Bui Tuan Minh, tax partner of Deloitte Vietnam Resolution No.10-NQ/TW dated June 3, 2017, issued by the Central Committee of the Vietnamese Communist Party on the development of businesses in private sector in Vietnam, has called attention to the rampant private businesses malpractice of making fraudulent financial statements and dodging tax. What do you think are the most common tricks used by enterprises? I myself have observed such practices at some private enterprises, however, it is on a descending trend. In fact, tax optimum or tax evasion have never been a top priority for private businesses in their early phase of establishment, especially for start-ups and small- and medium-sized enterprises. However, when private businesses grow up to a certain scale, there are two common stances among business owners: either reducing tax costs by all means (including tax evasion) or optimising tax costs while ensuring legal compliance. The second choice is a rising trend and is an … [Read more...] about Optimum tax strategy to cut costs and ensure compliance
Distinguish between economic growth and economic development
BUSINESS NEWS IN BRIEF 20/1
Vietnam Sustainability Forum 2019 takes place in Hanoi At the forum (Source: VOV) The Vietnam Sustainability Forum 2019 took place in Hanoi on January 18 following the successful organisation of the first event last year. The forum creates a platform for policymakers, non-governmental organisations, businesspeople, and experts at home and abroad to exchange ideas to promote economic growth and sustainable society. Deputy Minister of Planning and Investment Le Quang Manh said Vietnam needs more effective solutions to address sustainable issues in the fields of human resources, climate change adaptation, smart agriculture, environment, and the Fourth Industrial Revolution. “Promoting sustainable development is not only about economic development, but also the settlement of social issues and environmental protection,” he said. In 2018, Vietnam recorded the region’s highest GDP growth at 7.08 percent as well as a trade surplus of 7.21 billion USD, tripling that of … [Read more...] about BUSINESS NEWS IN BRIEF 20/1
BUSINESS NEWS IN BRIEF 21/12
Vietnam, New Zealand networking event discusses CPTPP The Vietnam Trade Office partnered with the Wellington Chamber of Commerce and the ASEAN-New Zealand Business Council to run the Vietnam-New Zealand Free Trade Breakfast last week, discussing various trade issues. The event gathered representatives from enterprises in Wellington and Auckland doing business in or have business transactions with Vietnam together with local trade promotion agencies. It provided an opportunity to network and hear directly from key figures in Vietnam and New Zealand to gain a better understanding of the benefits of the two countries’ trade relations, particularly as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is about to enter into force. Speaking at the event, Vietnamese Ambassador to New Zealand Ta Van Thong gave the attendees an overview of Vietnam’s economy, its CPTPP commitments relating to the domestic business environment, and support … [Read more...] about BUSINESS NEWS IN BRIEF 21/12
“Vietnam always strives to be a good friend, a trusted partner within the int’l community”: PM
The Hanoitimes - At the toast by to celebrate the National Day of Vietnam on Thursday evening, Prime Minister Nguyen Xuan Phuc highlighted the successes of the country and called for stronger friendship and cooperation between Vietnam and friends and partners the world. The following is the entire speech made by PM Nguyen Xuan Phuc at the toast: PM Nguyen Xuan Phuc delivers remarks at the toast on August 30, 2018. Photo: Quang Hieu/VGP Distinguished leaders of the Party and State, Excellency Dean of the Diplomatic Corps, Excellencies Ambassadors, Chargé d’Affaires, Heads of international organizations in Hanoi, Distinguished guests, Dear friends, On behalf of the Party, State, Government and people of Vietnam, I would like to extend a warm welcome to all distinguished comrades, guests and friends to the reception celebrating the 73rd National Day of the Socialist Republic of Vietnam. We are … [Read more...] about “Vietnam always strives to be a good friend, a trusted partner within the int’l community”: PM
BUSINESS NEWS IN BRIEF 20/8
Deutsche Bank appoints new chief country officer for Vietnam Deutsche Bank has just announced the appointment of Hans-Dieter Holtzmann (49) as chief country officer and head of Global Transaction Banking (GTB) in Vietnam, effective from August 16, 2018. In his capacity as chief country officer, Holtzmann will report to Werner Steinmueller, member of the Management Board and APAC Head of Deutsche Bank, and in his GTB capacity, to Kaushik Shaparia, head of Global Subsidiary Coverage, GTB Foreign Exchange and Corporate Cash Management for Asia. Announcing the appointment, Steinmueller said, “We are pleased to have a colleague of Hans-Dieter’s caliber in this role. As one of our key markets in Southeast Asia, our Vietnamese franchise has shown profitable growth and we are excited about the country’s outlook. This is why last year we significantly increased our capital base in this market, providing the bank with more resources to support our clients’ … [Read more...] about BUSINESS NEWS IN BRIEF 20/8