Digital economy

The country still faces several obstacles to fully unlocking the benefits of digital technologies. Digital transformation can unlock VND1.7 trillion (US$74 billion) worth of annual economic value in Vietnam by 2030, equivalent to about 27% of the country’s GDP in 2020. An overview of the webinar. Photo: NIC It is the predication stated in the latest report “Unlocking Vietnam’s Digital Potential” conducted by AlphaBeta, which was launched on October 18 at a webinar held by the Vietnam National Innovation Center (NIC) under the Ministry of Investment and Planning. Speaking at the event, Jacques Morisset, World Bank Lead Economist and Program Leader for Vietnam, pointed out the facts that about 60% of businesses use online platforms and tools and over 2,000 administrative procedures have gone online are bright spots in the context of Covid-19 that Vietnam has overcome. To move towards a contactless economy, Vietnam needs to focus on three priorities to …

Continue Reading about Digital transformation may unlock $74 billion for Vietnam’s economy by 2030 →

Despite the effect of the COVID-19 pandemic, the total volume of container cargo going through seaports maintained a double-digit growth rate of 12 percent compared to the same period last year to nearly 20.3 million twenty-foot equivalent units (TEUs). Of the figure, the volume of exports was estimated to hit over 6.6 million TEUs, surging 11 percent, that of imports - nearly 6.7 million TEUs, up 14 percent, and that of domestic goods - almost 7 million TEUs, up 10 percent. According to the VMA, most of seaport areas saw positive growth in the volume of goods, such as Vung Tau with 21 percent increase and Ho Chi Minh City nearly 8 percent in the first nine months of the year. The volume of goods that went through seaports in Hai Phong expanded nearly 15 percent and in Dong Nai 7 percent year on year. The VMA said the Government has effectively implemented disease control and set forth solutions to ensure economic development goals, which are factors that would help the seaport …

Continue Reading about Volume of goods through seaports reach double-digit growth rate →

A vaccine being administered in Lâm Thao District, Phú Thọ Province, on Monday. — VNA/VNS Photo Trung Kiên HÀ NỘI — The Ministry of Health announced 3,168 new COVID-19 cases on Monday, bringing the country's tally to 867,221. A further 75 deaths were also announced, mostly in southern provinces (51 in HCM City and 14 in Bình Dương Province). The national death count is now 21,269, about 2.5 per cent of the total confirmed cases. Five southern localities saw three-digit numbers of new cases today; HCM City (968 cases), Bình Dương (439), Đồng Nai (393), Sóc Trăng (174), and An Giang (109), followed by four more Mekong Delta provinces; Kiên Giang (99), Tiền Giang (94), Cà Mau (77), Long An (68) and Đồng Tháp (61), showing that the southern regions continue to be the country's biggest hot spot. The breakdown in daily new cases in the rest of the country is as follows; Phú Thọ (58), Bạc Liêu (48), Đắk Lắk (46), Quảng Nam (45), Thanh Hóa (42), Gia Lai (40), Trà Vinh (33), Khánh Hòa …

Continue Reading about Another 3,168 new COVID-19 cases on Monday →

The General Department of Taxation directly administers taxes on overseas suppliers and is responsible for granting tax identification numbers to overseas suppliers in accordance with Vietnamese regulations. The Vietnamese Minister of Finance has issued Circular 80/2021/TT-BTC guiding the Law on Tax Administration and Decree 126/2020/ND-CP. According to Circular 80, platforms such as Facebook, Google and YouTube, although not having a fixed business establishment in Vietnam, operating via e-commerce methods in Vietnam will have to register for tax declaration at tax administration agencies of Vietnam. This circular also clearly stipulates the responsibilities of tax authorities in tax administration for e-commerce business, business on digital platforms and other services performed by overseas suppliers in Vietnam. Accordingly, the General Department of Taxation directly administers taxes on overseas suppliers and is responsible for granting tax identification …

Continue Reading about How will Facebook, Google and YouTube be taxed in Vietnam? →

At the event, the council discussed a mid-term review of the AEC Blueprint 2025. Vietnam’s Ministry of Industry and Trade acts as the agency holding the responsible for the implementation of the blueprint. Participants also talked about the building of the post-2025 ASEAN vision, regional and global trends. They agreed to continue to strengthen inter-sectoral and inter-pillar coordination as well as cooperation with all components of the ASEAN Economic Community in building the vision to ensure inclusiveness and practical benefits for member countries, towards the goal of building a strong ASEAN Community as well as consolidating ASEAN's centrality in the Asia-Pacific region and in other regional linkages. The implementation of Brunei’s economic collaboration initiatives, the preparation for the upcoming summits, and Cambodia’s orientations for building economic collaboration initiatives for 2022 were also tabled. Based on the results of the discussion, the conference approved a …

Continue Reading about ASEAN Economic Community Council convenes 20th meeting →

Part of Mong Cai city in Quang Ninh province (Photo: baoquangninh.com.vn) Quang Ninh (VNA) – Quang Ninh ’s success in protecting “ green zones ” from the latest COVID-19 outbreak has created an impulse for businesses based in this northeastern province to recover operations and flexibly and safely adapt to the pandemic. Quang Ninh posted an estimated economic growth rate of 8.6 percent in the first nine months of 2021, much higher than the national average, which was mainly driven by the processing and manufacturing industry. The province’s contribution to the State budget topped 33.5 trillion VND (1.47 billion USD), equivalent to 93 percent of the sum collected in the same period last year, while total investment in society approximated 64 trillion VND, up 7.8 percent. Chairman of the provincial People’s Committee Nguyen Tuong Van attributed the achievements to local businesses and entrepreneurs’ proactiveness in implementing various solutions such as …

Continue Reading about Businesses in Quang Ninh determined to surmount pandemic →