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Korea rd tax incentives

Samsung stays in Vietnam not just because of incentives: ADB expert

September 11, 2020 by hanoitimes.vn

The Hanoitimes – To ensure its place among front-runners in attracting global FDI in the future, Vietnam should prioritize quality over incentives in attracting investment capital, said an ADB expert.

Many countries are offering Samsung better incentives than Vietnam, but the South Korean tech giant is still committed to the country, largely thanks to its constantly improving business environment and higher skilled labor forces, according to Mr. Nguyen Minh Cuong, principal country economist of the Asian Development Bank (ADB) in Vietnam.

Samsung’s commitment to Vietnam is not just because of the country’s incentives.

“Strategic investors like Samsung make their investment decisions based on a country’s overall competitiveness, rather than what incentives they could receive,” Mr. Cuong told Hanoitimes in an interview.

Samsung previously denied rumors that it was planning to shift part of the smartphone production from Vietnam to India, and affirmed that all production facilities in northern Vietnam are operating as normal.

The denial was made after The Economic Times , an Indian news website, reported that the South Korea-based conglomerate hoped to produce devices worth US$40 billion in India by taking advantage of the Production Linked Incentive (PLI) scheme of the Indian government.

Nikkei Asian Review in August also revealed Samsung are planning to shift production of personal computers and TV from China to Vietnam after having decided to close two plants in Chinese cities of Suzhou and Tianjin.

“To ensure Vietnam’s place among front-runners in attracting global foreign direct investment (FDI) in the future, the country should prioritize quality over incentives in competing with other nations for new investment capital,” Mr. Cuong added.

Principal Country Economist of ADB in Vietnam Nguyen Minh Cuong.

More importantly, the ADB expert said attracting FDI based on incentives in terms of land and taxes may result in severe consequences, including transfer pricing.

This would become a significant issue as many experts have raised concern over ASEAN countries’  race to the bottom in FDI attraction. Different level of tax incentives between countries in the region could only encourage multinationals to turn to transfer pricing activities, Mr. Cuong said.

Meanwhile, given the already weak linkage between foreign-invested and domestic firms in Vietnam, more incentives for foreign companies would only make it hard for local companies to compete and form a strong bond with their foreign peers.

In this regard, Mr. Cuong expected Vietnam to focus on improving the quality of human resources, infrastructure and legal environment, adding these are key factors to attract high qualify FDI projets.

As Vietnam becomes more selective in attracting FDI, the economist suggested the scale of investment projects should not be a matter, but all should be welcomed if they meet criteria of technology transfer, using environmentally friendly technologies and promoting linkages with local enterprises, among others.

“Investors with modest funding may not have advanced technologies like multinationals, but they are more willing to form linkages with local firms, a key step for the latter to further integrate into global value chains”, Mr. Cuong asserted.

Filed Under: Opportunities Samsung, Vietnam, ADB, tax incentives, transfer pricing, Covid-19, coronavirus, South Korea, strategic investors, FDI, where to stay in vietnam, best places to stay in vietnam, vietnam motorbike tour expert, vietnam places to stay, Samsung Electronics Vietnam Thai Nguyen, vietnam stay travel, tek experts vietnam, vietnam best places to stay, Samsung Electronics Vietnam, adb drivers samsung, Samsung Display Vietnam, Staying in Vietnam

Korea Customs Service supports emergency clearance for Covid-19 vaccine

February 24, 2021 by dtinews.vn

Korea Customs Service is supporting 24 hours emergency customs clearance for vaccines and quarantine products, and strengthen the competitiveness of the bio, K food, and general manager (materials, parts, equipment) industries as regulatory innovations on new logistics processes.


Korea Customs Service held a National Customs Officer’s Meeting at the Busan Headquarters on February 4 to announce a business plan for 2021 with such contents as the core.

Commissioner of Korea Customs Service, Roh Suk-Hwan was presenting a work plan at the 2021 National Customs Officers’ Meeting held at the Busan Headquarters Customs on the afternoon of February 4th. (provided by Customs Office)

At the meeting, Korea Customs Service decided through a key project to promote the application of customs procedures before entering the port, quick confirmation of import requirements, abbreviation of customs inspection, etc. for 24-hour emergency customs clearance of vaccines and quarantine products.

It will also support small and medium-sized enterprises to enter the market by establishing a network dedicated to e-commerce and customs clearance, while transporting Chinese e-commerce goods from Korea to the airport without any cargo handling.


In particular, they will establish the K-New Deal, New Growth Enterprises Export and Import Support Center’ at national customs offices such as Seoul, Busan, Daegu, Incheon, etc., and focus on customs administration capabilities such as quick customs clearance, tax administration support, and using FTA preferential after discovering companies that are new to domestic demand and export related to specialized innovation industries by region.

Korea Customs Service is also planning to support Korean companies to utilize the complex FTA origin standards advantageously, and to expand the target of establishing an electronic exchange system for origin information to new southern countries such as Vietnam.

As part of the strengthening of economic border controls, they plan to expand inspection of imported goods by checking the site of each stage of import customs clearance and inspecting containers for refurbishment and surprise.

It was decided to block the import of radioactive and waste-infringing goods into the country and establish a wide-area investigation system and cope with the expansion of direct drug investigation.

As a balanced taxation administration, the government plans to expand the sharing of information on arrear of taxes with relevant ministries and agencies to concentrate its tariff investigation on high-cost and high-risk groups.

To prevent illegal and illegal trade, Korea Customs Service plans to protect K-Brands and Korean industries, and prevent dumping risks through cooperation with relevant ministries such as the National Tax Service and the Ministry of Trade and Industry.

For the digital innovation of customs administration, it has decided to redesign the IT infrastructure of the National Customs Comprehensive Information Network into a big data and cloud environment, and expand the field of application of the AI X-ray image reading system.

Commissioner Roh emphasized at the National Customs Heads’ Meeting on February 4 that “Exports have become the main driving force for the rebound of our economy despite difficult conditions last year.”, and added, “Again this year, let’s put together the capabilities of all customs administrations for a quick and strong economic recovery.”

Meanwhile, to respond to the rapidly changing trade environment, Korean Customs Service is striving to achieve intelligence and efficiency in customs administration by incorporating new technologies of the 4th industrial revolution: big data, artificial intelligence (AI), and blockchain technology into customs administration.

Filed Under: Uncategorized Korea Customs Service supports emergency clearance for Covid-19 vaccine, service best customer service training, korea investors service, customer for support, self service in customer service, predicts 2017 crm customer service and support, predicts 2018 crm customer service and customer engagement, customer service training service, customer focused customer service, service based customer service, customer oriented customer service, customer oriented vs customer service, customer centric customer service

Coffee sector to boost exports on EVFTA incentives

February 1, 2021 by vov.vn

Statistics compiled by the General Department of Vietnam Customs indicate that Vietnam exported 1.57 million tonnes of coffee worth US$2.74 billion last year, representing a decrease of 5.6% in volume and 4.2% in value, while the average export price saw a slight increase of 1.4% to US$1,751.2 per tonne compared to 2019.

Germany remains the largest consumer of Vietnamese coffee, importing 223,581 tonnes worth US$350.41 million, marking a decline of over 4% in both volume and turnover. Meanwhile, the average export price in the market stood at US$1,567 per tonne, a rise of 0.4%.

The Southeast Asian market ranked second in terms of turnover with US$328.36 million, a drop of 8.6% in turnover, followed by the United States’ market with US$254.89 million.

The MARD anticipates that there are positive signs moving forward for coffee exports as Vietnam’s coffee export markets suffered huge losses due to the COVID-19 pandemic leading to an increase in domestic demand for coffee.

Despite this forecast, the rebound of coffee prices will largely be dependent on the tourism industry’s recovery level in the post-COVID-19 landscape.

Moreover, local businesses have been advised to make full use of opportunities brought about by the EU-Vietnam Free Trade Agreement (EVFTA) in order to boost exports in the near future.

MARD Deputy Minister Le Quoc Doanh said the enforcement of the EVFTA has seen the EU remove all taxes on unroasted or roasted coffee products from 7% to 0%, while tariffs on processed coffee types are set to be slashed from 9% to 0%.

Simultaneously, coffee makes up one of 39 of the country’s geographical indications that have been protected by the EU following the implementation of the EVFTA, an agreement which has created a huge competitive advantage for the local coffee industry in comparison with other competitors in the EU market.

Filed Under: Uncategorized Coffee sector, EVFTA incentives, COVID-19, Le Quoc Doanh, Vietnamese coffee, Germany, Economy, ..., garment export house in noida sector 63, coffee boosts metabolism, export incentives, top exporter of coffee, top exporters of coffee, incentive on export, exporting coffee, coffee boost, coffee boost metabolism, coffee metabolism boost, coffee energy boost, india export incentives

State-run oil giant continues proposing tax cut for locally refined fuel

February 24, 2016 by e.vnexpress.net

State-run oil conglomerate has continued to seek the government’s approval for a fresh tax cut this year for locally refined oil products from the Dung Quat oil refinery, which is located in the central province of Quang Ngai.

Locally refined diesel and jet fuel cannot compete with imported goods due to the higher tax rates, said PetroVietnam in the document submitted to authorities.

state-run-oil-giant-continues-proposing-tax-cut-for-locally-refined-fuel

The $3 billion Dung Quat Oil Refinery in the central province of Quang Ngai.

Declining import taxes on fuel products following the realization of a regional free trade agreement has drastically cut the price of imported fuel products, making the prices of local products uncompetitive and resulting in mounting unsold stock, the firm said.

According to the ASEAN Trade in Goods Agreement (ATIGA) import duty on diesel and jet fuel from countries in the region will be cut from 20 percent to 10 percent from early 2016.

ASEAN, a bloc of ten Southeast Asian countries including Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Cambodia, Laos, Myanmar and Vietnam, entered a regional free trade area, the ASEAN Economic Community, at the end of December 2015.

Meanwhile, the tariffs for the products churned out by Dung Quat remains at 20 percent, making them unable to compete with imported products, said PetroVietnam in the document signed by its deputy general director Nguyen Sinh Khang.

Moreover, PetroVietnam said import taxes slapped on petroleum products imported from South Korea has also been set at 10 percent, posing another threat to locally refined fuel.

The preferential tax rate applied for South Korean products is realized in line with Circular 20 of the Ministry of Finance dated on December 16, 2015 on preferential import tariffs under the FTA reached earlier between the two countries.

Among Dung Quat Oil Refinery’s product lines, gasoline accounts for more than 90 percent, of which 50 percent are diesel and jet fuel.

The plant will have to be temporarily shut down if such large unsold inventory is not cleared, said PetroVietnam, in the third attempt so far to help its oil refining arm Binh Son Refining and Petrochemical Ltd (BSR), which manages the refinery.

In addition, PetroVietnam also concerned about difficulties BRS is facing in finding local distributors to sign long-term contracts for its petroleum products in 2016.

In the context of plummeting world oil prices and reducing import duties, many domestic petroleum wholesalers only want to sign short-term contracts, lasting from two to three months, to buy locally refined fuel with BSR, and are reducing the amount of their orders

Even the country’s largest wholesaler, Vietnam National Petroleum Group (Petrolimex), PetroVietnam’s largest buyer, signed contracts for only two months of the year and reduced the monthly volume it bought from 120,000 m3 tom 80,000 m3 of diesel to wait for the next moves in the world market, said PetroVietnam.

Such reduction in purchase volumes and the fact that those wholesalers only wanted to sign short-term deals have exposed the plant to more risks, affecting its plans in crude oil purchases, sales, as well as the objective of ensuring safe operation of the plant this year.

In 2015, PetroVietnam twice proposed tax cuts for fuel produced by Dung Quat Oil Refinery after the implementation of preferential tariffs following the ATIGA.

The Ministry of Finance decided to reduce tax on petroleum products from Dung Quat to 20 percent, the same levels as the rates imposed on fuel products imported from ASEAN countries.

The BSR last year earned VND6 trillion ($270 million) profit from a VND95 trillion revenue generated by its $3 billion plant, which became operational in 2009.

In mid-2015, work on a $1.82 billion expansion project for the plant to increase capacity to 8.5 million tons a year by 2012 started, bringing the total investment for the project to nearly $5 billion.

Filed Under: Uncategorized refinery, oil, State-run oil giant continues proposing tax cut for locally refined fuel - VnExpress International, second phase tax cuts, reagan era tax cuts, republican on tax cut, estate planning under tax cuts and jobs act, $2 trillion float of saudi oil giant aramco, 2 trillion gop tax cut, 2 trillion tax cut, oil giants under fire, coalition tax cuts, stock buybacks from tax cuts, what are the proposed tax changes canada, giant scissors for ribbon cutting rental

Vietnam warned of troublemaking transshipment from China, S.Korea to US

June 18, 2020 by vietnamnet.vn

Vietnam should take stronger measures related to origin of goods and products to avoid risks of lawsuits or being taken advantage of by other countries to evade US import tariffs.

Vietnam should be careful not to become a transshipment point for China and South Korea in re-routing their exports to the US and circumvent levies, economists of the Vietnam Institute for Economic and Policy Research (VEPR) have warned.

Overview of the VEPR’s launching conference of its annual economic report. Photo: Ngoc Thuy.

“Being a deeply integrated economy with growth driving forces relying heavily on international trade, Vietnam is highly susceptible to external shocks, including policies changes from major economies or regional and global tensions,” said Nguyen Duc Thanh, former director of VEPR, at the launch of the think tank’s annual economic report on June 17.

The US – China trade war, and to a lesser extent, the tension between South Korea and Japan, caused investors to shift investment to countries less affected by friction.

As a result, more and more multinationals are looking for an alternative for China and South Korea, Thanh stated.

In this circumstance, Vietnam, with a dynamic economy and member of major free trade agreements, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), EU – Vietnam Free Trade Agreement (EVFTA) and the upcoming Regional Comprehensive Economic Partnership (RCEP), among others, is emerging as an attractive alternative to China.

Source: GSO.

In 2019, the US was Vietnam’s largest export market with a turnover of US$60.7 billion, up 27.8% year-on-year. Capital goods for manufacturing and processing industries reached US$144.12 billion, or 90.6% of total import turnover. China was the largest import market of Vietnam, with a turnover of US$75.3 billion, up 14.9% year-on-year.

For this year, although the Covid-19 pandemic has caused a major disruption to global value chain, the US remained Vietnam’s largest buyer spending US$25.11 billion on Vietnamese goods in the first five months, up 10.6% year-on-year and accounting for 25.1% of Vietnam’s total exports.

VEPR’s report suggested Vietnam to review the tax or land preferential policies for foreign-invested companies, in order to create a more equal environment for domestic firms.

Moreover, the country should put in places tighter measures related to origin of goods and products to avoid risks of lawsuits or being taken advantage of by other countries to evade US import tariffs.

Vietnam’s GDP growth forecast revised up

With the removal of the social distancing earlier than expected (from the end of April compared to the expected end of May before), VEPR has revised up Vietnam’s economic growth to be higher than the previous forecast of 4.2% for optimistic scenario.

VEPR revised up Vietnam’s GDP growth forecast from the previous 4.2% for optimistic scenario.

The most optimistic scenario is based on the assumption that the disease is completely controlled domestically by the end of April and the economic activity gradually returned to normal. Meanwhile, the world has begun to relax lockdown measures since the beginning of June, helping Vietnam’s goods export industry grow well in the second half of the year.

However, economic activities in the field of tourism, accommodation and passenger transport are still reserved and only gradually recover.

With this optimistic scenario, Vietnam’s economic growth is forecast to reach up to 5.5% in 2020.

Under the neutral and pessimistic scenarios, the pandemic is presumed to recur and countries must extend the lockdown period to the second half of the third quarter, even the fourth quarter of 2020. The impact of Covid – 19 on the agriculture, forestry & fishery, manufacturing sector and service sector will be more serious. Economic growth in 2020 might be only 3.9% in the neutral scenario, or just 1.7% in the pessimistic scenario.

In line with the current short-term policies to mitigate the negative impacts of Covid-19, Vietnam should continue working on longer-term policies to improve macroeconomic foundation and reduce future risks, stated VEPR.

In all situations, inflation, interest rates, and exchange rates need to be kept stable. Diversification of export/import markets needs to be paid more attention to to avoid heavy dependence on some major economic partners.

In this time of difficulties, many inadequacies in managing economic policies have been revealed, so efforts to improve the institutional environment need to be sustained. Especially, Vietnam should gradually build a fiscal buffer to prevent external shocks, the report suggested.

VEPR’s GDP growth forecast is in line with Prime Minister Nguyen Xuan Phuc’s estimation of  an economic expansion of over 5% for this year, significantly higher than the International Monetary Fund (IMF)’s estimate of 2.7%.

The World Bank predicted the country’s economic growth at a slightly lower rate of 4.8%. ADB’s growth prediction is similar to the World Bank’s of 4.9%, while Fitch Ratings anticipated the country’s growth at 3.3%. Hanoitimes

Ngoc Thuy

Prospects for those with good grip on rule of origin

Prospects for those with good grip on rule of origin

The enforcement of the landmark EU-Vietnam Free Trade Agreement can become reality within the next few months, ushering in multiple benefits for both sides.

Chinese found counterfeiting Vietnamese origin for woodwork exports

Chinese found counterfeiting Vietnamese origin for woodwork exports

Many Chinese wooden furniture manufacturers have been found setting up foreign invested enterprises (FIEs) in Vietnam to ‘fabricate’ Vietnamese origin for their exports to the US.

Filed Under: Uncategorized vietnam..., trade war, Covid-19, coronavirus, ncov, pandemic, United States, South Korea, China, VEPR, GDP growth, FDI, domestic firms, import tariffs, china north korea bridge to nowhere

Thailand expects nearly 20 billion THB in Songkran circulation

April 9, 2018 by en.vietnamplus.vn

Thailand expects nearly 20 billion THB in Songkran circulation hinh anh 1 Thailand expects nearly 20 billion THB in Songkran circulation. (Source: http://thainews.prd.go.th)

Bangkok (NNT/VNA) – The Tourism Authority of Thailand (TAT) is expecting up to 20 billion THB to be spent by both domestic and international visitors during the Songkran holiday , especially after the Cabinet announced an extra day for the festivities and tax incentives for tourism.

TAT Governor Yuthasak Supasorn revealed his agency expects an increase of 12 percent in tourism growth from Songkran last year with as many as 3 million people expected to travel from April 12-16.

The travellers are to put up to 10 billion THB into circulation, 15 percent more year-on-year. He indicated the Cabinet adding April 12 to the holiday this year, bringing the entire period to five days, as well as tax incentives for travel to minor cities as contributing factors.

The TAT estimates 530,000 foreign travellers will enter Thailand during the holiday, up 13 percent from last year. They are to spend an estimated over 9.378 billion THB, up 21 percent year-on-year.

The numbers of French, Taiwanese, Republic of Korean, Russian and Australian visitors are forecast to grow the most this year. More than 165,000 Chinese visitors are expected, 38 percent more than 2017.

All together domestic and international tourists are hoped to spend no less than 19.8 billion THB, 18 percent higher than last year.-VNA

VNA

Filed Under: Uncategorized Tourism Authority of Thailand, Songkran holiday, Chinese visitors, tax incentives, Thailand, Vietnam, VietnamPlus, Viet Nam News, World, Tourism Authority of..., expectations at 20 weeks pregnant, puritan's pride 20 billion, expect_near, expect at 20 weeks, what expect at 20 weeks pregnant, 20 billion wives, 20 billion under 20, probi 20 billion, ge expects $6.2 billion charge after reviewing insurance reserve, russia cancels $20 billion in debt of african countries, 1968 20 cent coin value circulated, 20 million thb to usd

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