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Hanoi (VNS/VNA) - The mining industry faced difficulties in the first eight months of this year due to being unable to enjoy tax and land rental incentives, said Nguyen Huu Quang, deputy head of the National Assembly's Committee on Finance and Budget. The National Assembly and the Government have issued many policies to reduce taxes, fees, charges and land rents and extend payment deadlines to support amid the COVID-19 pandemic. However, the mining industry has not accessed these incentives. The General Statistics Office (GSO) reported the index of industrial production (IIP) for the first eight months of this year was estimated to surge by 2.2 percent year-on-year, while the mining industry’s IIP reduced 7 percent. According to the amended articles of the Law on Value added Tax (VAT), exported goods, which have the total value of natural resources, mineral resources and energy cost accounting for 51 percent or more of the product cost, do not enjoy reduced … [Read more...] about Mining industry unable to enjoy tax incentives

A rise in both the number and the value of mergers and acquisitions (M&As) in Vietnam last year and early this year have signaled that M&As are booming in the country. According to auditing firm Pricewater House Coopers (PwC)’s statistics, there were 295 M&As worth a combined 1,138 million USD in the country last year, up 77 percent over the previous year. In the first quarter of this year, the market was more ebullient with larger acquisitions: the Vietnam Industrial and Commercial Bank (Vietinbank) sold 10 percent and 15 percent of its statutory capital to the International Finance Corporation (IFC) and Canada ’s Nova Scotia Bank respectively, and VNPT Global sold 10 percent of its shares to the Singapore Technologies Telemedia (ST Telemedia). Notably, the Hung Vuong Fishery Joint Stock Company (HVG) offered to buy 3.75 million shares of the An Giang Fishery Import-Export Joint Stock Company (AGF) in a bid to raise its share in AGF to 51 … [Read more...] about M&A boom building up steam in Vietnam

Hanoi, (VNA) – Prime Minister Nguyen Xuan Phuc and his Australian counterpart Scott Morrison had a telephone talk on January 21 to discuss bilateral relations as well as regional and international issues of shared concern. The Australian PM congratulated Vietnam on outstanding achievements the country gained in 2020 to become a rare model in COVID-19 pandemic control and socio-economic development amid the worst global economic depression in decades. He said he believes that the upcoming 13th National Congress of the Communist Party of Vietnam (CPV) will be a success. He also congratulated Vietnam on fulfilling the role of ASEAN Chair in 2020 with the successful signing of the Regional Comprehensive Economic Partnership (RCEP). He thanked Vietnam for supporting turning the ASEAN-Australia Summit into an annual mechanism. PM Morrison said he hopes the Vietnam-Australia relations will be elevated to a strategic partnership in 2023 on the occasion of the 50th anniversary of the … [Read more...] about Vietnamese, Australian PM discuss bilateral ties in phone talks

Large banks or corporations are not as agile as tech startups. What can they do? Coming up with good ideas and doing things as quickly as a startup is very tough. But adoption is where the difference comes. If you’re a startup, it takes you much longer to convince someone about your product. It’s a race between the innovativeness of the small ones that are much faster to the market but need the adoption at scale, versus the incumbents who need to transform to be faster and have the platforms and financial means to scale up. … [Read more...] about Investing in innovation to aid growth potential