Associate Professor., Doctor Le Xuan Truong The Ministry of Finance is proposing tax solutions to aid enterprises. The proposed reduction of corporate income tax is from the current 20 per cent to 17 per cent for small and medium enterprises (SMEs), or even to 15 per cent for micro enterprises. Vietnam News Agency talked with Associate Professor., Doctor Le Xuan Truong, Head of In-service Faculty of the Academy of Finance, to explore the impact of reducing corporate income tax on the business investment environment and economic growth. How do you evaluate the Ministry of Finance (MoF)’s tax cut proposal? Regarding legal issues, this proposal is essential to ensure the consistency of legal normative documents. According to Article 10 of the Law on Support for Small- and Medium-sized Enterprises (effective from 1 January 2018), SMEs are allowed to pay a rate of corporate income tax that is lower than the normal tax rate applicable for larger enterprises according to the … [Read more...] about Lower tax for SMEs aids economy: academic
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VIB finances nearly $300m for SMEs’ transactions
People walk by a VIB branch in Hà Nội. — VNS PhotoViet Nam News HÀ NỘI — Vietnam International Commercial Joint Stock Bank (VIB) has been recognised as the country’s leading SME Trade Bank by the Asian Development Bank (ADB), thanks to VIB’s trade financing US$276 million in the year ending June 30, 2018. VIB was the only bank in Việt Nam to receive the ADB’s recognition, which honours leading partner banks in ADB’s Trade Finance Program (TFP) during the TFP Awards and Partners Dinner on Tuesday – the first day of the Global Trade Review’s annual conference in Singapore, Based on transactions supported by TFP, VIB was Việt Nam’s leading bank in SMEs trade finance. Previously, the Vietnamese bank was awarded leading SME Trade Bank in 2015 and 2017. VIB is one of 10 banks selected by ADB to join the TFP since 2009, aiming to provide companies with financial support to engage in import and … [Read more...] about VIB finances nearly $300m for SMEs’ transactions
Thailand launches programme to help SMEs join foreign fairs
Thailand's Ministry of Commerce has cooperated with the private sector to launch a programme to provide SMEs with opportunities to participate in international trade fairs abroad (Source: thainews.prd.go.th/) Bangkok (NNT/VNA) - The Ministry of Commerce of Thailand has cooperated with the private sector to launch a programme to provide small- and medium-sized enterprises (SMEs) with opportunities to participate in international trade fairs abroad. The programme has provided support to over 4,000 businesses to take part in 947 events, generating over 15 billion baht (456 million USD) in economic value. … [Read more...] about Thailand launches programme to help SMEs join foreign fairs
VIB finances nearly $300 million for SME transactions
This is the third time VIB receives this highly coveted title At the TFP Awards and Partners Dinner which was held on September 4 in the framework of the first day of Global Trade Review's annual conference in Singapore, VIB received one of the prestigious awards recognising leading partner banks in ADB's Trade Finance Programme (TFP). Based on transactions supported by TFP during the year ending on June 30, 2018, VIB was the leading bank in SME trade financing. The Vietnamese bank was also awarded the title by ADB in 2015 and 2017. VIB is one of 10 banks selected by ADB to join TFP since 2009, aiming to provide companies with the financial support they need to engage in import and export activities and improve their productivity and competence in the market. With the purpose of providing trade finance support, TFP works with more than 240 partner banks. In 2017, the programme supported $4.48 billion worth of transactions and 2,822 small and medium-sized enterprises. By Ha Vy … [Read more...] about VIB finances nearly $300 million for SME transactions
E-commerce helps SMEs boost online exports
VietNamNet Bridge - Vietnamese SMEs are using e-commerce to export products at reasonable costs. E-commerce helps SMEs boost exports After a month of exchanging information via Alibaba, Vegetexco 1 has exported a consignment of cucumbers to a client in Estonia. Since becoming a Gold Supplier member on Alibaba, the enterprise has received daily letters from potential clients asking about products. In the past, enterprises had to take 19 steps which cost time and money to export products. Therefore, only large enterprises could export, but things are different now thanks to e-commerce. RELATED NEWS Plastics, e-commerce, power, steel sectors receive Chinese capital flow Freight forwarding companies see opportunities in e-commerce Nam Lich … [Read more...] about E-commerce helps SMEs boost online exports