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
Saving the fish sauce tradition
Viet Nam News A doctor who once got to know a lot about pregnancy and childbirth is now very involved in making fish sauce. It is a very traditional type of fish sauce that Hồ Kim Liên’s family always produced. She took over the business when no other family members would and, in doing so, kept Phú Quốc fish sauce going. Hồ Kim Liên was an obstetrician at the Phú Quốc General Hospital before becoming chairwoman of the Khải Hoàn Trading Joint Stock Company and the Phú Quốc Fish Sauce Association. Liên and other members of the association have made great to reviving and developing the traditional Phú Quốc fish sauce. Xuân Hương spoke to her. Inner Sanctum: Why did you give up a job that is the dream of many young people to become the chief of a traditional fish sauce company? Are you pleased with what you have achieved since? I am the eldest of eight … [Read more...] about Saving the fish sauce tradition
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
BUSINESS NEWS IN BRIEF 26/10
Vietnam, Japan look to foster trade cooperation A workshop was held in Tokyo on October 22 to discuss measures to promote economic and trade cooperation between Vietnam and Japan. Held by the Department of Trade Promotion (DTP) under the Ministry of Industry and Trade and the Japan-ASEAN centre, the event attracted representatives from more than 100 Japanese and 25 Vietnamese enterprises operating in handicrafts, mechanics, plastic, home furniture and gifts. Speaking at the workshop, Doan Thi Thu Thuy, Deputy General Director of the DTP said Vietnamese goods are present in most markets around the world, and exports are shifting from raw materials to products with higher value such as electronics and smart phones. Notably, Vietnam's agriculture has witnessed a long period of stable growth with an average expansion of 4.4 percent in the last decade, with the export value of Vietnamese fruits surpassing those of rice and crude oil. Assessing Vietnam’s advantages, … [Read more...] about BUSINESS NEWS IN BRIEF 26/10