Thirteen years after it opened, the SaiGon Hi-tech Park (SHTP) has achieved total sales of 13.6 billion USD, including 13.5 billion USD in export value. Since the first company was licensed at the SHTP in September 2005, HCM City has issued licences to 101 additional companies with a combined investment of 4.9 billion USD, of which FDI accounted for over 4 billion USD. SHTP’s products now make up 94 percent of HCM City’s hi-tech products, according to Le Hoai Quoc, head of the SHTP Management Board. As of September 2015, 82 investment projects in the park remained valid, with total registered capital of 4.38 billion USD. These include 46 operational…
What are the assets of the middle class in Vietnam?
According to a report published by Credit Suisse in October, 14% of the 664 million adults in the world are in the middle class. This report is determined based on the total assets of people, not income. Accordingly, Vietnam has 3 million people classified as the middle class, accounting for 0.5% of the population and only a small fraction of the more than 63.6 million adults. Total assets of this group in 2015 is from $5,030 to $30,000. The average amount of assets of the middle class in Vietnam is about $18,074. With this figure, Vietnam was ranked 57th of 66 countries surveyed by Credit Suisse. This level is also…
MobiFone asks for four million numbers
The MobiFone Telecommunications Corporation has asked the Ministry of Information and Communications to have 4 million additional numbers with the prefixes “086”, “087”, “088” and “089” serving the domestic market. The proposal was made by Bui Son Nam, head of Mobifone’s Business Department, during the company’s Q3 business performance review meeting held in mid-October in Hanoi. At the meeting, Le Nam Tra, chairman of the Mobifone, said that by September this year, Mobifone accounted for a market share of 26.11 percent or a year-on year growth of 1.6 percent. The number of new subscribers reached 11 million with a year-on-year increase of 94.7 percent. In the first nine months, the…
Government proposes higher tax on vehicles
The Government wants to raise the special consumption tax on vehicles with high engine displacement, according to a statement it delivered to the National Assembly recently. If the Government’s proposal is approved by the lawmakers this year, vehicles with an engine displacement of 3,000cu.m to 4,000cu.m; 4,000cu.m to 5,000cu.m; and 5,000cu.m to 6,000cu.m will see tax increases from 60 percent to 90 percent, 60 percent to 110 percent, and 60 percent to 130 percent, respectively. In particular, vehicles with engine displacement of more than 6,000cu.m will see the highest tax increase of up to 150 percent from its current tax rate of 60 percent. Meanwhile, the Government has proposed that…
Japanese firms eye supporting industry in Vietnam
Japanese businesses from the Kansai region have said they are interest in the Vietnamese market, and keen on expanding trade and investment connection with Vietnamese partners, especially in supporting industry, in the time ahead. They expressed their interest during workshops in the Japanese cities of Osaka and Kobe on October 6-7, which aimed to forge links between Japanese and Vietnamese businesses in the supporting industry. Japanese firms said they hope for further facilitation from the Vietnamese Government and local-level authorities, enabling them to do business smoothly in Vietnam. During the workshops, participants were updated on information of Vietnam’s recent economic development and business climate, and those related to the country’s…
Japanese developers enter Vietnam’s property market
Japan’s two leading property companies, the Daiwa House Group and Nomura Group, have revealed their intention to join hands with Sumitomo Forestry Co., Ltd to invest in Vietnam’s market. The three companies plan to pour 27 billion JPY (224.6 million USD) in a 1,000- luxury- apartment complex in Vietnam. The decision was prompted by increasing demands for luxurious condominiums in the Vietnamese property market spurred by loosened ownership regulations and stellar economic growth. The complex will be built on an area of 28,000 square metres in Phu My Hung urban area in Ho Chi Minh City, which is billed as one of the most modern urban centres in Vietnam and…