Business News

Increasing the regional minimum wage has raised concerns over a potential trade-off with social allowances that would block the new wages from increasing employees' real income.

The Ministry of Finance on Tuesday announced a scheme for amending tax laws, including the laws on value added tax, personal income tax, natural resource tax and special consumption tax.

The Ministry of Finance has proposed that the Government apply a special consumption tax on pickups to be set at 60 per cent of the tax on cars with nine seats or less with similar engine displacement, a move that would sharply increase their cost.

The occupancy rate at operational industrial parks (IPs) nationwide has hit 73 per cent, according to the Economic Zone Management Department under the Ministry of Planning and Investment.

Unlicensed buildings could be revaluated and might not be demolished, provided they can meet the required standards with further planning and development, said Le Quang Hung, deputy construction minister.

The regional minimum wage will increase by 6.5% in 2018, representing the lowest rise, according to the National Wage Council. The Council convened the third meeting on August 7 in Ha Noi to make the final decision on the proposal on salary hike in 2018 before submitting it to the PM.

Starting from August 11, Vietnamese and Chilean holders of ordinary passports will not need to apply for visa when traveling between the two countries following an agreement signed between the two countries on October 17, 2016.

TPP recession, rising costs, and rampant fabric smuggling are challenging the Vietnamese garment and textile industry, especially when the world is rushing with the Fourth Industrial Revolution.