Country with most agricultural land

According to GSO, the country's socio-economic development in the first six months of 2022 has prospered in most industries and fields, especially processing and manufacturing industry ; retail sales of consumer goods and services; and exports. The agriculture-forestry-fishery sector increased 3%, contributing 4.5% to the overall growth of the economy. The industry and construction sector was up 8.9%, making up 46.8%, while the service sector rose by 8.6 percent, contributing 48.6 percent to the general GDP growth. In the January – June period, the country's GDP grew by 6.4%, higher than 2% and 5.7% growth rates of the same periods in 2020 and 2021, respectively. In terms of economic structure in the first two quarters, the agriculture-forestry-fishery sector accounted for 11% of the country’s economy; the industry-construction and service sectors made up 39.3% and 40.6%, respectively, the GSO said./. VNA … [Read more...] about Vietnam’s GDP expands 7.72% in Q2

According to Acting Director of the provincial Department of Industry and Trade Dang Van Tuan, foreign-invested enterprises accounted for 80% of the province’s total export turnover. The province has so far attracted 326 projects with a total registered investment capital of VND 82.4 trillion (USD 3.5 billion), including 129 foreign-invested ones worth a combined USD 2.73 billion. Tuan attributed the export growth to attractive investment policies and timely assistance to enterprises along with the diversification of export markets. Local businesses have been also encouraged to expand exports to countries that are part of free trade agreements which Vietnam is a member of, he said, adding that the province will continue to strengthen trade promotion and facilitate the export of key agricultural products with competitive advantages such as rice, processed seafood and specialty fruits. Tuan also said that the province has set the target of an average export growth rate of 7-8% … [Read more...] about Tien Giang’s export turnover up 18.5% in H1

A Samsung manufacturing plant in Bac Ninh Province. — Photo baophapluat.vn The Organisation for Economic Cooperation and Development (OECD) two-pillar solution has introduced a global minimum corporate tax rate (GMCT) of 15 per cent applicable from 2023, but experts have mixed positions on the tax. Nguyen Mai, chairman of the Association of Foreign Investment Enterprises, said that the GMCT would boost Viet Nam’s tax revenues and contain tax avoidance, tax evasion and price transferring in the country. This is because tax rates lower than GMCT have incentivised illegal tax practices without significantly affecting investment attractiveness. In fact, 56 per cent of foreign-invested firms in Viet Nam declared unprofitability in 2020, with a total loss of VND151 trillion (US$6.5 billion), substantially reducing the country’s tax collection. Accordingly, he urged the Government to modify tax regulations in line with the GMCT and re-negotiate with FDI investors on investment terms … [Read more...] about Mixed views on global minimum corporate tax rate