05:54 (GMT +7) - Monday 23/10/2017

PRESS WATCH

September 25

Released at: 16:00, 25/09/2017 PRESS WATCH

September 25

VET's round-up of news from Vietnamese media for September 25.

HCMC railway lines extended

An additional 5.9 km of urban railway line will link Ben Thanh in District 1 and the Thu Thiem Urban Area in District 2 in Ho Chi Minh City, while a new 3.4 km section will run from Tham Luong to An Suong Bus Station in District 12. According to the Ho Chi Minh City Management Authority for Urban Railways, the European Commission intended to offer non-refundable aid of $7.17 million for the project through KfW, the German Development Bank. The Ben Thanh - Tham Luong Line No. 2 is 11.33-km long, including a 9.5-km underground section, running through Districts 1, 3, 10, 12, Tan Binh, and Tan Phu. Construction began in 2013 with the total cost estimated at VND26.1 trillion ($1.3 billion).


MoIT removes more than half of business conditions

The Ministry of Industry and Trade has decided to remove a staggering 675 business conditions to make life easier for enterprises. With Decision No. 3610a in place, 55.5 per cent of the ministry’s business conditions have now been abolished. Stringent business conditions have long been seen as a major obstacle for businesses. More than 58 per cent of goods no longer have to undergo pre-customs clearance inspections and the ministry has also taken drastic measures to simplify and optimize its pre-customs clearance inspection procedures.


Legal framework for electronic stock market trades

The Ministry of Finance has prepared a draft circular that provides a general legal framework for electronic trading activities on the stock market. The draft has been sent to market members to collect feedback. It is expected to ensure that electronic trading activities will be transparent, fair, and secure and correspond to the Law on Electronic Trading, the Law on Cyber Security, and other regulations. Under the draft, electronic trading software programs currently used by market members must be inspected and scanned for security loopholes and they must also be examined once a year.


Government targets higher seafood exports

The Vietnamese Government expects to raise the value of seafood exports to $8-9 billion by 2020, according to a program approved by Prime Minister Nguyen Xuan Phuc. The overall goal of the program is to ensure sustainable development in the sector to 2020. To realize the goal, the government plans to gradually modernize the production of seafood breeding and expand good practices. It will also focus on controlling the quality of feed and the quality of processed seafood products.


Uber pays nearly $3 million in taxes to HCMC

Nearly VND67 billion ($2.9 million) has been collected by the Ho Chi Minh City Department of Taxation from Uber. The amount includes fines due to false declarations and VAT, personal income tax, and corporate income tax. The decision was made after the Department inspected Uber B.V Ltd. from the Netherlands. The inspection period was determined as being from when Uber B.V commenced operations in Vietnam until June 2017.


Vietnam Hi-end Show 2017 on horizon

The Vietnam Hi-end Show 2017 will be organized from September 29 to October 1 at the Daewoo Hotel in Hanoi, with the participation of hundreds of high-end audio brands, dozens of music rooms, and high-end to ultra high-end movies.


Construction of Vinh Phuc IP underway

The Vinh Phuc Provincial People’s Committee and Japan’s Sumitomo Corporation have kicked off construction of the Thang Long Industrial Park project in the northern province. This is the third infrastructure investment project from Sumitomo in Vietnam, after the Thang Long I Industrial Park in Hanoi and the Thang Long II Industrial Park in northern Hung Yen province. The Corporation expects to basically complete technical infrastructure for the first phase and a wastewater treatment area for the project within 18 months from when its received the land and to complete all technical infrastructure and services by December 2024.

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