Tu Hoang and Minh Duc "We must unite as one, figure out positive and comprehensive solutions, and make all-out efforts to overcome challenges and difficulties," Hung said at the fifth NA sitting opening on Monday The country is mired in multiple troubles, as the macro-economy is not yet stable, bank restructuring and bad debt settlement are progressing slowly, inventory remains high, and workers are coping with many difficulties. The majority of NA deputies hoped the Government would … [Read more...]
Credit flow to remain poor despite VAMC: official
Posted on May 20, 2013 Written by Leave a Comment
Tu Hoang Talking to the media on the sidelines of a seminar on financial supervision held in Hanoi last Thursday, he said: "Credits would hardly grow due to the huge bad debt. So, VAMC is not a magic wand to solve the problem." In the draft scheme for VAMC establishment, the State Bank of Vietnam (SBV) admits bad debt is blocking the cash flow in the economy, and hopes VAMC will handle some VND100 trillion worth of bad debt. VAMC is scheduled for establishment this month. Ngoan said: … [Read more...]
PIT collection to be tightened
Posted on May 17, 2013 Written by Leave a Comment
Tu Hoang The draft Government decree requires dependents to register their own tax codes to prevent taxpayers from filing incorrect information, said Nguyen Van Phung, deputy director of the Tax Policy Department under the finance ministry. "With such tax codes, tax officers can look at the database to make sure deductions for taxpayers are calculated accurately," he said at a workshop on the Personal Income Tax Law held by Tai Chinh magazine of the finance ministry in Hanoi on Thursday. … [Read more...]
Petty corruption escalates : PAPI 2012
Posted on May 16, 2013 Written by Leave a Comment
Tu Hoang PAPI 2012 is based on the experiences of nearly 14,000 citizens through a survey done by the Center for Community Support and Development Studies and the Center for Research and Training of the Vietnam Fatherland Front, with support from the United Nations Development Program (UNDP). Some 44% of the respondents agree that bribes are required to get a job in the public sector, up from 29% in 2011. Citizens also give bribes to receive medical care (42% in 2012, compared to 31% in … [Read more...]
Economy remains weak: IMF
Posted on May 13, 2013 Written by Leave a Comment
Tu Hoang Speaking at a seminar on financial and budgetary issues held by the Finance and Budget Committee of the National Assembly (NA) in Hanoi last Saturday, Kalra remarked the economy was barely growing and domestic demand was shrinking. The economic outlook for Vietnam in 2013 is similar to that in 2012, the year with the lowest economic growth in ten years, he said. Such a comment was given after IMF had revised its growth forecast for Vietnam to 5.2% from 5.8%, the largest reduction, … [Read more...]
Gov’t should have fewer duties, say experts
Posted on May 12, 2013 Written by Leave a Comment
Tu Hoang The conference held by the Central Institute for Economic Management (CIEM) and the Swedish International Development Cooperation Agency (SIDA) discussed draft visions and roadmaps for the Vietnamese Government until 2020. Nguyen Minh Thuyet, former deputy head of the National Assembly's Committee for Culture, Education, Youth and Children, said the first thing that should be done is to separate the State Bank of Vietnam from the Government to create an independent monetary … [Read more...]
Labor Code places enterprises under greater pressure
Posted on May 9, 2013 Written by Leave a Comment
Tu Hoang Under the minimum wage hike schedule, the minimum wage will fully meet the basic needs of workers in 2015. Lawyer Pham Chi Trung from Baker & McKenzie Vietnam said the average minimum wage increase in 2012 was 26.5% and the rate applied to foreign-invested enterprises was 27-32% depending on regions. These figures are the highest ever among the salary hikes in recent years. "Such adjustments cause employers to pay more to their workers even when the economy is going down," … [Read more...]
Vietnam praised for smooth debt repayment
Posted on May 9, 2013 Written by Leave a Comment
Tu Hoang Axel van Trotsenburg (L), WB vice president for East Asia and Pacific, speaks at a press briefing on Wednesday - Photo: Courtesy of World Bank Vietnam's ability to fulfill its debt obligations to the World Bank (WB) is always guaranteed and the country is always serious about debt repayment. "Vietnam has a spotless debt repayment record," said Trotsenburg at a press briefing on Wednesday. Vietnam last year repaid US$120 million to WB. The International Development Assistance (IDA) … [Read more...]
Debt seen heavier in years to come
Posted on May 8, 2013 Written by Leave a Comment
Tu Hoang Such figures will account for 19-20% of the annual State budget revenue in the next three years, according to the medium-term debt management program for the period 2013-2015 recently passed by the Prime Minister. The Government's debt obligations are often beyond estimates. For example, the estimate for debt repayments in 2011 was VND86 trillion, but in fact VND101 trillion was spent, said the Ministry of Finance. Similarly, the estimate for debt repayments in 2012 was VND100 … [Read more...]
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