The Ministry of Planning and Investment (MPI) has proposed measures to support investment in hi-tech fields amid the global minimum tax regime.

MPI has consulted with the Ministry of Justice (MOJ) on a resolution on pilot policies to support investment in hi-tech fields. MPI has submitted to the government a draft National Assembly resolution on investment encouragement policies with simplified procedures.

MPI said that changes in supplementing investment incentives forms and encouraging new investments in hi-tech fields amid the global minimum tax is a must to ensure the competitiveness and attractiveness of Vietnam as an investment environment.

The ministry has proposed an investment encouragement policy on a trial basis for four groups of enterprises.

First, enterprises running projects with investment capital of over VND12 trillion, or enterprises with turnover of VND20 trillion a year in hi-tech manufacturing fields.
Second, hi-tech firms that have investment projects capitalized at over VND12 trillion or annual turnover of over VND20 trillion.
Third, projects utilizing high technology with investment capital of over VND12 trillion or annual turnover of over VND20 trillion.
Fourth, projects on research and development centers capitalized at over VND3 trillion.

The draft resolution mentions four forms of investment incentives, including: supporting training and development of human resources; giving financial support to create fixed assets and social infrastructure; giving financial support for manufacturing hi-tech products; and supporting research and development.

Regarding investment support methods, the compilation agency suggested that investment support should be deducted from enterprises’ corporate income tax obligations, or come directly from the state budget.

The funds to implement the investment support policy will be included in the annual state budget.

MPI said that the measures follow OECD’s (the Organisation for Economic Co-operation and Development) recommendations on creating policies amid the global minimum tax application.

These are investment support measures being applied by other regional countries. In Vietnam, this support still has not been legalized.

The resolution would be valid for five years, starting January 1, 2024. During the time of implementation, in case the Investment Law, the State Budget Law and other related laws are amended, the new regulations will be implemented.

Vietnam wants to apply the global minimum tax from 2024 and to facilitate enterprises to pay additional tax in Vietnam.

Source: https://baochinhphu.vn

Hue has welcomed the first direct flight connecting the former imperial capital Hue with Taipei of Taiwan, transporting the first Taiwanese passengers to the new terminal of Phu Bai airport.

The first flight of the route on Saturday was a chartered one using Vietjet’s modern aircraft.

The airline has been the first operator of two direct routes linking the new terminal of Phu Bai airport with Kunming (China) and Seoul (South Korea).

With new international routes to Hue, Vietjet looks to help create more tours to attract international visitors, thus contributing to the development of the local economy and tourism on par with the potential and position of an ancient capital rich of in heritage values like Hue.

The flights are expected to not only bring international tourists to Viet Nam and promote the image of a friendly and hospitable country to friends around the world but also carry Vietnamese tourists to global famous destinations.

Source: https://baothuathienhue.vn

The Government promulgates Decree No. 26/2023/ND-CP Export Tariff, Preferential Import Tariff, List of Goods and Absolute Tax Rates, Mixed Taxes and Out-of-quota Import Taxes.

Decree No. 26/2023/ND-CP is promulgated together with the following 4 appendices:

1- Appendix I – Export tariff according to the List of taxable goods.

2- Appendix II – Preferential import tariff according to the List of taxable goods.

3- Appendix III – List of goods, absolute tax and mixed tax rates for used passenger cars with 15 seats or less.

4- Appendix IV – List of goods and Out-of-quota Import Taxes for out-of-quota goods.

This Decree also regulate conditions for entitlement to the preferential import duty rate of 0% with regard to imported auto parts of automobiles according to the tax incentive program for automobile manufacturing and assembly and materials, supplies and accessories used for manufacturing, processing (assembling) supporting industrial products prioritized for development of the automobile manufacturing and assembly industry.

Accordingly, from October 1, 2022 to the effective date of this Decree, the requirement pertaining to the minimum degree of completeness of auto parts according to Point b Clause 3.1 Article 7a specified in Clause 3 Article 2 and point b.5 clause 3 Section II Chapter 98 Decree No. 57/2020/ND-CPstatus3 .

In case an enterprise has participated in the Tax Incentive Program but has not yet been refunded the import duty paid from October 1, 2022 to the effective date of this Decree, it will be entitled to a tax refund equivalent to the number of auto parts that have been imported if the requirements specified in the tax incentive program are satisfied, the requirement pertaining to minimum degree of auto parts is not applicable.

Preferential import duty rates for imported auto parts of heading 98.49 specified in Article 8 of this Decree shall be applied until December 31, 2027. Enterprises that have registered to participate in the Tax Incentive Program before the effective date of this Decree must re-register with the customs authorities.

Preferential import duty rates for raw materials, supplies and components for the manufacturing, processing (assembly) of supporting industry products prioritized for development for the automobile manufacturing and assembly industry prescribed in Article 9 of this Decree shall be applied until December 31, 2024. Enterprises that have enrolled in the Tax Incentive Program for the automobile supporting industry specified before the effective date of this Decree must not re-register.

This Decree comes into force as of July 15, 2023.

Source: https://datafiles.chinhphu.vn/cpp/files/vbpq/2023/6/26-nd.signed.pdf

Prime Minister Pham Minh Chinh attended the ground-breaking ceremony of Ring Road 4 which spans 112km through Ha Noi, Hung Yen and Bac Ninh.

Prime Minister Pham Minh Chinh issued the order to start the project.

Addressing the event, Prime Minister Pham said infrastructure development is one of the three strategic breakthroughs defined by the Party.

“The investment in the construction of Ring Road 4, located in the Capital Region, will create new opportunities for development in the entire region, particularly benefiting Hanoi and the provinces of Hung Yen and Bac Ninh, through which the route passes,” Prime Minister Pham Minh Chinh said.

Prime Minister Pham Minh Chinh also emphasized that the groundbreaking ceremony marked the first step towards success and highlighted the magnitude of the upcoming tasks that lie ahead.

The Ring Road 4 project has a total length of 112.8 km and is initially estimated to require a total investment of VND85,813 billion. Substantial progress is expected to be made by 2026 and the project is expected to become operational in 2027.

The project is divided into seven different component projects, which will be implemented independently. In addition, the National Assembly has granted specific mechanisms to facilitate investment capital, implementation, hiring contractors on a non-competitive basis, and managing the utilization of materials for the project.

The project has total investment capital of VND 85 trillion. Photo: dantri.com.vn

In Hanoi, work on the Ring Road 4 – Capital Region project has started at four designated sites:

Starting Point No. 1 is located at the primary bridge intersection of Ring Road 4 and Thang Long Boulevard (at Km28+900 of Ring Road 4, corresponding to Km12+600 of Thang Long Boulevard) in Song Phuong Commune, Hoai Duc District.

Starting point No. 2 is located at the intersection of Ring Road 4 and National Highway 2 (at Km1+445) in Thanh Xuan commune, Soc Son district.

Starting point No. 3 is located at the intersection of the South Axis (at Km45+700) within the territory of Tam Hung Commune, Thanh Oai District.

Starting point No. 4 is at the intersection of Ring Road 4 and the old National Highway 1A (at Km52+600 of Ring Road 4, corresponding to Km190+270 of National Highway 1A) in Van Binh commune, Thuong Tin district.

Source: https://hanoitimes.vn

On June 5, 2023, Viglacera Corporation – JSC held a progress meeting to evaluate the results of production and business activities in May 2023 as well as the business plan and key tasks for the last 6 months of the year.

As reported at the briefing, in the first months of 2023, the instability of the world economic situation and in Vietnam significantly affected the production and business situation of material manufacturing and real estate enterprises in the country, the market demand for materials decreased. In that context, Viglacera continued to stick to the management goals, drastically directed production, business and investment, focused on solving difficulties, making the most of and exploiting opportunities in the market. Viglacera Corporation’s production and business activities’ operational results continued to exceed the profit target in May 2023.

Specifically, the consolidated profit of the Corporation in May 2023 reached 166% of the month plan, of which the parent company achieved 142%. In May, the entire Real Estate Department achieved 126% of the planned revenue, and exceeded the profit target by 44%, especially in the industrial real estate business. For building materials, the export revenue target reached 100% as planned, exceeding 26% compared to the same period in 2022.

Overview of the meeting.

Notably, although in the past time, the building material production faced many difficulties and achieved low efficiency, Viglacera promptly adapted and caught the opportunity to accelerate right from the first months of 2023 to face the quick and unpredictable market moves.

The bright spot in the material is the products: Energy-saving Glass and Aerated Concrete. In the period of general difficulty and saturation of the building materials market, these products have the ability to compete in the market and achieve high efficiency in production and business. This is the right direction of the Corporation leaders in recent times in terms of directing the development of the new products and new orientations in the line of Green and Environmentally Friendly Building Materials.

Investing in the new line of Sacmi Continua+ is also a new development orientation for the Tiles block. New product trends such as high-class large-format porcelain tiles produced on Viglacera’s Continua+ line will be supplied to the domestic market to replace imported goods. Besides, Vasta Sintered Stone products are a pioneering difference when providing solutions for new interior materials. These are positive signs, showing the right step of the Corporation in researching and developing new pioneering products.

Assessing that the market in the last months of 2023 still has many difficulties and challenges, leaders of Viglacera Corporation directed to focus on researching and evaluating the market, spreading distribution channels in localities; deploying business solutions from the domestic market to export; balancing the production plan according to the actual needs of the market, while continuously improving product quality, launching new products to suit consumers’ tastes…

Source: http://www.viglacera.com.vn

Deputy Prime Minister Tran Hong Ha has signed a decision approving an adjustment to the investment plan for an expressway connecting northern mountainous Tuyen Quang province and northern Phu Tho province with the Noi Bai – Lao Cai Expressway.

Total investment capital in the project will increase to VND3.75 trillion ($158 million) from VND3.2 trillion ($135 million)….

The 40.2-km link includes 11 km in Tuyen Quang province and the remainder in Phu Tho.

In the first phase, from 2020 to 2023, the expressway will have two lanes, allowing vehicles to travel at a maximum speed of 80 km/h. Completion is expected by the end of this year.

Under the adjusted plan, the second phase will be implemented this year instead of 2025, as scheduled, expanding the expressway to four lanes and allowing a maximum speed of 120 km/h..

Source: https://vneconomy.vn

Currently, there are a series of major traffic works and projects that are being and continue to be implemented, such as the Thuan An sea route and bridge; Ring Road 3, connecting from Huong Tra town to Hue City and Huong Thuy town; To Huu Street from Hue City to Phu Bai International Airport; Phong Dien – Dien Loc street; Mai – Tan My market street; Phu My – Thuan An road; West road of Tam Giang – Cau Hai lagoon (Phu My – Phu Da section)…

Adjustment of investment policy in ring road 3 by more than 1,250 billion VND

Ring Road 3 with a length of 6.5km will be invested and built by Thua Thien Hue to perfect the traffic network, prevent congestion and reduce the load on National Highway 1A, the section through the center of Hue City. The project has a total investment of about more than 1,250 billion VND.

Ring Road 3, connecting from Huong Tra town to Hue City

Accordingly, with the adjusted investment scale, a route will be built with a total length of about 6.5km. Specifically, the first point intersects with National Highway 1 (at the intersection with Nguyen Van Linh Street), the end point intersects with National Highway 49A at Km19+170 (the junction of Vo Van Kiet and Minh Mang Streets), including 3 sections. This adjustment reduces the length of the route to 6.5km However, it does not change the total investment of the project, only changes the structure of the total investment.

The project aims to contribute to the completion of the main traffic network in the area according to the approved plan, improve the navigation capacity, prevent congestion and reduce traffic volume for the National Highway 1A section through the centre of Hue City.

The project also aims to create the conditions for the formation and development of satellite towns and new urban areas, effectively exploiting the planned land funds on both sides of the project, creating more revenue for the budget… The project implementation period is 4 years from the date of commencement.

Efforts to build overpass over Thuan An Seaport

The bridge over Thuan An estuary is the longest bridge over the sea estuary in the Central region, started in March 2022 with a total investment of VND 2,400 billion, expected to be completed in 2025, connecting with the national coastal road.

According to the Vice Chairman of Thua Thien Hue Provincial People’s Committee Hoang Hai Minh, the bridge has a particularly important meaning for the socio-economic development of the locality. The bridge is located in the coastal route project of the province, which will be a strategy and driving force for the development of the marine and lagoon economy in the coming time, contributing to changing the urban face, step by step implementing the goals of the Decree No. 54 – NQ/TW dated December 10, 2019 of the Politburo on Construction and Development of Thua Thien Hue until 2030, with a vision to 2045; striving to become a city directly under the Central Government.

The bridge over Thuan An estuary is one of the items of the coastal route passing through Thua Thien Hue province. The starting point of the bridge is Hoang Sa Street, Thuan An Ward, the end point is at Con Dau, Hai Duong Commune, Hue city.

The perspective of the bridge spanning Thuan An estuary with a length of 2.36 km, a width of 20 m and 4 lanes. The project is expected to be completed in 2025.

Source: https://baodautu.vn

Cities and provinces in the Northern Key Economic Region have been identified as the political, economic, cultural, scientific, and technical center of Vietnam as well as the main area of integration and exchange for the country with the region and the world, Permanent Deputy Minister of Foreign Affairs Nguyen Minh Vu told the Meet Korea 2023 event on May 18 in northern Bac Ninh province.

As a bright spot in terms of investment attraction and industrial development in Vietnam, Bac Ninh is an ideal meeting point for Vietnamese localities, enterprises, agencies and South Korean enterprises to exchange experience and open up new cooperative opportunities.

According to the Permanent Deputy Minister, Vietnam welcomes South Korean enterprisé to expand their investment scale in the country, especially in the fields of high technology, science and technology, innovation, the green economy, the digital economy, digital transformation, clean energy, smart cities, and eco-cities.

Speaking at the event, H.E. Oh Young-ju, the RoK’s Ambassador Extraordinary and Plenipotentiary to Vietnam, emphasized two special meanings for the Meet Korea 2023 event.

First of all, many relevant companies and agencies from both countries are present despite the effects of the global economic downturn. This is a positive point in economic cooperation between Vietnam and the Republic of Korea, even in the context of it being difficult for the two countries to reach the target for bilateral trade turnover of $100 billion this year due to the global economic slowdown.

Second of all, Meet Korea 2023 is the first event organized after the two countries upgraded their relationship to a comprehensive strategic partnership in December last year.

Also within the framework of the program “Meet Korea in the Northern region in 2023”, on the morning of May 18, Vice Chairman of Bac Ninh Provincial People’s Committee – Ngo Tan Phuong met and worked with a delegation of Korean enterprises led by Mr. Kim Hyong Mo, Chief Representative of the Korean Chamber of Commerce and Industry in Vietnam (KCCI), who led the delegation to visit and work at Yen Phong industrial park, Yen Phong district, Bac Ninh province.

Through the meeting, the Korean economic world knew Bac Ninh not only because it is the destination of many Korean enterprises, including Samsung, but also was impressed by the provincial leaders who always accompany, care, support and create all favorable conditions for enterprises to operate and develop. Thereby, KCCI will continue to propagate, promote and introduce the image of Bac Ninh and its industrial parks to Korean investors for research and investment.

Yen Phong Industrial Park, developed by Viglacera Corporation – a prestigious developer with more than 22 years of experience in the field of industrial zones, is considered a comprehensively developed industrial park for owning synchronous and modern technical infrastructure system and social infrastructure systems.

Yen Phong Industrial Park consists of two phases: phase 1 (344ha) is 100% filled and expansion phase (314ha). Currently, the industrial park has a synchronous and modern technical infrastructure system, including a power station, a nitrogen gas station, a water supply station, and a wastewater treatment station.

Not only developing synchronous technical infrastructure, but Viglacera also cares about sustainable development and social security when deciding to invest and build Yen Phong urban area to meet the need to live near the industrial park of workers.

Housing project for experts and workers located right in Yen Phong Industrial Park with a scale of 20ha, with adjacent apartments, condominiums and utilities such as restaurants, supermarkets, .. will meet the accommodation demands for nearly 6000 professionals and workers.

In particular, a complex of multi-functional works – Cultural and social housing area including Primary school, Kindergarten, Culture house, Health station and green park, exercise and sports area ,.. is invested and built on a land of 17,000m2, with the goal of best meeting the needs of workers’ accommodation, working, living and traveling, indirectly supporting costs and creating abundant human resources for enterprises operating in Viglacera’s IPs.

With the above advantages, Yen Phong Industrial Park has become the largest FDI attraction in the North with more than 12 billion USD, contributing to bringing Bac Ninh to the Top 10 in the country for many consecutive years in terms of attracting FDI. Up to now, there have been 100 investors operating in the industrial park, including big brands such as Samsung, Orion, Intops, Ottogi, LS Electric, KCC, Mobase, Deli, Lock & Lock…

Source: https://diendandoanhnghiep.vn

With a series of key projects in the field of building materials, industrial real estate, social housing, or commercial housing, Viglacera expects to complete the plan in 2023 with revenue of VND 15,750 billion and pre-tax profit of 1,210 billion VND.

On May 11, 2023, Viglacera Corporation – JSC held the Annual General Meeting of Shareholders (GMS) in 2023. As planned, Viglacera is oriented to focus on the investment in key projects.

In the field of construction materials, Viglacera plans to invest in the second phase of Ultra Clear Float Glass Factory, Viglacera Eurotile Factory (My Duc factory 2) with a capacity of 9 million m2/year in Ba Ria – Vung Tau, expanding investment in existing factories of member units such as Viglacera Hanoi Joint Stock Company, Viglacera Thanglong Joint Stock Company, My Duc Factory in Ba Ria – Vung Tau, etc.

In addition, Viglacera also focused on completing the new large-sized Vasta stone product line to satisfy the domestic and export markets.

Application of Vasta Stone sintered stone products in architecture and interior. Photo: Viglacera

This year, Viglacera also plans to put all its efforts into industrial real estate. Currently, Viglacera has invested and operated 11 industrial parks (IPs) in Vietnam and one industrial zone in Cuba, attracting 16 billion USD of FDI from more than 300 domestic and foreign enterprises, including many large enterprises such as BYD, Deli, Texhong, Qisda, Foxconn, Samsung, Amkor, Hyosung, Anam Electronics, Kortek, Orion, Ottogi, Canon, etc.

In 2023, the company plans to focus on developing, investing, doing business, and operating technical and social infrastructure in existing industrial parks while developing and expanding land banks in potential areas. Viglacera aims to increase the total number of IPs to more than 20 IPs with a total area of about 2,000 – 3,000 hectares by 2025.

For social housing and worker housing, Viglacera plans to step by step implement a program to invest in 50,000 social housing apartments in the period of 2022-2030, in which, Viglacera continues to develop social housing and worker housing areas, in sync with the development of the existing Dong Van 4, Phu Ha and Dong Mai industrial parks; social housing in Kim Chung; 9.8ha social housing in Yen Phong – Bac Ninh; the construction of new worker housing in Tien Hai (5.2ha), social housing in Phu Ha (8.4ha), preparing to invest in worker housing in Hai Yen – Quang Ninh, etc.

Currently, Viglacera owns more than 4,000 hectares of industrial real estate. Photo: Viglacera

For commercial housing, Viglacera continues to invest in Dang Xa (Hanoi); Tien Son, and Yen Phong – Bac Ninh Urban Area. The company will continue to implement the Van Hai High-class Eco-tourism Area Project phase 1 with an area of ​​35 ha, in which, an international 5* hotel is expected to be completed and put into operation in the second quarter of 2023; at the same time, prepare for the investment of phase 2 with an area of 40 ha.

In addition, Viglacera also expands its investment abroad. In 2023, the company plans to continue to implement investment projects in Cuba, in which, continue to implement phase 2 at ViMariel Industrial Park Projects and SanVig Joint Venture Project; continue to survey investment projects to build construction material factories in Cuba (1 Cotto brick factory, 1 Granite factory), research and prepare to invest in industrial parks, urban areas and production of building materials projects in the Dominican Republic.

2023 is considered to be a year with many difficulties, the Board of Directors of Viglacera Corporation held a meeting to agree to submit to the General Meeting of Shareholders to approve the business plan in 2023 with the target equivalent to 2022 and maintain the dividend payment rate of 20%.

On April 15, at Ben Thanh Theater, Ho Chi Minh City, Viglacera Corporation – JSC was honored to receive the award “Top 10 leading brand in Vietnam 2023” – Vietnam Leading Brands 2023. The award is the recognition for the continuous efforts of Viglacera Corporation in recent years, contributing to affirm Viglacera’s position and prestige in the field of construction materials production as well as real estate and industrial zones investment during the nearly 50-year journey of building and developing.

The 10th “Vietnam Leading Brands 2023” program is an annual activity to report, summarize and announce excellent enterprises in applying creative management processes and quality innovation to improve the internal capacity of enterprises and the ability to integrate and compete in the international economy. At the same time, it also honors the brands that have made active and effective contributions to improving the quality of products and services and are committed to better serving customers. Recognition comes from outstanding business results with the level of product improvement and the quality of customer service being continuously improved to make a difference. The program is assessed by the Asian Economic Research Institute, the Institute of Competitiveness Assessment and Survey and the Vietnam Association of Science and Business Development.

Viglacera is the first enterprise to synchronously produce and supply all kinds of modern building materials in Vietnam, accompanying Vietnamese consumers in creating modern buildings. Over 49 years of construction and development, Viglacera has always affirmed its pioneering role in the production of building materials and investment in real estate business in Vietnam, striving to transform itself according to the fluctuations of history and the market to become of the brands that Vietnamese people are most proud of.

With a medium and long-term strategy, Viglacera aims to become an economic group, developing in two key areas: building materials and real estate. In particular, the main goal is to maximize the capacity of existing and invested factories and production lines of building materials.

In the field of building materials, Viglacera always pioneers in the latest and most modern technology to bring diverse experiences to the consumers. Products of high-quality construction glass, energy-saving glass, ceramic tiles, sanitary ware, panels and aerated concrete bricks are applied “green” technology and the most advanced production technology line in the world, expected to soon become the pride of high-quality Vietnamese products of the consumers in the domestic market as well as in fastidious markets such as Japan, the US, and the EU… In particular, the Corporation continues to research, diversify products and develop investment in key product groups such as construction glass, sanitary ware – shower faucets, ceramic tiles…

Viglacera plans to continue investing in the Phase 2 super white float glass factory, which is a product used as a billet for the production of solar cells and high-grade processed glass; At the same time, urgently complete the line with advanced technology to produce large-panel tiles, high-grade sintered stone products (for interior and exterior)… at Viglacera Eurotile Brick Factory (My Duc Factory 2) in Ba Ria – Vung Tau, expanding investment in existing factories of member units such as Viglacera Hanoi Joint Stock Company, Viglacera Thang Long Joint Stock Company, My Duc Factory in Ba Ria – Vung Tau…

In the field of real estate, the Corporation focuses on developing investment, trading and operation of industrial park technical infrastructure and services in existing IPs as well as developing and expanding land banks in potential areas (Central, Southern) and abroad (Cuba).

Viglacera sets a goal by 2025 to increase the total number of industrial zones of the Corporation to more than 20 industrial zones, including more than 10 new industrial zones with a total area of about 2,000 – 3,000 hectares. In addition, the Corporation also develops and invests in social housing, worker housing in industrial zones, commercial housing and resort real estate, operates and exploits existing industrial zones and urban areas.

With the efforts and persistence of Viglacera’s Board of Directors and staff during the past time, winning the title of “Top 10 Leading Brands in Vietnam in 2023” is an honor and a worthy achievement. It is also the driving force for the leaders and staff of Viglacera Corporation to build a stronger and stronger business, affirming its position as a leading enterprise in the production of building materials and investment in the real estate business in Vietnam.