Hanoi’s taxation agency shares policies with Japanese businesses

Number of jobless workers surges in Hanoi By Tu Hoang - The Saigon Times Daily HANOI – The number of jobless workers requiring unemployment subsidies in Hanoi has surged drastically in recent months as production firms scaled down or even shut down their business due to economic downturn. According to Hanoi Employment Service Center, in October the center approved applications for unemployment allowances for 2,300 ex-workers. The number of applicants has gradually increased over the months, to 1,900 in September from 1,500 in August, taking the total number of applicants for unemployment subsidies to 16,000 in the first ten months of the year, more than five times bigger than 3,000 of the whole 2010. Nguyen Thi Kim Loan, head of the Center’s Unemployment Service Department, showed concerns over the impacts of the economic downturn on laborers. “It is worrying that the number of unemployment subsidy applicants has been increasing gradually recently. The biggest reason is that companies have to reduce their production because of economic downturn,” she said. She cited the en-masse layoffs, at between 50 and 100 workers each from Rang Dong Light Source and Vacuum Flask Company, Railway Joint Stock Company, Ha Dinh Garment Company, and Electricity Equipment Company. Loan said these companies sacked employees to restructure their business, while many others quit their jobs as their monthly salary at VND1.8 million is too small for them to make ends meet in the context of high inflation. Loan forecast the number of subsidy applicants would rise in the…... [read more]

The Hanoi Taxation Department has continued declaring the list of businesses with tax debts including many from construction and real estate fields. Of the debtors, 184 have been named this time with the total debt of VND196 billion (US$8.79 million). The number of tax debtors has increased and one of reasons for this is attributed to the Ministry of Finance’s decision to reduce the fine rate on the debtors from 0.05 percent to 0.03 percent, which is lower than bank rate. Moreover, some businesses have intentionally delayed tax payment to have funds for their projects.Therefore, the declaration of tax debtors has received public concurrency because it will contribute in improving the real estate market’s transparence so that customers can make the right investment decisions. Experts have proposed that after declaring the debtors, tax agencies should apply stronger sanctions on them, for instance land or project revocation, to further the real estate market’s transparence.... [read more]

G-bonds: easy to sell, harder to disburse capital The treasury will issue three-year bonds worth 5 trillion VND, five-year bonds worth 22 trillion VND and seven-year bonds worth 10 trillion VND. It will also issue 10-year bonds worth 2 trillion VND, 15-year bonds worth 7 trillion VND, 20-year bond worth 1 trillion VND, and the longest term of 30-year bonds worth 3 trillion VND. According to the treasury, the capital mobilisation from G-bonds in the first half of the year was effective, selling bonds worth more than 182 trillion VND, nearly 83 percent of the initial plan for the entire year. After the first half, the treasury decided to add bonds worth another 30 trillion VND - bringing the total for the year to 250 trillion VND. While the G-bond mobilisation was considered successful, the process of the G-bond capital disbursement was slow and failed to support the GDP growth in the context of low economic growth in the first six months, according to the Ministry of Planning and Investment (MPI). The MPI said all ministries, sectors and localities disbursed about 81.8 trillion VND of public investment capital in the first five months of this year, completing 32.6 percent of the disbursement plan for 2016. The MPI said complicated procedures and slow processes in some ministries and localities caused the problem. Some with the lowest disbursement percentages included the Ministry of National Defence with 9.8 percent, Hanoi with 2.9 percent, Phu Tho Province with 2.6 percent and Tien Giang Province…... [read more]

Tax and fee arrears have amounted to VND23 trillion (US$1.03 billion) accounting for 13 percent of 2016 budget revenue estimates in the capital city of Hanoi, reported chairwoman of the city People’s Council Nguyen Thi Bich Ngoc on Tuesday. At the second session of the council yesterday, head of the Hanoi Taxation Department Nguyen The Manh said that they had transferred 15 cases with large tax debts to the investigation police agency in the city last year. This year, two firms have showed signs of running away leaving VND31 billion ($1.39 million) debts. Director of the Hanoi Police Department Doan Duy Khuong said that tax debt and evasion have been complicated in Hanoi. Loopholes in the legal system are a very important reason for businesses to evade taxes. At the meeting, director of the Department of Planning and Architecture Le Vinh revealed that all polluting production establishments will be removed out from the center of the city.... [read more]

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The Hanoitimes - The Hanoi Taxation Department said on October 1 that some 96,208 enterprises in the city have successfully registered for and completed e-tax payments, accounting for 91.5% of total local enterprises. Since April this year, Hanoi Taxation Department carried out measures to implement e-tax payments as per Government Resolution 19/2015, which requires the time to complete tax payments not to exceed 121.5 hours a year and the proportion of e-tax declarations among enterprises to be over 95%. To create favourable conditions for businesses to make e-tax payments, the department has advised sector and administration authorities to coordinate with tax offices to implement e-tax declarations and payments, develop training programmes for local organisations, enterprises and tax payers. At present, Hanoi is one of 25 localities across the country that have reached 90% of their enterprises implementing e-tax payments as per Government Resolution 19/2015. The department is also co-ordinating with commercial banks to open seminars for local businesses regarding e-tax payments to evaluate the implementation process and introducing solutions to difficulties that could be made during the process. Thu Minh... [read more]

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Hanoi is set to simplify at least 20 percent of its tax payment procedures, effectively cutting 45.5 hours of tax filing and payment this year per entity. More than 107,600 firms in the capital city have conducted e-tax declarations, or 96.5 percent of the total, said Director of the Hanoi Taxation Department Ha Minh Hai. Dozens of tax payment training courses have been launched since the outset of this year. From March 2 – April 4, the department answered more than 4,200 questions raised by over 3,600 taxpayers in the capital. To make it more convenient, the department also opened 300 tax collection sites in collaboration with the State Treasury and commercial banks.-VNA... [read more]

(VOV) - Despite climbing 18 notches in the provincial competitiveness index (PCI) list last year, Hanoi still ranks a modest 33rd out of 63 provinces and cities. Hanoi resolves to improve PCI How to improve Hanoi's PCI PCI 2011: Mountain province tops the list The PCI was initiated by the Vietnam Chamber of Commerce and Industry (VCCI) as part of efforts to quantify subjective measures of business competiveness. Matters pertaining to business environment, quality of economic management and administration reform are difficult to assess, but are highly important factors in measuring business performance. VCCI President Vu Tien Loc noted Hanoi has gone to great lengths to improve its PCI. Climbing up 18 notches demonstrates that the capital city is fully committed to implementing programmes to raise the index, and their highest accomplishments have been in human resource training and services support. th out of 63 provinces and cites. Businesses report that they highly value information from the Hanoi Portal, leaping up 12 places to come in 4th out of all 63 provinces and cities. PCI research group reports the overall market access cost index in 2013 was stable. The length of time required to obtain a land use rights certificate was cut from 30 days to 20 days, climbing up 43 notches to 4th position. In addition, Hanoi's other indicators are lower than the country's average level, such as access to land, stability in land use, time spent on enforcing State regulations, informal costs, proactive municipal leadership and legal institutions.…... [read more]

How to support the business community in Hanoi and improve the provincial competitiveness index (PCI) are the main topics of meetings between the leaders of the Vietnam Chamber of Commerce and Industry (VCCI) with the Hanoi People’s Committee, and its departments and branches. Guided by the centrally backed "corporate restructuring" spirit, Hanoi City has defined its major tasks in 2013: resolving difficulties against enterprises to prop up production and business activities. Specifically, the city established a steering committee to guide enterprises to tackle difficulties and build specific production promotion plans. The capital city also organised seven conferences and dialogues between business executives, bankers, tax officers and trade unions. Real estate is placed under close direction. To date, 26 real estate projects have applied for changing from commercial housing into retail housing development. Besides, with a credit stimulus package of VND30 trillion, the bank has disbursed VND59.3 billion for 94 borrowers, including one corporate customer and 93 personal customers, out of VND151.2 billion of total investment capital (VND116 billion from corporate customers and VND34.2 billion from the public). In addition, to support enterprises to restore production and business operations, the city has decided to subsidise interest rates for five projects worth VND3.4 billion. Hanoi has also slashed and rescheduled tax payment of VND5,403 billion in accordance with the Resolution 02/NQ-CP of the Government. Mr Ngo Van Quy, Director of the Hanoi Department of Planning and Investment, said: To facilitate enterprises to complete paperwork in the easiest way, Hanoi applies online business…... [read more]

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