Excise tax exemption

The capital city is committed to accompanying the business community in promoting industrial products using advanced and environmentally friendly technologies with high-added value. Hanoi is pushing for the development of industrial infrastructure and key industrial products, seen as the driving force for the capital city’s sustainable economic growth. Thang Long Industrial Park in Dong Anh District, Hanoi. File photo During the first six months of 2022, the municipal Department of Industry and Trade started the construction of six industrial parks and is working on accelerating 38 other projects in the city. For the 2021-2025 period, Hanoi aims for supporting industries to make up 30% of the total value of industrial production, an increase of 5% from the current level; raise the value of key industrial products to 40-45% of total industrial production, and expects 10% of businesses in Hanoi to stay among Vietnam’s top 500 companies. To realize this goal, … [Read more...] about Hanoi promotes industrial infrastructure development for sustainable growth

Accordingly, at the end of 2021, the People's Committee of HCMC issued a decision to recognize the auction-winning results for the Dream Republic Joint Stock Company (lot No.3-5), Sheen Mega Joint Stock Company (lot No.3-8), Binh Minh Investment and Trade Company Limited (lot No.3-9), and Viet Star Real Estate Investment Company Limited (lot No.3-12). The Tax Department of HCMC also issued notices of land-use fees and registration fees for four companies to pay to the State budget. Binh Minh Investment and Trading Company Limited paid VND145.7 billion, and Viet Star Real Estate Investment Company Limited paid VND588.5 billion, or a 20 percent deposit. However, after that, they sent written requests to stop and terminate the purchase contract of the auctioned land. Sheen Mega Joint Stock Company paid a deposit of VND203.7 billion and was forced to deduct money from its bank account because its outstanding amount was VND3.79 trillion; the Dream Republic Joint Stock Company paid a … [Read more...] about Thu Thiem land auction results proposed to be canceled

Mai Phan Loi at court (Photo: VNA) Hanoi (VNA) – The High-Level People’s Court of Hanoi has reduced the prison sentence handed down to Mai Phan Loi , Chairman of the Scientific Council of the Centre for Media in Educating Community (MEC), by three months in an appeal trial on August 11. Accordingly, Loi will spend 45 months in prison for tax evasion instead of 48 months in the first-instance verdict. His accomplice Bach Hung Duong, MEC Director, also received a revised sentence of 27 months, down from 30 months. MEC was founded in 2012 under a decision by the Vietnam Union of Science and Technology Associations. It is funded mostly by grants and donations from domestic and foreign organisations. As a stakeholder, Chairman of the Founding Board and Chairman of the Scientific Council of MEC, Loi directed MEC’s all activities. From 2012 to March 2021, MEC recorded funding of over 19 billion VND (826,000 USD), but whenever MEC received financial support, Loi … [Read more...] about Mai Phan Loi has jail term reduced by three months

Great opportunities Vietnam has climbed up the value chain over the years, becoming a key electronics manufacturing hub, attracting stable foreign direct investment with its sound macro fundamentals, preferential tax incentives and an abundance of relatively cheap and productive labor. Electronics, a major driving force of Vietnam’s export growth Vietnamese enterprises are increasingly integrating into the global production chain, as confirmed by international organizations, including the World Bank and the Hongkong and Shanghai Banking Corporation Limited (HSBC) in their reports. For decades an apparel and footwear exporter with a low value added, Vietnam has gradually become an important production center in the technology industry, according to HSBC. Ngo Dang Khoa, HSBC Vietnam’s Country Head of Markets and Securities, said Vietnam has become a production center of electronics and cell phone components, helping it lure an increasing number of foreign … [Read more...] about Vietnam’s star rises in global supply chains

A consumer choosing instant noodle products at a supermarket. — VNA/VNS Photo Cambodian authorities will conduct an inspection and then prevent imports of Vietnamese instant noodles containing banned Ethylene Oxide (EO), according to Viet Nam's Trade Office in Cambodia. This move follows the European Union's warning to recall or return Vietnamese instant noodles including this dangerous substance, the office cited the Khmer Times as saying. According to Phan Oun, the Director General of the General Department of Consumer Protection, Competition and Anti-Fraud (KPR), if these types of noodles were detected in the Cambodian market, the KPR would take action to collect them. The director said the General Department of Customs and Excise would direct local customs agencies to classify these items as risky goods. Imported noodle products would be required to obtain a certificate stating that they were ethylene oxide-free, he added. Earlier, Germany warned that chicken and … [Read more...] about Cambodia to inspect Vietnamese noodles after EU warning