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Tag Archive for ‘Revenue’

Vietnam’s spending deficit sees sharp fall in eight months of 2017

Vietnam’s 2017 spending deficit as of August 15 fell by 63.8% from the same period of 2016, which the National Financial Supervisory Commission (NFSC) attributed to improved revenues from oil and export activities. Official data showed that the government revenues reached almost VND707 trillion (US$ 31.1 billion), up 17%, while spending was estimated at VND747 […]

Vinacomin mines 24.58 million tonnes of coal in 8 months of 2017

The Vietnam National Coal and Mineral Industries Group (Vinacomin) has produced 24.58 million tonnes of coal in the first eight months of the year, accounting for 68.3 percent of the annual plan. Of the total output, 21.38 million tonnes were consumed domestically while 866,000 tonnes were exported, raking in over 35.3 trillion VND (1.55 billion […]

Vinalines’ designs to maintain controlling stake in three strategic seaports

Vietnam’s shipping group Vinalines are looking to keep holding at least 65% of the chartered capital in large-scale seaports in Haiphong, Danang, and Saigon, which are considered geese that lay golden eggs. Recently, Vinalines has proposed the Ministry of Transport (MoT) to authorize it to spend VND247.5 billion ($10.9 million) on buying 2.475 million of […]

Techcombank wants no foreign ownership, temporarily

The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has no foreign stakeholder following HSBC Bank plc’s divestment in July, and has requested shareholders to approve zero foreign ownership temporarily. In its latest announcement to shareholders on August 30, even as Techcombank asked for approval for a temporary zero per cent foreign ownership, it emphasized […]

Low land taxes in Vietnam prompt rich to hoard money in houses

A house with a floor area of 100 square meters on Dong Khoi street in District 1 of HCMC has a market price of VND1 billion per square meter. Meanwhile, the land user only has to pay VND5.82 million every year. Under the non-agricultural land use tax law, which took effect on January 1, 2012, […]

Dong Nai records US$1.4 billion trade surplus in eight months of 2017

The southern province of Dong Nai enjoyed a trade surplus of nearly US$1.4 billion in the first eight months of the year, according to the provincial Statistics Office. In the eight-month period, the province shipped nearly US$11 billion worth of products to foreign countries, a year-on-year increase of 11 percent. The trade surplus was contributed […]

Low VAT rates in Vietnam benefit the rich more than the poor: World Bank

Despite widespread public opposition to raising VAT rates, a World Bank chief economist argues otherwise. Moving forward with tax reforms is important for Vietnam to ensure sustainable growth and macroeconomic stability.Vietnam’s tax-to-GDP ratio has fallen over recent years, from 23.5% of GDP in 2010 to 19.1% of GDP in 2015. This is mainly because of […]

Modern bond project launched to facilitate customs clearance in Vietnam

A project on customs bond was launched by the Global Alliance for Trade Facilitation (GATF) and the Vietnam Private Sector Forum (VPSF) on September 1, aimed at facilitating customs clearance in Vietnam. This is the start of the GATF Technical Assistance Project with the Government of Vietnam to provide a viable solution for the country […]

Vietnam PM launches construction for Vingroup’s automobile manufacturing complex

Prime Minister Nguyen Xuan Phuc made an order to launch construction of VINFAST – an automobile manufacturing complex invested by Vietnam’s largest real-estate company Vingroup, in the northern port city of Hai Phong on September 2. Speaking at the ceremony, PM Phuc said that this is one of many significant events to celebrate on the […]

HCM City seeks to mobilize capital from private sector

With public funding only able to meet a fifth of the VND1.8 quadrillion (US$80 billion) required for development works in HCM City’s in 2016 – 20, municipal authorities are striving to involve the private sector. According to Su Ngoc Anh, Director of the city Department of Planning and Investment, many new measures and policies have […]