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BANKING / FINANCE / INSURANCE / TAX

CONSUMER FINANCE LENDING NEEDS A SEPARATE LAW

According to the State Bank of Vietnam (SBV)’s Banking Supervision Agency, the Department of Consumer Protection under the Ministry of Industry and Trade can currently handle general content, but it is difficult for the department to promote its role in consumer finance.

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VIETNAM ECONOMY INVESTMENT

ID NUMBERS TO BE NEEDED FOR BUSINESS REGISTRATION

Under a revised decree on business registration drafted by the MPI, open for comments, the MPI explains if a person carrying out business registration procedures uses his/her personal ID number, the procedures will be streamlined as he/she will not have to declare personal information again.

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VIETNAM ECONOMY INVESTMENT

VIETNAM CONTINUES TO SEE GROWTH IN FDI

At a regular meeting held by the Government Office on July 6, the Ministry of Planning and Investment (MPI) reported that registered FDI in the first six months was valued at nearly $15.2 billion, up over 13 per cent on year. Newly registered FDI surpassed $9.5 billion, marking an increase of almost 47 per cent, while implemented FDI was approximately $10.8 billion, an 8.2 per cent rise.

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VIETNAM ECONOMY INVESTMENT

VIETNAM AUTHORISES DPPA FOR ROOFTOP SOLAR AND BIOMASS PROJECTS

The government allows direct power sales through two methods: private power lines and the national grid. For private power lines (bypassing EVN), renewable energy producers, including solar, wind, small hydro, biomass, geothermal, ocean wave, tidal, marine current, and rooftop solar systems, can participate. These projects are not restricted by capacity, but must possess or be exempt from an electricity operation licence.

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VIETNAM ECONOMY INVESTMENT

COMPLETING LEGAL CORRIDOR FOR REAL ESTATE BUSINESS

Deputy Prime Minister Tran Hong Ha urged precise definitions of mixed-use office cum hotel (Officetel) and condominium cum hotel (Condotel) in the draft decree outlining certain provisions of the Law on Real Estate Business. In a recent live-streamed session chaired by Deputy Prime Minister Tran Hong Ha, stakeholders convened to deliberate on the aforementioned draft decree.

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BANKING / FINANCE / INSURANCE / TAX

GOVERNMENT EXTENDS VAT REDUCTION THROUGH 2024

Under the new decree, business facilities opting for the VAT discount method will enjoy a reduced VAT rate of 8% on eligible goods and services. Business entities, including business households and individual businesses, utilizing the revenue-based VAT calculation method will benefit from a 20% reduction in their VAT calculation percentage rate.

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MEMBER CORNER / PROMOTIONS

AVISON YOUNG VIETNAM APPOINTED THE OFFICIAL LEASING PARTNER FOR MARINA CENTRAL TOWER

@Druce, the lead consultant of Marina Central Tower and Avison Young Vietnam signed a partnership, enabling Avison Young Vietnam as the official leasing partner for the project. Marina Central Tower is a new international grade A building located in the historical Ba Son area of District 1, expected to start operation in Q2/2025, and bringing an additional of 87,000sqm of office space into the Ho Chi Minh city market.

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VIETNAM ECONOMY INVESTMENT

FUNDING HALVES FOR VIETNAMESE TECH STARTUPS IN FIRST HALF OF 2024

Total funding into Vietnam tech startups dropped 52.7 per cent to $46.5 million in the first half of 2024, compared with $98.5 million in the first half of 2023, according to a report by Tracxn, a leading global SaaS-based market intelligence platform.


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