The US Department of Commerce (DOC) has launched a trade remedy duty evasion investigation into a number of steel pipe products imported from Viet Nam. — Photo diendandoanhnghiep.vn The Mexican Secretariat of Economy has announced an anti-dumping investigation into cold-rolled steel imported from Viet Nam, according to the Ministry of Industry and Trade (MoIT). The investigated products are classified under HS codes 7209.16.01, 7209.17.01, 7209.18.01, 7209.26.01, 7209.27.01, 7209.28.01, 7209.90.99, 7211.23.03, 7211.29.99, 7211.90.99, 7225.50.07, and 7226.92.06. Statistics from the International Trade Centre (ITC) showed that Viet Nam earned US$220 million from exporting iron and steel, mostly those coded HS 7209 and 7210, to Mexico in 2020, an increase of 70 per cent compared to 2019. The export earnings of cold rolled steel which are under investigation reached $50 million. After officially initiating the case, the Mexican investigation agency sent questionnaires to relevant … [Read more...] about Vietnamese steel faces more trade remedy lawsuits
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Securities firms raise capital on recovery of stock prices
A worker talking to an investor at MB Securities' office. — Photo courtesy of MBS Despite poor business results in the second quarter, many securities stocks have rebounded sharply after hitting the bottom on June 20-21. Accordingly, Viet Dragon Securities JSC (VDS)'s shares gained 84.7 per cent from VND7,200 a share to VND13,300, while shares of Saigon - Hanoi Securities JSC(SHS) also increased by 65 per cent from VND8,904 to VND14,700. Shares of MB Securities JSC (MBS) jumped 61.3 per cent. Leading securities stocks like SSI Securities Corporation (SSI), Ho Chi Minh City Securities Corporation (HCM) and VNDirect Securities Corporation (VND) to small stocks such as Vietnam Industrial & Commercial Securities Corporation (VIG), Hoa Binh Securities JSC (HBS), and Agribank Securities Corporation (AGR) also surged 30-50 per cent in the last month and a half. Securities stocks have reported a good recovery as the general stock market picked up significantly from the area of … [Read more...] about Securities firms raise capital on recovery of stock prices
Hanoi accelerates Covid-19 vaccination for all locals
The city's mayor has asked local authorities to speed up the vaccination campaign amid surging infections. Hanoi's authorities have been asked to give Covid-19 vaccine booster shots to local residents as soon as possible, according to a decision signed on August 9 by Chairman of the municipal People’s Committee Tran Sy Thanh. On August 9, Vietnam saw a record high in three months of 2,300 new cases in a single day, lifting up the country’s total infections to more than 11,350,000, including more than 43,000 deaths, according to the Ministry of Health (MoH). The move was made as the caseload with new strains BA.04 and BA.05 in the city is increasing and that vaccination against Covid-19 is an effective and strategic measure in disease prevention and control, stated the document. Local authorities have been asked to urge high-risk and vaccine-hesitant people to complete the two-dose vaccination and ramp up at-home inoculations for homebound people who are aged above 50 with … [Read more...] about Hanoi accelerates Covid-19 vaccination for all locals
Tax Law in Vietnam inconsistent with income
Illustrative photo However, the current regulations on family deduction of the Personal Income Tax Law 2009, which was amended in 2012 and supplemented in 2014, are not suitable for the current socio-economic situation and growth rate. Inadequacies in taxation Personal Income Tax (PIT) is one of two taxes that make the largest contribution to the annual state budget revenue with VND 110,000 bln, accounting for 10 percent of the total balance of the state budget in 2021. This is just after the two pillar taxes of the economy, which are Corporate Income Tax (CIT) and Value-Added Tax (VAT). Although wage earners account for 50 percent of the labor force and contribute up to 70 percent of revenue, tax policy for them has been slow to adjust after more than ten years of applying the PIT Law. This is currently very inadequate. The current income of the cadres, civil servants, and public employees' working salary plus additional incomes have all exceeded the threshold of … [Read more...] about Tax Law in Vietnam inconsistent with income
Gasoline products entitled to 10 per cent discount on preferential import tax
Domestic gasoline prices declined for the fourth consecutive session. They are expected to drop further. — Photo kinhtedothi The Government has just issued a decree stipulating the import tax rate for gasoline products, with a reduction of 10 per cent on organic unleaded gasoline. Decree No. 51/2022/ND-CP amends the preferential “Most Favoured Nation” or “MFN” rates for gasoline products, in which the import tax rate for unleaded petrol (under HS code from 2710.12.21 to 2710.12.29) will be adjusted from 20 per cent to 10 per cent. According to the Ministry of Finance (MoF), compared to other countries, the proportion of tax in the base price of petroleum in Viet Nam is lower. The proportion in many countries was mainly in the range of 40 per cent - 55 per cent for gasoline and 35 per cent - 50 per cent for oil, while it was about 19.39 per cent for E5RON92 gasoline, 21.95 per cent for RON95 gasoline and about 11.05 per cent for diesel in Viet Nam with the environmental … [Read more...] about Gasoline products entitled to 10 per cent discount on preferential import tax
