Vietnam Imposed a Few New Rules for Business

For the new year, Vietnam has introduced several changes of importance to foreign businesses and investors.  Among them:

  • An increase in the mininum monthly wage of between $5 and $18, depending on location, for the 10 million laborers including 1.5 million working for foreign companies.
  • A cut in auto import taxes by 1%-3% — which drops the 83% tariff for imported cars to 82%.
  • Permission for foreign banks to mobilize capital in Vietnamese currency — which gives them parity with domestic banks in this regard.
  • A 10% tax on gold exports in order to limit and stabilize gold exports to regulate the domestic market that experienced record-high gold price last year.
  • Environmental taxes on petroleum, oil, coal, and plastic bags — for example about $1 per pound for plastic bags and nearly 20 cents for a gallon of gas. 
  • Maximum land prices in Hanoi and HCM City set at about $400 per square foot — with the minimum set at about $10. For Ho Chi Minh City, the range is $6 to $400.

More on Vietnam’s business changes for 2011

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One response to “Vietnam Imposed a Few New Rules for Business

  1. Pingback: Tweets that mention Vietnam Imposed a Few New Rules for Business | Vietnam Economics – Vietnomics -- Topsy.com

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