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Tax collection exceeds estimate

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The General Department of Taxation held an online conference to review tax work this year and implement solutions for tax tasks next year, on Friday. — Photo thoibaotaichinhvietnam.vn

HÀ NỘI — The total State budget revenue managed by the tax authorities reached nearly VNĐ1.3 quadrillion this year, exceeding the estimate by over VNĐ177 trillion (US$7.7 billion).

The General Department of Taxation held an online conference on Friday to review the tax work this year and implement solutions for tax tasks next year.

The General Department of Taxation said that State budget collection task was significantly affected by economic difficulties and challenges, especially since the end of April when the COVID-19 pandemic broke out again.

Many key economic areas have implemented prolonged social distancing; production and business activities of enterprises have stalled; supply chains have been disrupted; and the economy has gone down, the department said.

“However, with the close direction of the Government, the Ministry of Finance and efforts of all tax authorities, tax departments have successfully completed their assigned tasks,” said General Director of Taxation Cao Anh Tuấn at the conference.

As a result, the total state budget revenue managed by tax agencies exceeded the estimate by over VNĐ177 trillion.

According to the report on revenue estimates of tax departments for the year, 60 of 63 localities assessed exceeded the estimate of State budget revenue for the year.

In order to continue to support people and businesses to overcome the difficulties of the pandemic and accelerate economic recovery, the General Department of Taxation has asked the Ministry of Finance to submit to the Government to promulgate Decree 52/2021/NĐ-CP to extend tax and land rent for businesses, business households and individuals in fields facing difficulties due to the pandemic.

It is estimated that there will be nearly 140,000 applications for tax payment extensions his year. The total amount of tax and land rent to be extended is VNĐ92.9 trillion.

As of the end of November, tax authorities have exempted and reduced land rent according to Decision 27/2021/QĐ-TTg of the Prime Minister, with a total amount of about VNĐ3.5 trillion.

For business households and individuals, it is estimated that the total tax exempted until the end of this month was about VNĐ6.7 trillion; the paid tax amount will be deducted next year.

The tax authority has extended the excise tax under Decree No 104/2021/NĐ-CP, with a total amount of about VNĐ4 trillion.

To facilitate businesses in tax declaration and payment, the General Department of Taxation has accelerated reform, in which it has deployed technical infrastructure, a system connected to the national public service portal, and completed integration of 150 tax administrative procedures on the national public service portal.

The General Department of Taxation has advised the Ministry of Finance to issue Circular 78/2021/TT-BTC and decisions to implement phase 1 of e-invoices at six tax departments: Hà Nội, HCM City, Quảng Ninh, Hải Phòng, Phú Thọ, and Bình Định.

These six localities account for 60 per cent of taxpayers in the country and the total number of invoices issued in a year accounts for about 70 per cent.

After one month of implementation, the number of taxpayers who have registered to use e-invoices was 263,182 enterprises, accounting for 71 per cent of the total in the six provinces and cities.

The number of invoices with codes received by the six tax departments was 1,707,871 invoices as of 4 pm on December 20, of which 1,702,069 invoices have been issued with a code.

Tax authorities collected VNĐ 1.3 trillion from Vietnamese organisations that have signed online advertising contracts with foreign organisations that have not established legal entities in Việt Nam such as Google, Youtube and Facebook.

The revenue from self-declared individuals, tax arrears, fines through inspection and examination for individuals residing in Việt Nam providing cross-border services at social networking sites was VNĐ498 billion as of October.

The National Assembly, the Government and the Ministry of Finance assigned budget revenue estimates for the tax sector to be VNĐ1.17 quadrillion next year, with VNĐ28.2 trillion from crude oil, and VNĐ1.14 quadrillion from domestic revenue. —

Source: https://vietnamnews.vn/economy/1109605/tax-collection-exceeds-estimate.html

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Masterise Homes launches The Global City Sales gallery — Vietnam’s largest lifestyle hub

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Masterise Homes officially announced the grand opening of The Global City Sales Gallery at the end of last month, marking the presence of Vietnam’s largest sales gallery and lifestyle hub with a scale of 10,000 m2..

Visualizing the future of The Global City, the Sales Gallery is a convergence of unparalleled design and cutting-edge technology produced by global award-winning architectural design studio Foster + Partners.

Located in An Phu Ward, Thu Duc City, Ho Chi Minh City, The Global City Sales Gallery overlooks and is adjacent to a canal and Southeast Asia’s largest Fountain Festival.

The exterior architecture bears the image of majestic wings with the aspiration to reach new heights and the commitment to sustainable development.

The sales gallery is also Vietnam’s first building with the largest surrounding water-covered surface landscape.

The sales gallery is also Vietnam's first building with the largest surrounding water-covered surface landscape.

The sales gallery is also Vietnam’s first building with the largest surrounding water-covered surface landscape.

The spacious interior design encompasses exceptionally high ceilings, open-concept common areas, and a wide range of functional rooms — such as meeting rooms, presentation rooms, and exhibition areas — meticulously incorporating natural landscapes into modern architecture with advanced technology.

The Global City Sales Gallery comprises impressive cutting-edge technology, including a 360-degree LED screen in the main hall and two 180-degree LED screens in the presentation room, as well as a wall-mounted LED screen system in the exhibition and event areas.

The Global City Sales Gallery is designed to exceed all expectations of a regular sales gallery in Vietnam.

The spacious interior design encompasses exceptionally high ceilings, open-concept common areas, and a wide range of function rooms.

The spacious interior design encompasses exceptionally high ceilings, open-concept common areas, and a wide range of function rooms.

Far more than simply a ‘gallery,’ the building serves to welcome Masterise customers to the largest lifestyle hub in Vietnam.

With its perfect location to experience the new center of Ho Chi Minh City, it is no exaggeration to say that The Global City Sales Gallery is poised to become a top choice for corporate networking events and art exhibitions.

Once completed, the sales gallery will comprise an exclusive commercial area with leading brands, creating the perfect entertainment venue to unwind and relax with family and friends.

“Following the successful launch of the Fountain Festival last September, the grand opening today is a testament to our commitment to developing a new downtown at The Global City,” said Gibran Bukhari, Head of Sales Masterise Homes.

Gibran Bukhari, Head of Sales Masterise Homes, speaks at the grand opening of The Global City Sales Gallery.

Gibran Bukhari, Head of Sales Masterise Homes, speaks at the grand opening of The Global City Sales Gallery.

“We take great pride in maintaining construction progress ahead of schedule as we expect the 2km-long canal will commence operating soon, followed by other world-class facilities. The Global City Sales Gallery will become a leading destination for customers and investors and simultaneously boost the attraction and affirm the escalating value of the entire township.”

The Global City Sales Gallery signifies the vision and world-class capability of Masterise Homes to create exquisite real estate developments with impeccable standards.

Masterise Homes’ enthusiasm for building infrastructure in The Global City Sales Gallery demonstrates the commitment to delivering ultimate experiences for customers.

A new center of Ho Chi Minh City is taking shape at The Global City, awaiting future large-scale festivals and entertainment activities.

Masterise Homes officially announces the grand opening of The Global City Sales Gallery.

Masterise Homes officially announces the grand opening of The Global City Sales Gallery.

From November 29 to December 18, Masterise Homes has commemorated the milestone by organizing ‘The Grand Opening Week of The Global City Sales Gallery – Vietnam’s largest lifestyle hub with exclusive experiential events and attractive gifts for customers.

Masterise Homes also signed commercial cooperation agreements with leading F&B brands, such as Pizza 4P’s, Pasteur Street Brewing, and several brands under Mylife Company, including Yen Sushi & Sake Pub, Yen Sushi Premium, Shamoji, Omakase, Mylife Coffee, and many others.

The presence of Vietnam’s beloved F&B brands at The Global City will guarantee exquisite service facilities and elevate the ability to attract investment and value for SOHO townhouses – the first subdivision on the open market at The Global City.

About The Global City

The Global City, Vietnam’s first international standard township, is curated by award-winning British architectural design and engineering firm Foster + Partners.

Owning ‘the crown jewel’ of Ho Chi Minh City in An Phu Ward, Thu Duc City, the 117.4-hectare palatial master plan aims to become the new center of Ho Chi Minh City, with various products and world-class facilities.

The first public facility is phase 1 of the canal and Fountain Festival, which was put into operation in September 2022.

The launch generated a considerable buzz and attracted thousands of attendees from Chi Minh City.

About Masterise Homes

Masterise Homes, a member of Masterise Group, is a pioneer in bringing world-class excellence to the development, operations, and management of luxury real estate products and services in the Vietnamese market and beyond.

With a one-of-a-kind portfolio comprising the largest branded residences in Southeast Asia, Masterise Homes demonstrates world-class capabilities via a strategic partnership with Marriott International, the largest hotel brand in the world with iconic brands of Marriott, JW Marriott, The Ritz-Carlton, and ELIE SAAB to elevate Vietnam’ s position on the global property map.

Source: https://tuoitrenews.vn/news/business/20221202/masterise-homes-launches-the-global-city-sales-album-vietnams-largest-lifestyle-hub/70311.html

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ASIA RICE-Thailand, Vietnam bank on new deals; few eye cheaper India supply

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Rice export prices rose across major Asian hubs this week on robust demand emerging out of Indonesia, with some buyers switching to the cheaper Indian variety.

Vietnam’s 5% broken rice RI-VNBKN5-P1 was offered at $440-$445 per tonne, free-on-board, up from $438 a week ago.

“Prices are rising on strong demand, especially from Indonesia’s food procurement agency Bulog,” a trader based in Ho Chi Minh City said.

“The rise in Vietnam’s prices could have prompted a Cuban buyer to switch to buy cheaper grain from India,” the trader said, adding a vessel is loading 28,000 tonnes at Kakinada port, in the southern Indian state of Andhra Pradesh for delivery to Cuba.

Moreover, traders said domestic supplies are running low, which will likely keep Vietnamese rice prices at high levels over the next few weeks.

Top exporter India’s 5% broken parboiled variety RI-INBKN5-P1 was quoted at $375 to $380 per tonne, up from last week’s $373-$378.

“Indian rice is available at a discount. It is prompting buyers to switch to India from other supplying countries,” said an exporter based at Kakinada in Andhra Pradesh.

India’s exports of premium basmati rice are likely to jump 15% over last year as key buyers in the Middle East build their inventories.

Thailand’s 5% broken rice prices RI-THBKN5-P1 rose to $427-$440 per tonne this week from $419-$425 last week, with traders attributing the gains to news of new deals on the table.

“Prices surged from last week after talks of Indonesia wanting to buy 1,000 to 2,000 hundred thousands tons of rice,” a Bangkok-based trader said.

Another trader said that local importers are also stocking up ahead of the year-end, adding to the price gains.

Meanwhile, a Bangladeshi delegation is visiting Thailand, Vietnam and Cambodia this week seeking rice imports, a senior food ministry official said, as the country struggles to build reserves.

Source: https://tuoitrenews.vn/news/business/20221202/asia-ricethailand-vietnam-bank-on-new-deals-few-eye-cheaper-india-supply/70289.html

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Hundreds of firms gather at WinCommerce’s supplier conference 2022

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WinCommerce General Commercial Services Joint Stock Company, the operator of WinMart supermarkets and WinMart+ convenience stores, on Tuesday held a supplier conference with over 350 attendees.

At the conference, the company’s executive board announced its business strategy in 2023 with a vision to 2025 to its suppliers.

WinCommerce, a subsidiary of Vietnam’s consumer goods giant Masan Group, is now a large modern retail platform in Vietnam with more than 3,400 supermarkets and convenience stores in 62 cities and provinces across the country.

WinCommerce monthly provides high-quality and fresh goods to 30 million customer arrivals, paving the way for the spectacular growth of domestic and international manufacturers.

WinCommerce’s executive board answers partners’ questions.
WinCommerce’s executive board answers partners’ questions.

This year, WinCommerce expanded its network by opening 10 new WinMart supermarkets and 777 new WinMart+ convenience stores.

It has also successfully launched its WINLife ecosystem, opened nearly 100 WIN stores, and attracted over 500,000 customers to join the WIN membership program as of November this year.

Following this growth, the company plans to open more than 1,500 outlets in 2023, sending its total supermarkets and convenience stores in all 63 localities nationwide to 5,000.

Thus, it can serve 100 million Vietnamese consumers well and improve its revenue dramatically.

Speaking at the supplier conference, Danny Le, CEO of Masan Group, said “Despite multiple difficulties, WinCommerce has continuously expanded, invested in and innovated its operation to become a leading necessity retailer.”

Danny Le, CEO of Masan Group, speaks at the event.
Danny Le, CEO of Masan Group, speaks at the event.

“In 2023, we will expand the WIN membership program to our entire system to take the number of WIN members to 10 million, and develop the goods supplier partnership model as well as financial products.

WinCommmerce sets a target to connect 30-50 million Vietnamese consumers through 8,000 supermarkets and stores and the leading partnership model, and increase the revenue from online sales to 10 percent of the total revenue and the number of daily customers from 600,000 to two million by 2025,” Danny added.

Nguyen Thi Phuong, permanent deputy general director of WinCommerce, shared that “With great efforts, WinCommerce is currently the only retailer in Vietnam to develop both online and brick-and-mortar supermarkets and multi-purpose convenience stores, satisfying the shopping demand of various customers.

“Aiming to serve 100 million Vietnamese consumers, WinCommerce will further expand our network, and focus on the development of WinMart+ convenience stores in suburban areas and the WINLife ecosystem in urban areas.”

Nguyen Thi Phuong, permanent deputy general director of WinCommerce, is shown at the conference.
Nguyen Thi Phuong, permanent deputy general director of WinCommerce, is shown at the conference.

WinCommerce will work over the next year to optimize the effectiveness of its supply chain by reforming the product portfolio of WinMart supermarkets and WinMart+ convenience stores, developing a price stability strategy to boost sales, learning about the consumption culture in rural and urban areas to draw up appropriate product development plans, and renovating the packaging to improve the efficiency of good transport and display activities.

The company’s top priority is to enhance the strong cooperation with suppliers, develop database, and understand customers to increase revenue.

A view of the WinCommerce supplier conference 2022.
A view of the WinCommerce supplier conference 2022.

In particular, the firm will improve its understanding about customers through big data and join hands with suppliers to come up with products meeting consumers’ demands.

In addition, it is required to access target markets to help suppliers accurately access customers in a multi-channel environment, digitalize customers’ experiences, and open online sale channels for suppliers.

The WinCommerce supplier conference 2022 once again affirms the win-win partnership between WinCommerce and suppliers.

WinCommerce will join forces with its suppliers to build a detailed plan to modernize the retail sector in Vietnam and improve consumers’ life quality amid the gradual shift to modern consumption.

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Source: https://tuoitrenews.vn/news/business/20221201/hundreds-of-firms-gather-at-wincommerces-supplier-conference-2022/70272.html

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