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Domestic gasoline prices declined for the fourth consecutive session. They are expected to drop further. — Photo kinhtedothi The Government has just issued a decree stipulating the import tax rate for gasoline products, with a reduction of 10 per cent on organic unleaded gasoline. Decree No. 51/2022/ND-CP amends the preferential “Most Favoured Nation” or “MFN” rates for gasoline products, in which the import tax rate for unleaded petrol (under HS code from 2710.12.21 to 2710.12.29) will be adjusted from 20 per cent to 10 per cent. According to the Ministry of Finance (MoF), compared to other countries, the proportion of tax in the base price of petroleum in Viet Nam is lower. The proportion in many countries was mainly in the range of 40 per cent - 55 per cent for gasoline and 35 per cent - 50 per cent for oil, while it was about 19.39 per cent for E5RON92 gasoline, 21.95 per cent for RON95 gasoline and about 11.05 per cent for diesel in Viet Nam with the environmental … [Read more...] about Gasoline products entitled to 10 per cent discount on preferential import tax

Illustrative photo However, the current regulations on family deduction of the Personal Income Tax Law 2009, which was amended in 2012 and supplemented in 2014, are not suitable for the current socio-economic situation and growth rate. Inadequacies in taxation Personal Income Tax (PIT) is one of two taxes that make the largest contribution to the annual state budget revenue with VND 110,000 bln, accounting for 10 percent of the total balance of the state budget in 2021. This is just after the two pillar taxes of the economy, which are Corporate Income Tax (CIT) and Value-Added Tax (VAT). Although wage earners account for 50 percent of the labor force and contribute up to 70 percent of revenue, tax policy for them has been slow to adjust after more than ten years of applying the PIT Law. This is currently very inadequate. The current income of the cadres, civil servants, and public employees' working salary plus additional incomes have all exceeded the threshold of … [Read more...] about Tax Law in Vietnam inconsistent with income

A worker talking to an investor at MB Securities' office. — Photo courtesy of MBS Despite poor business results in the second quarter, many securities stocks have rebounded sharply after hitting the bottom on June 20-21. Accordingly, Viet Dragon Securities JSC (VDS)'s shares gained 84.7 per cent from VND7,200 a share to VND13,300, while shares of Saigon - Hanoi Securities JSC(SHS) also increased by 65 per cent from VND8,904 to VND14,700. Shares of MB Securities JSC (MBS) jumped 61.3 per cent. Leading securities stocks like SSI Securities Corporation (SSI), Ho Chi Minh City Securities Corporation (HCM) and VNDirect Securities Corporation (VND) to small stocks such as Vietnam Industrial & Commercial Securities Corporation (VIG), Hoa Binh Securities JSC (HBS), and Agribank Securities Corporation (AGR) also surged 30-50 per cent in the last month and a half. Securities stocks have reported a good recovery as the general stock market picked up significantly from the area of … [Read more...] about Securities firms raise capital on recovery of stock prices

In the first seven months this year, Vietnam’s total export value to the American market approximated $77 billion, equal 22 per cent jump on-year, in which exports to the US market were a bright spot reaching $66.7 billion, up 23.7 per cent on-year. Earlier, accelerated export of Vietnamese products to this market was a hallmark in 2021 reaching $114 billion in total export value, showing a 27 per cent jump on-year. Vietnam also witnessed a big export surplus with this market reaching approximately $89 billion last year. Exports to the US surpassed $96 billion in 2021, more than $21 billion compared to 2020, placing the US in the pole position among Vietnam’s export markets with export value far exceeding that of other markets such as China, the EU, ASEAN, South Korea, and Japan. Several new markets clinching free trade agreements (FTA) with Vietnam in America such as Canada and Mexico have increased imports from Vietnam. Apart from seafood and apparel, the export … [Read more...] about Exports to the Americas eye strong rebound

Workers wrap up and label durians. Vietnamese durians have made a name for themselves as a great-tasting fruit in many countries, but that's only the story's beginning. (Photo: baomoi.com) Hanoi (VNS/VNA) - Vietnamese durians have made a name for themselves as a great-tasting fruit for overseas consumers but still have a long way to go the maintain their position on the international scene, according to insiders. Dang Phuc Nguyen, General Secretary of the Vietnam Fruits and Vegetables Association, revealed that China , the largest importer of fresh Vietnamese durians, has allowed the fruits to be imported via official channels from July 12. However, these opportunities come with obstacles as the Chinese General Administration of Customs (CGAC) requires that Vietnamese exporting firms and growing areas register with the Vietnamese Ministry of Agriculture and Rural Development (MARD), and the registrations must be sent to CGAC for approval before the fruit can enter the … [Read more...] about Long way to go for Vietnamese durians

The US Department of Commerce (DOC) has launched a trade remedy duty evasion investigation into a number of steel pipe products imported from Viet Nam. — Photo diendandoanhnghiep.vn The Mexican Secretariat of Economy has announced an anti-dumping investigation into cold-rolled steel imported from Viet Nam, according to the Ministry of Industry and Trade (MoIT). The investigated products are classified under HS codes 7209.16.01, 7209.17.01, 7209.18.01, 7209.26.01, 7209.27.01, 7209.28.01, 7209.90.99, 7211.23.03, 7211.29.99, 7211.90.99, 7225.50.07, and 7226.92.06. Statistics from the International Trade Centre (ITC) showed that Viet Nam earned US$220 million from exporting iron and steel, mostly those coded HS 7209 and 7210, to Mexico in 2020, an increase of 70 per cent compared to 2019. The export earnings of cold rolled steel which are under investigation reached $50 million. After officially initiating the case, the Mexican investigation agency sent questionnaires to relevant … [Read more...] about Vietnamese steel faces more trade remedy lawsuits

Addressing the closing ceremony, Vice Chairman of the provincial People’s Committee Le Ngoc Khanh said nearly 20,000 people from Ba Ria - Vung Tau are living in over 50 countries and territories worldwide, mainly the United States, Australia, Canada, Germany, the Netherlands, Denmark and ASEAN nations. He hoped the campers had great experiences with Vietnam and Ba Ria - Vung Tau and that they would become ambassadors promoting Vietnamese nature, culture and people to international friends. Khanh also wanted them to act as a bridge to strengthen the friendship and relations between Vietnam and their host countries and territories. The young expats traveled across nine cities and provinces, namely Hanoi, Nghe An, Ha Tinh, Quang Binh, Thua Thien Hue, Quang Nam, Nha Trang, Ho Chi Minh City and Ba Ria - Vung Tau during the Vietnam Summer Camp 2022 which started on July 19. They visited many natural attractions and historic relics; and participated in charitable activities. They also … [Read more...] about Vietnam Summer Camp 2022 wraps up in Ba Ria – Vung Tau