3:26:18 PM | 7/8/2005
Inspecting Foreign Advertising Projects
The Prime Minister has asked the Ministry of Culture and Information, the Ministry of Planning and Investment and People’s Committees of provinces and cities to review and inspect all foreign invested advertising projects in Vietnam so as to re-organise the granting of licenses and cooperation with foreign investors.
The Prime Minister has also asked the People’s Committee of Ho Chi Minh City to review the activities of J. Walter Thompson Vietnam (wholly invested by the USA) to bring it in line with the Vietnam-US Trade Agreement that only permits joint ventures and business cooperation with Vietnamese partners. The investment capital from the US must not exceed 49 per cent of the legal capital of the joint venture in the first five years, 51 per cent after five years and unlimited stakes after seven years.
Currently, 32 foreign businesses are operating in the advertising sector in Vietnam, making up 85 per cent of the total turnover.
Vietnamese
