Labor force

Under the action plan, the Government set specific targets for socio-economic development for the regions. The Gross Regional Domestic Product (GRDP) growth in the period of 2021-2030 will reach 8-9% per year, and by 2030, the economic scale of the region will reach about VND 21 trillion (USD 90.5 billion), of which agriculture, forestry and fishery will account for 12-13%, industry and construction 45-46%, and services 37-38%. The GRDP per capita will be VND 140 million (USD 6,000) per year (at the current price), and the total state budget revenue will reach about VND 190 trillion (USD 8.1 billion). The urbanization rate is about 40%, and 80% of communes meet new rural standards, of which 30% meet improved rural standards, and each province has at least three district-level units meeting new rural standards. Regarding the labor force, the rate of trained workers reaches 65-70%, 35-40% of whom have occupational degrees and certificates. The provinces set a target of … [Read more...] about Pushing economic development in northern midland, mountainous regions

The country has stepped into the spotlight after Samsung, one of the top manufacturers, announced plans to start producing ball grid array products at its plant in the northern Thai Nguyen Province in July 2023. The move would raise Vietnam’s profile in the microconductor industry thanks to Samsung’s scale and impact, insiders said. "Vietnam is becoming a new destination for the microconductor industry, thanks to its industrial zones specializing in testing and circuit packaging", Gu Wenjun, chief analyst at Shanghai market research firm ICwise, told Chinese newspaper Global Times . Samsung's plant in Thai Nguyen Province, northern Vietnam. Photo courtesy of Samsung Vietnam’s own chip market has the potential to grow by US$1.65 billion by 2025, U.S. market research company Technavio said. The growing use of internet of things is one of the major drivers of the growth, it added. Vietnam is also home to a $1.5-billion Intel plant, the largest in the U.S. tech … [Read more...] about Vietnam rises as a prominent player amid global chip race

Illustrative photo In addition to the achieved results, the PIT Law also revealed several shortcomings and many points that were not consistent with reality, including deduction for family circumstances. Therefore, the upcoming revised law should raise the family deduction for taxpayers from the current VND 11 mln per month to a higher level, to even VND 18 mln or VND 20 mln per month due to escalating costs of commodities. Now the current level of VND 11 mln per month has become irrelevant. Along with this, the family deduction for dependents which is currently VND 4.4 mln per month, should also be raised to 50% to 70%, or about VND 6 mln or VND 7.5 mln per month. Because the current level of VND 11 mln per month is not enough to live in urban areas, it cannot be considered a high taxable income. In addition, the Law on Personal Income Tax also reveals other limitations when many benefits arise that are not within the scope of salary and wages such as spiritual allowance, … [Read more...] about Family tax deduction must adjust each year