Corporate

Prime Minister Nguyen Xuan Phuc at the sixth GMS Summit “We have been working to meet our commitments to protect intellectual property rights, innovative ideas, and the inventions of startups. We will continue to boost tax policy reforms and corporate income tax will be decreased to 15-17 per cent from the current 20-22 per cent,” stated Prime Minister Nguyen Xuan Phuc at the sixth Greater Mekong Subregion (GMS) Summit. At the summit, the PM said that in 2017, Vietnam continued to maintain one of Asia’s highest economic growths, with inflation controlled at 3.5 per cent. The country’s interest and exchange rates remained stable, trade turnover reached a record $425 billion, and foreign reserves have exceeded $60 billion. According to the World Bank, Vietnam’s Ease of Doing Business Index last year jumped 14 places to stand 68th among 190 economies. The World Economic Forum (WEF) placed Vietnam’s Global Competitiveness Index (GCI) at 55th out of … [Read more...] about PM promises 5 7 per cent corporate income tax cuts at GMS Summit

577 Investment Corporation has halted all business plans in order to focus on overcoming the consequences of the Carina Plaza fire and compensate victims. 577 Investment Corporation will spend a total of $2.64 million to overcome the fire damage On April 24, at the annual general shareholders’ meeting of 577 Investment Corporation (code: NBB), Doan Tuong Trieu, chairman of the corporation, expressed his concern for the victims of the fire and pleaded for shareholders to be sympathetic. He also affirmed that the fire has caused significant damage to the developer Hung Thanh Co., Ltd. and its parent company 577 Investment Corporation. He said that the corporation has halted all business plans to focus on fixing the building and spent VND21 billion ($0.93 million) compensating the families of victims, support residents to rent temporary accommodations, and cover vehicles damage. The corporation has spent over VND11.1 billion ($0.5 million) repairing 41 cars and 363 … [Read more...] about 577 Investment Corporation halts all business plans after Carina Plaza

Hung Vuong Corporation's (code: HVG) consolidated financial statement for the second quarter of this year showed falling business performance, while the price its stock goes for the same as a cup of road-side tea. Hung Vuong Corporation is getting farther away from its annual targets Revenue from sales and services in the second quarter was VND2.58 trillion ($113.66 million), down 55 per cent on-year. Gross profit from sales and services was VND116 billion ($5.1 million), equivalent to the same period. Meanwhile, financial revenue was negative VND73.7 billion ($3.25 million) due to liquidating investment in subsidiaries. As a result, Hung Vuong lost over VND272 billion ($12 million), doubling its losses from the same period last year. Consolidated gross revenue in the financial year’s first half (between October 1, 2017 and March 31, 2018) was VND5.812 trillion ($256 million), down 40 per cent on-year. Revenue from the feed segment decreased by 15 per cent to VND1.473 … [Read more...] about Hung Vuong Corporation reports loss of $12 million in second quarter

The Government has turned green light to the Ministry of Finance’s latest proposal on preferential corporate income tax rates for small and micro enterprises (SMEs). Gov’t gives green light for new corporate income tax proposal, illustration photo Under the proposal, corporate income tax for SMEs will be reduced to 15%-17% instead of the current 20%, according to the finance ministry. The proposal will be submitted to the National Assembly for consideration and approval at its working session later this year. The corporate income tax rate of 15% was proposed to be applicable to enterprise with annual revenue of below VND 3 billion and with less than 10 laborers paying social insurance premiums per year. Meanwhile, the tax rate of 17% was proposed to be applicable to an enterprise with annual revenue from VND 3 billion to below VND 50 billion and with less than 100 laborers paying social insurance premiums per year. An enterprises may also be entitled to exemption … [Read more...] about Gov’t gives green light for new corporate income tax proposal

Companies stand to gain a lot from developing good corporate culture. Gian Tu Trung addressing the conference At the Forum on Corporate Culture in Industry 4.0 held on October 3 by the Vietnam Chamber of Commerce and Industry (VCCI), Deloitte Vietnam, and Hanoi Association for Women Entrepreneurs (HNEW), Gian Tu Trung, principal of the Pacific-Asian Center for Entrepreneurship (PACE) College and director of IRED Institute of Education, confirmed that the people earning the most money in Vietnam and over the world rely largely on the values of culture and ethics. Unless a corporation develops its cultural foundations, its earning will remain limited and unsustainable. Indeed, due to the pressure of competition, many companies have forgotten to develop or maintain a corporate culture. Gian Tu Trung outlined four reasons for this failure, including a lack of awareness of culture and its role in the sustainable development of corporations; a lack of vision of corporate culture; a … [Read more...] about Corporate culture in Industry 4.0: key element for success