Tax evasion examples

Spokeswoman for the Ministry of Foreign Affairs Le Thi Thu Hang (Photo: VNA) Hanoi (VNA) – Spokeswoman for the Ministry of Foreign Affairs Le Thi Thu Hang provided more information about a woman recently found guilty of tax evasion, and rejected rumours she was penalised for climate change activities. Speaking at the ministry’s regular press conference, Hang said the Hanoi People’s Court on June 17 held the first-instance trial and sentenced Nguy Thi Khanh to 24 months in prison for tax evasion under Article 200 of the Penal Code. The investigation and hearing was carried out in line with law, the trial was held publicly, and the defendant had all her rights guaranteed in accordance with law, the spokeswoman noted. “Vietnam adamantly fights against and strictly deals with law violations in accordance with legal regulations. All citizens are equal before the law,” she stressed, adding that Vietnam has carried out communications and education measures to gradually … [Read more...] about Climate activist prosecuted for tax evasion pleads guilty: spokeswoman

Ngụy Thị Khanh, former head of NGO GreenID and known for advocating the reduction of coal-fired power in Vietnam, was handed a prison sentence for economic crimes, not her environmental activism, spokesperson for the foreign ministry Lê Thị Thu Hằng said on Thursday. Ngụy Thị Khanh, director of Vietnam’s Green Innovation and Development Centre (GreenID), has been arrested for tax fraud. — Photo courtesy of Hanoi Police During the regular press briefing held in Hanoi, Hằng said that on June 17, the People's Court of Hanoi opened a first-instance trial and had subsequently sentenced the 46-year-old Ngụy Thị Khanh to 24 months in prison for tax evasion under Article 200 of the Penal Code. She was arrested earlier in February by the Hanoi's police. The investigation and trial process were conducted in accordance with the provisions of law, Hằng said, adding that the trial was held in public and the defendant’s rights were fully guaranteed as prescribed by … [Read more...] about Environmentalist prosecuted for tax evasion, not her activism: Foreign ministry

Vietnamese influential climate activist Nguy Thi Khanh was jailed for tax evasion, the Ministry of Foreign Affairs confirmed on Thursday, refuting the rumor that she was criminally charged for her climate-related activities. Khanh was sentenced to 24 months in prison for tax evasion during her trial at the Hanoi People’s Court on June 17. The investigation and hearing were carried out in line with the law, and the trial was held publicly, spokesperson for the Ministry of Foreign Affairs Le Thi Thu Hang answered the questions from foreign media during a regular press meeting on Thursday. The defendant had all her rights guaranteed in accordance with the law, Hang added. Vietnam is determined to fight and strictly deal with violations of the law in accordance with regulations, the diplomat stressed, adding that all citizens are equal before the law. Khanh was investigated and indicted for her economic offense, particularly breaking the rules on tax management, and she pleaded … [Read more...] about Vietnam refutes rumor that prize-winning environmentalist was jailed for climate-related activities

Shipping upgrades targeted for 2030-illustration photo, freepik.com The Vietnam Maritime Administration (VMA) has asked the Ministry of Transport (MoT) to implement procedures to approve the development of Vietnam’s international shipping fleet over the next few years. Currently, Vietnamese ships transport freight within the country’s waters only, without a strong capacity for international routes. The VMA has proposed policies to develop Vietnam’s international shipping fleet and increase its market share in the next five years, involving combined incentives related to VAT, import tax, personal income tax (PIT), and concessional loans. To reduce the financial burden for shipping owners, it is necessary to remove the application of 10 per cent VAT according to current regulations for imported freight ships until the end of 2026, the VMA suggested in a document sent to the MoT. Its figures show that VAT on imported ships was VND234 billion ($10.1 million) in 2020 and VND109 … [Read more...] about Shipping upgrades targeted for 2030

A worker operating a production line inside a Duc Giang Chemical plant in Hung Yen Province. In 2022, Duc Giang Chemical Group Joint Stock Company (DGC) sets a target of VND12.1 trillion in revenue and VND3.5 trillion in profit after tax. — Photo ducgiangchem.vn Thanks to their good growth potential and attractive valuation, chemical stocks are being included in the portfolios of investors. The stock market last week recorded four out of five declining sessions, of which the first session of the week recorded the strongest decline with the VN-Index losing more than 57 points. Some investors see this as an opportunity to hunt for cheap stocks. Pham Dinh Cong from Ha Noi told tinnhanhchungkhoan.vn that he had taken the opportunity to buy some stocks in the past week, prioritising the enterprises with good financial status and growth potential, such as the chemical group. According to ACB Securities Company (ACBS), in May 2022, the industrial production index of the chemical … [Read more...] about Chemical firms see growth potential thanks to rising selling prices

There has been increasing pressure on refineries to increase production as petrol prices continued to spike in recent months, according to Bùi Ngọc Dương, director-general of Bình Sơn Refining and Petrochemical JSC (BSR), which runs one of the country's largest refineries, the Dung Quất Refinery. The Dung Quat Refinery in central Quảng Ngãi Province. VNA/VNS Photo Đăng Lâm The refinery accounted for over 30 per cent of Vietnam's petrol demand since the beginning of the year. Dương said the refinery had been running at 109-112 per cent capacity during April and May to meet market demand. It's very unlikely that the refinery can ramp up production capacity any further from now until the end of the year due to safety concerns. According to the Ministry of Industry and Trade, the country's demand for petrol products in the second quarter of 2022 was estimated at 5.2 million cubic metres and 20.6 million cubic metres for the entire year. Rising … [Read more...] about Policy changes needed for refineries to keep high capacity

Ring road plan to transform market - Illustrative photo (Source: VNA) The government has asked the National Assembly (NA) to consider and decide on the policy for investing in the ring roads to be located in the country’s two biggest cities. Tran The Anh, sales director of Thang Loi Group, said that the land fund in inner cities is increasingly exhausted and prices are high, with investors turning to suburban real estate. “There is a thirst for houses for those living and working in Ho Chi Minh City in particular,” The Anh said. “The shifting trend of investors and individual financiers is also creating a new vitality for the real estate market in the suburbs.” One of the issues discussed by NA delegates and experts is how to exploit the land fund around the two ring roads, which will soar in value. Already in many places, the price of land in the area has increased dozens of times over. “Because the two routes will open up a vast land fund, the management of auctions of … [Read more...] about Ring road plan to transform market

According to the latest report by HSBC, total FDI to ASEAN-6 (Singapore, Malaysia, Indonesia, Thailand, Vietnam, and the Philippines) has averaged nearly $127 billion per year since 2010, approximately three times more than the average over the previous decade – the average for 2000-09 was $41 billion. Similarly, net FDI – inbound minus outbound direct investment – has averaged nearly $54 billion a year since 2010, almost four times the average from the previous decade. Thinking of FDI-driven economic success stories, Vietnam naturally stands out. The country has turned itself into a rising star in global supply chains, gaining a substantial global market share in many sectors including textiles, footwear, and consumer electronics. Since Vietnam’s Doi Moi reforms in 1986, industrial parks have been set up across the country, attracting investors with preferential tax incentives and an abundance of relatively cheap and productive labour. New FDI has been flowing into the country … [Read more...] about Vietnam continues to be one of the top FDI receivers in ASEAN