Taskforce to draft new direct tax code

According to the Tax Department’s figure, about 29,700 enterprises were newly established in 2020 while nearly 26,000 enterprises shut down and over 8,500 enterprises temporarily stopped their operation. As of 2020, over 253,000 have been operating in the city, dropping by 0,4 percent against the prior year. … [Read more...] about Tax revenue from private companies slightly increases in 2020

Hanoi (VNA) – Vietnam has emerged as an attractive foreign direct investment (FDI) destination in Asia, by beating China and India, a report by The Economist Intelligence Unit (EIU) has indicated. The Southeast Asian nation has become a new hub for low-cost manufacturing in Asian supply chains, the website eurasiantimes.com on January 14 quoted the report. The report suggests that factors that make Vietnam better than its peers are the incentives for international firms for setting up units to manufacture hi-tech products, the pool of low-cost workers, and the proliferation of free trade agreements. It also cited Ruchir Sharma, an emerging markets strategist at Morgan Stanley, as saying that Vietnam’s FDI has averaged more than 6 percent of GDP, which is the highest ratio in any emerging country. In addition, the ever-changing policies as per the market demand, the vigorous changes in the business and investment climate, socio-political stability and population … [Read more...] about Vietnam emerges as attractive Asian destination for investors: The Economist

Last year, the National Assembly passed the Labor Code (revised) with many new regulations that better guarantee the rights of workers and joined the Convention 98 of the International Labor Organization (ILO) on the right of collective negotiation. Convention 98 is one of the eight core ILO conventions within the framework of fundamental principles and rights at work. This is a pivotal convention that has become an important component of the new generation of free trade agreements, such as the CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) or the free trade agreement (FTA) between Vietnam and the EU, as well as in most multinational groups’ corporate social responsibility policy. … [Read more...] about Vietnam – a responsible member of international human rights conventions

Over the years, the Party and the State have paid special attention to development in ethnic minority and mountainous areas, Vice Chairwoman of the National Assembly Tong Thi Phong said at a workshop on socio-economic development in ethnic minority and mountainous areas in the Central Highlands and central coastal provinces, which was held in Dak Lak province on January 13. … [Read more...] about VIETNAM NEWS JANUARY 16

Fourthly, study and build the Law on Personal information Protection, on the basis of inheriting some regulations on the protection of Personal information in the Law on Information Technology 2006, Law on Cyber Security 2015, Decree No. 52/2013/ND-CP on e-commerce but with more comprehensively adjustment than the protection of Personal information (not only limited to the protection of Personal information in cyberspace), especially the more complete regulation of principles of protection of personal information (the principle ensuring that there are subjects with clear responsibility for the violations in the process of dealing with personal information; ensuring transparency and fairness in dealing with personal information...), provisions on the collection and handling of Personal information with regard to children, more clearly define the responsibilities of entities involved in the process of collecting, storing, processing, exploiting, transferring personal information, the … [Read more...] about Human rights viewed from illegal sales of personal information