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Posts Tagged ‘percent’

Tax cut by up to 6 percent on 1,000 imports

In Uncategorized on January 8, 2011 at 4:10 am




Tax cut by up to 6 percent on 1,000 imports


QĐND – Thursday, January 06, 2011, 21:17 (GMT+7)

Nearly 1,000 goods items would enjoy an import tax cut of 1-6 percent in 2011, according to the Ministry of Finance’s Taxation Policy Department.


Director of the department Vu Van Truong said the items would mainly include agricultural produce, seafood, construction materials and electrical appliances.


The average drop for most items would be 2-3 percent, said Truong.


The cut, part of Vietnam’s commitment to the World Trade Organisation, was expected to benefit domestic consumers, giving them a wider choice of reasonably priced imported goods, Truong said.


However, he warned that the cut would also place pressure on Vietnamese goods that would face fierce competition from imported products.


Trade experts were also concerned about a predicted surge in the country’s trade deficit next year in the wake of the import tax cut.


The country imported 84 billion USD worth of goods last year, up 20 percent over the previous year with a trade deficit of 12.3 billion USD.


This year, the country plans on restricting the trade deficit to 14.18 billion USD with an import value of roughly 92 billion USD.


Last year, roughly 2,000 goods including food, animal feed, construction materials and steel also enjoyed an import tax cut of 1-6 percent, which cost the State budget roughly 1 trillion VND (51.28 million USD).


Source: VNA


Source: QDND

85 percent road accidents caused by drivers’ faults

In Uncategorized on January 8, 2011 at 4:03 am

Eighty five percent of traffic accidents occurred due to drivers’ carelessness, Transport Minister Ho Nghia Dung told Sai Gon Giai Phong newspapers at a conference on traffic accidents.

A laden vehicle travels  in streets ( Photo: SGGP)

Mr. Dung said that the authorities have tried to reduce road accidents by raising residents’ awareness of traffic safety issues, and by imposing heavier penalties for violating traffic laws.


However, there are many causes of traffic accidents, but most happened due to the carelessness of drivers.


Drivers travel at high speed along streets and encroach onto opposite lanes on the road. This has clearly showed that all efforts to educate people, regarding traffic laws have failed, said Mr. Dung.


The minister admitted that the use of textbooks, at drivers’ training classes for obtaining a license, has not concentrated on raising awareness of motorcycle hazards on the road. Therefore, the transport authorities have made some minor adjustments in the textbooks.


These adjustments include three additional chapters, which include predictions of dangerous situation in streets, knowledge on how to prevent traffic accidents and how to protect oneself, and first aid knowledge about road injuries.


Transport authorities may cancel and revoke a driver’s license, if a driver has violated traffic laws many times.


For Tet (lunar New Year) holidays, authorities will try to further reduce road accidents by way of prohibiting unsafe vehicles, from traveling on streets, and by controlling boats without lifebuoys.


Street wardens will impose harsh penalties on those drivers that violate law regulations. These traffic violations include vehicles that travel at high speed, vehicles who encroach onto opposite lanes, driving while drunk and over laden vehicles.


The National Traffic Safety Committee, the Ministry of Transport and local government’s officials will work to ensure that all drivers on the road adhere to traffic regulations from January 24 to February 7.


The National Traffic Safety Committee in Hanoi held the conference.

The number of traffic accidents in 2010 in Vietnam is 14,442, an increase of over 1,788 cases. Although the road crash fatalities have dropped by 47 cases, it is still high with 11,449 people dying on the roads.

The injury toll is also up by 2,500 cases, according to the National Traffic Safety Committee’s statistics.

The northern province of Lai Chau, the highlands province of Kon Tum and the Mekong delta province of Bac Lieu have witnessed a high number of traffic-related deaths.

The National Traffic Safety Committee plans to further reduce road accidents and traffic death by at least 3 percent.

Source: SGGP

Central bank maintains 9 percent prime rate

In Uncategorized on December 16, 2010 at 10:06 am

The State Bank of Vietnam (SBV) has decided to keep the prime interest rate in VN$ unchanged at 9 percent per year.

The decision No. 2868/QD-NHNN, which was issued on Nov. 29, takes effect from December 1 to replace Decision No. 2619/QD-NHNN issued on Nov. 5 by the Governor of the State Bank.

This is the second consecutive month the prime interest rate remains at 9 percent. Earlier, a prime interest rate of 8 percent was applied for nearly 12 months.

Source: SGGP

Ceiling interest rate to not exceed 15 percent per year

In Uncategorized on December 16, 2010 at 10:04 am

The ceiling interest rate of commercial banks will be increased from 12% to 15% a year, from this Sunday.

A banking staff directs a customer about lending procedures. Banks agree that ceiling interest rates will not be higher than 15% percent a year (Photo: SGGP)


The decision came from a meeting between the State Bank of Vietnam in Ho Chi Minh City and the Vietnam Banking Association, in collaboration with the commercial banks on Saturday.


A day earlier, the State Bank in Hanoi chaired a meeting, in which 12 northern commercial banks signed a commitment, agreeing that their maximum interest rate would be 14% a year.


In case, the banks give their customers any promotional programs (cash or any other gifts); the real interest rate would not surpass 15% a year. Any bank violating this regulation will suffer severe punishment from the authorized organizations.


Because of the rocketing interests during the last few days, the State Bank intervened to stop any more increases. At one stage, the interest rate was 17% to 18% a year in some commercial banks. However, now the ceiling is lower. In HCMC, it remains at 15.5% to 16.5% a year.


Related article:
State Bank tries to prevent banks from increasing their interest rates

Source: SGGP

Banks bring deposit rates to below 15 percent

In Uncategorized on December 16, 2010 at 10:03 am

Commercial lenders lowered their interest rate on the dong deposits to 15 percent on Dec. 13 in accordance with their pleading at the meeting with the central bank earlier.

(Photo:Minh Tri)

Techcombank was among the first lenders reducing the deposit rate, offering the rate of 13.45-13.95 percent per annum.


The Hanoi-based lender, which is the fifth-largest bank in term of assets, triggered an interest rate race last week when announcing it would offer dong depositor rates as high as 17 percent per year.


Other lenders reacted by pushing their own rates up, some as high as 18 percent.
But these offers were rescinded after the central bank requested them to bring the rates down to prevalent market levels – 14 percent or less.


Asia Commercial Bank, known as ACB, also cut its highest deposit rate to 15 percent per year from 15.2 percent, which was earlier the special offering under its promotional pack titled “Making New Year fortunes”.


The government-run banks made a similar move, with Vietcombank lowering its deposit rate to 14 percent and BIDV cutting its rate to 13.5 percent.


Financial experts said the rate of 15 percent is adequate as lending demand at yearend is increasing sharply. However, they noticed that the current deposit rate would force lenders to raise their lending rates to 17-18 percent per year at least.


Vo Quoc Thang, chairman of the Vietnam Young Entrepreneurs Association, said with the lending rate of 17-18 percent per year, local businesses would struggle to cope with the increasing cost of raw materials and the harsh competition from imported products.


Many firms will be willing to make no profit this year to maintain their business, but this plan will be undone if the high lending rates last long, Thang said.


Many financial experts expected the interest rate would decline further on February as lending demand of local businesses cooled off.


They also said high interest rates will help lenders to separate borrowers. Lenders will offer regular and big clients loans with preferential rates. ACB offered an annual lending rate of 15.5 percent only to businesses.


Some small commercial banks, however, shunned the central bank’s request, keeping the interest rate on dong deposits at more than 15 percent. They said they offered the high rates for big deposits only.


These banks will negotiate the interest rate with clients in a face-to-face meeting only in attempt to avoid the central bank’s penalty.


A deputy general director of a commercial bank, who asked not to be named, disclosed many clients tended to deposit their money in the banks offering the highest rate. “Efforts to keep client from switching their money to other banks have seen many lenders offering the rate of more than 15 percent through negotiating,” he said.

Source: SGGP

Around 40 percent of Vietnamese poor not receive any medical treatment

In Uncategorized on December 16, 2010 at 10:00 am

Recent scientific researches have pointed out that around 40 percent needy medical patients have not received any treatment due to several reasons, said an official in the health sector at a Vietnam International Health Economics (HEA) Conference.

 

Patients wait for their turn to pay medical fee at a hospital in Ho Chi Minh City. Around 40 percent of needy medical patietns have not received any treament due to financial reason, said Dr. Ly Ngoc Kinh (Photo: Anh Quan)

According to Ly Ngoc Kinh, former director of the Department of Health Examination and Treatment Management, the main reason is that many face financial difficulties. He said, “Approximately 42 percent of poor people received treatment in district clinics, while only 16.9 percent of wealthy patients did”.


Duong Huy Lieu, HEA’s chairperson, said, “Around 52.5 percent of health-care costs are paid out-of-pocket by households in 2008, while 44 percent of the population in Vietnam have joined up with medical insurance companies.


Mr. Lieu said, “Health insurance only paid 17.6 percent of the medical costs of any patient and that the patients he interviewed, 33 percent said their illness has dramatically reduced their incomes.


Ms. Nguyen Thi Kim Phuong, a World Health Organization expert in Vietnam, said “Out-of-pocket health payments exacerbate poverty and approximately 3.7 percent households fall into poverty, due to medical costs in 2008”.


She also went on to say, “Poverty line families and the old are the most vulnerable with extra medical costs”.


The Vietnam International Health Economics (HEA) Conference, the first of its kind, which was jointly organized by the Vietnam Health Economics Association (VHEA) and the Vietnamese Ministry of Health, was held in Hanoi on December 7-8.


Also, in attendance to this meeting were eminent experts from the World Bank, Asian Development Bank, the United Nations Children’s Fund, WHO and a number of non-governmental organizations.

Source: SGGP

Zero percent tax on Cambodia’s rice, tobacco

In Uncategorized on December 16, 2010 at 9:32 am




Zero percent tax on Cambodia’s rice, tobacco


QĐND – Wednesday, December 15, 2010, 21:6 (GMT+7)

The Ministry of Industry and Trade (MIT) has decided to apply import tariff of zero percent on rice and tobacco imported from Cambodia under quota for 2010 and 2011 between November 1, 2010 and December 31, 2011.

Accordingly, 250,000 tonnes of rice equivalent and 3,000 tonnes of dry tobacco leaves imported from Cambodia in 2010 and 2011 will enjoy zero percent tariff rate.

Beneficiaries are requested to submit Cambodian certificates of origin and import the products via Vietnamese border gates namely Le Thanh in the Central Highlands province of Gia Lai; Hoa Lu in the southern province of Binh Phuoc; Moc Bai, Xa Mat, Trang Riec, Ca Tum, Phuoc Tan in the southern province of Tay Ninh; and Binh Hiep in the southern province of Long An.

The decision will take effect from Jan. 17, 2011.

Source: VNA


Source: QDND

Hanoi plans to increase its annual GDP growth rate by 12 – 13 percent

In Uncategorized on November 18, 2010 at 1:57 pm

Apple net profit soars 70 percent

In Uncategorized on October 19, 2010 at 4:21 pm

Apple on Monday reported record quarterly revenue led by blockbuster sales of its latest generation iPhone and took shots at rivals Google and Research In Motion.


The California-based company said that its net profit in the quarter ending September 25 soared 70 percent to 4.31 billion dollars on unprecedented sales of Macintosh computers, iPhones and iPads.


“We are blown away to report over 20 billion dollars in revenue and over four billion in after-tax earnings — both all-time records for Apple,” said Apple chief executive Steve Jobs.


Apple reported record revenue of 20.34 billion dollars in the fourth quarter of its fiscal year, up from 12.21 billion dollars a year ago.

Apple has reported record quarterly revenue led by blockbuster sales of its latest generation iPhone and took shots at rivals Google and Research In Motion

Apple said it sold 3.89 million Macintosh computers during the quarter, up 27 percent from a year ago, 14.1 million iPhones, up 91 percent from a year ago, and 4.19 million iPads, up from 3.3 million the previous quarter.


Apple said it sold 9.05 million iPods during the quarter, down 11 percent from a year ago.


Jobs said during an earnings call that iPhone “handily” outsold BlackBerry and that he didn’t see the handsets made by Canada-based Research In Motion catching up any time soon.


He then took aim at Google and its Android software for mobile phones.


Jobs downplayed claims that approximately 200,000 Android mobile devices are activated daily, saying that daily activations for Apple gadgets averaged 275,000 in the past 30 days.


“We are confident our approach will triumph over Google’s fragmented approach,” Jobs said.


While Android touts being “open” software that handset makers can craft into devices as they wish, Apple’s “closed” approach lets it control quality from the hardware to the software.


“The closed approach enables Apple to make products they believe create the best customer experience,” said NPD analyst Ross Rubin. “The success they are having in the market validates that many customers believe that is true.”


Jobs contended that the array of smartphone makers putting custom spins on Android software will be “a mess” for users and application makers.


Apple shares were down 6.13 percent in after-hours trading to 298.50 dollars as iPad sales fell short of expectations. Analysts had expected Apple to sell as many as five million iPads during the quarter.


Investors were evidently also concerned about costs and aggressive pricing eating into the money Apple makes per gadget.


Jobs remained confident, saying that he believed Apple has a “tiger by the tail” with the iPad and that there is little sign of a viable challenger.


Jobs saw only a “handful of credible entries” in the tablet market and said that most came up short because of 7-inch screens, which work out to be only 45 percent of the area on Apple’s tablet computer.


He maintained that those touch-screens are too small for great applications unless they “include sand paper so users can sand down their fingers” to tap onscreen keys.

“Seven-inch tablets are tweeners,” Jobs said. “Too big to compete with a smartphone and too small to compete with an iPad.”

Apple plans to build on the momentum of its Macintosh computers with an event Wednesday in San Francisco focused on refreshing the line-up in time for the year-end holiday shopping season.

“We still have a few surprises left for the remainder of this calendar year,” Jobs said.

Apple ended the recent quarter with about 51 billion dollars in its coffers and is saving the money for acquisitions or other tactical corporate moves.

“We would like to continue to keep our powder dry because we do feel there are some strategic opportunities in the future,” Jobs said.

Apple revealed that it has sold about 250,000 of its new Apple TV devices since the second-generation of the gadget priced at 99 dollars became available in September.

“Clearly, it was a very strong quarter,” Rubin said.

Source: SGGP

British defence cuts to be kept under 10 percent: BBC

In Uncategorized on October 16, 2010 at 2:24 pm

Britain’s Ministry of Defence will only face cuts of under 10 percent in the government’s punishing spending review next week, compared to 25 percent for many other departments, the BBC reported Saturday.


Finance Minister George Osborne had told the MoD to prepare cuts of at least 10 percent despite strong resistance from Defence Secretary Liam Fox and military chiefs.


But Prime Minister David Cameron intervened in the row and the MoD is now likely to face cuts of between seven and eight percent, the BBC said, adding there would be no substantial cuts in army personnel numbers.


Britain will announce full details of the cuts in a strategic defence review being unveiled Tuesday, which will outline a long-term vision for the military.


That comes the day before an overall spending review Wednesday which Cameron has said will reveal details of cuts of up to 25 percent in most departments.


But there has been particular controversy over reductions to the defence budget.


Britain currently has around 9,500 troops in Afghanistan, the second largest contingent after the United States but Cameron has indicated they will be withdrawn from combat by 2015 in a process which may start next year.


The premier’s reported intervention came after US Secretary of State Hillary Clinton told the BBC Thursday she was worried that sharp spending cuts could damage the NATO military alliance.


The Daily Telegraph reported Saturday that the new professional head of the British Army, General Peter Wall, had warned Cameron that operations in Afghanistan could be undermined by cuts in army numbers and training.


Wall plus Chief of the Defence Staff Jock Stirrup, the Navy’s head Admiral Mark Stanhope and Chief of the Air Staff Air Chief Marshal Stephen Dalton are all concerned about the potential impact of cuts.


Reports suggest that areas of defence expenditure under threat from the cuts include RAF bases, Harrier jets and navy frigates, although two promised new Royal Navy aircraft carriers will be delivered.

Source: SGGP