Selling via online platforms helps The Coffee House retain its customers during the pandemic. Vietnamese people spent more than $2.28 billion on tea and coffee in 2020. — Photo courtesy of The Coffee House Despite the impacts of the COVID-19 pandemic, competition between coffee chains in Viet Nam has become increasingly fierce with more giants trying to grab a slice of the lucrative market. Masan, owned by billionaire Nguyen Dang Quang, Novaland of Bui Thanh Nhon and Tran Kim Thanh's Kido have all heated up the billion-dollar market by entering recently. In May, The Sherpa, a company owned by Masan, purchased 20 per cent of Phuc Long Joint Stock Company, which owns the Phuc Long brand, one of the country's most famous tea and coffee chains. As the firm spent US$15 million on the deal, the Phuc Long chain was valued at $75 million, a number that surprised many people, according to some insiders. Set up in Bao Loc City, Lam Dong Province in 1968, Phuc Long expanded into the retail beverage business in 2012 from its three traditional stores in HCM City in the 1980s. Currently, the firm has 60 stores in HCM city and seven in other localities. After the deal, VinCommerce, another Masan member company, will set up a kiosk serving Phuc Long’s products at its chain VinMart+, which has more than 2,200 stores across the country. Earlier, realty firm Novaland Group launched a new ecosystem of Nova Consumer to develop the food, beverage and nutrition segment with a closed food production chain from farm to fork. The group has invested more than $200 million to bring together many famous consumer brands in its ecosystem, including PhinDeli coffee. Last year, Vietnamese people spent about VND53 trillion ($2.28 billion) on tea and coffee, a growth rate of about 10 per cent annually, an extremely attractive number for chains. Local brand The Coffee House opened 24 stores in the first quarter of this year and plans to open at least another 50 this year to increase …
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For Sanofi, environmental protection is part of business
For Sanofi, environmental protection is part of business The Saigon Times Nguyen Thi Luong Phong (L), a representative of Sanofi Vietnam, donates VND1.3 billion to a representative of Vietnam Red Cross Society - PHOTO: SANOFI VIETNAM For a better life, apart from improving economic performance, Sanofi Vietnam has always attended to societal and environmental issues to create values for the community. By integrating corporate social responsibility (CSR) into the core of its operations, the drug firm has enacted numerous pro-society initiatives and environmental protection programs to change lives. “As a multinational pharmaceutical company and a drugmaker in Vietnam for over 60 years, Sanofi Vietnam is striving to fulfill its long-term commitment to social responsibility,” says Emin Turan, country director of Sanofi Vietnam and Cambodia. “On the path to generating positive impacts on the society, the drugmaker has been mobilizing its capacity, ability and human resources to minimize environmental footprint of its production and business activities,” Turan added. Reducing the environmental footprint In an effort to minimize negative impacts from raw materials and wastes on the health of people and the environment during its operations, Sanofi Vietnam is constantly redesigning and renewing its products and services to create a healthy society. Its pharmaceutical plant in Thu Duc City in HCMC is launching a series of programs to reduce its waste by recycling or reusing the plastic and paper waste in a safe and sustainable manner. Through its program to eliminate plastic waste that was kick-started years ago, the firm targets to reduce the use of plastics at the factory to zero by 2022. Last year, the company managed to cut 14 tons of plastics in its production. In addition, the factory made a reduction of 470 tons of carton paper used for packaging in 2020 while carrying out the “Carton Reduction” program, and recycled 30 tons of plastic …
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Massage, hair cut and wash services to be taxed from August 1
From August 1, 2021, a 5 percent VAT and 2 percent PIT will be imposed on services such as saunas, massage, karaoke, discotheques, billiards, internet, games, tailoring, laundry, haircut and hairdressing, and other services. The stipulation is part of the Ministry of Finance's newly released Circular No 40 VAT and PIT management. The newly released circular has added some business fields to the list of products and services subject to VAT and PIT. In addition to these services, the service of repairing computers and household appliances will have 5 percent VAT and 2 percent PIT, commencing from August 1. This means that the total tax the providers of these services have to pay is 7 percent. Legal advice, financial consultancy, accounting, auditing, and tax and customs procedure services will also bear similar taxes. Data processing services, information portal rental, IT and telecommunications equipment leasing, and advertisement on digital information content products and services will also be taxed a total of 7 percent. The highest tax rate, 10 percent (5 percent VAT and 5 percent PIT), is being imposed on services that lease assets, including house, land, retail premises, workshops and warehouses, except for accommodation services; leasing means of transport, and equipment without regulators; and leasing other assets with no services associated. Other services, including cargo and passenger transport; food; equipment and transport vehicle repair and maintenance will be taxed 3 percent VAT and 1.5 percent PIT. Under the circular, business households and individuals who have revenue from production and business activities in one calendar year of VND100 million or lower won’t have to pay VAT and PIT. Also in the circular, MOF has released a list of business fields that will have to pay VAT and PIT depending on percentage of revenue. Others to be subject to VAT and PIT: 1/ business households and individuals engaged in e-commerce …
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