State management of the collective economy

Tax authorities clamping down on foreign evaders (illustration photo) Hanoi Tax Department and its peer in Ho Chi Minh City revealed last week that thousands of foreign-invested enterprises (FIEs) are failing to keep up with regulatory demands. The published list of groups is part of Vietnamese authorities stepping up investigations into the tax affairs of such enterprises, which account for a growing share of suspected underpayment by large businesses. The Hanoi tax authorities say they are closely co-operating with the media to ensure offending companies are known to the public. “Multinational corporations might use various schemes to avoid paying taxes in Vietnam, where they make vast revenues. But it is intrinsically difficult to detect tax avoidance or evasion,” economist Nguyen Tri Hieu told VIR. World Economic Forum research shows $420 billion in corporate profits shift out of 79 countries annually, as seen in the cases of some high-profile names operating in … [Read more...] about Tax authorities clamping down on foreign evaders

Vietnam has gained certain achievements in completing the market mechanism, and adjusting the corresponding role of the State in the economy. However, Nguyen Chi Dung, Minister of Planning and Investment, said at the Vietnam Reform and Development Forum held recently in Hanoi, that the market-economy institutions in Vietnam actually have shortcomings which hinder development. Vietnam has gained certain achievements in completing the market mechanism, and adjusting the corresponding role of the State in the economy. As for private funding of public service, though the policy was supported by most people, 57 percent still expressed concern. Chi Mai  New FTAs put pressure on VN to reform business practices New-generation Free Trade Agreements (FTAs) are expected to help Viet Nam become more competitive if the country reduces trading costs and improves its business environment, experts said on Tuesday at a conference in HCM City.   Most enterprises in VN satisfied … [Read more...] about Economic institutional reform still has many shortcomings

  Deborah Greenfield, Deputy Director-General for Policy at the International Labour Organisation (ILO). Deborah Greenfield, Deputy Director-General for Policy at the International Labour Organisation, spoke to Viet Nam News reporter Thu Vân about the Vietnamese Government's efforts to change its labour laws in line with requirements on labour rights in free trade agreements it has recently ratified, like the CPTPP and the EVFTA, as well as the challenges ahead in the world of work.  Việt Nam has recently ratified the CPTPP and signed the EVFTA, and these two trade agreements include provisions on labour rights and require the country to make certain changes to its labour laws. Việt Nam has made changes to its labour code, ratified the ILO Convention 98 and plans to ratify Convention 87 on the freedom of association by 2023. How do you evaluate such efforts by the … [Read more...] about Việt Nam making strides in workers’ rights

  COME ONE, COME ALL: The free painting class of Mekong Art Club has more than 20 participants of different ages from different provinces. The youngest student is just 17 years old while the oldest is nearly 65. Photo kenh14.vn A free painting class opened by painters in HCM City teaches the hearing-impaired people a skill and gives them confidence. The money they earn from selling their paintings not only helps support themselves but also other disabled people. By Toàn Nguyễn  There is a special painting class held every weekend in HCM City, with no tuition fees, no lectures and no talking between the students and the teachers. Instead, they communicate by body language and the only sound that fills the room is the sound of colours. “There is no sound in the world of the deaf,” says painter Bích Ngân about her small classroom. “My lecture can't be heard and sometimes I can't understand their sign language. However, the teachers … [Read more...] about Free class teaches the deaf to paint and share

After revision, Vietnam’s GDP grew an average of 25.4% annually in the 2010 – 2017 period, in which 2011 recorded the highest growth rate of 27.3%. Vietnam’s GDP in 2017 is estimated at VND6,294 trillion (US$272.77 billion) after revision, representing an increase of VND1,300 trillion (US$56.34 billion) against the previous figure of VND5,006 trillion (US$216.95 billion), according to the General Statistics Office (GSO). This would result in revised GDP per capita of US$2,985, higher than the preceding number of US$2,343, stated the GSO in a statement announcing the result of GDP revision in the 2010 – 2017 period held Friday. As a result, Vietnam’s GDP grew an average of 25.4% annually in 2010 – 2017, in which 2011 recorded the highest growth rate of 27.3% and 2015 grew the lowest rate of 23.8%. Among economic sectors, services posted the highest growth rates after revision with an additional increase of VND316 – 615 trillion (US$13.68 … [Read more...] about Vietnam 2017 GDP expands US$56 billion after revision