Vietnam and cuba

The contribution of import duty to customs revenue has been declining over the past few years, from 21.85% in 2017 to 17.4% in 2018 and 16.7% in 2019. Vietnam’s tax foregone under commitments to free trade agreements (FTAs) hit VND13 trillion (US$536.83 million) in the first 11 months of 2019, according to Le Manh Hung, deputy head of the Import – Export Tax Department of the General Department of Vietnam Customs (GDVC).  In the first 11 months of 2019, Vietnam imported 110,000 cars, nearly doubling the amount recorded in the same period last year.  The amount of tax forgone under FTA commitments to date is estimated at VND29 trillion (US$1.25 billion), Hung said at a press conference held by the Ministry of Finance (MoF) on December 12. The amount was due to a reduction of import tariffs for goods, Hung explained, saying the contribution of import duty to customs revenue has been declining over the past few years, from 21.85% in 2017 to 17.4% in 2018 and … [Read more...] about Vietnam forgoes US$536.83 million tax under FTA commitments

The country is currently implementing 12 trade agreements, which have so far cost it VND29 trillion ($1.25 billion) in reduced or abolished import duties, according to Ha Duy Tung, Deputy Director of the Ministry of Finance’s department of international cooperation. Vietnam is currently part of or negotiating a total of 20 such agreements, he said. The customs sector is still getting its revenue from a wide range of taxes, including environmental protection, anti-dumping, and special consumption taxes. Vietnam is only required to cut import duties under trade agreements, and can still levy other types of taxes, Tung noted. Customs revenue has continued to increase, but the proportion of import taxes to total revenue has been declining. In 2017, import duties accounted for 21.85 percent of customs revenue, then fell to 17.4 percent in 2018 and 16.7 percent in the first 11 months of 2019, he cited. In the first 11 months of 2019, the customs sector collected VND320 trillion ($13.74 … [Read more...] about Trade pacts cost Vietnam $558 million in import duties

Prior to Britain’s Got Talent, the Ho Chi Minh City natives had already broken a Guinness World Record for their an unbelievable, gravity-defying stunt in 2016 Earning a spot amongst Britain’s Got Talent 2018 finalists is just the latest addition to the daredevil gymnasts Giang Brothers’ impressive resume. Days after the show’s June 3 finale, Vietnamese across the country are still celebrating Giang Quoc Co and Giang Quoc Nghiep’s historic road to the finals of the British talent competition, despite the brothers’ falling short of a top three finish. Their appearance in the finale marked the first time representatives from the Southeast Asian country have made it so far in the show, earning international recognition along the way for their extraordinary feats of strength and concentration. According to Hanoi-based An Ninh Thu Do newspaper, the show’s organizers covered all expenses for the Giang Brothers to participate in the contest. … [Read more...] about ​​Get to know about Vietnam’s Giang Brothers