Us finance ministry

The ministry made this proposal in a draft law on special consumption tax that is being reviewed by other government agencies. Taxing online games was last discussed by the National Assembly in 2014 but not approved since many feared it could lower the competitiveness of domestic companies against foreign players. But the situation seems to have changed. In 2020 Vietnam had five of the 10 biggest video game publishers in Australia, New Zealand and Southeast Asia, according to ranking platform Data.ai. Out of every 25 games downloaded globally, one was made by a Vietnamese company, which put Vietnamese producers in seventh place in game downloads. In 2021 revenues from online games in Vietnam were worth $665 million, according to the Authority of Broadcasting and Electronic Information. It said many Vietnamese companies are based in Singapore, which makes it difficult to collect taxes. … [Read more...] about Finance Ministry wants online game companies taxed

A road under construction (Photo: VNA) Hanoi (VNA) – The Ministry of Planning and Investment (MPI) has been assigned to coordinate with related ministries to devise and propose policies and measures for attracting international financial funds and capital sources to public - private partnership ( PPP ) projects in Vietnam. This is among the tasks set by Deputy Prime Minister Tran Hong Ha with regard to PPP investment activities, according to the Government Office. In particular, the MPI was asked to work with other ministries to review the enforcement of the 2020 law on PPP investment, as well as obstacles to the implementation of the Government’s Decree 35/2021/ND-CP, dated March 29, 2021, that guides the law enforcement. They were ordered to propose revisions, supplements, and international capital attraction measures to the PM in the second quarter of 2023. Meanwhile, Deputy PM Ha assigned the Finance Ministry to coordinate with others to review problems … [Read more...] about Ministries to devise measures for attracting int’l capital to PPP projects

Soybean meal is the main raw material in the formulation of pork bran. (Photo: sggp.org.vn) Hanoi (VNS/VNA) - The Government has received a proposal from the Vietnam Feed Association to eliminate the import tax on soybean meal, currently set at 2%. In response to the proposal, Deputy Prime Minister Le Minh Khai, under the direction of Prime Minister Pham Minh Chinh, instructed the Ministry of Finance to work with relevant ministries and branches to study and consider the association's recommendations and submit them for consideration and decision following the law. The Ministry of Finance shall assume the prime responsibility with relevant ministries and branches to study, consider and handle the association's recommendations on amending relevant documents on import tax and submit them to competent authorities for consideration and decision according to law. Before that, the Vietnam Feed Association sent a written proposal to reduce the import tax on soybean meal near … [Read more...] about Animal feed industry asks for import tax reduction on raw materials

NEW YORK -- UBS Chair Colm Kelleher is buying Credit Suisse because he has to, not because he wants to. The 3 billion Swiss franc ($3.2 billion) rescue deal, brokered by Swiss authorities and announced late on Sunday, is designed to shore up confidence in the country’s financial industry rather than benefit the buyer. Even so, UBS is salvaging the most value from the wreckage. The Swiss government, central bank and regulator FINMA concluded that a UBS takeover was better than letting Credit Suisse fail, which could have sparked a wider banking-sector panic. The job for Kelleher was how to avoid infecting UBS with its arch-rival’s problems. He’s secured some handy protections. The all-share offer values Credit Suisse at 60% less than its closing share price on Friday, and at a fraction of its 45 billion Swiss franc book value at the end of last year. FINMA will also let UBS write off its target’s debt instruments, known as Additional Tier 1 (AT1) securities, boosting the combined … [Read more...] about UBS salvages most value from Credit Suisse wreck

Ministry of Planning and Investment Deputy Minister Tran Quoc Phuong This is the second year that VIR has organised the Conference on Digital Transformation to create opportunities for representatives of state management agencies, policymakers, experts, and both local and international tech enterprises to meet and exchange information. The National Digital Transformation Programme for 2025, with a vision to 2030, emphasised three main focus points, including digital government, digital economy, and digital society. According to the Ministry of Information and Communications, in 2022, the total revenue of Vietnam's IT and telecommunications (ICT) industry reached about $148 billion, and the digital economy reached 14.26 per cent of GDP. To achieve the goal that, by 2025, the digital economy will account for 20 per cent of GDP under its rapid development scenario, Vietnam needs to maintain average annual digital economic growth of about 20 per cent, more than three times … [Read more...] about Digital transformation – Faster, Smarter, and Greener

Enterprises in the beverage industry need stable policies in terms of taxes and fees to return to pre-pandemic growth. — Photo plo.vn Enterprises urge careful consideration to be given to the Ministry of Finance’s proposal to impose a special consumption tax on sugary drinks to ensure harmonisation of benefits between the State, consumers and producers. Nguyen Quoc Viet, deputy director of the Viet Nam Institute for Economic and Policy Research, said production and business remain difficult. To ensure macro-economic stability, it is necessary to maintain policies which energise enterprises and promote domestic consumption. Policy changes, if any, should be studied carefully to ensure benefits harmonisation. Viet said that it was not a good time to change taxes as it might further burden enterprises and consumers, especially when efforts are being made to recover growth. He added that the adjustments might cause instability in the institutional and legal environment and have … [Read more...] about Careful consideration of special consumption tax on sugary drinks urged

Deputy Minister of Planning and Investment Tran Quoc Phuong This is the second year that VIR has organised the forum on d igital transformation to create opportunities for representatives of state management agencies, policymakers, experts, and both local and international tech enterprises to meet and exchange information. The National Digital Transformation Programme for 2025, with a vision to 2030, emphasised three main focus points, including digital government, digital economy, and digital society. According to the Ministry of Information and Communications, in 2022, the total revenue of Vietnam's ICT industry reached about $148 billion, and the digital economy reached 14.26 per cent of GDP. To achieve the goal that, by 2025, the digital economy will account for 20 per cent of GDP under its rapid development scenario, Vietnam needs to maintain average annual digital economic growth of about 20 per cent, more than three times the projected GDP growth. Deputy … [Read more...] about Digital transformation: Faster – Smarter – Greener

Viet Nam’s trade with 11 other major Asian markets could rise from US$326 billion to $465 billion by 2030. — Photo courtesy of UPS Viet Nam’s trade with 11 other major Asian markets could rise significantly in value by 2030, according to an industry study released by UPS. "Clearing the Runway for Intra-Asia Trade" sheds light on trade growth drivers, potential headwinds, and multi-stakeholder action required to unlock the 2030 opportunity. Trade in just 12 key markets (Australia, China, Hong Kong, Indonesia, Japan, Malaysia, the Philippines, Singapore, South Korea, Taiwan, Thailand, and Viet Nam), known as the Asia 12, accounts for 88 per cent of intra-Asia trade today and could more than double in value from US$6.4 trillion in 2020 to $13.5 trillion in 2030. Viet Nam has rapidly grown into an important regional manufacturing hub. The country is expected to leverage this position further in the coming decade and trade value with the rest of the Asia 12 is forecast to rise … [Read more...] about Viet Nam’s trade with top 11 Asian markets is set to grow significantly

Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc At the opening of the forum, Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc said that green growth and sustainable development are the focus of many countries, including Vietnam, which has been seeking a sustainable growth model for over a decade. In 2012, the government issued the National Strategy on g reen growth for the 2011-2020 period with a vision to 2050, while the National Assembly amended and supplemented legal documents that created a foundation for sustainable development. "The Ministry of Planning and Investment (MPI) advised the government to issue a new green growth strategy for the period of 2021 - 2030 and update the national action plan. This will contribute to Vietnam meeting its commitments ahead of COP26, through economically feasible solutions," said Ngoc. The key point of the strategy is to harmonise the objective of emissions reduction with socioeconomic development. … [Read more...] about Fostering ties with private sector in green growth

Many bond issuers begged regulatory authorities to assist them. In response, the government issued Decree No.08/2023/ND-CP on private corporate bonds on March 5 to alleviate the pressure on bond issuers this year. Bui Thi Thu Nga Banking and finance, Account manager BowerGroupAsia Vietnam Decree 08 postpones a number of new standards until January 2024, giving the market time to adjust and opening space for bondholders and bond issuers to negotiate. It amends Decree No.153/2020/ND-CP from December 2020, and Decree No.65/2022/ND-CP from September last year. After assessing the former and the case of Tan Hoang Minh, the government endorsed the latter to impose stricter management mechanisms on the trading of private bonds. Decree 65 set higher qualifications for individual investors, compulsory credit ratings in some circumstances, a shorter period for distributing bonds, and prohibitions extending the term of bonds issued before September 15, 2022. Most of the … [Read more...] about Clearing up the liquidity issue through amendments