New regulations govern petroleum imports, re-exports

New regulations govern petroleum imports, re-exports

12/01/2008 -- 9:43 PM

Ha Noi (VNA) – The Ministry of Industry and Trade has issued new regulations on refined petroleum imports and re-exports. Under Decision No.01/2008QD-BCT, only businesses with licences granted by the ministry may import or export petroleum products. The ministry will grant licences based on domestic supply and market prices in order to avoid negative impacts on the domestic market. Payments for exported petrol must be made in convertible currencies in accordance with regulations provided by the State Bank of Viet Nam , the decision states. Payment must be in Vietnamese dong for petrol sold to enterprises in export processing zones, industrial parks or high-tech zones. Payments for sales to Vietnamese airlines and vessels which operate international routes must also be made in dong. Petroleum exporters are also required to take responsibility for sale prices as the State will not compensate for petroleum exported at a loss. Temporarily imported petroleum products intended for re-export, the decision stipulates, may be imported in large lots and then either re-exported en masse or stored in domestic warehouses in smaller lots. Petroleum products temporarily imported but subsequently not re-exported or not re-exported in their entirety may be retailed for domestic use upon completion of all taxes and other financial obligations. Viet Nam exports crude oil but has to import all refined products. Despite fetching more from crude oil exports last year due to high global prices, the additional earnings were not enough to offset losses for imported petroleum products and subsidised retail prices, said the ministry.-Enditem (VNAgency)

Another investor conference on the way

Another investor conference on the way

12/01/2008 -- 9:43 PM

Ha Noi (VNA) – The Ministry of Finance and EuroEvents will hold the Viet Nam Finance and Capital Markets 2008 conference in Ha Noi on January 23-34.

Topics covered during the conference will be investment opportunities for foreign and domestic investors; the equities and securities market; corporate and government bonds; IPO and equitisation; key government initiatives; market surveillance, compliance and the latest regulatory issues; bond trading; investment funds; the reforming banking sector; and the development of professional services.

Following the success of last year’s version, this year’s conference will look at the development of the capital market and opportunities for both domestic and foreign investors.

The event is expected to draw over 500 people to hear a broad range of speakers discuss the latest issues affecting Viet Nam ’s finance and capital market, as well as the outlook for the future.

Viet Nam has been touted as the newest ‘economic dragon’ after its economy underwent rapid transformation to become the most promising in Southeast Asia .

In 2006, Viet Nam attracted FDI capital of 12.2 billion USD, a two-fold increase against 2005. Last year, Viet Nam reached 20.3 billion USD in FDI, almost double that of 2006.

Banks around the world are predicting another astonishing year for Viet Nam in 2008 with economic growth of around 9 percent.-Enditem

(VNAgency)

Viet Nam’s economy to grow at 8.2 percent in 2008, says WB

Viet Nam’s economy to grow at 8.2 percent in 2008, says WB

10/01/2008 -- 11:32 AM

Ha Noi (VNA) – The World Bank (WB) has launched the Global Economic Prospects 2008 (GEP 2008), saying that Viet Nam’s economy will grow at 8.2 percent in 2008 and 8.3 percent in 2009.

The WB report, released on January 9, said that resilience in developing economies is cushioning the current slowdown in the United States, with real GDP growth for developing countries expected to ease to 7.1 percent in 2008, while high-income countries are predicted to grow by a modest 2.2 percent.

GDP in East Asia and the Pacific is expected to grow at 9.7 % in 2008 and 9.6 % by 2009, the WB said, adding that the effects from the turmoil in the world’s financial centres may be small in most economies in the region.

The WB also said that developing countries, including Viet Nam, should enhance their ability to absorb technologies to ensure further economic growth in the future. –Enditem
(VNAgency)