The US Department of Commerce (DOC) has launched a trade remedy duty evasion investigation into a number of steel pipe products imported from Viet Nam. — Photo diendandoanhnghiep.vn The Mexican Secretariat of Economy has announced an anti-dumping investigation into cold-rolled steel imported from Viet Nam, according to the Ministry of Industry and Trade (MoIT). The investigated products are classified under HS codes 7209.16.01, 7209.17.01, 7209.18.01, 7209.26.01, 7209.27.01, 7209.28.01, 7209.90.99, 7211.23.03, 7211.29.99, 7211.90.99, 7225.50.07, and 7226.92.06. Statistics from the International Trade Centre (ITC) showed that Viet Nam earned US$220 million from exporting iron and steel, mostly those coded HS 7209 and 7210, to Mexico in 2020, an increase of 70 per cent compared to 2019. The export earnings of cold rolled steel which are under investigation reached $50 million. After officially initiating the case, the Mexican investigation agency sent questionnaires to relevant … [Read more...] about Vietnamese steel faces more trade remedy lawsuits
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51.3 million USD invested in Vinh – Nha Trang railway renovation, upgrade project
The Vinh-Nha Trang railway will be upgraded with a total investment of over 1.2 trillion VND (Photo: sggp.org.vn) Hanoi (VNA) - The Ministry of Transport has approved the Vinh-Nha Trang railway renovation and upgrade project under the North-South railway with a total investment of over 1.2 trillion VND (51.3 million USD) from 2022 to 2025. The Railway Project Management Board under the Ministry of Transport was assigned to be investors in upgrading projects of roads, bridges and stations with a total length of nearly 1,000km. The project aimed at ensuring traffic safety, improving the quality of railway connectivity, enhancing the capacity of transport, creating favourable conditions for luring customers and cargo, and effectively exploiting railway infrastructure in the section of Vinh-Nha Trang. According to the Ministry of Transport’s investment decision, the project capital is from the State budget in the medium-term public investment plan for the period … [Read more...] about 51.3 million USD invested in Vinh – Nha Trang railway renovation, upgrade project
Over VND 500 million contributed to “For national sea and islands – For Fatherland front-line” Fund
The event saw the attendance of Secretary of the Ho Chi Minh City Party Committee Nguyen Van Nen. Over the past years, the government and people of Ho Chi Minh City, together with the whole nation, have been standing side by side with officers, soldiers and local people at sea, on islands and in border areas. The support demonstrated the deep sentiment of the city’s Party Committee, government, and people toward the national sea, islands and border, contributing to firmly safeguarding national sovereignty and improving the quality of the material and spiritual life for residents at sea, on islands and in border areas. At the event, agencies of the Ho Chi Minh City Party Committee contributed VND 450 million in total. On the same day, the Office of the National Assembly deputies in HCM City, the city’s People’s Council and People’s Committee mobilized VND 84 million for the Fund “For the national sea and islands – For the Fatherland front-line.” Translated by Quynh Oanh … [Read more...] about Over VND 500 million contributed to “For national sea and islands – For Fatherland front-line” Fund
Hanoi accelerates Covid-19 vaccination for all locals
The city's mayor has asked local authorities to speed up the vaccination campaign amid surging infections. Hanoi's authorities have been asked to give Covid-19 vaccine booster shots to local residents as soon as possible, according to a decision signed on August 9 by Chairman of the municipal People’s Committee Tran Sy Thanh. On August 9, Vietnam saw a record high in three months of 2,300 new cases in a single day, lifting up the country’s total infections to more than 11,350,000, including more than 43,000 deaths, according to the Ministry of Health (MoH). The move was made as the caseload with new strains BA.04 and BA.05 in the city is increasing and that vaccination against Covid-19 is an effective and strategic measure in disease prevention and control, stated the document. Local authorities have been asked to urge high-risk and vaccine-hesitant people to complete the two-dose vaccination and ramp up at-home inoculations for homebound people who are aged above 50 with … [Read more...] about Hanoi accelerates Covid-19 vaccination for all locals
Tax Law in Vietnam inconsistent with income
Illustrative photo However, the current regulations on family deduction of the Personal Income Tax Law 2009, which was amended in 2012 and supplemented in 2014, are not suitable for the current socio-economic situation and growth rate. Inadequacies in taxation Personal Income Tax (PIT) is one of two taxes that make the largest contribution to the annual state budget revenue with VND 110,000 bln, accounting for 10 percent of the total balance of the state budget in 2021. This is just after the two pillar taxes of the economy, which are Corporate Income Tax (CIT) and Value-Added Tax (VAT). Although wage earners account for 50 percent of the labor force and contribute up to 70 percent of revenue, tax policy for them has been slow to adjust after more than ten years of applying the PIT Law. This is currently very inadequate. The current income of the cadres, civil servants, and public employees' working salary plus additional incomes have all exceeded the threshold of … [Read more...] about Tax Law in Vietnam inconsistent with income
Securities firms raise capital on recovery of stock prices
A worker talking to an investor at MB Securities' office. — Photo courtesy of MBS Despite poor business results in the second quarter, many securities stocks have rebounded sharply after hitting the bottom on June 20-21. Accordingly, Viet Dragon Securities JSC (VDS)'s shares gained 84.7 per cent from VND7,200 a share to VND13,300, while shares of Saigon - Hanoi Securities JSC(SHS) also increased by 65 per cent from VND8,904 to VND14,700. Shares of MB Securities JSC (MBS) jumped 61.3 per cent. Leading securities stocks like SSI Securities Corporation (SSI), Ho Chi Minh City Securities Corporation (HCM) and VNDirect Securities Corporation (VND) to small stocks such as Vietnam Industrial & Commercial Securities Corporation (VIG), Hoa Binh Securities JSC (HBS), and Agribank Securities Corporation (AGR) also surged 30-50 per cent in the last month and a half. Securities stocks have reported a good recovery as the general stock market picked up significantly from the area of … [Read more...] about Securities firms raise capital on recovery of stock prices
