vietnam is planning to slash corporate income tax rates from the current 20-22 percent to 15-17 pct in an effort to make the country one of the most competitive economies in ASEAN, Prime Minister Nguyen Xuan Phuc has revealed. The reform is expected to improve Vietnam's competitiveness The Government leader announced the plans in a speech at the GMS Business Summit held in Hanoi last week. He reiterated Vietnam’s commitment to an action-oriented government working in the interest of the people and businesses, for which tax reform is one of the crucial undertakings in its efforts to enhance the country’s competitiveness. PM Phuc said that his government would focus on creating a favourable business environment by fine-tuning the institutions and legal frameworks, improving the administration capacity to bring equal opportunities for all economic sectors. He also affirmed Vietnam’s commitment to protect intellectual property rights and innovative ideas during … [Read more...] about Vietnam to cut corporate tax to 15 17 percent in bid to boost business climate
PM promises 5 7 per cent corporate income tax cuts at GMS Summit
Prime Minister Nguyen Xuan Phuc at the sixth GMS Summit “We have been working to meet our commitments to protect intellectual property rights, innovative ideas, and the inventions of startups. We will continue to boost tax policy reforms and corporate income tax will be decreased to 15-17 per cent from the current 20-22 per cent,” stated Prime Minister Nguyen Xuan Phuc at the sixth Greater Mekong Subregion (GMS) Summit. At the summit, the PM said that in 2017, Vietnam continued to maintain one of Asia’s highest economic growths, with inflation controlled at 3.5 per cent. The country’s interest and exchange rates remained stable, trade turnover reached a record $425 billion, and foreign reserves have exceeded $60 billion. According to the World Bank, Vietnam’s Ease of Doing Business Index last year jumped 14 places to stand 68th among 190 economies. The World Economic Forum (WEF) placed Vietnam’s Global Competitiveness Index (GCI) at 55th out of … [Read more...] about PM promises 5 7 per cent corporate income tax cuts at GMS Summit
PM chairs monthly cabinet meeting for March 2018
Photo: VGP According to a report by the Ministry of Planning and Investment (MPI), Viet Nam’s gross domestic product (GDP) rose by 7.38% in the first quarter of 2018, much higher than the growth level of 5.15% in Q1 2017. This is also the highest Q1 growth rate recorded over the past decade. The main drivers of the growth were the industrial and construction sectors, which grew 9.7% (compared to 4.48% in 2017 and 7.16% in 2016), especially the manufacturing industry, with the Index of Industrial Production (IIP) surging 13.9%. The agro-forestry and fishery, and service sectors also saw impressive growth, rising by over 4% and 6.7%, respectively. The total retail sales and service revenue posted an increase of 9.9%, in comparison to the 6.4% level of the same period last year. Viet Nam’s exports continued to hike, reaching US$54.31 billion, up 22% (compared to 12.8% in Q1 2017), with the domestic economic sector increased by 18.9% (compared to 12.8% in Q1 2017) and … [Read more...] about PM chairs monthly cabinet meeting for March 2018