Estate planning to reduce taxes

The market in new urban areas is set to become more active Photo: Le Toan March has seen a flurry of activity in welcoming quality real estate products in Vietnam. Singaporean group CapitaLand Development, saw all of [email protected] West Lake booked up after being introduced to the market on March 19. The Elysian project developed by Gamuda Land is also reportedly being well observed by buyers due to the prestige of the developer, the good location, and high quality of the project. Domestic groups are also joining the rush. Nam Long Investment JSC said that the business is implementing a series of plans in 2023, in which priority is being given to ventures in large urban areas such as Waterpoint, Mizuki Park, Nam Long Can Tho, Nam Long Dai Phuoc, Akari City, and Izumi City. Meanwhile, Hung Thinh Land introduced the 9X An Suong project in the northwest of Ho Chi Minh City. In the southern province of Binh Duong, Phu Dong Group is about to open for sale an apartment project … [Read more...] about Positive real estate signs march ahead

As foreign direct investment (FDI) business representatives and analysts gathered at an investment forum Wednesday morning, Deputy CEO of Deloitte Vietnam Phan Duc Hoang said that the new global minimum corporate tax was designed to block multinationals from tax avoidance. Starting next year Vietnam is set to apply a 15% tax on profits from multinationals with total revenues of at least EUR750 million ($819 million) in two of the preceding four years. Hoang said if a South Korea-based company that has a factory in Vietnam is paying taxes for less than 15% of its profits, it will be taxed in South Korea to ensure the 15% level is achieved. If South Korea does not also implement the extra tax on the company, other countries that have approved the new global minimum corporate tax, such as Indonesia and Thailand, will have the rights to impose the tax, he added. For this reason, Do Thien Anh Tuan from the4 Fulbright School of Public Policy and Management, forecast that Vietnam will … [Read more...] about Don’t rely on tax incentives for FDI: analysts

On March 26, HoREA sent a document to Prime Minister Pham Minh Chinh to propose some solutions for credit and project transfers to remove difficulties in the real estate market. According to HoREA, Decree No.08/2023/ND-CP has had a positive impact on the confidence of the market and its investors. This is the legal basis to pave the way for a negotiated agreement between the companies that have issued upcoming bonds and the bondholders. The decree, dated March 5, focuses on amending, supplementing, and ceasing the effect of a number of articles in previous decrees on the private placement of corporate bonds and the trading of privately placed corporate bonds on the domestic market, along with the offering of corporate bonds on the international market. These mechanisms and policies will remove the difficulties businesses have issuing bonds that are about to come due and support bondholders, while at the same time creating favourable conditions for the transfer of … [Read more...] about HoREA proposes extension of repayment schedules for businesses

The Ministry of Planning and Investment (MPI) is urging a project steering committee to accelerate the transition of traditional industrial parks (IPs) to an ecological model as part of a nationwide eco-IP intervention initiative. Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc said, “The project has contributed to the replication of the eco-IP model in Vietnam, in line with the National Green Growth Strategy for 2021-2030, Vietnam’s commitment to the United Nations’ Sustainable Development Goals, and the net-zero emissions commitment to 2050.” Private sector urged to enter eco-IP arena, illustration photo. Developing eco-IPs is inevitable as many countries are applying the carbon tax mechanism on imported goods, the deputy minister added. “Meanwhile, many tenants in IPs are manufacturers for export, and they need a green certificate to export products. Thus, relevant parties continue to spread technical and financial support to many IPs at different … [Read more...] about Private sector urged to enter eco-IP arena

A bank employee handles cash. The corporate bond market has flourished with an estimated annual issuance value of over VND500 trillion (US$21.9 billion) in 2021. — VNA/VNS Photo The State Bank of Viet Nam has unveiled a preliminary revision to Circular 16, requesting public input on proposed modifications that would permit credit institutions to procure corporate bonds as a means of boosting liquidity in the corporate bond market. The revision corresponds to Decree 08 of the Government, which went into effect on March 5 and aims to address bottlenecks in the corporate bond market. Circular No. 16/2021/TT-NHNN, issued on November 10, 2021, delineated principles for the acquisition and sale of corporate bonds by credit institutions. The preliminary revision aims to clarify and expound on various components of Circular 16 to avoid ambiguities and gaps. The notable changes include more specific regulations for banks in investing in corporate bonds, such as banks’ responsibility … [Read more...] about SBV’s draft regulations encourage banks to support corporate bond market

The CEO and Regional Head, Client Coverage, Americas, Standard Chartered, shared his view on Vietnam's significance for US businesses and why Vietnam is potential for foreign investors. Vietnam has gone from being a frontier economy in ASEAN to a flourishing, cost-effective industrial nation. Firms and investors looking for new markets to grow, source, or manufacture their products – especially in Asia – should consider Vietnam’s long-term potential and stay updated on its opportunities. Steven Cranwell, CEO and Regional Head, Client Coverage, Americas, Standard Chartered. Photo: Standard Chartered In recent years, Vietnam has benefited from the trade tensions between the US and China. With US companies adopting a ‘China plus one’ approach to their supply chains, the percentage of exports from Vietnam to the US has risen by approximately nine percent between 2018 and 2021. It is, however, important to note that Vietnam has been an alternative to China … [Read more...] about The significance of Vietnam for US businesses and why they should take notice: Standard Chartered

Vietnam has benefited from the trade tensions between the United States and China. With US companies adopting a China-plus-one approach to their supply chains, the percentage of exports from Vietnam to the US has risen by approximately nine per cent between 2018 and 2021. Steven Cranwell, CEO and Regional Head, Client Coverage, Americas It is, however, important to note that Vietnam was an alternative to China for general manufacturing in Asia long before the pandemic, and its long-term prospects remain bright. Despite the uncertainty of global economic conditions, many remain confident in Vietnam’s outlook. The country’s business-friendly atmosphere, its strategic location as a gateway to other fast-growing markets, the plentiful supply of skilled labour, and the competitive costs and incentives are compelling propositions for companies looking to expand their manufacturing in the region. While Vietnam has yet to host an Apple plant, the country is already home to … [Read more...] about The significance of Vietnam for US businesses and why they should take notice

A press conference was held by the General Statistics Office (GSO) on Wednesday. Viet Nam’s gross domestic product (GDP) expanded by 3.32 per cent in the first quarter of 2023. — VNS Photo Linh Anh Viet Nam’s gross domestic product (GDP) expanded 3.32 per cent in the first quarter of 2023, the General Statistics Office (GSO) said yesterday. The expansion is nearly the lowest in 13 years, with Q1 of 2020, which recorded growth of 3.21 per cent. Speaking at a press conference, officials from the GSO said that the agro-forestry-fishery sector expanded by 2.52 per cent and contributed 8.85 per cent to the GDP growth. The industry and construction sector contracted by 0.4 per cent, leading to a 4.76 per cent decline in the growth, and the service sector increased by 6.79 per cent to contribute to 95.91 per cent of the overall expansion. In the agro-forestry-fishery sector, agriculture saw a year-on-year increase of 2.43 per cent in added value, forestry 3.66 per cent, and … [Read more...] about Viet Nam’s economy grew 3.32% in Q1, near the 13-year quarterly lowest

Australian enterprises, participating in the Australia-Vietnam Energy Transition Business Forum held in Hanoi on Tuesday, said they are willing to help Vietnam develop systems and equipment to produce large energy-storage batteries domestically to reduce their prices. At the forum jointly held by the Australian Trade and Investment Commission (Austrade), the Electricity and Renewable Energy Authority under the Ministry of Industry and Trade, and the Vietnam Electricity Group (EVN), the energy transition of the two countries and Australia’s new energy technology and solutions were introduced. The event was among those to celebrate the 50th anniversary of the diplomatic relations between Vietnam and Australia. Building energy storage systems in Vietnam Renewable energy needs large storage equipment which meets safety standards and is eco-friendly. A typical solution in Australia is the energy storage battery. This is a feasible solution to optimize the renewable energy … [Read more...] about Australian firms willing to transfer energy-storage battery tech to Vietnam

Hanoi is known to have more rivers, lakes, ponds, and lagoons than any other city in Vietnam, acting as natural air conditioners to maintain a balanced ecology or being the city's green lung. The Hanoi People's Committee has recently approved a comprehensive list of 3,164 lakes, ponds and lagoons that are now off-limits to reclamation activities, demonstrating the authorities' unwavering commitment to preserving the capital's greenery and environmental sanctity. Cau Giay Lake in Dich Vong Ward, Cau Giay District. Photo: Pham Hung/The Hanoi Times There are 30 districts and towns on the list. Among them, the inner-city district of Hoan Kiem has the lowest number of protected lakes, with only one, while Quoc Oai District has the highest number of protected water bodies, with an impressive 276 lakes, ponds, and lagoons. Other areas with notable numbers include Cau Giay (29), Dong Da (15), Hoang Mai (40), Long Bien (53), and Son Tay Town (199). Drastic actions … [Read more...] about Hanoi determined to preserve its “green lung”