State budget collection hits over 623 trillion VND in eight months

Hanoi, August 25 (VNS/VNA) - Fifteen firms won bids at the Ministry of Industry and Trade’s second auction of sugar import quotas in Hanoi on August 23.  Vietnam must import 89,500 tonnes of sugar this year, following its commitment to the World Trade Organisation (WTO). The commitment consists of 44,000 tonnes of raw sugar and 45,500 tonnes of refined sugar.  The bidding was organised by the ministry and the National Council of Pilot Sugar Quota Bidding 2017.  According to the council, there were 28 bidding applications from businesses that have sugar import demand this year. All the applications were valid.  Three out of the five companies won bids for import quotas of raw sugar, namely Bien Hoa Sugar Joint Stock Company, Thanh Thanh Công Tay Ninh Sugar and Bien Hoa, Ninh Hoa Sugar Company Limited, securing a total import quota of 14,666 tonnes.  The State budget collected 110 billion VND (4.9 million USD) from the bidding of 44,000 tonnes of raw sugar at the price of 2.5 million VND per tonne.  Suntory PepsiCo Vietnam was not eligible to join the bidding due to a lack of documents.  There were 12 winners for import quotas of refined sugar with the lowest price of 1.82 million VND and the highest price of 4.55 million VND per tonne, respectively.  The 12 companies included Interfood Shareholding Company with 1,000 tonnes, Sanofi Synthelabo Vietnam Company 1,000 tonnes, Quang Ngai Sugar Company 4,500 tonnes, and Vinh Hao Mineral Water Joint Stock Company 1,000…... [read more]

Hanoi, August 17 (VNS/VNA) - Local digital content firms are claiming of unfair treatment compared to their foreign peers, with Vietnamese companies saying they face many regulations while firms like Google, Facebook and YouTube don’t pay taxes and are unhindered by regulations and policies.  Leaders of digital content businesses made the gripes at a forum about the law on information and technology and development orientation held in Hanoi on August 15.  Nguyen Thanh Hung, director of VTC Intecom, was reported by online newspaper vneconomy.vn as saying that 10 years ago, revenue of digital content from added value services reached 3-4 trillion VND (133-177 million USD). The revenue has risen due to the development of television, online services and the shift from traditional advertising to online ads and content on social networks.  Nguyen The Tan, VCCorp’s general director, said total revenue of digital content firms in was about 8-10 trillion VND (352.4-440.5 million USD) a year. The revenue could hit 15-20 trillion VND (660.8-881 million USD) a year, including foreign companies in Vietnam.  Tan told the newspaper that the scale of the digital content market in the next five years could reach 1 billion USD and 5 billion USD in the next 20 years.  However, he said 1 billion in revenue for the digital content sector was different than for the garment and textile industry. The garment and textile sector could earn only 10 percent or 500 million USD for export revenue of 5 billion USD while the digital…... [read more]

Leaders of digital content businesses made the gripes at a forum about the law on information and technology and development orientation held in Hà Nội on Tuesday. Nguyễn Thanh Hưng, director of VTC Intecom was reported by online newspaper vneconomy.vn as saying that 10 years ago, revenue of digital content from added value services reached VND3 to 4 trillion (US$133-177 million). The revenue has risen due to the development of television, online services and the shift from traditional advertising to online ads and content on social networks. Nguyễn Thế Tân, VCCorp’s general director said total revenue of digital content firms in was about VND 8 to 10 trillion a year. The revenue could hit VNĐ15 to 20 trillion a year including foreign companies in Vietnam. Tân told the newspaper that the scale of the digital content market in the next five years could reach $1 billion and $5 billion in the next 20 years. However, he said $1 billion in revenue for the digital content sector was different than for the garment and textile industry. The garment and textile sector could earn only 10 per cent or $500 million for export revenue of $5 billion while the digital content could yield $500 million for exporting $1 billion to foreign markets. This means $1 billion exports of the digital content sector could be equal to $5 billion in exports of the garment and textile sector, he said. He forecast that the digital content sector…... [read more]

Employees at VCCorp, a local digital content firm based in Ha Noi. — Photo vccorp.vn Local digital content firms are claiming of unfair treatment compared to their foreign peers, with Vietnamese companies saying they face many regulations while firms like Google, Facebook and YouTube don’t pay taxes and are unhindered by regulations and policies. Leaders of digital content businesses made the gripes at a forum about the law on information and technology and development orientation held in Ha Noi on Tuesday. Nguyen Thanh Hung, director of VTC Intecom was reported by online newspaper vneconomy.vn as saying that 10 years ago, revenue of digital content from added value services reached VND3 to 4 trillion (US$133-177 million). The revenue has risen due to the development of television, online services and the shift from traditional advertising to online ads and content on social networks. Nguyen The Tan, VCCorp’s general director said total revenue of digital content firms in was about VND 8 to 10 trillion a year. The revenue could hit VND15 to 20 trillion a year including foreign companies in Viet Nam. Tan told the newspaper that the scale of the digital content market in the next five years could reach $1 billion and $5 billion in the next 20 years. However, he said $1 billion in revenue for the digital content sector was different than for the garment and textile industry. The garment and textile sector could earn only 10 per cent…... [read more]

Prime Minister Nguyen Xuan Phuc (Photo: VNA) Hanoi (VNA) – The fulfilment of the gross domestic product (GDP) growth of 6.7 percent in 2017 requires high political determination from ministries and departments as well as corporations, businesses and people, Prime Minister Nguyen Xuan Phuc stressed at a meeting in Hanoi on August 12. Addressing the conference between the Government’s Standing Board and ministries, sectors, economic groups and corporations, the PM noted that in order to realise the aforesaid target, the growth in the six remaining months of this year must be at a high level of 7.42 percent. He stressed that this is an important political task of all sectors, especially agriculture, industry, construction, processing and manufacturing. [National Assembly targets 6.7-percent GDP growth in 2017] According to the Ministry of Planning and Investment, the surging GDP in the second quarter raised the January-June growth rate to 5.73 percent. The service sector made the biggest contribution to the overall growth (2.59 percentage points), particularly in wholesale, retail, accommodation, catering, finance, banking, insurance, and real estate. The total volume of international tourists to Vietnam in the period was 7.42 million, a year-on-year rise of 28.8 percent. While the mining industry suffered from a sharp decline, the agriculture, forestry and fishery sectors have recovered with a growth rate of 2.65 percent. The average consumer price index (CPI) rose by 3.91 percent in the first seven months, below the National Assembly’s set target of 4 percent. …... [read more]

NDO – The State budget collection total, in the first seven months of this year, was estimated at VND666.7 trillion (approx. US$29.3 billion), an increase of 11.6% over the same period last year. The amount is equivalent to 55% of the yearly estimates, announced the Ministry of Finance on August 11. In the reviewed period, domestic collection reached VND532.5 trillion (US$23.4 billion), up 9.4%, accounting for 53.8% of the year’s estimates. The budget’s revenues from crude oil and import-export activities stood at over VND27 trillion (US$1.2 billion) and VND165 trillion (US$7.3 billion), up 16.2% and 8.9%, respectively. According to the ministry, progress in budget collection across all localities was quite positive compared to the yearly plan and increased over the same period of last year, with 43 out of the 63 provinces and cities collecting 56% of their estimates. Meanwhile, total budget spending was VND695.2 trillion (US$30.6 billion), up 8.7% annually. Of which, the budget investment for development was VND119.4 trillion (US$5.3 billion) in the reviewed period, up 15.1% annually. Regarding capital mobilisation, as of July 31, the total volume of government bonds and government underwritten bonds was at VND201.5 trillion (US$8.9 billion). The Ministry of Finance said that in August the ministry will organise a discussion on the State budget estimates for 2018, and plans for the three fiscal years from 2018 to 2020, with the relevant ministries, agencies, localities and companies. The plan for capital mobilisation in the third quarter of 2017…... [read more]

NDO/VNA – The fulfillment of the gross domestic product (GDP) growth rate of 6.7% in 2017 requires great political determination from ministries and departments, as well as corporations, businesses and people, Prime Minister Nguyen Xuan Phuc stressed at a meeting in Hanoi on August 12. Addressing the conference between the Government’s Standing Board and ministries, sectors, economic groups and corporations, the PM noted that in order to realise the aforementioned target, the growth rate in the six remaining months of this year must be at a level of 7.42%. He stressed that this is an important political task for all sectors, especially the agriculture, industry, construction, processing and manufacturing sectors. According to the Ministry of Planning and Investment, the surging GDP in the second quarter raised the January-June growth rate to 5.73%. The service sector made the most significant contribution to the overall growth rate (2.59 percentage points), particularly in wholesale, retail, accommodation, catering, finance, banking, insurance, and real estate. The total volume of international tourists traveling to Vietnam in the period was 7.42 million, an annual rise of 28.8%. While the mining industry suffered from a sharp decline, the agriculture, forestry and fishery sectors have recovered with a growth rate of 2.65 %. The average consumer price index (CPI) rose by 3.91 % in the first seven months, slightly below the National Assembly’s set target of 4 %. To reach the goal of 6.7 %, the GDP growth must be at a minimum level…... [read more]

Vietnam imported petroleum mainly from the ASEAN and South Korea in the first seven months of 2017, which together accounted for 90 per cent of the imports. Vietnamese petroleum firms increased imports from ASEAN countries and South Korea to enjoy preferential taxes.  Statistics from the General Customs Department show that the country imported 5.1 million tonnes of petroleum from the ASEAN and 1.72 million tonnes from South Korea between January and July. In the ASEAN, Singapore was the biggest petroleum exporter, with 3.06 million tonnes; Malaysia followed with around 1.5 million tonnes; and Thailand with 567,500 tonnes. Singapore’s petrol exports in the seven-month period was 2.79 million tonnes higher compared to the same period last year. However, Malaysia saw a sharp drop in petrol exports to Vietnam  This is because Vietnam has increased its petrol imports from South Korea as it enjoys a preferential import tax. Under the Free Trade Agreement (FTA) between the ASEAN and South Korea, signed in May 2015, Vietnam reduced import tariff on gasoline from South Korea to 10 per cent from 20 per cent for other markets, effective December 20, 2015. By the end of July, Vietnamese firms had imported around 1.72 million tonnes of petroleum from South Korea, double that of the same period last year and close to touching the total amount of 1.9 million tonnes imported in 2016. The country’s petrol imports from the ASEAN countries in the January-July period accounted for 68 per cent of its total imports, while from South…... [read more]

Vietnamese petroleum firms increased imports from ASEAN countries and South Korea to enjoy preferential taxes. — Photo vnmedia.vn Viet Nam imported petroleum mainly from the ASEAN and South Korea in the first seven months of 2017, which together accounted for 90 per cent of the imports. Statistics from the General Customs Department show that the country imported 5.1 million tonnes of petroleum from the ASEAN and 1.72 million tonnes from South Korea between January and July. In the ASEAN, Singapore was the biggest petroleum exporter, with 3.06 million tonnes; Malaysia followed with around 1.5 million tonnes; and Thailand with 567,500 tonnes. Singapore’s petrol exports in the seven-month period was 2.79 million tonnes higher compared to the same period last year. However, Malaysia saw a sharp drop in petrol exports to Viet Nam. This is because Viet Nam has increased its petrol imports from South Korea as it enjoys a preferential import tax. Under the Free Trade Agreement (FTA) between the ASEAN and South Korea, signed in May 2015, Viet Nam reduced import tariff on gasoline from South Korea to 10 per cent from 20 per cent for other markets, effective December 20, 2015. By the end of July, Vietnamese firms had imported around 1.72 million tonnes of petroleum from South Korea, double that of the same period last year and close to touching the total amount of 1.9 million tonnes imported in 2016. The country’s petrol imports from the ASEAN countries…... [read more]

NDO - In the context of the difficult socio-economic situation at present, the task of State Budget collection from now until the end of the year will not be easy and more efforts and effective measures should be devised in order to achieve the set targets. According to General Director of Taxation Bui Van Nam, in the first six months of this year, the proceeds from the sale of state-owned shares in enterprises reached just 16.7% of the estimates, equivalent to the same period of 2016; the revenue from dividends and the profits of state-owned corporations account for 29.8% of the estimates, up 5.2%; collection of land use fees is estimated at 80.7% of the estimates, up 36.6%; and the remaining domestic revenues achieved 45.5%, up 10.5%. In 2017, in accordance with the revised State Budget Law, additional revenue from lotteries was estimated at 67.4% of the budget, up 9.8%. Revenue from crude oil was estimated at VND23 trillion, equivalent to 60.1% of the estimates, up 15.6% over the same period in 2016. Meanwhile, revenue from import-export activities managed by customs offices was estimated at VND141 trillion, equivalent to 49.4% of the estimates, up 9.4% over the same period last year. In the first six months of this year, import and export activities have continued to grow, contributing to the increase in State budget revenue. After reimbursing the value added tax (VND52.5 trillion), the State budget revenue from import-export activities reached VND88.5 trillion, 49.2% of the estimate, an…... [read more]




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