19:54 (GMT +7) - Friday 20/07/2018


October 2

Released at: 12:36, 02/10/2017 PRESS WATCH

October 2

VET's round-up of news from Vietnamese media for October 2.

Companies must declare need for foreign employees

Effective from October 2, Circular No. 23/2017 from the Ministry of Labor, Invalids and Social Affairs stipulates that at least 20 days prior to the expected date of employing foreign workers, employers must submit a report online explaining their need to do so. The circular also stipulates that the licensing agency must reply or request additional documentation within five days of receiving a declaration. Upon receipt of the original valid application for a foreign worker license, the agency must reply within eight working hours.

Trials of Cat Linh - Ha Dong urban railway line delayed

The Cat Linh - Ha Dong urban railway line, Hanoi’s first such project, will not begin trial operations this month as planned, primarily because of delays in the disbursement of an additional loan. The line was previously scheduled to begin trials this month, which was to be followed by an official launch at the end of the first quarter of 2018. The project is using loans from China. An additional $250.6 million loan is being negotiated by the Ministry of Finance, the Ministry of Justice, and China’s Eximbank.

Gaming companies able to collect foreign currencies

Circular No. 11/2017 from the State Bank of Vietnam, effective from October 15, stipulates that enterprises dealing in electronic gaming machines for foreign players are allowed to buy foreign currencies. Foreign currency receipts and expenditures and other foreign exchange transactions must be accompanied by documents confirming them as legal and valid transactions.

Danish sportswear company opens factory in Nam Dinh

Spectre, a Danish company specializing in manufacturing functional garments for outdoor sports, opened a factory worth more than $5 million in the northern province of Nam Dinh on September 28. The facility covers 6,000 sq m at the Hoa Xa Industrial Park in My Xa commune. Most workers are from Nam Dinh, Ha Nam, and Thai Binh provinces.

Sacombank & VAMC to recover debts

The Saigon Thuong Tin Commercial Bank (Sacombank) and the Vietnam Asset Management Company (VAMC) will work together to settle and recover debts of VND15-20 trillion ($660-880 million) this year. The two sides struck an agreement in Ho Chi Minh City on September 28 to facilitate the settlement of non-performing loans at Sacombank and collateral the bank has sold to VAMC.

GSO announces State budget revenue figures

According to the General Statistics Office, total State budget revenue this year as at September 15 is estimated at VND786.3 trillion ($31.2 billion), equal to 64.9 per cent of the annual plan. Domestic revenue reached VND617.7 trillion ($26.8 billion), or 62.4 per cent of the annual plan, oil revenues VND31.8 trillion ($1.4 billion), or 83 per cent of the annual plan, and revenue from imports and exports VND134.6 trillion ($5.8 billion), or 74.8 per cent of the annual plan.

Kien Giang to develop support industry

The Mekong Delta province of Kien Giang plans to disburse more than VND19 billion ($836,000) to develop its support industry. The province will invest in developing manufacturing machinery, packaging production, electronic components, medium density fiberboard (MDF), and footwear. Certain support industry products will be developed in the future, such as metal, plastic and rubber components, electronics and spare parts, and garment, textile and footwear materials.

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