Vietnamplus

The customs sector’s state budget collection exceeded 120 trillion VND (5.18 billion USD) by the end of April, up 25.44 percent from the same period last year.

The execution of guarantee for customs clearance will be piloted in 2021-22 in an effort to enhance trade facilitation, a customs official said.

The Ministry of Finance has proposed cutting corporate income tax (CIT) rates on small and micro businesses from the current 20 percent to 15-17 percent.

The state budget deficit, which regularly remains at a high level, and rising public debt are among the biggest macro-economic risks facing Vietnam, making it more difficult for the government to help the economy head towards growth, said Professor Tran Tho Dat, Principal of the National Economics University (NEU).

Specialists have recommended revisions to tax policies in order to steer the economy towards green growth and sustainable development in Vietnam.

Total state budget revenue was estimated at nearly 246.5 trillion VND (10.6 billion USD) in the first two months of 2019, up 18.2 percent year-on-year and equivalent to 17.5 percent of the target for the whole year.

In recent years, the Government bond market has become an important capital mobilisation channel for Vietnam. However, the scale of the country’s bond market is modest compared to national economic scale and to other regional countries.

The People’s Committee of Hanoi has set a gross regional domestic product (GRDP) growth of 7.4-7.6 percent and an export growth of 7.5-8 percent for the capital city in 2019.

The business community in Hai Phong has made great contributions to the northern port city’s development, said Chairman of the municipal People’s Committee Nguyen Van Tung.

The Hanoi People’s Committee has set 22 targets for socio-economic development in 2019, focusing on State budget restructuring, improvement of its investment and business environment and promotion of the innovation and startup ecosystem.

The taxation sector collected more than 1.14 quadrillion VND (49.46 billion USD) in tax for the State budget in 2018, equal to 107.2 percent of estimates and up 12.3 percent from 2017.

The General Department of Taxation’s plan of taxing business households with annual revenue from 100 million VND (4,300 USD) is causing controversy.

Total State budget collection from the beginning of the year until November 15 was estimated at 1.16 quadrillion VND (49.78 billion USD), up 16.1 percent as compared to the same period last year.

HCM City authorities are seeking more effective measures in the fight against counterfeit products, smuggled goods and trade fraud as e-commerce grows at a fast pace, an official has said.

The southern province of Ba Ria-Vung Tau has reported solid growth in the first seven months of the year.

The Mekong Delta city of Can Tho collected about 5.13 trillion VND (220.3 million USD) of tax in the first half of 2018, up 9.9 percent year-on-year and meeting 51.08 percent of the projected target.

The Ministry of Finance has suggested increasing environmental protection taxes to the maximum level in a draft resolution it is compiling for the National Assembly’s Standing Committee.

The Ministry of Finance has proposed a tax on houses depending on their construction value as part of a draft law on property tax.

Ho Chi Minh City continued enjoying growth in State budget collection in the first quarter of 2018, however, revenues from several sectors, especially import-export activities are forecast to fall, affecting the city’s budget collection this year.

The Ho Chi Minh City People’s Court commenced trial looking into the suit initiated by Vinasun against the popular ride hailing service, Grab, on accusations of unfair business practices.