Foreign ownership at local banks may rise to 49%
HCMC – The State Bank of Vietnam (SBV) has proposed increasing the foreign ownership cap at some commercial banks from 30% to 49%. The Governor of the SBV, the nation’s central bank, has sought the Government’s approval to amend Decree No. 01/2014/ND-CP on foreign investors’ maximum cap in
Vietnam’s Party leader has phone conversation with U.S. President
HCMC – Party General Secretary Nguyen Phu Trong spoke on the phone with U.S. President Joe Biden yesterday, March 29. The two sides expressed pleasure at having a chance to exchange views on the 10th anniversary of the Vietnam-U.S. comprehensive partnership. They spoke highly of the comprehensive
Dong Nai approves US$3-billion urban area project
HCMC – The government of Dong Nai Province has approved of a 293-hectare urban area project worth more than VND72 trillion (US$3 billion) in Pho Island in Hiep Hoa Commune, Bien Hoa City. Hiep Hoa urban area would have an estimated population of 31,600 residents and cover 293 hectares of land. Of
Vietnam posts over US$4 billion in trade surplus in Q1
HCMC – Vietnam’s export revenue in the first quarter of this year has inched down but the country has enjoyed a trade surplus of US$4.07 billion, according to the General Statistics Office. Between January and March, the country’s import-export value has totaled an estimated US$154.27 billion. Of
Global minimum tax rate to impact FDI firms in Vietnam
HCMC – At least 1,015 foreign direct investment (FDI) enterprises will be affected by the global minimum corporate tax when this policy comes into force early next year. The issue was raised at a talk on the global minimum corporate tax – prospects and challenges in FDI attraction in HCMC held on
Vietnam’s standard system to be harmonized with int’l standards
The National Standardization Strategy for 2030 has set a target for Vietnam’s harmonization ratio with international, regional and foreign standards to achieve at least 65% by 2025 and rise to 75% by 2030.
Britain expected to join Indo-Pacific trade pact this week
CPTPP deal is not yet final but an agreement in principle is due in the coming days, three people familiar with the negotiations tell POLITICO.
How Supporting Industries Can Benefit from Adding Vietnam to Their China+1 Strategy
China plus-one strategies that include Vietnam don’t have to be limited to larger multinationals. Small and medium enterprises in supporting industries can benefit too.
Tuna exporters aiming for smaller markets
Domestic tuna exporters are targeting promising small markets to get out of current difficulties amid economic fluctuations in big importing countries.
Russia Will Not Leave WTO
"...there are grounds to remain in the organization as a full member in order to maintain stable relations with developing countries..."
Vietnam’s GDP growth in Q1 lower than expected
HCMC – Vietnam’s gross domestic product (GDP) in the first quarter of 2023 has grown by 3.32% year-on-year, the second lowest growth rate since 2011, according to the General Statistics Office. This GDP growth rate fell short of the Government’s expectations of 5.6%. It is slightly higher than in
Indonesia’s strong demand seen boosting Vietnam’s rice exports
HCMC – The Indonesian Chamber of Commerce Vietnam (IndoCham Vietnam) said on March 27 that Indonesia is planning to import two million tons of rice to improve its 2023 reserves, offering an opportunity for Vietnam to ship more rice to the Southeast Asian market. The announcement came after a