During the second quarter of 2022, European business stakeholders' confidence in Vietnam's investment environment declined slightly, according to the Business Climate Index (BCI) released by the European Chamber of Commerce in Vietnam (EuroCham) and conducted by YouGov Vietnam. Following a first-quarter rise, the BCI dropped 4.4 points in the second quarter to 68.8 points. In contrast with earlier in the year, compounding factors such as the continuing war in Ukraine, commodity price spikes, and the ripple effect of China's zero-COVID policy have dampened expectations among Vietnam's European business community. Although the BCI has fallen, it remains 7.6 points higher than in the fourth quarter of 2021, when it measured 61 points. Vietnam's potential growth is also being viewed with less favour by European business leaders. About 60 per cent of respondents predicted that the Vietnamese economy would stabilise or improve in the third quarter of 2022, compared with 69 per cent who … [Read more...] about European FDI continues to flow into Vietnam amid economic uncertainties
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Police capture pickpocket gang targeting tourists in Vietnam’s Da Lat
Police in Da Lat, a popular tourist city in Vietnam’s Central Highlands, confirmed on Sunday that they had busted a pickpocket gang that stole from dozens of tourists. The gang includes six members who all hail from southern Dong Nai Province, the Department of Public Security in Da Lat City, Lam Dong Province stated. Officers previously launched an investigation into the case after receiving multiple reports from the victims, who said they lost their phones and wallets while visiting the city. Police then reviewed CCTV footage and went undercover as tourists at famous and crowded destinations to look for suspicious signs. From left: Hoang Anh Duy, Le Thanh Hai, Thai Van Hiep, and Phan Van Lam. Photo: Pham Ngan / Tuoi Tre On Saturday evening, several teams of officers managed to capture all six members of the pickpocket gang, namely Le Thi Bach Tuyet, 44, Le Thi Thu Ba, 50, Thai Van Hiep, 48, Phan Van Lam, 48, Hoang Anh Duy, 59, and Le Thanh Hai, 39. They … [Read more...] about Police capture pickpocket gang targeting tourists in Vietnam’s Da Lat
Venture capital into local startups reached record high of $1.4 billion
The report reveals that venture capital going into Vietnamese startups reached a record high in 2021 amidst market uncertainties and upheaval caused by COVID-19. The total funding amount reached a new high of $1.4 billion, a 1.6x growth compared to the prior record of $874 million set in 2019. Accordingly, the total number of funds invested in Vietnamese startups climbed by 60 per cent, equally distributed among countries. Singapore was the most active investor in 2021, followed by Vietnam and the US. Japanese investors have also gradually resumed their activities in Vietnam after a two-year slowdown. Investor appetite has been accelerated by an increased interest in sectors that have benefited from the pandemic. Moreover, the ease of video conferencing has made travel restrictions no longer a barrier to the investment decision-making process. Riding the acceleration of digital adoption, Vietnam celebrated the emergence of two unicorns, MoMo and Sky Mavis, in 2021. Their … [Read more...] about Venture capital into local startups reached record high of $1.4 billion
Vietnamese Gov’t further cut taxes on petrol products
Once approved by the National Assembly, the cut will take effect on August 1. The Vietnamese Government has proposed a further cut of environmental protection tax on petrol products by VND1,000 per liter and VND500 for diesel products, the largest margin possible, until late 2022. A petrol station in Hanoi. Photo: The Hanoi Times The proposal was mentioned in Government’s resolution No.82 proposing lower rates on environmental protection tax on petroleum and gas products. Under current regulation, the Standing Committee of the National Assembly would be responsible for making decisions on this issue. According to the Government, the environmental protection tax would be halved from the current VND2,000 to VND1,000 per liter, resulting in the retail price of VND1,100 per liter for petrol products (including the VAT), and diesel products of VND500-700 per liter. The tax cut is set to take effect from August 1 until the end of 2022, for which the Ministry … [Read more...] about Vietnamese Gov’t further cut taxes on petrol products
Ho Chi Minh City proposes international transit terminal in Can Gio
In a document recently sent to Prime Minister Pham Minh Chinh, the municipal People’s Committee proposed the leader assign the Ministry of Transport to work with the committee and relevant agencies to assess advantages, opportunities, and possibility of an international transit terminal. The terminal will be able to handle the world’s largest cargo vessels (Photo: VNA) The HCM City administration said with a view to shifting part of the global container transit activities to Vietnam, the world’s largest sea shipping company MSC/TIL, the Vietnam Maritime Corporation, and Saigon Port have submitted a proposal to develop an international transit terminal in Can Gio. With about 7.2km of wharves, this project is expected to be able to handle 10-15 million TEUs (twenty-foot equivalent units) of cargo and serve the world’s largest container ships (24,000 TEUs) at present. The project will be implemented in seven phases, the first of which is hoped to start in 2024 and … [Read more...] about Ho Chi Minh City proposes international transit terminal in Can Gio
HCM City proposes int’l transit terminal in Can Gio district
Illustrative image (Photo: VNA) HCM City – Ho Chi Minh City has proposed an international transit terminal worth about 6 billion USD be built in Can Gio district, and this terminal will be able to handle the world’s largest cargo vessels at present. In a document recently sent to Prime Minister Pham Minh Chinh, the municipal People’s Committee proposed the leader assign the Ministry of Transport to work with the committee and relevant agencies to assess advantages, opportunities, and possibility of an international transit terminal. The HCM City administration said with a view to shifting part of the global container transit activities to Vietnam, the world’s largest sea shipping company MSC/TIL, the Vietnam Maritime Corporation, and Saigon Port have submitted a proposal to develop an international transit terminal in Can Gio. With about 7.2km of wharves, this project is expected to be able to handle 10 - 15 million TEUs (twenty-foot equivalent units) of cargo and serve the … [Read more...] about HCM City proposes int’l transit terminal in Can Gio district
