Vietnam e commerce tax

At the conference (Photo: VNA) Hanoi (VNS/VNA) - Vietnam needs to develop appropriate policies to adapt to the global minimum tax and remain an attractive FDI destination , heard a seminar in Ho Chi Minh City on March 29. Dr Tran Du Lich told the seminar, titled "Global Minimum Corporate Tax - Prospects and Challenges in attracting FDI in HCM City", that the global minimum corporate tax rate of 15%, which is set to be applied next year in Vietnam , is forecast to have a significant impact on Vietnam in whose economy FDI plays a significant role. The tax applies to multi-national corporations with revenues of at least 750 million euros (870 million USD). When a company invests in a foreign country but pays corporate income tax of less than 15% in that country, it will have to pay the difference in the country where it is headquartered. As of today, 141 countries and territories have signed up to implement the tax. “It is estimated that 1,015 FDI companies in … [Read more...] about Global minimum tax should not impact investors’ benefits: Conference

Illustrative image (Source: VNA) Hanoi (VNA) – The General Department of Taxation under the Ministry of Finance has said it will keep a close watch on the implementation of the global minimum tax in other countries, listen to opinions of firms impacted by the tax and study guidelines of the Organisation for Economic Cooperation and Development (OECD) to propose its application in Vietnam. The application of the global minimum tax should not create adverse impacts on Vietnam’s foreign investment attraction, and should ensure the country’s tax collection right , said deputy head of the general department Dang Ngoc Minh at a press conference held by the Finance Ministry in Hanoi on March 30. The OECD ’s Pillar Two establishes a global minimum effective corporate tax rate of 15% for large multinational enterprises (MNEs), which has important implications for the use of tax incentives around the world. Deputy head of the General Department of Taxation Dang … [Read more...] about Global minimum tax application under consideration

Illustrative image (Source: baodautu.vn) Hanoi (VNA) – Vietnam is one of the most potential markets in the Asia-Pacific region for shoppertainment - a trend that combines online shopping with entertainment, according to a report named “Shoppertainment: APAC’s Trillion-Dollar Opportunity” by the US-based Boston Consulting Group ( BCG ) and TikTok. The report shows that the shoppertainment opportunity in the region is projected to expand to a market value of over 1 trillion USD by 2025, doubling from the 500 billion USD value last year. Indonesia, Japan, and the Republic of Korea will contribute 67% of gross market value (GMV) in shoppertainment by 2025, reflecting their large and established e-commerce bases. Meanwhile, Indonesia, Vietnam, and Thailand add to the mix of some of the region’s most exciting growth markets, and, alongside Australia, will contribute to a remarkable 63% compound annual growth rate (CAGR) over the next three years, quadrupling the market … [Read more...] about Vietnam a potential market for shoppertainment: report

Vietnam now sees a sharp increase in rice orders from the Philippines and China. Acccording to Pham Thai Binh, General Director of Trung An Hi-tech Agriculture Joint Stock Company in the Mekong Delta city of Can Tho, the company has signed an order to export 2,000 tonnes of rice to China and is under negotiation for another batch of 20,000 tons. Statistics from the General Administration of Vietnam Customs show that in the first two months of this year, China imported 152,640 tons of rice from Vietnam worth 90 million USD, a year-on-year increase of 86% in volume and 120% in value. Vietnamese rice exported to China enjoyed an average price of 589.7 USD per ton, 18.3% higher than that of the same period last year. Chinese customers mainly imported Vietnam’s high-quality rice like fragrant rice and sticky rice with high prices. Meanwhile, the Philippines is anticipated to import about 2.8 million tons of rice from Vietnam during the 2022-2023 crop because the country’s rice … [Read more...] about Vietnam expected to export 7 million tons of rice this year: Ministry

At a press conference on March 30 to report the collection of State budget in the first quarter of 2023 (Photo: VNA) Hanoi (VNA) - State budget revenue reached an estimated 491.5 trillion VND (over 20.9 billion USD) in the first quarter of 2023, equivalent to 30.3% of the estimate, and up 1.3% from the same period last year, the Ministry of Finance reported on March 30. Twenty-eight of the 63 provinces and centrally-run cities nationwide recorded state budget revenue hitting 28% of their yearly estimates. Twenty-three provinces and centrally-run cities saw the higher revenues than in the same period of 2022, while 40 others reported lower revenues. Meanwhile, the accumulated expenditure in the first quarter was equivalent to 17.5%  of the yearly estimate. The Ministry of Finance said expenditures in the last three months were carried out as planned, meeting requirements for socio-economic development, defence, security safeguarding, state management, debt repayment, and … [Read more...] about State budget revenue up 1.3% in Q1

Illustrative image (Source: AFP/VNA) Bangkok (VNA) – Thailand’s Commerce Ministry has projected the country's export sector to gradually recover in the latter part of the year. The rebound of the service and tourism sectors should also boost demand from trading partners , the ministry said. However, global economic uncertainty and an inflationary environment will inevitably affect Thai exports in the first half of the year. Thai outbound shipments are expected to contract in the first and second quarters, as importers still maintain large stockpiles, said Phusit Ratanakul Sereroengrit, director-general of the International Trade Promotion Department . The ministry reported on March 30 the customs-cleared value of exports dipped for the fifth month in a row in February, falling 4.7% year-on-year to 22.4 billion USD while imports increased by 1.1% to 23.5 billion USD, resulting in a trade deficit of 1.11 billion USD. For the first two months of 2023, Thai … [Read more...] about Thailand’s export expected to recover in H2 of 2023

Vietnamese steel industry calling for wider investment from overseas entities, photo Le Toan Posco Yamato Vina Steel JSC, a joint venture between South Korea’s Pohang Iron and Steel Company and Japan’s Yamato Holdings, is contemplating constructing a second facility in Vietnam. Lee Youngwoo, general manager of Posco Yamato Vina, wants to “establish a robust sales network” across Vietnam while enhancing scrap supply security. In 2020, Posco Yamato Vina was the first to manufacture wide H-shaped steel in Vietnam. According to Lee, the business built a representative office in Haiphong last year in order to “create additional prospects for collaboration” with clients. In the southern province of Ba Ria-Vung Tau, Posco Yamato Vina operates a steel mill with a capacity of one million metric tonnes per year and produces section steel with a capacity of 500,000 tonnes per year. Following a lack of foreign investment in steel manufacturing in recent years, many observers see Posco … [Read more...] about Vietnamese steel industry calling for wider investment from overseas entities

JAKARTA -- Indonesian property firm PT MNC Land launched on Friday a 1,040 hectare (2,570 acre) tourism complex on Java island, where former U.S. President Donald Trump's company will operate a hotel and a golf course. Indonesian President Joko Widodo also inaugurated a special conomic zone within MNC's tourism project, which is called Lido City and located around 60 km (37 miles) south of the capital Jakarta in the Bogor area. MNC Land said the special economic zone status means investors or developers can benefit from corporate and luxury goods sales tax cuts and some leniency on permits, adding benefits included an 80-year building rights title and foreign ownership. It was not clear whether the Trump Organization would also benefit from tax breaks, which include a tax holiday for corporate tax for 10 to 20 years based on the investment value. During his presidency, Trump had kept ownership of his global business empire, but handed off control to his two oldest sons through … [Read more...] about Trump’s Indonesia partner launches tourism complex on Java

Illustrative image (Photo: VNA) Hanoi (VNA) – Vietravel Airlines plans to increase the number of its domestic and international flights, and launch air ticket promotion programmes in the coming summer to meet the increasing travel demand in the peak period. According to the firm, it started preparing its summer flight schedule and resources as of late March, towards serving a larger volume of domestic and foreign passengers. It will also offer many flexible and convenient options to passengers with more reasonable prices during the peak season on the National Reunification Day (April 30) and May Day (May 1). The firm will continue to maintain the frequency of operating routes, and add more flights to key routes that are attractive to tourists in summer such as Hanoi - Da Nang; and those connecting HCM City to Da Nang, Quy Nhon, and Phu Quoc. Vietravel Airlines has successfully opened two international routes connecting Hanoi and HCM City to Bangkok with a frequency … [Read more...] about Vietravel Airlines to increase flight frequency for summer travel rush

Nguyen Minh Thoai, CEO of DIGI-TEXX Nguyen Minh Thoai, CEO of DIGI-TEXX, last weekend shared his insight at Finovate : Product Day 2 - a Jobhoppin’s event themed “Digitalisation and Automation strategy for operations in financial services” in Ho Chi Minh City. “Finovate: Product Day 2” event shredded lights on how organisations of all industries navigated through uncertainties amidst this period of of hyper-turbulence and change. Businesses that highlight and successfully optimise automation process at the centre of their transformations will have a competitive advantage through complexity. While there's little doubt that automation can yield significant benefits for all kinds of sectors, such as financial services, healthcare services, e-commerce, and real estate, to name a few. Robotic Process Automation (RPA) could relieve humans from repetitive hazardous and unpleasant tasks. “Organisations across the globe are increasingly relying on RPA to carry out routine, … [Read more...] about DIGI-TEXX sets the standards in digital and business process outsourcing services