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Finance Ministry proposes further extension of tax, fee payment deadlines

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Employees are at work at Eclat Textile Co., Ltd in Dong Nai Province. The Ministry of Finance has proposed the Government continue extending the deadlines for enterprises to pay taxes and fees this year – PHOTO: VNA

HCMC – As the Covid-19 pandemic continues to show complicated developments, the Ministry of Finance has proposed the Government continue extending the deadlines for enterprises to pay taxes and fees this year.

The payment deadlines of four taxes and fees in particular have been proposed to be extended by three to five months, comprising value added tax, corporate income tax, personal income tax and land rentals, the local media reported.

Of these, the deadline to pay value added tax with an amount of over VND68.8 trillion may be extended by five months. In addition, enterprises may be allowed to pay corporate income tax, estimated at more than VND40.5 trillion, three months later than the plan.

Personal income tax and land rentals were estimated at VND1.3 trillion and VND4.4 trillion, respectively.

Thus, the total taxes and fees payable may reach VND115 trillion. The Ministry of Finance affirmed that the amount would be collected at the end of this year, so the State budget revenue this year will not be affected.

Chu Tien Dung, chairman of the HCMC Union of Business Associations, hailed the ministry’s proposal, saying that the city is now home to some 480,000 firms, which paid some VND371 trillion in taxes and fees last year. Although the new Covid-19 wave has not directly affected the entire country, enterprises in HCMC have been hit due to a shortage of laborers.

Last year, enterprises struggled to overcome difficulties. They will start to recover this quarter, so the Government should extend their deadlines to pay taxes and fees. In reality, the extension by three to five months will not help enterprises much; it should be six months, Dung added.

He said that the extension of tax and fee payment deadlines was just a short-term solution, adding that the improvement of policies and the business environment remained a driving force for the growth of the enterprises.

Economic expert Le Dang Doanh also threw his support behind the proposal, noting that despite the tight State budget, the late collection of taxes and fees by several months would not have much of an impact and that it was more important to cut unnecessary expenditures.

State management agencies must accelerate the removal of obstacles facing enterprises instead of using the pandemic to delay the handling of enterprises’ proposals, Doanh noted, adding that this was an opportunity to restructure the State budget, cut unnecessary expenses and downsize the State apparatus in many agencies.

Source: https://english.thesaigontimes.vn/80638/finance-ministry-proposes-further-extension-of-tax-fee-payment-deadlines-.html

Business

Over 33,600 firms dissolve, suspend operations in Jan-Feb

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An employee is at work at a textile factory. The country saw over 33,600 firms leave the market or suspend their operations in the first two months of the year – PHOTO: VNA

HCMC – The country saw over 33,600 firms leave the market or suspend their operations in the first two months of the year, up 18.6% year-on-year, according to the Ministry of Planning and Investment.

Of the total, over 21,630 companies signed up to temporarily suspend operations, some 8,380 halted operations to complete dissolution procedures and over 3,590 were dissolved.

The number of newly-established firms in February dropped by 12.3% year-on-year at 8,040, while pledged capital surged by 85.6% at VND179.7 trillion. Besides, some 7,700 firms left the market in February, VietnamPlus news site reported.

Between January and February, some 18,130 companies were established, inching down 4% year-on-year, while the number of firms returning to the market, mainly active in the art, entertainment and education fields, and lodging and catering services, during the two-month period was 11,030, down 7.6% against the same period last year. However, the total registered capital increased by 12% to VND720.4 trillion.

Source: https://english.thesaigontimes.vn/80702/over-33600-firms-dissolve-suspend-operations-in-jan-feb.html

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Bank and steel stocks spur local market

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Maybank Kim Eng Securities employees monitor share prices. The VN-Index of the Hochiminh Stock Exchange expanded 0.26% on Friday, February 26 – PHOTO: THANH HOA

HCMC – Bank and steel stocks were the main driver of the local market, enabling the benchmark VN-Index of the Hochiminh Stock Exchange to expand today, February 26.

The main index rose 0.26%, or 3.04 points, to close the day at 1,168.47 points, with winning stocks outnumbering losers by 216 to 209. More than 554 million shares worth roughly VND14.87 trillion changed hands on the southern bourse, increasing 8.36% in volume and 11.38% in value compared with the previous session.

Bank stocks were among the best performers, with BID going up 1.5% to VND43,600, ACB up 2% to VND33,050, MBB up 1.3% to VND27,650, VIB up 3.3% to VND39,700 and VPB up 1% to VND40,000. TCB and TPB inched up approximately 0.5%.

Steel stocks were also the major contributors, with NKG, POM, TLH, VGS, VIS and DNY shooting up to the ceiling prices. Steelmaker HPG in the VN30 basket soared 3.3% to VND45,600.

Moreover, bank and steel stocks were the cash magnets. HPG took the lead in terms of liquidity with 40.93 million shares changing hands, followed by MBB with 22.35 million shares. HSG and STB came third with some 17.4 million shares traded each.

Some other large-cap stocks that gained ground included dairy giant VNM, property firm VIC, gas firm GAS and consumer goods producer MSN.

On the Hanoi Stock Exchange, the HNX-Index added 1.23%, or 3.02 points, to end at 249.22 points, with gaining stocks outnumbering decliners by 100 to 94. There were more than 113 million shares worth VND1.9 trillion changing hands on the northern bourse.

In the HNX30 basket, investment and trading company TNG shot up to the ceiling price and real estate company NRC surged 7.2% to VND23,700. Stone processor VCS, construction firm VC3, pharmaceutical firm DP3 and housing firm NDN rose 1-2%.

Among petroleum and bank stocks, SHB, PVS and PVB closed at their reference prices, while NVB expanded 0.7% to VND14,700. Lender SHB led the northern market in terms of liquidity with 28.66 million shares changing hands, followed by petroleum stock PVS with more than 11.9 million shares.

Source: https://english.thesaigontimes.vn/80704/bank-and-steel-stocks-spur-local-market-.html

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Casinos want to serve Vietnamese at major tourist destinations on trial basis

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Businesses in Vietnam have proposed that casinos at major tourist destinations be allowed to serve Vietnamese citizens as a way to help such a service cope with difficulties brought about by the COVID-19 pandemic.

The proposal was submitted to the prime minister’s advisory council by the country’s casino business community on Thursday.

In the document, local casino businesses stated that the tourism industry has been hit hard by the COVID-19 pandemic due to a sharp decrease in the number of foreign visitors.

To mitigate this problem, domestic tourism has been promoted.

However, local casinos have not benefited from these promotion plans because Vietnamese people are not allowed to enter these venues.

A circular of the Ministry of Finance previously allowed Vietnamese citizens to use services at local casinos on a trial basis, but no specific list of eligible casinos was issued.

Only two casinos in Phu Quoc, a tourist island off the southern province of Kien Giang, and Van Don, an island off the northern province of Quang Ninh, have been permitted to serve Vietnamese residents as part of the pilot program.

The trial began in January 2019 and would last for three years, before the finance ministry carries out a comprehensive review to make further decisions. 

The casino business community asked the government to consider allowing this entertainment service at other major tourist destinations, such as central Quang Nam Province and southern Ba Ria-Vung Tau Province among others.

Allowing more casinos to serve Vietnamese people will enable the trial to achieve a more objective result, as well as support local businesses in coping with challenges caused by the pandemic.

In accordance with Vietnamese law, casinos are only permitted to serve foreigners or overseas Vietnamese with foreign passports.

In the pilot program, Vietnamese people who wish to enter and gamble in a casino must be at least 21 years of age, and have full capacity for civil acts in accordance with the provisions of Vietnamese law.

Vietnamese punters are also expected to prove a regular income of VND10 million (US$430) or more per month to play at a casino.

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Source: https://tuoitrenews.vn/news/business/20210226/casinos-want-to-serve-vietnamese-atmajor-tourist-destinations-on-trial-basis/59494.html

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