Despite a volatile market that caused stocks to drop in recent months, the prospects for shares in the three largest Vietnamese petrol retailers remains positive for 2018, according to Viet Capital Securities Corp (VCSC). The three petrol companies are Vietnam National Petroleum Group (Petrolimex), Binh Son Refining and Petrochemicals Corporation (BSR) and PetroVietnam Oil Corporation (PV Oil). Their share prices have declined sharply since the beginning of the year. Petrolimex shares, which are listed on the HCM Stock Exchange as PLX, have lost total 20 per cent since early April. The other two companies are trading on the Unlisted Public Company Market (UPCoM). BSR (UPCoM: BSR) and PV Oil (UPCoM: OIL) shares have shed 46.3 per cent each since early March 2018. The decline of those shares was recorded at the same time as Viet Nam’s benchmark VN-Index fell sharply from its all-time peak of 1,204.33 points made on April 9, 2018. Despite the market’s recent recovery, the … [Read more...] about Petrol shares positive in 2018 despite volatility
2018 s corp tax rate
(Source: Malaysia's Ministry of Finance) Hanoi (VNA) - Japanese companies have warmly applauded Malaysia's move to abolish an unpopular goods and services tax (GST) as a step to spur consumer demand in the Southeast Asian country. Malaysia’s Ministry of Finance announced on May 16 that Malaysia will cut the GST rate from the current 6 percent to zero on June 1. All registered businesses in Malaysia “need to comply with the zero rate", the ministry said in a statement. Panasonic Malaysia Sdn. Bhd., a sales subsidiary of Japan's major electronics company Panasonic Corp., is reacting positively to the announcement. Mazlee Mokhtar, senior executive of the firm, said the GST abolition and other market stimulus measures by the new government will create positive sentiments in consumer demand in Malaysia in the future. He said Malaysian consumers expect prices to drop after the GST is abolished, but he also indicated that price fluctuations of goods are caused not only … [Read more...] about Japanese firms back Malaysia’s decision to scrap consumption tax
Many sweet products from Southeast Asian countries like Indonesia, Thailand or Malaysia have been shipped to sell in Vietnam as the tax on confectionery imported from Southeast Asia is now zero percent. Imported confectionery products, whose price varies from VND11,000 (US$0.51) to over VND60,000 ($2.8), attract many local customers thanks to their diversity in terms of shape, color, taste, and flavor. Thu Ha, a seller at a market in Ho Chi Minh City, said that the volume of foreign confectionery products has increased two to three times in the last two years. Foreign confectionery firms encourage Vietnamese sellers to display as many products of theirs as possible and offer them various kinds of incentive in return, which is a way to make sweet imports more competitive in the local market. The Vietnamese market is expected to be even more competitive as tax rates on confectionery imported from other Southeast Asian countries have been zeroed, according to experts. Firms … [Read more...] about More and more SE Asian confectionery sold in Vietnam over 0% tax
Samsung CE Complex Electronics Co. Ltd. (SECC), a subsidiary of South Korean-based Samsung Electronics Corp., is seeking permission from Vietnamese authorities to exempt it from several taxes worth over $15.5 million. The tax incentive appeal was mentioned in a letter sent to the Prime Minister and relevant state agencies earlier this week, with the direct beneficiary being the $1.4 billion Samsung CE Complex in the Saigon Hi-Tech Park (SHTP) located in District 9, Ho Chi Minh City. Among the proposed tax incentives for that facility are those going beyond the provisions of current law. Samsung has mooted three main incentives for the project, including import duty exemption for construction materials which have to be imported for the establishment of the plant. Its proposition also covers the import duty exemption for imported raw materials, supplies, and components for production within five years from the date the plant opens, or when all the tariffs on those imported items are … [Read more...] about Samsung seeks $15.5mn tax exemption for Ho Chi Minh City plant
For experts and analysts, the answer is a resounding 'no' while the Trans-Pacific Partnership could render anti-smoking laws toothless Promotion girls dance at a beverage fair in Hanoi. A government proposal to increase excise taxes on alcohol and tobacco is unlikely to curb consumption in a country where people's smoking habits die hard and their thirst for beer is just as difficult to quench, experts say. PHOTO: AFP A recent government proposal to increase special consumption taxes on alcohol and tobacco is unlikely to curb consumption in a country where people's smoking habits die hard and their thirst for beer is just as difficult to quench, experts say. Given Vietnam's current tax regime, the planned hikes by up to 30 percentage points pale in comparison with those in Vietnam's neighborhood and are too paltry to hit smokers and drinkers where it hurts most - their pockets, experts say. They add that such tax increases would turn out to be even more cosmetic if Vietnam … [Read more...] about Will new taxes curb smoking and drinking in Vietnam?