Top ten Events in VN 1999
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Foreign Investment fell further to $600 million (US$1.4 billion licensed)
compared to 800 million in 1998. The fall started in the middle of 1996,
one year before the regional crisis.
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Export turnover exceeded US$11 billion, increased 23% vs. 1998. Increased
price for crude oil was one of the main driving forces.
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The population census on 1 April 1999 proved that Vietnam is less populated
than expected, only 76.3 million vs. expected 78 million. However, Vietnam
remains one of the most populated countries.
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The worst flood in 100 years hit the central provinces from Quang Binh
to Binh Dinh. Hardest hit was Thua Thien Hue with more than 2000mm of rain
in three days.
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The new regime of five working days per week has been applied since 1 October
1998. The business and industry don't have to cut the working days if such
a cut would increase the production cost.
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Introduction of Value Added Tax (VAT) did not promote business as expected.
Instead of 1-5% turnover tax, companies now have to pay 10% of their revenue
as VAT and get reimbursed later for VAT paid on inputs. Slow and complicated
reimbursement process discourages distribution network and SMEs.
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Deputy Prime Minister Ngo Xuan Loc was dismissed from the Cabinet, allegedly
for his wrong doing during 1995 "cement fever" (while he was Minister of
Construction). It was a result of Party cleaning process kicked-off in
May 1999.
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Owners of the Epco and Minh Phung companies face death sentence for economic
cheating and bribery. Their bad debt is about 3800 billion Vietnam dongs
(US$300 million).
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Vietnam and China signed a land border agreement on 30 Dec. 1999. Again
it convinced the Vietnamese that we can not get on the table what we could
not achieve at the battle field.
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It was found that famous Vietnamese dish "Pho+?" - noodle soup contained
formaldehyde used for preserving dead bodies. Consumption of Pho+? went
down sharply in December. Food poisoning has been high on agenda for years.
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