In Vietnam, a signed contract is not always an enforceable one. Many foreign investors are surprised to learn that a fully negotiated and executed contract can be declared invalid by a court, simply because it failed to meet specific, overlooked, legal formalities. This critical gap between a contract’s formation (the moment of signing) and its […]
- The Department of E-Commerce and Digital Economy (Ministry of Industry and Trade) has just introduced the Statistical yearbook of 2022 Vietnamese e-commerce.
- 2022 Vietnamese retail e-commerce market revenue is about USD 16.4 billion, higher than 3 times of 2017 shown in the Statistical yearbook of the General Statistics Office.
- It is estimated that about 60 million online shopping consumers, up more than 5 million consumers compared to the last year and as twice as 2017.
- E-commerce revenue will account for about 7.2-7.8% of the total retail sales of consumer goods and services nationwide; 75% of people use the internet, of which, 74.8% of users are online shopping members.
- 69% of clothes, shoes and cosmetics are the group of goods mostly preferred to be bought through e-commerce, shown the Statistical yearbook.
- 10-20 products/services shopped online by a person a year is VND about 2-5 million on average shown the report.
INVESTMENT CAPITAL FOR HCMC - MOC BAI EXPRESSWAY IS INCREASED OVER VND 800 BILLION
- The pre-feasibility study report, for the construction investment project of Ho Chi Minh City - Moc Bai expressway, which has just been submitted by the People's Committee of Ho Chi Minh City to the Ministry of Planning and Investment for appraisal shows that the total investment capital of this expressway is more than VND 16,700 billion, increased by more than VND 800 billion compared to the 2021 expected total project investment of VND 15,900 billion.
- VND 16,700 investment capital is financed from VND 9,296 billion (accounting for 56%) of the Investor, VND 7,433 billion (accounting for 74 %) from the payback of 18 years and 1 month, the budget fund of Ho Chi Minh City and Tay Ninh for site clearance compensation and resettlement assistance.
- This expressway is 50 km long. The expressway section crossing Ho Chi Minh City is 23.7 km long, there are 8 lanes for the section crossing Ho Chi Minh City and 6 lanes for the section crossing Tay Ninh, the speed of 120 km/h.
QUANG BINH PROVINCE FINANCES VND 21.5 BILLION TO SUPPORT THE BOAT OWNERS FISHING IN THE SEA
- The People's Committee of Quang Binh province has issued a decision on deducting more than VND 21.5 billion from the central fund to support the boat owners fishing in the remote waters.
- The People’s Committee of Quang Binh province uses the state treasuries to finance such places as: Dong Hoi city with more than VND1 billion; Quang Trach district with more than VND 1.5 billion; Bo Trach district with nearly VND 3.4 billion, Ba Don town with more than VND 5.5 billion to support them buying hull insurance, crew accident insurance, fuel costs for the fishing boat owners’ trips.
50% OF CHARGES FOR TRANSPORTATION IS PROPOSED TO BE REDUCED.
- The Ministry of Finance has just completed a draft circular stipulating the collection rate of certain fees and charges in the field of transportation.
- Accordingly, the new rate is expected to be 80% of the current one on the tonnage of ships and boats for domestic maritime activities; Maritime security fees for domestic maritime activities; Fees for entry and exit from seaports for domestic maritime activities etc.
- For the fees for entry into and exit from the inland ports and wharves; Waterway reporting fees, the new rate proposed by the Ministry of Finance is 50% of the current rate.
- This reduction is expected to apply from the time the Circular issued to December 31, 2022.
VIETNAMESE AIRLINES OPERATE 208,242 FLIGHTS FOR 8 MONTHS
- Vietnamese airlines have operated a total of 208,242 flights for the last 8 months, increased by 103% according to the latest report of the Civil Aviation Administration of Vietnam (directly controlled by the Ministry of Transport).
- All airlines have gained the very good growth rates. The growth rate of the most airlines is up more than 100% over the same period last year.
- The percentage of on-time performance flights (OTP) of the whole market in the past 8 months has decreased by 7.5 percentage points, down to 86.9%. For each airline, no airline gains an increased OTP rate. This means that the airlines have delayed their flights more than the same period last year.
- This rate is sharply down on Vietnam Airlines - the airline gains 84% of OTP flights, down nearly 11% compared to the same period. Bamboo Airways gains more than 95% of OTP flights - 1.7 percentage points down. Both Pacific Airlines and Vietravel Airlines gain 93% of OTP flights. VASCO gains 90%. Vietjet gains 84.8% of OTP flights.
- For the past 8 months, the fight cancellation rate of the whole market is decreased by 1.5 percentage points. Total cancellation rate for the whole market is 896 fights. VASCO is the airline with 60 cancelled fights, accounting for 1.1% of the operation. Weather is the main reason for cancellation.
PROPOSED CAR LICENSE PLATE AUCTION PILOT | STARTING RATE OF VND 40 MILLION FOR ZONE 1
- The Government has just submitted a proposal to the National Assembly Standing Committee for reviewing and supplementing the draft Resolution of the National Assembly on piloting for auctioned license plate option grant into the making program of the 2022 law and ordinance.
- Accordingly, the Government proposes to stipulate the starting rate of each number plate put up for auction, to determine the general calculation formula, to apply it uniformly and transparently in all auction cases, the starting rate is the lowest one, in line with the reality.
- Specifically, the starting rate for Zone 1 (including Hanoi city and Ho Chi Minh city) is VND 40 million, zone 2 (including the other localities) is VND 20 million.
HO CHI MINH CITY PAYS HIGH WAGES TO ATTRACT 8 AGRICULTURAL EXPERTS
- The People's Committee of Ho Chi Minh City has just issued a decision to attract Ho Chi Minh city’s experts and scientists for the period of 2022 - phase 2.
- Accordingly, Ho Chi Minh City attracts 8 experts for 5 positions of the Management Board of HCMC Hi-Tech Agricultural Park, including: 2 experts with doctorate degrees or higher majoring in the selection, breeding and production of aquatic breeds, aquatic pathology; 2 experts with doctorate or higher degrees majoring in plant breeding and selection, 2 experts with doctorate degrees or higher majoring in consulting and orienting on technology for production of microbial products applied in agriculture; 1 expert with doctoral degrees or higher majoring in technology-oriented consulting in the field of processing, preservation and post-harvest; 1 expert with doctoral degrees or higher majoring in training, consulting, researching, and producing biological diagnostic kits.
- The successful candidates will be provided with an initial support of VND 100 million; The BASE salary multiplied by the multiplier of the senior specialist payroll. For professors and associate professors, the coefficient is 9.6, the coefficient is 8.8 for the other cases etc.
THAILAND IS EXPECTED TO EXPORT 7.5 MILLION TONS OF RICE FOR THIS YEAR
- Thailand has exported 4.09 million tons of rice, up 54% compared to the same period last year in the period from January 1 to July 2022, said Thai Government spokesman Rachada Dhnadirek.
- Thai rice production in the 2022-2023 season may be 26.92 million tons, up 2.09% compared to the previous season, forecast Thailand's Ministry of Commerce.
- Thailand is expected to export 7.5 million tons of rice this year, up from the previous target of 7 million tons thanks to increased rice production as well as the weakening of the domestic currency in the unstable global food security.
- Currently, Thailand is the third highest rice exporter in the world after India and Vietnam.
Source : VietNam.Net
