Private firm registration

Winners of BCI top 10 Developers Award 2022 for Viet Nam. — Photo courtersy of BCI Viet Nam’s top ten property developers and architecture firms were recognised at the the BCI ASIA Award ceremony held in HCM City on June 30. The portfolios of the top developers for 2022 are valued at US$1.82 billion, while those of the 2022 elite architecture firms comprise $9.71 billion worth of properties scheduled to start construction in Viet Nam this year. These firms were chosen based on the greatest aggregate value of projects under construction during the last full calendar year. At the ceremony, the Top 10 Developers Award 2022 for Viet Nam was given to BCG Land Joint Stock Company, BRG Group, BW Industrial Development JSC, CapitaLand Development (Vietnam), Danh Khoi Joint Stock Company, Flamingo Holding Group, Hoang Huy Group, Hung Thinh Land Joint Stock Company, Nam Long Investment Corporation, and Vinhomes JSC. The BCI Asia Top 10 Architects Award 2022 was won by Alinco Ltd, … [Read more...] about BCI Assia Awards honors top architecture, real estate firms

Vietnam’s economy has performed well amid a difficult global environment in the first six months of the year. The Vietnamese Government would stay focused on stabilizing macro-economic conditions, containing inflation, and keeping all major balances intact. Overview of the meeting. Source: VGP Prime Minister Pham Minh Chinh gave his conclusion at the monthly Government meeting held today [July 4]. According to Chinh, Vietnam’s economy has performed well amid a difficult global environment in the first six months of the year. Chinh highlighted the GDP growth of 7.72% in the second quarter, the highest second-quarter growth since 2011, and the six-month GDP growth of 6.42%. Such  half-year growth rate is even higher than the pre-pandemic one. (6.38% in the 2016-2019 period). In this context, 44 out of 63 provinces/cities posted economic growth of over 6%, which showed a consistent recovery level among localities, he said. Other positive factors include … [Read more...] about Vietnam to solidify macro-economic stability: PM

Thanh Cong Textile Garment - Investment – Trading JSC in Tan Phu District is in need of more than 1,000 workers. The employees are to make up for those that have already submitted their resignation and to serve the company’s plan to expand 20 of its branches in various cities and provinces. Yet the company has had trouble recruiting new employees unwilling to work on assembly lines and deal with the pressure of meeting product quality and quantity. Nguyen Huu Tuan, the firm’s human resource manager, said the textile-garment sector is no longer attractive to laborers. He said "a significant number" of staff at the company has either quit or is about to, without revealing the specific figure. In most cases, those employees switch to work in other industries that can guarantee them higher salaries or move back to their hometown now that the living cost in the city has grown increasingly expensive. "With a monthly income of VND8-9 million ($340-385), workers would not be able … [Read more...] about HCMC short of textiles, footwear labor

Illegitimate land slots in Bao Loc City, Lam Dong Province. The draft bans bank loans to borrowers who use the loans to secure future transactions that are unqualified at the moment of the loans. — VNA/VNS Photo The State Bank of Viet Nam (SBV) has been developing a draft amending Circular 39 on bank loans, to keep credit risks in check. The draft bans bank loans to borrowers who use the loans to secure future transactions that are unqualified at the moment of the loans. The ban is expected to prevent the use of bank loans to purchase future real estate properties, which have not been given carte blanche from the authorities due to the lack of construction permits and proof of land use rights. The HCM City Real Estate Association (HoREA) believes that law-abiding real estate firms will remain unaffected by the ban since bank loans are still available to borrowers who aim for qualified real estate properties offered by the firms. "Unqualified realty properties include … [Read more...] about State Bank of Vietnam announces amendments to bank loans circular

Jakarta (VNA) – Indonesia's state-owned electricity company PLN has axed a project to develop a coal-fired power plant as the country chases its long-delayed commitments to cut carbon dioxide emissions . PLN vice president of corporate communications Gregorius Adi Trianto confirmed that the company had canceled its plan to build the 1-gigawatt (GW) plant in Indramayu, West Java. It proactively stopped borrowing funds for the project as part of PLN's efforts to reach the country’s carbon neutral goal by 2060, Gregorius was quoted by local media as saying. The project’s termination came after Japan announced that it had canceled a plan to provide a loan worth 1.7 billion (12.55 million USD) for developing the Indramayu plant amid growing international criticism of coal power plants, a major source of greenhouse gas emissions. According to Indonesia ’s Ministry of Energy and Mineral Resources, total investment in the power sector reached 700 million USD in the first … [Read more...] about Indonesia cancels giant coal-fired power project

A Samsung manufacturing plant in Bac Ninh Province. — Photo baophapluat.vn The Organisation for Economic Cooperation and Development (OECD) two-pillar solution has introduced a global minimum corporate tax rate (GMCT) of 15 per cent applicable from 2023, but experts have mixed positions on the tax. Nguyen Mai, chairman of the Association of Foreign Investment Enterprises, said that the GMCT would boost Viet Nam’s tax revenues and contain tax avoidance, tax evasion and price transferring in the country. This is because tax rates lower than GMCT have incentivised illegal tax practices without significantly affecting investment attractiveness. In fact, 56 per cent of foreign-invested firms in Viet Nam declared unprofitability in 2020, with a total loss of VND151 trillion (US$6.5 billion), substantially reducing the country’s tax collection. Accordingly, he urged the Government to modify tax regulations in line with the GMCT and re-negotiate with FDI investors on investment terms … [Read more...] about Mixed views on global minimum corporate tax rate