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 taxation sector collects more than 1.14 quadrillion VND (49.46 billion USD) in tax for the State budget.(Photo: VNA)
Hanoi (VNA) – Thetaxation sector collected more than 1.14 quadrillion VND (49.46 billion USD) intax for the State budget in 2018, equal to 107.2 percent of estimates and up12.3 percent from 2017, as heard a conference of the Vietnam General Departmentof Taxation (GDT) on January 10.
General Director of the GDT BuiVan Nam said 61 out of 63 localities in the country fulfilled and overfulfilledtheir tax collection targets, with 48 localities surpassing their targets bymore than 7.3 percent.
Deputy Prime Minister Vuong DinhHue highlighted that 2018 marked the first time tax collection surpassed themark of 1 quadrillion VND, adding that the growth in domestic revenue washigher than the GDP growth plus inflation, which demonstrated the strength ofthe economy.
The Government officialattributed the achievements to the setting of high target, the strongleadership of the Government and the efforts of the tax sector.
He said the National Assembly isscheduled to consider and approve the revised law on tax management, which willcreate opportunities for the sector.
The Deputy PM added that thesector should make recommendations on revising laws related to taxationpolicies following the tax reform orientation under the Party Politburo’s Resolution07-NQ/TW and in line with international practice.
He also requested the taxsector, in collaboration with the Finance Ministry, to make reports on the situationof foreign direct investment, helping the Government to submit to the Politburoa resolution on orientations for FDI attraction.
The sector should study andpropose to the Finance Ministry and Government taxation mechanisms and policiessuitable with the digital economy and its new business models.
General Director Nam said the sector hasassigned tax bureaus nationwide to strive to surpass tax collection target by atleast five percent in 2019.-VNA
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 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 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.
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.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The taxation sector collects more than 1.14 quadrillion VND (49.46 billion USD) in tax for the State budget.(Photo: VNA) 
