Fdi in vietnam

Illustrative image (Photo: vneconomy.vn) Hanoi (VNA) - Vietnam is studying and adjusting its investment policies to adapt to the global minimum corporate income tax which is scheduled to be applied from 2024, said Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc. The global minimum corporate income tax is part of the Action Plan on Base Erosion and Profit Shifting (BEPS), which involves the participation of 141 member countries. Accordingly, large companies with annual global consolidated revenue of at least 750 million EUR (806 million USD) over at least 2 years of the preceding 4-year period will be subject to a minimum tax rate of 15%. If they are currently paying a tax rate lower than 15% in the country where they are investing, they will have to pay the remaining "shortfall" at a tax rate of 15% to the country where they have their headquarters. According to economists, investment exporting countries’ application of the global minimum tax in 2024 poses … [Read more...] about Vietnam adjusting policies to adapt to global minimum corporate income tax: Official

People shop at a supermarket in Hanoi. (Photo: VNA) Hanoi (VNS/VNA) - Vietnam is becoming an attractive retail market for companies all over the world with many regional and global FDI investors recently announcing plans to increase capital and expand distribution networks here. According to the Ministry of Industry and Trade, the Vietnamese retail market is worth 142 billion USD and is expected to increase nearly 2.5 times to 350 billion USD by 2025. In January, total retail sales of consumer goods and services decreased by 6% on-month to more than 481.8 trillion VND (20.4 billion USD) due to weaker demand as many commodities were purchased ahead of the Lunar New Year. People spent more on festival activities post Tet, said the General Statistics Office. However, it still rose 13% year-on-year. For the first two months of the year, the country’s total retail sales of consumer goods and services advanced 13% over the same period of 2022 to over 994.1 trillion VND. … [Read more...] about Vietnam’s retail market proves attractive for foreign investors

The agreement surpasses the VND20 trillion ($850 million) acquisition of a 15% stake in BIDV from KEB Hana Bank (South Korea) in 2019, setting a new record in the banking industry. VPBank announced that it has completed the sale of a 15% equity interest to Sumitomo Mitsui Banking Corp. of Japan, a member of Sumitomo Mitsui Financial Group, in a transaction valued at $1.5 billion. CEO of SMBC Masahiro Yoshimura and Chairman of the Board of Directors at VPBank Nguyen Chi Dung at the signing ceremony today. Photo: VPBank SMBC Group's latest deal with VPBank makes the former a new strategic investor in the latter. The agreement sets a new banking industry record, with a deal value of VND35.9 trillion ($1.5 billion), surpassing the VND20 trillion ($850 million) acquisition of a 15% stake in BIDV from South Korea's KEB Hana Bank in 2019. The investment is expected to increase VPBank's total capital from VND103.5 trillion ($4.4 billion) to around VND140 trillion … [Read more...] about Japan’s SMBC acquires 15% stake in VPBank for US$1.5 billion

Vietnamese lender VPBank on March 27 signed an agreement to sell its 15% stake to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) through a private placement. At the signing ceremony between VPBank and SMBC (Photo: VNA) With this deal, SMBC, a subsidiary of Sumitomo Mitsui Financial Group, Inc (SMFG), has officially become a foreign strategic investor of the Vietnamese bank. The investment from SMBC will help VPBank raise 35.9 trillion VND (approximately 1.5 billion USD) of Tier 1 capital (equal to 30,160 VND per share), increasing its equity to approximately 140 trillion VND from 103.5 trillion VND. Following the investment, VPBank will become Vietnam’s second largest bank in terms of equity, which allows it to serve a wide range of customer needs in various segments, including retail banking, corporate banking and SMEs. The robust capital stance will also back VPBank in serving large-scale enterprises, particularly the FDI and multi-national companies … [Read more...] about VPBank sells 15% stake to Japan’s SMBC for 1.5 bln USD