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Vietnam’s leadership has strongly re-affirmed the important role that foreign direct investment has played and will be playing as one of the mainstays in Vietnam’s socio-economic development.
While Vietnam will no longer receive preferential loans from the World Bank and the Asian Development Bank starting this year, the gigantic European Investment Bank is amplifying its presence in the country, with loans offered at an interest rate of almost 0 per cent and focused on infrastructure projects.
Vietnam’s husbandry sector has felt the heat from foreign agricultural firms who are taking advantage of import tariff removal from the ASEAN Economic Community and the ASEAN-China Free Trade Agreement this year.
Fuelled by impressive growth in 2017 and optimistic international forecasts, the government has targeted a growth rate of 6.7 per cent this year, on the backs of foreign direct investment and export key drivers.
Vietnamese and Laotian authorities are making efforts to remove obstacles facing inbound Vietnamese investment into Laos.
The Ministry of Industry and Trade’s Legislation Department has clarified that all commercial processing activities of foreign firms in Vietnam are subject to Decree No.23/2007/ND-CP issued in February 2007, detailing the Commercial Law regarding goods purchase and sale activities and other related activities of foreign-invested enterprises (FIEs)—not to a circular issued two months later.
While the Vietnamese government is making great efforts to improve the country’s business and investment climate, unclear tax- and fee-related regulations are tormenting local firms planning to expand.
Amid complaints about foreign firms receiving more government incentives unfairly and overshadowing domestic peers, experts claim that all Vietnamese policies are equal for domestic and foreign enterprises.
Article 34 of Clause 4 in the draft Law on Cybersecurity has not yet received support from foreign firms and local law makers because it will affect firms’ performance as well as Vietnam’s steady march towards a digital economy.
Shirked payments for social insurance, health insurance, and unemployment insurance for employees will soon face heavier sanctions.