Imports-exports contribute $2.37 billion to State budget in Jan-Feb State budget collection from import-export activities reached 54.76 trillion VND (2.37 billion USD) in the first two months, or 17.38 percent of the estimate and a year-on-year rise of 7.53 percent, according to the General Department of Vietnam Customs. In February alone, the collection was 23.66 trillion VND. As Tet (Lunar New Year) holidays fell in the month, the customs department worked together with relevant agencies to combat smuggling and trade frauds while increasing inspections. The customs force detected 967 cases in total from January 16 to February 15, seizing goods of 258.67 billion VND and contributing 8.6 billion VND to the State budget. State budget collection was estimated at 220.5 trillion VND in total in the first two months of 2021, equivalent to 16.4 percent of the year’s estimate./. Risky to invest in forex trading plaforms: Deputy Governor Forex trading via investment platforms had not been licensed in Viet Nam, posing significant risks to investors, Deputy Governor of the State Bank of Viet Nam Dao Minh Tu warned. Tu said at the Government’s meeting on Tuesday in Ha Noi that the operation of forex trading platforms was currently illegal, adding that the trading of foreign currencies and derivatives must be provided by credit institutions and commercial banks licensed by the State Bank of Viet Nam. Until now, no forex trading platforms had been licensed for trading, he stressed, warning about risks when investing via these platforms. Recently, some organisations like Lion Group called for investments in forex through Fx Trading Markets with attractive interest rates of up to 300 per cent per year and commissions. Lion Group attracted around 40,000 investors nationwide. Tu urged people to be cautious with these appealing calls, adding that there were signs of in-transparencies and frauds. “The skyrocketing profits in the current situation …
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VIETNAM BUSINESS NEWS FEBRUARY 6
Exports expected to continue expanding in 2021 EC allows Vietnamese exporters to extend deadline of REX applications In particular, the first month of 2021 reported export revenue of US$27.7 billion, up 0.2% compared to December 2020 and up 50.5% compared to the same month in 2020. Important markets such as the US, China, the EU, and Japan all maintained growth in their demand of between 15 to 111%, compared to the same period in 2020. Deputy Director of the Import and Export Agency under the Ministry of Industry and Trade Tran Thanh Hai said that the lessons learnt from dealing with adverse situations in 2020 will continue to be applied this year. The disruption of the global supply chain due to the COVID-19 pandemic has motivated Vietnamese enterprises to develop solutions to help them survive including enhancing online trading or shifting to the production of goods designed for pandemic prevention and control. The business community has also made efforts to maintain competitiveness, improve product quality, and seek export orders, particularly for key commodities such as phones and components, electronics, computers, footwear, textiles, mechanics, and rice. Rice export, which was a bright spot in agricultural exports in 2020, is facing an opportunity to increase export turnover thanks to high demand around the world and improvements to the quality of Vietnamese rice. Economist Pham Tat Thang commented that enterprises are taking advantage of traditional markets combined with rapid penetration into new markets through free trade agreements in order to take advantage of the new tax incentives therein. With the efforts of authorities and enterprises, total export turnover in 2021 is expected to increase by 4-5% compared to 2020. PV Power to divest subsidiaries and streamline operations PetroVietnam Power (PV Power) has confirmed plans to divest from some of its subsidiaries. PetroVietnam Power Corporation JSC (PV Power, HSX: …
VIETNAM BUSINESS NEWS FEB. 21
Finance Ministry suggests further extending tax payment deadline The Ministry of Finance has submitted a proposal to the Government seeking approval to create a decree expanding the timeframe for tax and land lease payments. The move is expected to ease difficulties faced by enterprises amid the COVID-19 pandemic, especially those in tourism and transportation. Under the proposal, payments of value added tax are to be extended by five months, during which revenue to the State budget will fall by nearly 68.8 trillion VND (2.99 billion USD). Regarding corporate income tax, around 40.5 trillion VND in payments during the first and second quarters will be delayed by three months. Meanwhile, the payment of some 1.3 trillion VND in value added tax and personal income tax from business households and individuals will also enjoy a delay. The ministry suggested extending the deadline for land lease payments in the first installment, valued at about 4.4 trillion VND. The total value of delayed taxes and land lease will amount to 115 trillion VND. Tax agencies allowed delays in tax and land lease payments worth some 87.3 trillion VND last year, for 184,900 taxpayers./. Vietnam to overcome difficulties in 2021 through solidarity: MoIT leader Challenges remain ahead in 2021, but Vietnam will overcome all with solidarity between the political system, businesses, and the people, Politburo member, head of the Party Central Committee’s Economic Commission, and Minister of Industry and Trade (MoIT) Tran Tuan Anh has said. In an interview with the Vietnam News Agency, Anh said that this year, amid the complex developments of the COVID-19 pandemic, the major target defined by the Party, State, and Government continues to be effectively containing the pandemic to protect people’s lives and public health. The country will coordinate with the international community to fight COVID-19 while continuing to recover its economy and return to true normal, …