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Vietnam’s Regions and Key Economic Zones

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Vietnam is composed of 63 provinces and five centrally-governed cities, which stand on the same administrative level as provinces (namely Hanoi, Ho Chi Minh City, Can Tho, Da Nang and Hai Phong). The General Statistics Office of Vietnam further groups these provinces and cities into eight regions with three key economic zones. Continue reading →

Vietnam’s Advertising Market

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By Marco Azzaro May 24 – Turnover in the Vietnamese advertising and communications industry reached US$783 million in 2011, up from US$555 million in 2008. However, these latest figures are much lower than the average in Southeast Asian countries and advertising revenues now are higher than only Cambodia and Laos. So far, most Vietnamese advertisers still remain small scale, accounting for only 20 percent of the market share, while the rest is dominated by foreign advertisers that take up as much as 80 percent of the country’s advertising market. Vietnam’s advertising industry has continued to expand, but its revenues have … Continue reading →

Foreign Franchises Interested in Vietnam Market Entry

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By Marco Azzaro May 18 – Several franchising brands are beginning to view the Vietnamese market more favorably than in past years. According to the country’s Ministry of Industry and Trade, up to 70 foreign brands have registered their franchising business in Vietnam and franchising growth is up 30 percent. Most of them are consumer brands focused on youth and middle class consumers. Brands such as KFC, Pizza Hut, Lotteria, and Jollibee have been pioneers in the Vietnamese market, but other well-known fast food brands from the United States – such as McDonald’s, Starbucks, Focus Brands and Melting Pot – … Continue reading →

New Issue of Vietnam Briefing: Vietnam’s Provinces, Regions and Key Economic Zones

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In this issue of Vietnam Briefing Magazine, we discuss the industries and economy of Vietnam’s three levels of geographic divisions from the perspective of a potential foreign investor. Continue reading →

Report: Vietnam 2nd Most Attractive Market in Southeast Asia

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By Julia Gu May 15 – A recent survey by the ASEAN Business Advisory Council (ABAC) revealed that Vietnam ranked as the second most attractive investment destination in Southeast Asia after Indonesia. Vietnam’s FDI in recent years has largely gone into its manufacturing sector, particularly the manufacturing of textiles and footwear, but the country’s role and its position relative to other Asian countries is evolving. With steady growth in agriculture, Vietnam is set to surpass India to become Asia’s commodity trading hub by attracting more global investment in the nation’s commodity trade section. Vietnam has replaced India as the largest … Continue reading →

Credit Institutions in Vietnam Now Offering Foreign Currency Loans

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Decision No. 857/QD has been enacted by the State Bank of Vietnam. According to this measure, credit institutions (including foreign bank branches) can now make loans in foreign currencies to customers residing in the country. Continue reading →

Attracting Investment in the Mekong River Delta

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By Nguyen Huyen My May 9 – In recent years, the Mekong River Delta (MRD) has gradually developed in all aspects, but to speed up investment attraction, the implementation of new infrastructure projects needs to be accelerated. Mr. Nguyen Phong Quang, permanent deputy head of the Southwest Steering Committee, recently said that during the last 10 years, the MRD has seen comprehensive development, creating positive evolutions in many aspects. Infrastructure, especially in transportation and irrigation, has gained important developments from a low starting point, changing the entire appearance of the MRD. Along with transportation, human resources in the region also … Continue reading →

Important Changes to Vietnam’s Tax Regulations

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Vietnam’s government has made some important changes to the country’s tax regulations over the first four months of 2012, and has issued Circular 06, which took effect from March 1, providing a detailed guidance on some key changes to VAT rules. Continue reading →

Vietnam Establishes Mong Cai Economic Zone on Chinese Border

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By Nhung Le May 2 – On April 10, 2012, the Prime Minister of Vietnam promulgated Decision No. 19/2012/QD-TTg regarding the establishment of a border gate economic zone in Mong Cai, Quang Ninh Province. The Mong Cai Border Gate Economic Zone includes all of Mong Cai City and the surrounding communes; the Hai Ha Industrial Zone – Seaport; Quang Ha town and some communes of Hai Ha District. Total natural area of this economic zone is about 121,197 ha (1 ha = 10,000 square meters) of which 66,197 ha is on land and 55,000 ha is in the sea. The … Continue reading →

Foreigners Eligible for VAT Refund When Leaving Vietnam

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Apr. 30 – On April 12, 2012, Vietnam’s Ministry of Finance promulgated Circular No.58/2012/TT-BTC to guide the implementation of Decision No. 05/2012/QD-TTg dated January 19, 2012 on implementing a pilot project allowing VAT refunds for foreigners departing Vietnam from Noi Bai International Airport in Hanoi or Tan Son Nhat International Airport in HCMC. Foreigners who buy goods in Vietnam and leave from either of those airports will be reimbursed the VAT they have paid. However, the tax refund service fee which commercial banks are entitled to charge is equal to 15 percent of the total amount of VAT on goods … Continue reading →