Tax

Tax authorities gave another five months for e-commerce platforms to prepare for sharing information of their vendors In the dispatch to collect feedback on the enforcement roadmap, the General Department of Taxation (GDT) has adjusted the schedule to being e-commerce taxation from August 1, 2021 to January 1, 2022 to give e-commerce platforms more time to prepare. According to Circular No.40/2021/TT-BTC guiding value-added tax (VAT), personal income tax (PIT), and tax management for business households and individuals, e-commerce operators will have to deduct tax payable before transferring revenue to households and individuals selling on their e-commerce platforms. Circular 40 was scheduled to come into force on August 1. The delay will facilitate e-commerce platforms and taxpayers to comply with regulations. The GDT said that from January 1, 2022, e-commerce platforms must provide sellers' information to tax authorities by electronic means. It is expected that the data …

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Hanoi (VNA) – Advertising service providers inside and outside the country engaging in cross-border advertising activities in Vietnam must abide by regulations on advertisement, cybersecurity, as well as management, provision and use of Internet services and online information, and must pay tax in line with tax-related laws , according to a new Government decree. Decree No. 70/2021/ND-CP gives amendments and supplements to a number of articles of Decree No. 181/2013/ND-CP dated April 14, 2013 providing details on the implementation of a number of articles of Law on Advertising, including adjustments relating to the provision of cross-border advertising service in Vietnam. According to the document, the provision of cross-border advertising activities in Vietnam means the use of electronic information sites by foreign organisations and individuals to provide advertising services from systems located outside Vietnam for users in Vietnam, having revenue generated in …

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The RoK poured US$2.05 billion into Vietnam in the first half of 2021 RoK investment at US$2.05 billion in first half According to the Ministry of Planning and Investment, Vietnam attracted US$15.27 billion worth of foreign direct investment (FDI) in the first half of 2021. This includes US$2.05 billion from the RoK, accounting for 13.4 percent of FDI pledges to Vietnam. Other leading investors include Japan and Singapore. During the reviewed period, Japanese and Singaporean investors focused on new FDI projects in Vietnam, while RoK pledges were made to existing projects. Specifically, US$750 million was added to the LG Display Vietnam Hai Phong’s project. The additional amount brought the investment capital of the entire project to US$3.25 billion in total, making it the foreign-invested project with the highest value in the port city. LG Electronics is also considering building a new research and development (R&D) center in Vietnam. In addition to LG Electronics, …

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Marking the 1,000th public service to be put online on the National Public Service Portal, the service allows residents and businesses to register cars and motorcycles as well as pay registration tax online. Vietnam on July 21 kicked off a car and motorbike online registration service, marking the 1,000th public service to be put online on the National Public Service Portal. Online registration will reduce people's travel and waiting time in registration procedures and license issuance. Photo: The Traffic Police Department According to Colonel Do Thanh Binh, deputy head of the Traffic Police Department under the Ministry of Public Security, the service allows residents and businesses to register cars and motorcycles as well as pay registration tax online, regardless of time and administrative boundaries. He added that people can access the Traffic Police Department's web portal ( http://csgt.vn:8888/ ) to fill out forms, declare their means of …

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Illustration photo. Source: freepik.com Nguyen Kim Anh, Deputy Governor of the State Bank of Vietnam, last week said Viettel, VNPT, and MobiFone have officially sent documents seeking for permission to pilot mobile money solutions, enabling payments for small-value goods and services with telecom accounts. All three providers are now completing the necessary procedures. Mobile money is one of the financial services that Vietnamese telcos are seeking to develop amid the ongoing pandemic. According to managing director of ASL Law Pham Duy Khuong, fintech is a special field in Vietnam where legal barriers remain a special issue of concern among foreign-invested enterprises, leaving the playground open for domestic players. “Telecom operators can take advantage of their technology expertise to venture afield into financial services for both corporate and individual clients,” he told VIR. Khuong added, “These three network operators make the move in anticipation of growing …

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It achieved a post-tax loss of nearly VND14.5 billion (625,000) on revenues of VND117 billion, a year-on-year decrease of 36 percent. There was a sharp decline in deposit interest, dividends and profits from stakes it owns in other businesses, with revenues falling by 81 percent to VND 23.2 billion. Its first half loss was VND8.1 billion. The company said the fourth wave of Covid-19 starting April 27 has severely affected its performance with domestic passenger numbers at Tan Son Nhat Airport plunging while international flights remain suspended. A sharp rise in sales and administration expenses from a year earlier worsened the situation. For the full year SASCO has a net revenue target of over VND1.2 trillion, just 39 percent of last year’s amount. Three companies related to Johnathan Hanh Nguyen, its chairman, own more than 45 percent of SASCO. …

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Animal feed exports see surge in H1 Luc Ngan lychee of Bac Giang province is protected geographical indication in Japan. Vietnamese firms are urged to pay more attention to register for intellectual property protection in foreign markets. (Photo baochinhphu.vn) Vietnam’s animal feed exports hit nearly 523.88 million USD in the first six months of 2021, up 52.7 percent year-on-year, according to the General Department of Customs. China remains the biggest importer of Vietnam’s animal feed, with turnover reaching 188.3 million USD in the reviewed period. In June alone, China spent 36.62 million USD on importing animal feed from Vietnam, up 47.3 percent from the same period last year. Vietnamese exports of animal feed to Cambodia in January-June rose 41.7 percent to 74.81 million USD, maintaining Vietnam’s second largest importer. Meanwhile, the US surpassed India to become Vietnam’s third biggest importer of livestock feed with turnover hitting 56.42 million …

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Agriculture sector remains fairly resilient to COVID-19 While the COVID-19 pandemic has devastated the tourism industry and hit industrial production hard, agriculture and community-based agro-forest production have proven resilient in the tourism-intensive central region. Despite an average reduction at 30 per cent of revenue, farmers in suburban Đà Nẵng, Quảng Nam and Quảng Ngãi have maintained stable incomes compared to other sectors thanks to food chain distribution channels. Traditional fishing and self-sufficient farm production have helped residents in the Chàm Islands off the coast of Hội An, the Lý Sơn Islands off Quảng Ngãi Province and gardeners in rural areas of Cẩm Thanh Commune in Hội An and Hòa Ninh and Túy Loan villages in Đà Nẵng keep going throughout the pandemic. Restaurants, cafes and souvenir shops in Hội An – the most popular tourist destination in central Việt Nam – have closed, but farmers in organic gardens in Cẩm Thanh are still supplying people in …

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Viet Capital Securities achieves 81 per cent and 69 per cent of its full-year revenue and profit targets in the first half. — Photo courtesy of the company Viet Capital Securities has reported net revenues of VND879 billion (US$38.1 million) for the second quarter of this year, an increase of 116 per cent over the same period last year. It took its revenues for the first half to VND1.66 trillion ($71.9 million), up 110 per cent. Profit before tax was VND504 billion ($21.8 million) for the second quarter and VND868 billion ($37.7 million) for the first half, up 62 per cent and 117 per cent year-on-year. VCSC achieved 81 per cent and 69 per cent of its full-year revenue and profit targets in the first half. Earnings per share rose by 116 per cent to VND2,111. Revenues and pre-profit from brokerage in the second quarter were at VND212 billion and VND 81 billion, up 101 per cent and 144 per cent. VCSC was the fifth largest brokerage on the Ho Chi Minh City Stock Exchange …

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A worker operates machines at a factory of steel maker Hoa Sen Group (HSG) in HCM City. Despite the impacts of COVID-19, Hoa Sen Group still implemented drastic measures to maintain positive earning results. — Photo hoasengroup.vn Steel maker Hoa Sen Group (HSG) reported sales volume of 615,425 tonnes, revenue of VND13 trillion (US$564.2 million) and profit after tax of VND1.7 trillion in Q3 of the fiscal year 2020-2021, from April 1, 2020 to June 30, 2021. These represent an increase of 56 per cent, 90 per cent, 435 per cent year-on-year, respectively. In June alone, sales volume reached 175,763 tonnes, revenue was estimated at VND3.87 trillion, profit after tax was VND562 billion. In the first nine months of this year, sales volume was estimated at 1.7 million tonnes, revenue reached VND32.93 trillion, profit after tax totalled VND3.37 trillion, up by 54 per cent, 72 per cent and 381 per cent, respectively over the same period last year. With this result, HSG has …

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