Non profit revenues

Speaking at a meeting of the National Assembly Standing Committee in Hanoi Thursday, he said if the global minimum tax is not imposed on businesses with a turnover of €750 million (US$800 million)or more from the beginning of 2024, Vietnam has to give up the right to tax at all and businesses would pay additional taxes to the country where they are headquartered is their parent company is located. Imposing the minimum tax would give Vietnam the opportunity to increase its tax revenues and prevent evasion and transfer pricing and profit transfer frauds, he said. The global minimum tax of 15% was agreed upon by the G7 rich nations in June 2021. The 15% tax will apply to companies with revenues of at least €750 million in at least two of the four most recent years. Some countries like the U.K., Japan, South Korea, and the EU are expected to apply the tax from 2024. According to the Government, foreign enterprises in Vietnam that are paying a corporate tax rate of less than 15% … [Read more...] about No global minimum tax will result in revenue loss: finance minister

At a Saturday government meeting, To An Xo, spokesman for the Ministry of Public Security, said the money had been gained through 45,525 business deals in the 2020-2022 period. Nhat Nam had spent over VND2.27 trillion of it to pay those who mobilized the money. The firm's general director, Vu Thi Thuy, used over VND635 billion as her personal expenses, the ministry said. Just over 110 investors have been cooperating with authorities during the investigation, saying over VND138 billion had been stolen from them. Thuy said Nhat Nam's investments and businesses have yet to generate profit, and an initial investigation revealed that the firm does not have any real estate projects in Hoa Binh Province in northern Vietnam and Binh Thuan Province in the central region like how it had advertised to people, Xo said. In 2019, Thuy established the Nhat Nam firm, but did not have any stakes in the company. The firm's financial reports from 2019 to early 2021 revealed that the company was … [Read more...] about Property developer takes $370M from 20,000 people with non-existent projects

In July, Thien Long joined hands with Galaxy Education, a leader in online education based in Ho Chi Minh City’s Thu Duc city, in a deal which is set to aid Vietnamese people across the country to easily access educational products and services. “Cooperating with Galaxy Education is a stepping stone in the Thien Long ecosystem expansion plan as well as the company’s aim for a happy learning life for the Vietnamese people,” said Tran Phuong Nga, CEO of Thien Long Group. Building a complete stationery ecosystem is deemed a perfect formula to help Thien Long maintain high growth in revenue and profits. Along with this, early this month the group inaugurated two new Clever Box stores in Ho Chi Minh City’s Thu Duc and in Tien Giang, making five stores in total nationwide. The Clever Box store system, under Thien Long Group , was launched at the end of 2022 with a view to elevating the shopping experiences for consumers. In addition, Flexoffice Pte. Ltd. - a … [Read more...] about Thien Long Group gearing towards ambitious revenue target

The total consolidated revenue of 19 State-owned economic groups and corporations hits 1.871 quadrillion VND (77.9 billion USD) last year. (Photo: VNA) Hanoi (VNA) – The total consolidated revenue of 19 State-owned economic groups and corporations hit 1.871 quadrillion VND (77.9 billion USD) last year, or 20% of the country’s gross domestic product ( GDP ), up 0.6% from 2018, heard a workshop in Hanoi on September 26. The event was co-hosted by the Vietnam Investment Review and the Commission for Management of State Capital at Enterprises (CMSC) on the occasion of the fifth anniversary of the CMSC. Compared to 2018 when the management of those groups and corporations was transferred to the CMSC, their total consolidated owners' capital hiked from 1.056 quadrillion VND to 1.155 quadrillion by the end of 2022 while the total consolidated equity also increased from 2.360 quadrillion VND to 2.491 quadrillion VND. The annual production and business indicators … [Read more...] about Revenue of 19 State groups, corporations accounts for 20% of 2022 GDP

The business results were announced by Thaco Group in a financial statement to the Hanoi Stock Exchange last week. In the first half of the year, Thaco reported about VND1.07 trillion ($45.4 million) in after-tax profit, equivalent to almost 25 per cent of the same period last year. The profit margin also decreased by nearly five times, down to 2.1 per cent on-year. The domestic car market has remained sluggish for around a year, so numerous models assembled and distributed by Thaco have had their prices reduced by $5,000-10,000 in an attempt to stimulate demand. Earlier this year, chairman Tran Ba Duong predicted that this year's car market would be weaker compared to 2022, and competition would become increasingly fierce. However, the business still set a yearly sales target of over 120,000 vehicles, which covered 96,000 passenger cars, 23,500 trucks, and 1,500 buses and minibuses. Thaco Auto, the key company of the group, is expected to achieve a consolidated revenue of over … [Read more...] about Thaco Group profits drop sharply amidst grey market

Passengers board a train leaving a station in the northern city of Vinh. The VNR reported a pre-tax profit of VNĐ143.9 billion in the first eight months of 2023, an increase of 193.7 per cent compared to the same period last year. — VNA/VNS Photo There has been progress made with business management and operation of state-owned enterprises (SOEs) during the first eight months of 2023, according to the latest report by the Ministry of Planning and Investment (MPI). The report estimated the SOEs' total revenue at VNĐ1,136.621 trillion (US$46.73 billion) or 71 per cent of the annual target, and 102 per cent compared to the same period last year. The Vietnam Oil and Gas Group - PVN led the pack at VNĐ350.5 trillion, 84.7 per cent of the annual target and 94.4 per cent compared to the same period last year; Vietnam Electricity (EVN) at VNĐ250 trillion, 109 per cent compared to the same period last year; Vietnam National Petroleum Group (Petrolimex) at VNĐ169 trillion, 88.9 per cent … [Read more...] about SOEs management and operation show signs of improvement: MPI

Dr Nguyễn Phương Nam, United Nations' expert on climate change. Energy transition and greenhouse gas emission reduction play a crucial role in achieving Việt Nam’s goal of net-zero. According to regulations from the Ministry of Natural Resources and Environment, from the beginning of 2023, about 1,920 businesses will start having periodic inventories of greenhouse gas emissions. This is a new requirement being applied in Việt Nam for the first time, so businesses face many difficulties in implementing it. Dr Nguyễn Phương Nam, a United Nations' expert on climate change, speaks to the Vietnam News Agency about challenges and solutions relating to this issue. From the start of 2023, thousands of businesses have had to conduct greenhouse emissions inventories. How have the businesses implemented this requirement? According to the Law on Environmental Protection, effective from January 1, 2022, Vietnamese businesses will be obliged to conduct inventories of greenhouse gases … [Read more...] about Solutions for enterprises in reducing greenhouse gas emissions

The Consular Club of Ho Chi Minh City (Consular Club HCMC) hosted a fundraising dinner in the city on Saturday evening to raise funds for disadvantaged children, minority girls, and needy people in southern Vietnam. The Consular Club Fundraising Dinner 2023, an annual event with the ‘Stronger Together’ theme, took place at Continental Saigon Hotel in the city’s downtown District 1, attracting representatives from 19 countries, diplomatic missions, and business communities. The funds raised from the party, along with the proceeds from the auction of various items, including paintings and wines, will be donated to three charities, including Planète Enfants & Développement (PE&D), a French non-governmental organization (NGO) founded in 1984 to protect children from violence and exploitation and create conditions conducive to their well-being and development. Working in Vietnam since 1992, PE&D is implementing projects focusing on the child, the family and the community, … [Read more...] about Consular Club of Ho Chi Minh City raises funds for vulnerable communities

Europe's sugar beet growers are turning away from the crop in a move that could drive soaring prices even higher, as the EU's environmental rules clash with its bid to stem food inflation and secure supplies. Farmers are switching crops after the European Union's top court ruled in January they can no longer be granted exemptions to a ban on so-called neonics - insecticides which protect against diseases like virus yellows in sugar beet but are toxic to bees and other pollinators vital to food production. The ruling, which the bloc and environmental groups say is critical for safeguarding pollinators, some of which are currently threatened with extinction, has led to a cut in acreage devoted to sugar beet as crop yields suffer, farmers and industry experts told Reuters . "In our region, we lost 15% of the (sugar beet) area (this year)," said Alexandre Pele, who has a 240 hectare farm in central France. "I have struggled to meet volume commitments with the sugar factory … [Read more...] about EU’s bid to save bees stings sugar beet farmers

Vietnam’s JETP plan must cover energy efficiency, storage, and more, photo Le Toan European Investment Bank (EIB) vice president Kris Peeters told VIR when he visited Vietnam last week that the non-profit credit institution and lending arm of the EU is eager to meet with partners in Vietnam to provide more green loans for environmentally friendly projects in various sectors from transport, water treatment, and smart urban development to renewable energy and infrastructure. “We have been providing loans for seven projects in Vietnam with total loans of €561 million ($602.8 million), and we hope the figure will double in the coming time,” Peeters said. Last year, the EIB invested over €70 billion ($75.2 billion) in many green projects worldwide. “We want to increase our investment portfolio and Vietnam is also on our priority list, as the country’s economy is going green, meaning the growing need for relevant projects in many sectors,” Peeters said. “Vietnam is an important … [Read more...] about Development banks extend role in green-related loans