Online games get special tax break Business

Online games get special tax break

The lastest draft of the amended law on special consumption tax has apparently excluded online games from the list of goods and services to be taxed.
Business

Experts urge gradual consumption tax hike

Vietnam should increase special consumption taxes on goods like liquor and tobacco in "reasonable" increments over several years so as to discourage smuggling and other forms of illicit trade, experts have said.
Experts urge cigarette tax hike Business

Experts urge cigarette tax hike

Experts are seeking a much larger increase in the special consumption tax on tobacco products than that proposed by the Ministry of Finance.
Government discusses prohibited businesses Politics

Government discusses prohibited businesses

Prime Minister Nguyen Tan Dung on August 19 chaired a meeting between the Cabinet’s standing members and ministry and sector officials on the lists of prohibited and conditional businesses, and those entitled to investment preferential treatments.
Business

Soft drink dodges consumption tax

The Government has agreed with the Ministry of Finance's final draft law and not included carbonated soft drinks to the list of items subject to special consumption tax.
Business

Tobacco company hits out at proposed tax hike

A top official of the Vietnamese tobacco industry has proposed an urgent crackdown on smuggling instead of raising a special consumption tax on tobacco products in order to save money for the State budget.
Alcohol, cigarette tax hikes planned to cut consumption Business

Alcohol, cigarette tax hikes planned to cut consumption

Special consumption tax on alcoholic drinks and cigarettes is likely to increase by 15-30 percentage points in mid-2015, with the Ministry of Finance making a proposal to the effect to the Government as part of efforts to reduce their consumption.
Business

Automobile sector faces uphill road

Production dropped by 40 percent for the automobile industry, showing that the sector has not yet recovered from the 2012 economic crisis, said participants in an automobile workgroup at the Vietnam Business Forum held recently.
Business

Auto imports rise 3 percent in August

The country imported 4,000 cars, worth 78 million USD, in August, bringing the total number in the first eight months of the year to 42,000, worth 782 million USD, according to the General Statistics Office.
Business

Incentives to boost auto industry

Tax breaks and land lease incentives would be offered to boost the domestic auto industry with the aim of making auto production a key Vietnamese industry by 2020, according to a draft considered by the Ministry of Industry and Trade (MoIT).

The final draft on Vietnam's auto development strategy to 2020, with a vision to 2030, has been completed by MoIT for submission to the Government for approval. The document notes several crucial targets, including increasing exports and setting up an auto manufacturing and support hub in central Vietnam with total investment worth 30 trillion VND (1.46 billion USD).

Business

PM approves 10-year tax reform strategy

Prime Minister Nguyen Tan Dung has approved a 10-year tax reform strategy for 2011-20 in order to meet the needs of the market economy while enhancing revenues sources, increasing production capacity, and sharpening the competitiveness of domestic enterprises.
Business

Auto industry likely to shy away from local bid

Experts warned it was impractical for a developing country like Vietnam to dream of locally produced automobiles while deliberating an industry master plan for 2020 and a vision for 2030.

At a recent workshop on this issue, many executives from the auto industry frankly ruled out the option for a local brand name, recommending intensive investment in production of auto parts for local assembly or just taking a part in global production instead.