Registration tax

Facebook announces to collect additional 5 percent advertising fee to pay taxes in Vietnam In its announcement, the company said that from June 1, Facebook ads in Vietnam will be subject to an additional 5 percent value-added tax (VAT). This will affect advertisers who set Vietnam as the target country for business or personal addresses. According to Facebook, VAT will be collected in two ways. With the automatic payment option, a 5 percent tax will be charged before the ad goes live. As a result, users will have to pay extra for an advertising plan on the platform. If an advertiser chooses to pay manually, VAT is calculated based on the actual rate, depending on the balance in the ad account. An additional 5 percent tax will be applied to all of the platform's ads, targeting customers in Vietnam and requiring advertising partners to add a tax code to the payment settings, Facebook said. By Kim Thanh - Translated by Dan Thuy … [Read more...] about Facebook announces to collect additional 5 percent advertising fee to pay taxes

A doctor checks the PET/CT scanner before operating it at Cho Ray Hospital. (Photo: SGGP) Exhaustedly searching places to get PET/CT scans In the past three days, Nguyen Dinh Hung, living in Binh Chanh District in HCMC, had to visit many hospitals around the city to find a place to take PET/CT scans for his mother, a patient suspected of having stomach cancer. At first, Hung went to HCMC Oncology Hospital, but the hospital said that it no longer had any radiopharmaceuticals to operate its scanner. Hung took his mother to Military Hospital 175 and then People's Hospital 115, but these two places also turned him down because their machines stopped working. Being told by his friends that only Cho Ray Hospital had a working scanner, he registered a PET/CT scan for his mother there. However, due to the overwhelming number of patients, it takes more than a month before his mother’s turn comes. "For cancer patients, a long waiting time may cause the disease to advance to a severe … [Read more...] about Shortage of radioactive materials needs to be resolved urgently

Though the benchmark VN-Index has lost nearly 19 percent this year, the bank said it was confident about the long-term prospects of the market as companies have been "on a roll" in terms of growth and profits in recent years. The average earnings per share of listed companies had grown by 35 percent last year, and while trading had dipped in the last few months, the Vietnamese market had surpassed Singapore and Indonesia to become the second largest in Southeast Asia behind only Thailand. Local retail investors accounted for around 87 percent of trading. Though foreigners had been mostly withdrawing from the market for nearly three years, they "have started to dip their toes into this market again" in the past few weeks. This was because only seven of the 30 biggest stocks on the main bourse, the Ho Chi Minh Stock Exchange, had reached their foreign ownership limit. Overall the VN-Index had a foreign ownership limit of 44 percent, and current foreign holdings were at less … [Read more...] about HSBC optimistic about Vietnam stock market despite plunge

Businesses across Ho Chi Minh City have increased prices of essentials due to higher production costs despite consumer purchasing power having decreased by up to 25 percent, a survey of Tuoi Tre (Youth) newspaper has shown. Enterprises in Vietnam have issued warnings that food prices will continue to rise unless solutions are found to restrain surging food input costs, including raw materials, gasoline, and animal feed. As a case in point, cooking oil is now being sold 15-20 percent more expensive at supermarkets in Ho Chi Minh City than at the beginning of the year, and 70-90 percent higher than the price of 2020. Notably, Tuong An cooking oil now sells for VND60,000-160,000 (US$2.6-$6.9) per liter, depending on the type, while a set of 10 chicken or duck eggs is offered at VND33,000-VND38,000 ($1.4-$1.64) at traditional markets. The rates are about 20 percent higher than earlier this year, and nearly double those of last year, mostly owing to higher production costs and … [Read more...] about Purchasing power drops, food prices rise in Ho Chi Minh City

Illustrative image (Source: VNA) Hanoi (VNA) - Vietnam ’s aviation industry needs to improve to keep up with the global market as flights resume following the pandemic, Deputy Minister of Transport Le Anh Tuan said on May 24. He made the remark at an international seminar titled “Vietnam aviation in a post-pandemic world” organised by Tap chi Cong San (Communist Review) and the Ministry of Transport. There were 42 million international visitors out of 116 million air passengers in Vietnam in 2019, before the pandemic broke out. About half of them came to Vietnam to invest and seek business opportunities. The volume of goods shipped by air reached 1.5 million tonnes in 2019, which was rather low compared to other modes of transport but accounted for 25 percent of the value of exported goods. With a growth rate of over 15 percent per year in the 2010-2019 period, Vietnam's aviation market is considered to be the fifth fastest-growing market in the world and the … [Read more...] about Solutions sought to help Vietnam’s aviation industry take off

An aircraft of Vietnam Airlines at Buôn Ma Thuột Airport in Đắk Lắk Province.— VNS Photo Thanh Hải Viet Nam needs policies to support and remove difficulties for domestic airlines to regain their growth momentum in the post-COVID recovery period, transport experts said yesterday. At the seminar "Restoring and developing Viet Nam's aviation industry in a new context" organised by Communist Review, in collaboration with the Ministry of Transport (MoT), experts said the air transport industry has been seriously affected and they urge the government to create the market and the development corridor as a key to return to the growth trajectory of the aviation industry. Dinh Viet Thang, director of the Civil Aviation Authority of Viet Nam (CAAV) said: “The COVID-19 pandemic has delayed the development of the aviation industry and caused negative consequences for units in the air transport chain, especially the national airline Vietnam Airlines.” He added Viet Nam's aviation market … [Read more...] about Aviation industry needs more financial help to recover

As Việt Nam’s growth momentum faces headwinds, with global recovery slowed by the impacts of the pandemic, inflation pressure and a surge in oil prices, National Assembly Deputy Trần Hoàng Ngân talks to Tuổi Trẻ (Youth) newspaper about the need to have appropriate measures to put inflation under control before it’s too late. You have previously proposed using environmental protection and special consumption taxes to control the increase in gasoline prices, why do you persist with this view? Experiences from economic development in Việt Nam and around the world show that high inflation is very dangerous. Therefore, it is necessary to closely monitor the situation and come up with timely solutions. When high inflation occurs, to control it, banks often raise interest rates, which will turn everything upside down and is a very dangerous move for the economy. Therefore, it is necessary to persist in preventing the problem as soon as symptoms of high inflation show. One of … [Read more...] about Expert gives warnings about high inflation, saying immediate solutions needed

Buses at the Mien Tay Station in HCM City. — VNA/VNS Photo Hoang Hai The HCM City transport industry has sought Government support to help recover from the double whammy of the COVID-19 pandemic and skyrocketing fuel prices. Le Trung Tinh, chairman of the city Intercity Passenger Transport and Tourism Association, said the high prices of petroleum products have made it difficult for transport businesses, leading to a fresh crisis post-pandemic. Fuel prices account for 30-50 per cent of transport costs, and so the hike in prices has created massive challenges for the industry, he said. The Government and National Assembly should consider reducing tariffs on petroleum products such as environmental protection, special consumption and value-added taxes, he said. “Petrol prices have surged and been forecast to rise to VND35,000 - 40,000 per litre. If it does, passenger transport firms will find it challenging to survive.” A spokesperson for Tu Vien, a firm that operates on … [Read more...] about Transport sector beseeches support amid soaring fuel costs

There are now four Molnupiravir-based drugs produced in Việt Nam approved for domestic use. Photo suckhoedoisong.vn HÀ NỘI — Molnupiravir Stella 200mg, a drug from Stellapharm J.V.Co. Ltd., has been authorised by the Drug Administration of Việt Nam (DAV) for the domestic treatment of COVID-19. This is the fourth Molnupiravir-based drug produced in Việt Nam to be authorised for use in the country. The DAV orders manufacturers to adhere to documents registered with the Ministry of Health; coordinate with treatment facilities to strictly comply with current regulations on prescription drugs, monitor the safety, effectiveness, and unwanted effects of drugs on Vietnamese people, as well as compile reports according to regulations. At the same time, the DAV also requested local departments of health notify medical examination and treatment facilities, medical staff, and drug suppliers in the area to inform patients of the benefits and risks when using Molnupiravir, including … [Read more...] about One more molnupiravir-based drug authorised for use in treating COVID-19

A customer buys medicine at a Pharmacity store. The mass opening of new pharmacy chains is expected to boost the pharmaceutical industry's revenue in the next few years. Photo the courtesy of Pharmacity HÀ NỘI The pharmaceutical industry is growing steadily because input costs are stable compared to other industries and businesses are less affected in a high inflation environment. In the first quarter of 2022, according to the business results of the listed pharmaceutical companies, SSI Research Co estimated that the total pharmaceutical revenue of the country increased by 7 per cent over the same period last year, in which the revenue from the pharmacy channel increased by 23 per cent over year-on-year and the hospital channel decreased by 5 per cent year-on-year. SSI Research assesses that the pharmaceutical industry will grow strongly in the future. Pharmaceutical demand will continue to increase until the end of 2022 when revenue from the hospital channel recovers … [Read more...] about Pharmaceutical industry sees promising propects