VietNamNet Bridge – Vietnam’s public debt rose by about 12.2%, from 50% of GDP in 2011 to 62.2% at the end of 2015. Admitting the rapid increase of public debt, the Ministry of Finance (MOF) has confirmed that the structure of Vietnam's public debt is gradually being adjusted towards more sustainability with the ratio of foreign debt declining. Mr. Vo Huu Hien, Deputy head of the Debt Management and External Finance Department of the MOF, said the structure of public debt of Vietnam by the end of 2015 included: government debt accounting for 80.8%, Government guaranteed debt 17.8%; and local government debt 1.4%. In the government debt structure, the part of domestic debt rose from 39% in 2011 to 57% in 2015 while the proportion of foreign debt decreased from 61% in 2011 to 43% in 2015. Hien affirmed that such development is consistent with the national strategy on public debt and external debt in the 2011-2020 period and the vision to 2030. According to Hien, the … [Read more...] about What does the Finance Ministry say about Vietnam’s public debt structure?
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VietNamNet Bridge - The Ministry of Finance (MOF) has decided to change the method of calculating a luxury tax on car imports, striving to support the development of the domestic automobile industry and increase state budget revenue from tax collection. From January 1, 2016, the taxable car price would be the selling price quoted by genuine importers, not the CIF price plus import tariff. If the new taxation mechanism suggested by MOF is approved by the government, analysts say the domestic car market and the Vietnamese automobile industry will see big changes and have new faces. Vietnam has been warned that automobile manufacturers will stop their production in the country and instead import cars from ASEAN nations for domestic sale, as the import tariff cut from 2018 would make imports cheaper than locally made products. If this occurred, Vietnam would fail to implement its plan to develop an automobile industry of its own. However, if the recommended luxury taxation … [Read more...] about Changing tax calculation method, MOF cuts two trees with one saw
VietNamNet Bridge - Newly established enterprises and branches should give heed to matters concerning value added tax (VAT) calculation methods, when to apply the deduction method, and registration for voluntary application of tax deduction methods, etc. Methods of tax deduction are stipulated in detail in Circular No. 219/2013/TT-BTC (hereinafter referred to as "Circular 219") guiding the implementation of the Law on VAT. However during the process of implementing Circular 219, plenty of newly established enterprises encountered many entanglements arising from the provisions of this Circular. The Ministry of Finance therefore has promulgated Official Dispatch No. 2616/TCT-CS providing enterprises with guidance on the implementation of the provisions on the application of tax deduction method. … [Read more...] about Legal Advice: VAT calculation methods for newly-established enterprises in VN
VietNamNet Bridge - Credit institutions have reported the bad debt ratio of Vietnam's banking system at 3.86 percent, while the State Bank's Inspection Agency announced a bad debt ratio of 9.71 percent at the end of February. Dao Quoc Tinh, Deputy Chief of the State Bank's Inspection Agency, said commercial banks excluded some kinds of debts, while the inspectors counted those debts which they believed were also "bad debts". … [Read more...] about Bad debt ratio reports show different figures due to different calculation methods
Domestic Press Highlights (07-05-2005) Workers steal steel at bridge site Three people were arrested after they allegedly stole steel from the construction site of the Rach Mieu Bridge in the southern province of Ben Tre. At 3am on April 29, police caught Nguyen Tan Duoc and Tran Tan Duc as they were transporting two tonnes of steel to buyer Le Hong Son. Duoc and Duc, who were working at the site, had sold steel to Le Hong Son before, police said. Thanh Nien (Young People) Football Federation lacks candidate Ho Xuan Hung, deputy chief of the Government's Enterprises Renovation Bureau, has refused to be president of the Viet Nam Football Federation (VFF). Hung is the fifth senior government official who has declined to become the leader of the VFF, which has been plagued with weak management. A VFF congress is scheduled for May 29-30 but there is no candidate for the top job. Lao Dong (Labour) China to supply 200 MW of electricity The Viet Nam Electricity Corporation (EVN) has decided … [Read more...] about Workers steal steel at bridge site