Tuning into new potentials

Experts believed that the government’s decision on increasing foreign holding will be a springboard for foreign investors to penetrate into the Vietnamese burgeoning market. The Vietnamese aviation market is expected to undergo significant changes next year as the government opens up more room for foreign investors in the industry amid share sale plans of domestic airlines. Under new regulations on the conditional business lines in the aviation sector, effective from January 1, 2020, Vietnam will raise the foreign ownership limit in domestic air carriers to 34% from the current 30%. Analysts from Ho Chi Minh City Securities Corporation forecast that Vietjet would be the first airline to reach the new foreign holding limit as the budget airline seeks a strategic partner by 2020. A higher foreign holding ratio will be also expected at Vietnam Airlines that will have to unload 35.19% of state holding in order to reduce state ownership to 51% from the current 86.19% under the … [Read more...] about Foreign investors grasp more control overn Vietnam’s aviation market

Panel discussion on how Vietnamese enterprises need to prepare for changes in tax policy At the Tax and Law Symposium 2019, experts from EY Consulting Vietnam emphasised that apart from handling tax issues appropriately and reducing tax costs, enterprises also need to take care of potential risks of non-compliance, especially in a fast-growing digital business environment. A new Law on Tax Administration in 2019, recent proposals on the application of International Financial Reporting Standards (IFRS) in Vietnam, as well as previous decrees on e-invoices and transfer pricing all share the same goal of raising Vietnamese tax regulations to international standards in order to have a more effective system for both government authorities and taxpayers in tax administration, collection, and tax dispute resolution. These policies not only introduce new tax treatments such as e-commerce transactions, re-auditing, or the application of penalties but also propose new regulations of tax … [Read more...] about EY Consulting Vietnam: enterprises need to prepare for tax changes

Enterprises not only want to develop market share in Vietnam but also to invest in the country so as to make use of trade advantages that Vietnam is enjoying. Attraction from export turnover According to the ministry, by November this year, there were 30 export products with export turnover of above US$1 billion, accounting for 91.6 percent of total exports, mainly focusing on key product lines, including electrics, electronics, garment and textile, footwear, plastics, computers and components. Specially, there were five products with export turnover of above $10 billion, accounting for 59.6 percent. Particularly, cellphones and components had the highest export value of $48.7 billion, accounting for 20.2 percent of total exports, an increase of 5.4 percent over the same period last year. Electronics, computers and components reached export turnover of $32.4 billion, an increase of 19.4 percent. Exports of garment and textile touched $29.9 billion, an increase of 7.8 percent. … [Read more...] about Vietnamese market attractive to foreign enterprises

Revenue rose 38.3% year on year to RMB12.9 billion Setting differentiated advantage through technology reinforcementProduction capacity ramped up to boost profitability Results Highlights: A double-digit increase achieved in sales volume and revenue, steady growth in net profit Developing all-aluminium formwork components, and initiating the leasing business of aluminium alloy formwork Client-oriented strategy for the support of new energy vehicles and fabricated products High-end products continue to contribute, including the delivery of a newly-built all-aluminium superyacht by Silver Yachts An interim dividend of HK$0.1 per share declared, representing a dividend payout ratio of approximately 45.9% Financial Highlights: (RMB million) For the six months ended 30 June       Change YoY 2019 2018 Sales volume (tonnes) 532,275 325,096 +63.7% Revenue 12,900 9,329 +38.3% Gross profit … [Read more...] about China Zhongwang announces 2019 interim results

Nguyen Tuan Anh, CEO of Grab Financial Group Vietnam, talks about strategies to help start-ups expand their markets at a recent event in HCM City (Source: VNA) HCM City (VNS/VNA) - Overcoming human resources problems, understanding local cultures and finding reliable partners are needed for Vietnamese start-ups to “go global,” the CEO of Grab Financial Group Vietnam Nguyen Tuan Anh has said. Speaking at a recent boot camp, a start-up training programme organised by VnExpress.net, Anh said reaching out to the world was not optional but imperative for a start-up to succeed. “You may not go global right away, but you must have a vision to do it in the next five to 10 years. “Vietnamese start-ups must conquer the global playground to increase the value, revenue and profit.” Anh was one of the first employees of the giant ride-hailing service when it entered the Vietnamese market in 2014 on the heels of its success in four other Southeast Asian countries, … [Read more...] about Start-ups must ‘go global’, says Grab’s Vietnam chief