Business

The Government is planning to increase the special consumption tax imposed on tobacco products to raise income for the state budget and reduce the number of smokers.

Credit rating firm Fitch has upgraded Vietnam's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'BB-' from 'B+', said the Ministry of Finance on November 3.

The Vietnam Asset Management Company (VAMC), set up to buy and sell bad debts from commercial banks, needs to be given greater autonomy as part of efforts to revive the property market, experts say.

Vietnam’s index of industrial production for January-October increased by 6.9% over the same period last year, fuelled by a growth in almost all areas, reported the Ministry of Industry and Trade at a televised conference in Hanoi.

With investments of US$3.6 billion in the first 10 months of the year, the Republic of Korea (RoK) has become the top foreign investor in Vietnam this year.

Dr. Tran Dinh Thien, director of the Vietnam Institute of Economics, gave some of his thoughts about weaknesses in the labour market.

A proposal from the Ministry of Finance to attract large FDI projects could result in a loss of VND2 trillion to the state budget.

An air route linking Vietnam’s Phu Quoc island in the southern province of Kien Giang and Singapore was launched at Phu Quoc International Airport on November 2.

A Construction Ministry recent proposal on creating more favourable conditions for foreigners to buy property is considered a step in the right direction to attract stronger foreign investment inflows.

In the first nine months of 2014, 83 Vietnamese projects were granted licences to invest overseas with a total registered capital of more than US$1 billion.

The inaugural flight of the newly established direct air route between Moscow and Nha Trang landed at Cam Ranh International Airport on November 1 with 220 passengers on board.

Leading economists have forecast pepper exports to remain at high levels this year, amounting to 150,000 tonnes in volume and raking in more than US$1 billion in total revenue.

In the most recent report to the government, the minister of transport explained the need for a new airport for Vietnam's largest city.

The Vietnam International Retail & Franchise Show 2014 is taking place in HCM City, featuring about 250 booths representing 170 companies, from both at home and abroad.

Vietnam Airlines is set for its IPO of shares worth VND1 trillion in Ho Chi Minh City on November 14, pledging to use the generated funds to provide a modern fleet and impeccable service.

Trade between Vietnam and the US continues to expand in spite of domestic and international economic difficulties.

PM Nguyen Tan Dung announced that public debt remains below the safety limit of 65 percent of gross domestic product, and will sink to 60.2 percent by 2020.

The State Bank of Vietnam has cut the interest rate on Vietnamese dong deposits with terms of less than six month by 0.5 percentage to boost economic growth.

The Asian-Oceania Computing Industry Organisation (ASOCIO) ICT Summit 2014 opened in Hanoi on October 29 with the participation of 700 delegations from nearly 20 regional countries.