Corporate 2019 tax rate

Pre-tax earnings sank 15 percent to US$9.2 billion after it took a $1.1-billion hit on possible credit losses "to reflect heightened economic uncertainty and inflation", HSBC said. The result "reflected a more normalised level of expected credit losses compared with the Covid-19 releases made last year, as well as the macroeconomic impact of the Russia-Ukraine war", added Chief Executive Noel Quinn. HSBC H1 pre-tax profit falls, dismisses calls for split - illustration photo / ISAAC LAWRENCE / AFP However, net profit rose 14 percent to US$8.3 billion in the reporting period partly on a large one-off tax credit. - Quarterly dividends - The annual revenue outlook was positive, Quinn noted, with net interest income expected to reach at least US$31 billion this year and US$37 billion next year as interest rates rise. The group was confident of achieving its best returns in a decade in 2023. "We also intend to revert to quarterly dividends in 2023," he added. … [Read more...] about HSBC H1 pre-tax profit falls, dismisses calls for split

The Ho Chi Minh City tourism department is seeking feedback on a proposal to impose a small ‘tourism tax’ on visitors for each night spent in the city. Money raised from the proposed VND23,000 tax, equivalent to roughly one U.S. dollar, would be spent on improving the local tourism infrastructure, the department said in its proposition to the municipal administration. Inspiration for the tax came from revisions to the law on tourism, effective from January 2018, which will allow localities to create a fund for tourism development with revenues generated from tourists. The proposal has so far received positive feedback from local travel companies, who say the fee will be insignificant to tourists but will have huge upsides for Ho Chi Minh City’s tourism infrastructure and promotional opportunities. Tran The Dung, deputy director of The He Tre Travel, said it is a good idea to have a new source of capital, funded by tourists who enjoy services offered by the city. “The lack of … [Read more...] about ​Ho Chi Minh City mulls ‘tourism tax’ for overnight visitors

On August 1, the Ministry of Industry and Trade issued Decision No.1514/QD-BCT on the application of measures to prevent the evasion of trade remedies for some cane sugar products originating from Cambodia, Indonesia, Laos, Malaysia, and Myanmar (AC02.AD13-AS01). The conclusion from the Ministry of Industry and Trade on six businesses not being subject to anti-circumvention tax on trade remedies, including two customers of ASL LAW According to Decision No.1514, Vietnam will apply measures to prevent the evasion of trade remedies for a number of cane sugar products under HS codes 1701.13.00, 1701.14.00, 1701.91.00, 1701.99.10, 1701.99.90, and 1702.90.91. The above cane sugar products are imported into Vietnam from Cambodia, Indonesia, Laos, Malaysia, and Myanmar. The order and procedures for applying anti-circumvention measures of trade remedies to Vietnam’s cane sugar products will be implemented in accordance with the Law on Foreign Trade Management. This decision … [Read more...] about ASL LAW successfully defends in lawsuit against circumvention of trade remedies

The 50 Best Listed Companies in 2022 include the best players in diverse sectors that have secured eminent business achievements in their development history. As impacts of the pandemic have gradually abated, the business landscape globally and in Vietnam began to exhibit increasingly bright prospects. Disruptions of the supply chain brought a bonanza year for seaport and logistics firms. Temporary disturbances in the supply chain have led to escalating input material prices which, in another extent, are beneficial to certain groups of businesses, including PVCFC to cash in on the opportunities to harvest inspiring business results. PVCFC for the second time shining among the 50 Best Listed Companies in 2022 Leveraging the most rigorous assessment criteria and an objective and scientific select mode, Forbes Vietnam’s judging panel continued to assert PVCFC as a major brand with a solid background. The company’s residence against challenges, flexible adaption to … [Read more...] about PVCFC named in 50 Best Listed Companies for second time

Business strategies including brand and tenant positioning and product diversification are being evaluated as critical success factors for shopping mall developers. The three biggest commercial space developers in Vietnam – Vincom, Lotte, and AEON – are all following this path. AEON wants to continue its aggressive expansion plans over the next few years in this country According to the latest data published by Vingroup’s Vincom Retail Company, the group currently owns 81 shopping centres, with two new Vincom Plaza shopping centres expected to open this year. Pham Thi Thu Hien, deputy CEO of Sales and Marketing for Vincom Retail, said, “In 2021, despite the difficulties posed by the pandemic, Vincom Retail still had many tenants around the world and they have high expectations for the Vietnamese market. Large companies have asked us to formulate a long-term development plan but domestic tenants have said that they are confident in the lease plan for the next 1-3 … [Read more...] about Retailers jostle for superiority

Long Son Petrochemicals Company Limited (LSP) in Viet Nam. — Photo courtesy of SCG Southeast Asian conglomerate SCG reported sales revenue of VND11.1 trillion (US$482 million) in the Vietnamese market in the second quarter of 2022, up 13 per cent year-on-year. The increase was mainly thanks to the new partnership of Duy Tan, a rigid plastic packaging products producer of SCGP - the packaging business of SCG, the company said in its statement. In Q2, SCG’s total assets in Viet Nam topped VND151 trillion, a yearly increase of 24 per cent mainly in the chemicals business from Long Son Petrochemicals (LSP) and packaging business. Overall, SCG’s revenue from sales for the first half of 2022 rose 19 per cent year-on-year to $9 billion. “Despite volatile situations with crisis upon crisis such as inflation, rising interest rates, increased energy and raw material costs as well as climate change, SCG continues to adapt, resulting in strong overall business and financial … [Read more...] about SCG posts Q2 sales revenue increase in Viet Nam

The global chip shortage, Covid-19 lockdowns disrupting Chinese factory output and Russia's invasion of Ukraine are all weighing heavily on the auto industry. But Japanese companies like Toyota selling products overseas have also benefited from a cheaper yen, which has hit 24-year lows against the dollar in recent months. The logo of Japan’s Toyota Motor is displayed at a car showroom in Tokyo on August 4, 2022. Kazuhiro NOGI / AFP The world's top-selling automaker now forecasts an annual net profit of 2.36 trillion yen ($17.6 billion) -- up from its previous estimate of 2.26 trillion yen, but still a drop of 17 percent compared with last year's record results. For the three months to June, the auto titan said net profit fell 17.9 percent on-year to 736.8 billion yen. "Despite the positive foreign exchange effects from the weaker yen, the large impact from lower sales volume due to supply constraints and higher raw materials prices led to a decrease in operating … [Read more...] about Toyota upgrades forecast even as Q1 net profit slumps

In mid-July, a group of 460 Indian business tourists boarded flights to Ho Chi Minh City, officially starting a journey to discover Vietnam in just 3 days. Vietnam becoming favourite destination for Indian tourists The group, which consisted of Indian bus and truck manufacturing representatives, stayed at the 5-star Vinpearl Luxury Landmark 81 and Le Meridien hotels to attend a conference, then went to visit some famous tourist attractions in the city and moved to Tien Giang before returning home. This was the largest Indian delegation to Vietnam for nearly three years. B. Subhash Chandar, managing director of Asia Destination Management JSC (Asia DMC) in Vietnam and the organiser of the trip said, “Indians are used to destinations like Thailand, Singapore, and Dubai, but Vietnam is still a new destination to them. All Indian tourists are very excited to come here and explore.” He aims to bring at least 6,000 Indian tourists to Vietnam through company tours by the … [Read more...] about Vietnam becoming favourite destination for Indian tourists

The ceremony to announce the top 50 prestigious and effective public companies in 2022 (VIX50) took place at the Reunification Hall in Ho Chi Minh City on August 3. The awards recognised public companies with outstanding financial capability, media reputation, growth potential, sustainable development, quality management, and strong position in the industry. In the list of VIX50, PDR is among the top enterprises with a capitalisation of over $1 billion and a profit of over $42.7 million. PDR reached a market capitalisation of over $2.1 billion by the end of 2021. Its reputation is spread far and wide with positive feedback from the community, investors, and customers. PDR has achieved great results in several aspects. The company has successfully established a new position in the group of leading enterprises in the real estate industry and listed companies in the stock market. PDR's pre-tax profit has continuously increased from $47.44 million in 2019 to $66.9 million in 2020 … [Read more...] about PDR named among top 50 prestigious and effective public companies in 2022

Dang Quyet Tien, director of the ministry’s Corporate Finance Department, said that the equitisation of SOEs had been painfully stagnant partly due to the negative impact of the COVID-19 pandemic on the domestic and regional financial and stock markets, which caused difficulty in the determination of corporate value and the implementation of the State stake auction. Thuong Dinh Footwear Joint Stock Company which was privatised in 2016. Developing a brand is an important factor after the equitisation of SOEs./ Photo hanoimoi.com.vn According to Nguyen Duc Do from the Institute of Economics and Finance, the problem in the valuation of corporate assets was a barrier to the equitisation process. Do said that theoretically and practically, it was difficult to determine the value of SOEs accurately because factors which underlined the valuation, such as interest rates and profit prospects, always fluctuated. In addition, the selling prices of State stakes depended on the … [Read more...] about Accuracy in SOE valuation must improve