Vietnam News Highlights for June 22, 2023

Petrol prices flat for a second time, oil prices up slightly 

The two ministries of Industry and Trade and Finance, in their latest petrol price review, decided to keep the retail prices of RON 95 and biofuel E5-RON 92 gasoline unchanged at VND22,010 (US$0.94) and VND20,870 (US$0.89) per liter, respectively, for the second time on June 21. Meanwhile, the price of diesel rose by VND150 to VND18,170 (US$0.77) per liter and kerosene by VND130 to VND17,950 (US$0.76) per liter.

Since the beginning of the year, petrol prices have been revised up nine times, down six times, and remained unchanged three times.

Vietnam remains off currency manipulation watchlist

The US has removed Vietnam from its currency manipulation watchlist in the semiannual report, citing the country's surpassing of the surplus criterion for bilateral trade in goods and services.

Vietnam has been excluded from the list since last year, and the US Treasury Department acknowledges the efforts of Vietnam's central bank in stabilizing the financial and monetary market amidst global difficulties and challenges. The semiannual report identifies seven economies on the watchlist for currency manipulation, including China, South Korea, Germany, and Switzerland.

Government allows extension payment of excise tax on domestically built cars

VinFast auto manufacturing plant in Hai Phong. Photo: Pham Hung/The Hanoi Times

On June 21, the Vietnamese Government announced its decision to grant an extension for the payment of excise tax on domestically produced or assembled vehicles from June to September. The new deadline has been set for November 20, 2023. Taxpayers are required to apply for this extension, and those failing to meet the criteria will receive notifications from the tax authorities.

The decree will remain in effect until December 31, 2023. Beyond this date, domestically produced or assembled vehicles will be subject to the existing tax regulations.

Vietnam Airlines ranks 44th in the world's top 100 airlines

At the Skytrax World Airline Awards held in Paris on June 20, it was announced that Vietnam Airlines had climbed four places to rank 44th among the world's top 100 airlines in 2022, significantly improving from its 56th place in 2018. The airline is the only Vietnamese representative on the list.

The online survey was conducted between September 2022 and May 2023 in English, French, Spanish, Russian, Japanese, and Chinese. The award serves as a testament to Vietnam Airlines' commitment to delivering quality services and enhancing the passenger experience, particularly in the face of the challenges posed by the Covid-19 pandemic.

Bac Ninh Province to become a cultural, ecological, and smart city

The northern province of Bac Ninh, under the approved adjustment of the Bac Ninh Urban Master Plan until 2045 signed by Deputy Prime Minister Tran Hong Ha, has set a clear objective of transforming into a cultural, ecological, and smart city, with a focus on establishing a knowledge-based economy.

The plan encompasses Bac Ninh City, Tu Son City, Que Vo Town, and the districts of Tien Du, and Yen Phong, covering an area of approximately 49,137 hectares.

With the vision of becoming a first-tier city by 2030 and meeting the criteria of a first-class urban area, this comprehensive plan outlines the strategic path for Bac Ninh Province's future development.

200 world manufacturers, distributors to attend exhibitions in Hanoi

Hanoi will host the Vietnam-Japan Supporting Industry Exhibition (SIE) and the Vietnam Manufacturing Expo (VME) from August 9 to 11, with the participation of 200 manufacturers, distributors, and technology companies from 20 countries.

The event's primary objective is to enhance trade relations between Vietnam and Japan while fostering the growth of industrial parts manufacturing in Vietnam. This year, the SIE exhibition area will feature approximately 22 Japanese companies showcasing their products, with the intention of procuring from local Vietnamese manufacturers.

Japan's trade value with Vietnam has nearly doubled since 2013, with direct investment increased by 12% to more than $4.5 billion in 2022.