Hanoi: The Government has decided not to apply the mixed tax regime on beer and alcohol products. This was stated in the newly-promulgated Resolution No 25/NQ-CP on the building of the amended Law on Special Consumption Tax. According to the resolution, the Government basically agreed with the content of receiving, explaining, and revising the dossier proposing to develop the amended Law on Special Consumption Tax in Report No 25/TTr-BTC which was submitted by the Ministry of Finance (MoF) on February 6, 2024. It does not add new content regarding the calculation of mixed taxes for beer and alcohol products to the proposal. This decision is made in accordance with the Prime Minister-approved tax system reform strategy by 2030 and the country's commitments upon joining the World Trade Organisation (WTO). Regarding the progress of submitting the law project, the resolution clearly stated that the Government has proposed to the National Assembly Standing Committee to include the law project in the 2024 Law and Ordinance development programme during the 7th session in May 2024. Comments will be sought from the National Assembly on the law project during the 8th session in October and approve it during the 9th session in May 2025. At the same time, the Government has tasked the Ministry of Finance with finalising the law-making proposal documents and submitting them to the Ministry of Justice for the necessary procedures to add this law project to the 2025 Law and Ordinance development programme. Additionally, adjustments will be made to the 2024 and 2025 Law and Ordinance development programmes. Previously, there was a concern among businesses and experts regarding a regulation in the proposed amendment to the Law on Special Consumption Tax. The concern revolved around whether to include an absolute tax calculation method and a mixed tax calculation method or not. Experts point out that relative, absolute and mixed tax calculations each have their own advantages and disadvantages. Specifically, the absolute tax calculation method is favoured for its simplicity and ease of implementation. Many countries have utilised this method to restrict the production and consumption of items that are detrimental to health. However, a major shortcoming is that it fails to adjust adequately to price fluctuations during periods of inflation or deflation. On the other hand, we have not currently applied the mixed or absolute tax calculation method for alcohol and beer products, so the advantages of this method are still in the research process, but in practice it has not been proven. If an absolute tax rate is applied on the number of litres of product, the price of high-end lines will be more profitable, while the price of popular lines which Vietnamese enterprises account for the majority will be pushed up, thereby affecting production and the competitiveness of Vietnamese beer producers. As for the mixed tax regime, the special consumption tax on premium beer products will increase from 65 to 75%. Meanwhile, popular beer will be increased from current 65 to 85%. Therefore, low-income consumers are subject to higher taxes than high-income consumers./. Source: Vietnam News Agency
Vietnamese coffee promoted in Algeria
Algiers: The Trade Office of Vietnam in Algeria on March 2 coordinated with the Bab Ezzouar Commercial Centre in Algiers to organise an event to promote Vietnamese coffee products. At the event, visitors and local consumers had the opportunity to learn about Vietnamese coffee, listen to presentations about the coffee processing methods, and enjoy the products. On this occasion, the trade office also displayed catalogs and sample products of Vietnamese businesses and connected with customers. Bab Ezzouar is the largest shopping mall in Algeria with stores covering an area of 45,000 sq.m, offices 20,000 sq.m, and UNO - a hypermarket 7,200 sq.m. Algeria is considered one of the major coffee-consuming markets as it spends over 300 million USD importing about 130,000 tonnes of coffee beans on average each year, of which Vietnam's Robusta green coffee beans usually account for 25-30%. In December 2023, for the first time, the trade office held an event to promote Vietnamese coffee and tra fish at the Carrefour hypermarket - another major distribution system in Algeria./. Source: Vietnam News Agency
Bullet train expected to create breakthroughs for domestic railway sector
Hanoi: The 140-year-old railway, considered outdated in Vietnam, will undergo the most significant infrastructure transformation in decades, as the North-South high-speed railway project will be submitted to the Politburo in March, and the National Assembly within this year. At a working session with the Ministry of Transport earlier, permanent Government members stressed that the high-speed railway must be modern, concerted and sustainable. The ministry had sketched out three scenarios, which, however, are expected to be reduced to two, offering freight services, apart from passenger transportation as the priority. Under the first scenario, the train will move at a speed of 200-250 km/h and the investment capital is estimated at around 72.02 billion USD. Meanwhile, the speed of 350 km/h and some 71.6 billion USD in investment capital are set for the second, including spending on infrastructure and equipment for freight transportation. The bullet train will depart from the Ngoc Hoi Station in Hanoi to Thu Thiem in Ho Chi Minh City, with its running time from 5 hours 26 minutes to 7 hours 54 minutes, depending on the number of stops. The ministry explained that cargo services are to ease the burden for other means like marine and air transportation, saying the present North-South railway will also be modernised to carry both goods and passengers. According to the ministry, permanent Government members will opine on the selection of one of the two before they are submitted to the Politburo. Associate Professor, Dr. Tran Chung, Chairman of the Vietnam Association of Road Traffic Investors (VARSI), and member of the project's consulting team, expressed his support for the second, which, he said, would help materialise the country's goal of net zero emissions by 2050, and raise the rail sector's competitiveness in terms of speed. The railway project would require around 13,000 people to operate, said Dang Sy Manh, Chairman of the Board of Members of Vietnam Railways (VNR)./. Source: Vietnam News Agency
Bullet train expected to create breakthroughs for domestic railway sector
Hanoi: The 140-year-old railway, considered outdated in Vietnam, will undergo the most significant infrastructure transformation in decades, as the North-South high-speed railway project will be submitted to the Politburo in March, and the National Assembly within this year. At a working session with the Ministry of Transport earlier, permanent Government members stressed that the high-speed railway must be modern, concerted and sustainable. The ministry had sketched out three scenarios, which, however, are expected to be reduced to two, offering freight services, apart from passenger transportation as the priority. Under the first scenario, the train will move at a speed of 200-250 km/h and the investment capital is estimated at around 72.02 billion USD. Meanwhile, the speed of 350 km/h and some 71.6 billion USD in investment capital are set for the second, including spending on infrastructure and equipment for freight transportation. The bullet train will depart from the Ngoc Hoi Station in Hanoi to Thu Thiem in Ho Chi Minh City, with its running time from 5 hours 26 minutes to 7 hours 54 minutes, depending on the number of stops. The ministry explained that cargo services are to ease the burden for other means like marine and air transportation, saying the present North-South railway will also be modernised to carry both goods and passengers. According to the ministry, permanent Government members will opine on the selection of one of the two before they are submitted to the Politburo. Associate Professor, Dr. Tran Chung, Chairman of the Vietnam Association of Road Traffic Investors (VARSI), and member of the project's consulting team, expressed his support for the second, which, he said, would help materialise the country's goal of net zero emissions by 2050, and raise the rail sector's competitiveness in terms of speed. The railway project would require around 13,000 people to operate, said Dang Sy Manh, Chairman of the Board of Members of Vietnam Railways (VNR)./. Source: Vietnam News Agency
Bullet train expected to create breakthroughs for domestic railway sector
Hanoi: The 140-year-old railway, considered outdated in Vietnam, will undergo the most significant infrastructure transformation in decades, as the North-South high-speed railway project will be submitted to the Politburo in March, and the National Assembly within this year. At a working session with the Ministry of Transport earlier, permanent Government members stressed that the high-speed railway must be modern, concerted and sustainable. The ministry had sketched out three scenarios, which, however, are expected to be reduced to two, offering freight services, apart from passenger transportation as the priority. Under the first scenario, the train will move at a speed of 200-250 km/h and the investment capital is estimated at around 72.02 billion USD. Meanwhile, the speed of 350 km/h and some 71.6 billion USD in investment capital are set for the second, including spending on infrastructure and equipment for freight transportation. The bullet train will depart from the Ngoc Hoi Station in Hanoi to Thu Thiem in Ho Chi Minh City, with its running time from 5 hours 26 minutes to 7 hours 54 minutes, depending on the number of stops. The ministry explained that cargo services are to ease the burden for other means like marine and air transportation, saying the present North-South railway will also be modernised to carry both goods and passengers. According to the ministry, permanent Government members will opine on the selection of one of the two before they are submitted to the Politburo. Associate Professor, Dr. Tran Chung, Chairman of the Vietnam Association of Road Traffic Investors (VARSI), and member of the project's consulting team, expressed his support for the second, which, he said, would help materialise the country's goal of net zero emissions by 2050, and raise the rail sector's competitiveness in terms of speed. The railway project would require around 13,000 people to operate, said Dang Sy Manh, Chairman of the Board of Members of Vietnam Railways (VNR)./. Source: Vietnam News Agency
Vietnam attends Antalya Diplomacy Forum in Trkiye
Hanoi: Deputy Minister of Foreign Affairs Nguyen Minh Hang attended the Antalya Diplomacy Forum and held bilateral activities in Trkiye on March 1-2. Themed 'Advancing Diplomacy in Times of Turmoil,' the forum brought together about 4,000 delegates, including 19 high-ranking leaders, and nearly 100 ministers and deputy ministers from 147 countries, along with representatives of international organisations, policy makers, experts, scholars and businesspeople. It looked into the world and regional situation, and how to respond to non-traditional security challenges such as food security, energy security and climate change, and new development trends like digital transformation, green transition, and artificial intelligence, among others. In her remarks, Hang said the Asia-Pacific needs to maintain an open, transparent, resilient, inclusive and rules-based regional structure, in which ASEAN plays a central role. ASEAN wishes and stands ready to strengthen cooperation with all countries and partners in and ou tside the region to contribute to maintaining peace and stability in the region, she said. The official also affirmed that Vietnam will continue to consistently implement its foreign policy of independence, self-reliance, peace, cooperation, development, diversification and multilateralisation of relations, and being a friend, and a reliable and responsible partner of the international community. Vietnam will work together with other ASEAN member countries for peace, stability and prosperity in the region, she said. On this occasion, Hang had meetings with Turkish Deputy Minister of Foreign Affairs Burak Akçapar, President of the Foreign Economic Relations Board (DEIK) Nail Olpak, and other Turkish officials. Hang suggested the two countries take more measures to boost their cooperation across spheres, for the development of each side. While in Trkiye, Hang also met with Minister of Foreign Affairs of Kyrgyz Jeenbek Kulubaev and her counterparts from Saudi Arabia, Nigeria and Oman./. Source: Vietnam Ne ws Agency
PM Pham Minh Chinh’s Australia trip ‘incredibly important’: Ambassador
Hanoi: Australian Ambassador to Vietnam Andrew Goledzinowski has emphasised the significance of the upcoming trip to Australia by Prime Minister Pham Minh Chinh in an interview granted to the Vietnam News Agency (VNA). PM Chinh and his spouse will attend the ASEAN-Australia Special Summit to commemorate the 50th anniversary of ASEAN-Australia dialogue relations, and pay official visits to Australia and New Zealand from March 5-11. His attendance at the summit and visits will be made at the invitation of Australian Prime Minister Anthony Albanese and Prime Minister of New Zealand Christopher Luxon. According to the ambassador, the PM's official visit to Australia is 'incredibly important' as it comes after the 50th anniversary of the bilateral diplomatic ties last year when all important Australian leaders came to Vietnam. PM Chinh is one of the three ASEAN leaders to pay an official bilateral visit to Australia next week, he said, noting that Australia highly values the importance of Vietnam as well as th e bilateral relationship, which is expected to grow further following the visit. According to Goledzinowski, the Vietnam-Australia relationship covers all spheres, but PM Chinh's visit will focus on the five areas of political and strategic understanding; economy and trade; education; energy transition and climate change; and knowledge, innovation and science. The diplomat revealed that Australia now has a new economic policy towards Vietnam, which will be announced by the Australian PM on this occasion, and expected to help attract more Australian investments to the Southeast Asian nation. Asked about the bilateral cooperation in renewable energy, Goledzinowski said some leading Australian companies and groups are scheduled to hold meetings with PM Chinh to talk about specific investment opportunities. 'Vietnam has amazing prospects in solar and offshore wind and other renewable energy sources. So I think there's a great deal that Australia and Vietnam can do together,' he said. Regarding the summit, th e ambassador said Australia was the very first country to enter into a dialogue partnership with ASEAN, and four years ago, Australia became the grouping's first comprehensive strategic partner. Australia wants to further strengthen economic engagement with ASEAN, he said, noting that the bloc is now the country's second most important trade partner. 'So we want to build on that. And we also want to build on our strategic and political cooperation in the region,' he stressed. 'For us, we talk about ASEAN's centrality. ASEAN is at the heart of our regional strategy. And we hope that this summit will further strengthen ASEAN's role in maintaining stability, peace and dialogue in our part of the world,' the ambassador said./. Source: Vietnam News Agency
PM Pham Minh Chinh’s Australia trip ‘incredibly important’: Ambassador
Hanoi: Australian Ambassador to Vietnam Andrew Goledzinowski has emphasised the significance of the upcoming trip to Australia by Prime Minister Pham Minh Chinh in an interview granted to the Vietnam News Agency (VNA). PM Chinh and his spouse will attend the ASEAN-Australia Special Summit to commemorate the 50th anniversary of ASEAN-Australia dialogue relations, and pay official visits to Australia and New Zealand from March 5-11. His attendance at the summit and visits will be made at the invitation of Australian Prime Minister Anthony Albanese and Prime Minister of New Zealand Christopher Luxon. According to the ambassador, the PM's official visit to Australia is 'incredibly important' as it comes after the 50th anniversary of the bilateral diplomatic ties last year when all important Australian leaders came to Vietnam. PM Chinh is one of the three ASEAN leaders to pay an official bilateral visit to Australia next week, he said, noting that Australia highly values the importance of Vietnam as well as th e bilateral relationship, which is expected to grow further following the visit. According to Goledzinowski, the Vietnam-Australia relationship covers all spheres, but PM Chinh's visit will focus on the five areas of political and strategic understanding; economy and trade; education; energy transition and climate change; and knowledge, innovation and science. The diplomat revealed that Australia now has a new economic policy towards Vietnam, which will be announced by the Australian PM on this occasion, and expected to help attract more Australian investments to the Southeast Asian nation. Asked about the bilateral cooperation in renewable energy, Goledzinowski said some leading Australian companies and groups are scheduled to hold meetings with PM Chinh to talk about specific investment opportunities. 'Vietnam has amazing prospects in solar and offshore wind and other renewable energy sources. So I think there's a great deal that Australia and Vietnam can do together,' he said. Regarding the summit, th e ambassador said Australia was the very first country to enter into a dialogue partnership with ASEAN, and four years ago, Australia became the grouping's first comprehensive strategic partner. Australia wants to further strengthen economic engagement with ASEAN, he said, noting that the bloc is now the country's second most important trade partner. 'So we want to build on that. And we also want to build on our strategic and political cooperation in the region,' he stressed. 'For us, we talk about ASEAN's centrality. ASEAN is at the heart of our regional strategy. And we hope that this summit will further strengthen ASEAN's role in maintaining stability, peace and dialogue in our part of the world,' the ambassador said./. Source: Vietnam News Agency