NA Standing Committee turns down blanket VAT cut
HCMC – The Government’s proposal for lowering the value added tax (VAT) from 10% to 8% has been endorsed to go before the National Assembly (NA) at its next sitting, but the NA Standing Committee has declined a blanket tax reduction for all goods and services. If the NA issues a new resolution
Heavy debt eats into wind energy companies’ profits
HCMC – High financial leverage and negative cash flow are weighing on wind power firms, making their debt five- or six-fold higher than equity. Trung Nam Dak Lak 1 Wind Power JSC, which owns the largest wind power plants in the country with a designed capacity of 400 MW, incurred a loss of VND860
Four broken undersea cable lines back to normal this month
HCMC – Four broken undersea Internet cable lines will return to normal operation by the end of this month, while the fifth line is expected to be fixed next month. Two of the four cable lines — IA and SMW3 — were fully fixed on May 3 and are now functioning normally. Two other lines, […]
NA Economic Committee wants Gov’t to clarify EVN’s losses
HCMC – The National Assembly Economic Committee has asked the Government to clarify why Vietnam Electricity Group (EVN) has made losses of more than VND26.4 trillion. The request was mentioned in a report on Vietnam’s socio-economic performance submitted to the National Assembly’s Standing
State budget revenue drops in Jan-April
HCMC – State budget revenue in the first four months of 2023 totaled VND645.4 trillion, down 5% year-on-year and reaching 40% of the year’s estimate, according to the Ministry of Finance. Revenue from domestic sources dropped to around 89% of the previous year’s figure. Budget revenue from value
Tan Son Nhat airport installs passport scanning system
HCMC – A passport scanning system has been installed at the international terminal of the Tan Son Nhat International Airport and will be deployed soon to cope with increasing passenger traffic, according to a customs officer. Passengers holding chip-based passports can scan their passports and be
Heat sends electricity consumption soaring to record highs in HCMC
HCMC – Hot weather has sent electricity consumption in HCMC soaring to record highs in recent weeks as the demand for air conditioning and electric fans has skyrocketed. The city used 94.4 million kWh of power on May 5, the highest daily electricity consumption level ever, according to the HCMC
Health Ministry urges tight regulation of e-cigarette sales
HCMC – The Ministry of Health has written to the relevant ministries and agencies asking them to raise public awareness of the harmful effects of e-cigarettes and urging tight regulation of the sale, purchase and trading of e-cigarettes and heated tobacco products. Electronic cigarettes, heated
Ministry of Finance proposes lowering 35 fees and charges
HCMC – The Ministry of Finance has proposed reducing 35 types of fees and charges from July 1 to December 31 this year to help businesses and households cope with rising costs of production and living. The Ministry of Finance has sent an official dispatch to ministries, ministerial-level agencies
Electricity prices inch up by 3% from today
HCMC – Electricity prices in Vietnam increased by 3% to over VND1,920 per kWh from today, May 4, after they had been kept unchanged for four years. According to a decision recently signed by the CEO of the Vietnam Electricity Group (EVN), the average selling price of electricity will increase from
Government approves VAT cut proposal
HCMC – The Government has approved a Ministry of Finance proposal for lowering the value added tax (VAT) from 10% to 8% to support businesses and households to cope with economic headwinds. Deputy Prime Minister Le Minh Khai has signed a Government resolution endorsing a request for drafting a
Ministry wants lending conditions eased for fuel companies
HCMC – Minister of Industry and Trade Nguyen Hong Dien has asked banks to facilitate gasoline imports for suppliers and retailers by easing lending conditions and raising credit limits. Speaking at a conference on fuel supply for the domestic market, chairman of the Vietnam Petroleum Association