Vietnam to Exempt Visa for Citizens from 13 Countries Since 15th Mar 2022

The Vietnam Government issued a resolution on visa exemption for citizens of the 13 countries including Germany, France, Italy, Spain, Great Britain and Northern Ireland, Russia, Japan, South Korea, Denmark, Sweden, Norway, Finland and Belarus, effective from March 15th 2022.

Vietnam: Binh Son Refining and Petrochemical (BSR) earns profit after tax of 292 million USD in 2021

At the end of 2021, BSR who operates the Dung Quat Oil Refinery located in Central Vietnam reported a profit after tax of VND 6,673 billion (~292 million USD) vs a loss of VND 2,858 billion billion (~125 million USD) in the same period last year.

Dung Quat Oil Refinery

Vietnam: Biggest Oil Refinery Cuts Down Production, Local Market Suffers Fuel Shortage

Commencing production in 2018, Vietnam’s biggest refinery Nghi Son has suffered an accumulated loss of 61,200 billion VND (~ 2,683 million USD) in its first 3 years of operation. In lack of money to import crude oil, the refinery announced in Jan 2022 to cut down its production capacity to 80% from the peak of 105%.

Nghi Son Oil Refinery and Petrochemical 

Vietnam: All international regular routes to be resumed as before the epidemic

In order to prepare for the reopening of tourism for international visitors before March 31 under the direction of the Government, the  Civil Aviation Administration of Vietnam decided to lift the restriction on operating frequency applied on international routes. Accordingly, all flights to and from Vietnam shall be soon back to normal as before the Covid-19 pandemic.

The changes in Vietnam's regulations on Work Permit for foreign labours

Foreign labours working in Vietnam are increasing rapidly, from 12,602 people in 2004 to nearly 84,000 in 2019. The regulations of the country on Work Permit (WP) have been changed over time to both simplize the procedures and tackle the "illegal" working in Vietnam by some foreigners. This article shall illustrate on how the regulations on WP have been modified from 2013 to 2020.

The cause of mass fish deaths in Central Vietnam: what mistrust is being built?

Vietnam says Formosa unit's steel plant caused environmental disaster

In an international press conference hold by the Government Office of Vietnam on 30^th June 2016, the government representatives announced that Hung Nghiep Formosa Ha Tinh Steel Co. Ltd (“FHS”)  running a 10.6 USD steel complex in North Central Vietnm admitted their charges in the mass fish deaths across the four central coastal provinces of Vietnam. 

Such an announcement was proven by a brief video shown at the conference, in which President of the FHS  said that “the test runs as well as test results from the research and analysis of the inter-disciplinary inspection team under the direction of the Ministry of Natural Resources and Environment which includes Vietnamese and international scientists have all come to conclusion that incidents within the operation of our factory have caused the environmental incident that led to the recent mass deaths of fish off the coast of Viet Nam’s four central provinces.”

Formosa Ha Tinh representatives offer apology for the toxic fish death incident in Vietnam. Source VNExpress

Dung Quat refinery’s expansion project: Amec Foster Wheeler wins FEED contract

Front-End Engineering Design (FEED) Contract worth of USD 25.6 million was inked on 28^th August 2015  between representatives of  Binh Son Oil Refinery and Petrochemical Company (BSR - the operator of Dungquat refinery  - a subsidiary of Vietnam Oil and Gas Group) and  English-based Amec Foster Wheeler Energy Company Limited  for the upgrade and expansion of Dung Quat oil refinery based in Quang Ngai Province. 

Vietnam intends to closely supervise FDI projects’ progress

A draft version for a new decree intended to replace the current Decree on supervising and evaluating investment (No. 113/2009/ND-CP) has been publicized by Vietnam Ministry of Planning and Investment to obtain public opinions. What’s new in the draft? The intended new decree shall not only govern state-owned investment as previously but also cover the FDI and PPP sectors also. If approved and passed, the new decree would be an import legal instrument that foreign investors in Vietnam shall have to pay attention to.

Dung Quat Refinery: the ball of oil rolls on the field of tax and tariffs

Vietnam Ministry of Finance has promulgate Circular No. 48/2015/TT-BTC to reduce the MFN import tariffs on some petroleum products, releasing the high-raised concerns by Binh Son Oil Refinery and Petroleum Company (BSR) over the possible profit loss and even business closure facing the Dungquat refinery.

What's new in Vietnam's Law on Enterprises 2014

The new Law on Enterprises (2014) was passed by the National Assembly in November 2014 and shall be effective as of 1^st July 2015. New and existing foreign investors in Vietnam may be curious to have a look at what’s new in the Law and how the regulatory changes shall affect their business operations in Vietnam. A news article from VCCI has noted major legal updates to come into effect in the next few months.

The new law is said to provide just a general frame governing the operations of enterprises; meanwhile it seems to let enterprises to decide many details of how to organize themselves and operate accordingly.