Hanoi (VNA) – The Vietnamese Ministry of Industry and Trade is actively implementing a lot of supporting industry development programmes, given the great importance of supporting industries. Thanks to these programmes, Vietnamese businesses have been facilitated to apply modern quality management standards and systems, increase the quality of their products, and gradually participate in global supply chains. However, deputy head of the Science Institute on Small-and-Medium Enterprises Management (SISME) Nguyen Kim Hung said that businesses are facing difficulties in approaching credit, due to specific characteristics of supporting industrial production as well as the low starting point of small- and medium-sized enterprises. In this context, Chairman of the Vietnam Chamber of Commerce and Industry Vu Tien Loc stressed the need for mechanisms and policies to develop supporting industries, strengthen connectivity, take advantage of new markets, and expand supply channels and … [Read more...] about Vietnam’s supporting industries receive push to develop further
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VIETNAM BUSINESS NEWS JANUARY 26
VinFast estimated it sold a total of 29,485 vehicles in 2020, including 18,016 Fadil cars, 6,013 Lux A2.0 cars and 5,456 Lux SA2.0 models. From 2022, VinFast plans to introduce two more gasoline-powered cars and three electric models, expected to account for 30 per cent of the car market share in Viet Nam. … [Read more...] about VIETNAM BUSINESS NEWS JANUARY 26
Shipping industry needs State support to develop: ministry
Therefore, the ministry has proposed the Prime Minister consider and adjust financial mechanisms to support the development of the fleet, including loans with preferential interest rates. Investment in a fleet of ships requires huge and long-term capital, while local enterprises are unlikely to be able to invest in high-quality fleets, according to Deputy Minister of Transport Nguyễn Nhật. The shipping companies have received very little financial support from the Government in the past few years to carry out fleet development. Interest rates on bank loans in Việt Nam are from 8-10 per cent per year, higher than interest rates in other countries such as Japan (1-2 per cent), Singapore (3 per cent) and China (4.5 per cent). At the same time, when registering a ship to fly the Vietnamese flag, the enterprise must carry out procedures on importing ships and have to pay taxes and fees such as registration fee, value-added tax and import tax on ships. Some ship owners … [Read more...] about Shipping industry needs State support to develop: ministry
More taxes collected from online businesses
Mai Son, head of Hanoi Taxation Department, said e-business has strongly developed in Vietnam and worldwide. In 2020, Hanoi collected VND123bn (USD5.3m) in taxes, five times higher than the collected taxes in 2019. Most of the taxpayers are individuals, he said. A woman from Cau Giay District paid VND23.4bn (USD1m) after earning VND330bn last year from writing and published her apps on Google Play and App Store. Another man paid over VND18bn from his VND260bn income also from writing mobile apps. According to the Hanoi Taxation Department, another person paid over VND7bn in taxes from his online business via YouTube and Google. In 2021, the department will continue to review and analyse the data over the current online businesses in Vietnam. They will collaborate with the banks and trading floors to ask the business owners to pay taxes. Violators will be fined in accordance with the regulations. People who refused to obey the inspection decision and punishment may be prosecuted. … [Read more...] about More taxes collected from online businesses
Allianz Risk Barometer 2021: Pandemic outbreak overtakes Business Interruption as top business risk in China
Market developments ranks fourth in both the China (29%) and Global (19%) rankings reflecting the risk of rising insolvency rates following the pandemic worldwide. According to Euler Hermes, a trade credit insurance subsidiary of the Allianz Group, there are two clusters of countries, those that will see a stronger rise in insolvencies in 2020, and those that will see a delayed surge in 2021. The bulk of insolvencies will come in 2021 as Euler Hermes' global insolvency index is expected to hit a record high for bankruptcies, up 35% by the end of 2021, with top increases expected in the US, (up 57% by 2021, compared to 2019), Brazil (up 45%), China (up 40%) and core European countries such as the UK (up 43%), Spain (up 41%), Italy (up 27%), Belgium (up 26%) and France (up 25%). … [Read more...] about Allianz Risk Barometer 2021: Pandemic outbreak overtakes Business Interruption as top business risk in China