Cost revenue and profit functions

Speaking at a meeting of the National Assembly Standing Committee in Hanoi Thursday, he said if the global minimum tax is not imposed on businesses with a turnover of €750 million (US$800 million)or more from the beginning of 2024, Vietnam has to give up the right to tax at all and businesses would pay additional taxes to the country where they are headquartered is their parent company is located. Imposing the minimum tax would give Vietnam the opportunity to increase its tax revenues and prevent evasion and transfer pricing and profit transfer frauds, he said. The global minimum tax of 15% was agreed upon by the G7 rich nations in June 2021. The 15% tax will apply to companies with revenues of at least €750 million in at least two of the four most recent years. Some countries like the U.K., Japan, South Korea, and the EU are expected to apply the tax from 2024. According to the Government, foreign enterprises in Vietnam that are paying a corporate tax rate of less than 15% … [Read more...] about No global minimum tax will result in revenue loss: finance minister

In July, Thien Long joined hands with Galaxy Education, a leader in online education based in Ho Chi Minh City’s Thu Duc city, in a deal which is set to aid Vietnamese people across the country to easily access educational products and services. “Cooperating with Galaxy Education is a stepping stone in the Thien Long ecosystem expansion plan as well as the company’s aim for a happy learning life for the Vietnamese people,” said Tran Phuong Nga, CEO of Thien Long Group. Building a complete stationery ecosystem is deemed a perfect formula to help Thien Long maintain high growth in revenue and profits. Along with this, early this month the group inaugurated two new Clever Box stores in Ho Chi Minh City’s Thu Duc and in Tien Giang, making five stores in total nationwide. The Clever Box store system, under Thien Long Group , was launched at the end of 2022 with a view to elevating the shopping experiences for consumers. In addition, Flexoffice Pte. Ltd. - a … [Read more...] about Thien Long Group gearing towards ambitious revenue target

The total consolidated revenue of 19 State-owned economic groups and corporations hits 1.871 quadrillion VND (77.9 billion USD) last year. (Photo: VNA) Hanoi (VNA) – The total consolidated revenue of 19 State-owned economic groups and corporations hit 1.871 quadrillion VND (77.9 billion USD) last year, or 20% of the country’s gross domestic product ( GDP ), up 0.6% from 2018, heard a workshop in Hanoi on September 26. The event was co-hosted by the Vietnam Investment Review and the Commission for Management of State Capital at Enterprises (CMSC) on the occasion of the fifth anniversary of the CMSC. Compared to 2018 when the management of those groups and corporations was transferred to the CMSC, their total consolidated owners' capital hiked from 1.056 quadrillion VND to 1.155 quadrillion by the end of 2022 while the total consolidated equity also increased from 2.360 quadrillion VND to 2.491 quadrillion VND. The annual production and business indicators … [Read more...] about Revenue of 19 State groups, corporations accounts for 20% of 2022 GDP

The business results were announced by Thaco Group in a financial statement to the Hanoi Stock Exchange last week. In the first half of the year, Thaco reported about VND1.07 trillion ($45.4 million) in after-tax profit, equivalent to almost 25 per cent of the same period last year. The profit margin also decreased by nearly five times, down to 2.1 per cent on-year. The domestic car market has remained sluggish for around a year, so numerous models assembled and distributed by Thaco have had their prices reduced by $5,000-10,000 in an attempt to stimulate demand. Earlier this year, chairman Tran Ba Duong predicted that this year's car market would be weaker compared to 2022, and competition would become increasingly fierce. However, the business still set a yearly sales target of over 120,000 vehicles, which covered 96,000 passenger cars, 23,500 trucks, and 1,500 buses and minibuses. Thaco Auto, the key company of the group, is expected to achieve a consolidated revenue of over … [Read more...] about Thaco Group profits drop sharply amidst grey market

Passengers board a train leaving a station in the northern city of Vinh. The VNR reported a pre-tax profit of VNĐ143.9 billion in the first eight months of 2023, an increase of 193.7 per cent compared to the same period last year. — VNA/VNS Photo There has been progress made with business management and operation of state-owned enterprises (SOEs) during the first eight months of 2023, according to the latest report by the Ministry of Planning and Investment (MPI). The report estimated the SOEs' total revenue at VNĐ1,136.621 trillion (US$46.73 billion) or 71 per cent of the annual target, and 102 per cent compared to the same period last year. The Vietnam Oil and Gas Group - PVN led the pack at VNĐ350.5 trillion, 84.7 per cent of the annual target and 94.4 per cent compared to the same period last year; Vietnam Electricity (EVN) at VNĐ250 trillion, 109 per cent compared to the same period last year; Vietnam National Petroleum Group (Petrolimex) at VNĐ169 trillion, 88.9 per cent … [Read more...] about SOEs management and operation show signs of improvement: MPI

Practical power direction can propel SOE fortunes At a seminar last week co-hosted by VIR and the Commission for the Management of State Capital at Enterprises (CMSC), Pham Van Son, head of the CMSC’s General Department, said that the 19 groups and corporations under it have undergone significant changes in the past few years. As of the end of 2022, the total consolidated ownership capital of these groups and corporations accounted for approximately 63 per cent of the total equity and 65 per cent of the total assets of state-owned enterprises (SOEs). “In comparison to 2018, the total consolidated equity increased from over $45.6 billion to more than $49.6 billion, and the total consolidated assets rose from over $98.5 billion to $103.8 billion. Key production and business indicators achieved annual growth,” he said. Notably, these 19 groups and corporations have received approval, implemented, and completed investments in 185 group A projects and 455 group B projects. Since … [Read more...] about Practical power direction can propel SOE fortunes

“In recent times, state-owned enterprises (SOEs) haven’t been contributing as much as they once did,” said Phan Van Mai, Chairman of the People’s Committee of Ho Chi Minh City, at last week’s national conference to address SOE production, business, and investment improvements. In Ho Chi Minh City alone, there are almost 50 SOEs. As of July, these enterprises boasted total assets of $4.43 billion with an equity capital of $3.16 billion. Their collective revenues for the first six months stood at $1.33 billion, with a profit of $205 million. Harnessing the vast resources of these SOEs is imperative for Ho Chi Minh City’s economic growth, Mai stressed, adding that the private sector, inclusive of both private domestic groups and foreign direct investment, have also been expected, and even tasked, to stimulate economic growth. Such a predicament is not solely Ho Chi Minh City’s cross to bear. The decline has echoes globally, influenced by international economic instability, political … [Read more...] about State-owned groups keen on roadmaps for reform

VNPT has moved through the years from traditional telecoms to a premier digital service provider From the bustling streets of Hanoi to the digital arteries of Vietnam’s economic framework, the group (VNPT) has redefined its role. No longer just a traditional telecommunication powerhouse, it is now Vietnam’s premier digital service provider, echoing a global shift in focus from cables and calls to bits and bytes. This is illustrated in recent performance results, with consolidated revenues for the first half of this year estimated at $1.11 billion, with an anticipated pre-tax consolidated profit of $92.7 million. In an assessment by the Vietnamese government, VNPT’s restructuring and overhaul has “essentially achieved its set objectives and expectations”. Its strategy for 2021-2025 has been to transform and develop the firm into a dynamic, effective, modern state economic group that can compete both domestically and internationally. Last year witnessed the group’s total … [Read more...] about VNPT’s digital renaissance: Vietnam’s telecom titan reinvents for modern age

Business and productions targets were all exceeded in 2021 and profits were at a record high in 2022 The group (Vinachem) is expected to acquire VND54.5 trillion (nearly $2.3 billion) in industrial production, $2.4 billion in revenues, and $146.4 million in profit for the year. It reported record profits last year. With close and timely attention and direction from the central government, ministries, and branches, Vinachem’s four weakest projects and businesses have seen positive changes. The project of DAP-Vinachem JSC has had stable production since 2017, with annual profits and no accumulated losses since January 2022. This project was also removed from the list of 12 loss-making mega projects. In addition, Vinachem’s three fertiliser production units have maintained production, gradually increasing the average capacity to match the designed capacity. Specifically, after being renovated and expanded, the Ha Bac fertiliser plant still maintains safe and continuous operation, … [Read more...] about Vinachem flourishes through positive adjustments

Non-communicable diseases are still on the rise in Vietnam, and thus more choice and more modern answers are required, Photo: Le Toan Pfizer plans to bring numerous innovative medicines to Vietnam over the next four years. This is in line with its global strategy, as the company has made significant progress towards launching 19 new products over an 18-month span, having executed 11 launches so far. According to Pfizer, the company continues to build momentum, recently attaining key milestones for several products, including the US launches of Prevnar 20 in paediatric patients; as well as US approvals and launches of several other key medicines Darrell Oh, country manager of Pfizer Vietnam, told VIR, “Pfizer Vietnam will continue focusing our business where we believe we can have the greatest impact on patients and society – pursuing what we believe to be the most innovative biopharmaceutical therapies and vaccines.” “More than ever, we believe that the innovative industry … [Read more...] about Innovative medicine sales top the list for multinationals