VietNamNet Bridge - The domestic market is being dominated by foreign brands, but Vietnam-made products are still available, targeting low-income earners. The domestic market is being dominated by foreign brands Do Thi Thuy Huong from the Vietnam Electronic Industries Association (VEIA) affirmed that the Vietnamese civilian electronics market is still full of potential in the eyes of foreign investors. Vietnam not only has a high number of potential consumers with total population of 90 million, but also has the electronic and refrigeration engineering product consumption level expected to rise from the current 7.3 percent to 11.9 percent. The development of Vietnam’s electronics industry heavily depends on multinational corporations, especially from South Korea and Japan, which make both finished products and electronic parts. Meanwhile, Vietnamese manufacturers, including large enterprises, develop slowly and only hold a very small market share. Over the … [Read more...] about What is the status of Vietnam’s electronics firms?
By Thanh Le  July 10, 2018 | 07:40 pm GMT+7 The front of a Nguyen Kim store. Photo by VnExpress The HCMC Tax Department wants the Nguyen Kim Company to pay VND147 billion ($6.7 million) in back taxes and fines for tax evasion. A decision to demand this payment was taken on Monday. An investigation by the Department had shown that the Nguyen Kim administration had accounted parts of its employees’ rank-based remuneration and perks as overtime pay in order to avoid paying personal income tax on the amount. This was an attempt to evade payment of taxes due under Vietnamese law, said Nguyen Nam Binh, Deputy Chief of the HCMC Department of Tax. For example, someone who is a director of the company would have an actual salary of VND300 million per month, of which VND270 million would be title-based remuneration and other perks, like bonuses. By accounting this as overtime pay, the company would only have to pay income taxes on VND30 million. Of the … [Read more...] about Vietnam electronic retailer asked to pay $6.7 million in back taxes and fines
The mobile phone factory of Samsung Electronics Vietnam in Yen Phong Industrial Park, Bac Ninh province (Photo: VNA) Hanoi (VNA) – Very few domestic firms in support industries supply parts for FDI enterprises in the electronics industry, according to Nguyen Mai, President of the Vietnam Association of Foreign Invested Enterprises (VAFIE). Though FDI in Vietnam has almost reached 190 billion USD to date, accounting for more than one fourth of the country’s total investment, its spillover effects on local companies have yet to expand as expected. “FDI firms themselves want Vietnamese small- and medium-sized enterprises (SMEs) to be their local suppliers in order to help them reduce cost and improve competitiveness. But many problems have remained to hamper the effective connectivity among them,” Mai said. Electronics has become one of the economy’s key sectors, making Vietnam among the world’s 12 leading electronic workshops and the third largest … [Read more...] about Greater connectivity urged between domestic, FDI firms in electronics
Illustrative image (Source: VNA) Hanoi (VNA) - The importance of enhancing policy dialogue between investment countries and investment recipients, and the role of the electronic industry in Vietnam were highlighted at a recent workshop in Hanoi. Jointly organised by the Vietnam Chamber of Commerce and Industry (VCCI), the Japanese Government, the International Labour Organisation (ILO) and the Vietnam General Confederation of Labour (VGCL), the event also focused on successes and significant contributions of the electronic sector to Vietnam’s development. VCCI Chairman Vu Tien Loc said the electronic industry is a proof for Vietnam's success in the process of development and integration, noting that in a short time, it has become one of the important sectors in the local economy. Vietnam is one of the world's 12 leading electronic workshops and the third largest one in ASEAN. In 2017, the industry’s export turnover totalled over 71 billion USD, 2.5 times … [Read more...] about Solutions sought to promote Vietnam’s electronic industry
Today, the number of electronics businesses in Vietnam has increased significantly, and the level of competition has also increased. Implementing social responsibility in labour becomes ever more necessary to enhance added value and deepen participation in global supply chains. CSR: Many benefits for businesses Corporate Social Responsibility (CSR) means that in addition to the individual development benefits of each enterprise in accordance with applicable law, it must be linked to the common development interests of the social community. The main content of CSR is specified by the following four tasks: Responsibility for the market and consumers; responsibility to protect the environment; responsibility for labourers; joint responsibility with the community. According to economists, businesses in general and enterprises in the electronics sector in particular gain many benefits from social responsibility. First, CSR will protect the brand from being criticised by society; … [Read more...] about Promoting Social Responsibility in Electronics Businesses