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In December, the EU officially approved a directive for companies to pay a minimum tax rate of 15 per cent from 2024. Our neighbouring markets such as Malaysia, Singapore, and Hong Kong are heading towards the official application of GMT policy from 2024 or 2025. Thomas McClelland - Country tax leader Deloitte Vietnam Countries with foreign investment in Vietnam, like South Korea and Japan, will implement new tax policies or announce a draft tax reform, moving towards the application of the GMT from the fiscal year 2024. The impact of the policy on Vietnam is clear and urgent, and requires the authorities to take timely action before it is too late. Firstly, to protect tax collection, Vietnam could consider the immediate solution of implementing a qualified domestic minimum top-up tax to gain the right to collect the top-up tax rather than the tax going to another country. This mechanism can simply be understood as a domestic mechanism in which the calculation of … [Read more...] about Vietnam must revisit policies to develop implementation of global minimum tax

An elderly man in Ho Chi Minh City has tirelessly made gratis school uniforms for disadvantaged children in different areas in Vietnam for around twenty years out of love for them. Nguyen Ngoc Giao, a war veteran, has been seen working by his half-a-century-old treadle sewing machine from 8:00 am to 11:00 am, and between a noon rest and 3:00 pm almost every day at his house in the metropolis’ Tan Binh District. Giao has maintained the habit for quite a long time, giving a large number of uniforms to poor students. All started in 1998, when Giao decided to help financially underprivileged children at a class run by his friend in the city’s suburban district of Hoc Mon after seeing them wear ragged clothes. At first he sent them washed hand-me-downs collected from his own family and neighbors but later spent part of his retirement pension and money his children gave him on making clothes for the students himself, using sewing skills he learned from imitating professional … [Read more...] about ​Elderly Vietnamese man spends two decades sewing free uniforms for poor students

Thirty-one students at an elementary school in Vietnam’s Central Highlands had symptoms such as dizziness, headache, and nausea after being given balloons by strangers. The incident was recorded at Ly Tu Trong Elementary School in Buon Trap Town, Krong Ana District, Dak Lak Province. Among the 31 students, 17 were admitted to the district medical center, five of whom received transfusions, a representative of the Krong Ana District Office of Education and Training said on Thursday morning. The other 14 are being monitored at home. Doctors diagnosed the children with poisoning, but the cause is unknown. Currently, the health of the poisoned students is stable. According to the report of Ly Tu Trong Elementary School, four strangers, including three women and one man, were giving balloons to students in front of the school on Wednesday afternoon. This group of people was then asked to leave by a security guard. About 30 minutes later, many of the students who had … [Read more...] about 31 Vietnamese students suffer suspected poisoning after receiving balloons from strangers

Some branches are taking care of the registration fee for car buyers, but sales are still not being boosted, photo Le Toan In a document sent to the prime minister last week, the Vietnam Automobile Manufacturers Association (VAMA) along with other associations asked the government to extend the payment of special consumption tax and reduce the registration fee of domestically manufactured and assembled cars by a half this year, in order to stimulate demand. A VAMA representative said that the domestic car sales market is in a gloomy situation, and has been struggling like many other industries since 2020. “In order to stimulate market demand, we need strong enough policies like extending the payment of excise tax in 2023 and taking 50 per cent off the registration fee. These should be applied as soon as possible,” emphasised the representative. To combat the effects of the pandemic, the government chopped the registration fee in half for domestically manufactured and assembled … [Read more...] about Auto makers project bumpy years ahead

We are facing a challenging business environment on a global scale. How do you evaluate the support the ASEAN Business Advisory Council (ASEAN-BAC) has and the wider Vietnamese business community? Arsjad Rasjid, chairman of ASEAN BAC 2023 In our country we have something called Indonesia Incorporated, where the government and the private sector work together. This is very important and, at the ASEAN level, we should have an ASEAN Incorporated, where the governments and the business community work together. This is because there are multiple challenges. For instance, we have 280 million people in ASEAN. If we didn’t have the public and the private sectors working together, we would not have been able to solve issues like carrying out mass vaccinations during the pandemic. If we work together on ASEAN connectivity, on energy for example, we can maintain our security with this synergy. We are a $3.2 trillion economy. However, with more efforts towards ASEAN … [Read more...] about Vietnam can enhance its role further within ASEAN