Tag: 2021

Deputy General Director of the General Department of Taxation Phi Van Tuan has signed and promulgated Official Letter No. 3786/TCT-KK publicizing the V1000 list of enterprises paying the largest corporate income taxes in 2021. Viettel and Vietcombank continued to maintain their top positions, which they have occupied for many years. The banking sector dominated, with five enterprises in the top 10.

State Audit of Vietnam carried out many audits last year, including those on planning management and construction licensing in urban areas in the 2017-2020 period. According to the results, announced on July 1, there remain many shortcomings in land and construction management in localities, such as loose planning, inefficient management and use of land, and inappropriate conversion of land use purposes.

Despite Covid-19, trade turnover between Vietnam and China reached $165.8 billion in 2021, an increase of 24.6 per cent over 2020. China is Vietnam’s largest trade partner and second-largest export market.

There were 964 domestic corporate bond issuances in 2021 with a total value of nearly VND600 trillion ($26.47 billion), and four issuances to the international market with a total value of more than $1.4 billion. The commercial banking group led in issuance value, with VND223 trillion ($9.83 billion), followed by the real estate group.

The number of transactions and the supply of real estate in 2021 reached only 84 per cent of the figures in 2020. The Ministry of Construction (MoC) has set a target for 2022 of construction value increasing 4.96-5.56 per cent with a national urbanization rate of 41.5-42 per cent.

The CPI increased just 1.84 per cent year-on-year in 2021; its lowest rise since 2016. Core inflation for the year increased 0.81 per cent.

Total import-export turnover has increased handily in 2021.

In the Top 10 Vietnam IT enterprises in 2021 were 76 earning total revenue of VND186.7 trillion ($8.21 billion), accounting for more than 60 per cent of revenue in the software and IT service industry in 2020.

Multilateral organizations and international banks have all lowered their forecasts for Vietnam’s economic growth in 2021 yet remain optimistic. They expect a partial recovery in economic activity in the fourth quarter of 2021 and a strong recovery in 2022.

Vietnam has posted a trade deficit of $2.63 billion in the first eight months of 2021, in contrast to a surplus of $13.69 billion in the same period last year.

Profit growth among businesses in Vietnam slowed in the second quarter and will continue to be significantly affected by Covid-19 in the third quarter. Tourism, aviation, and beverage businesses are forecast to experience another difficult quarter, while those in retail and transportation will see difficulties during their recovery.

Despite Covid-19 hitting many cities and provinces, Vietnam’s export activities in the first seven months of the year witnessed high levels of growth, with turnover increasing 25.5 per cent over the same period last year to $185.33 billion.

Good control over Covid-19 is considered necessary to attract FDI, not only this year but during the entire 2021-2025 period. Total registered FDI reached $16.7 billion in the first seven months of 2021.

Total export and import turnover reached $373.36 billion in the first seven months of 2021, up 30.2 per cent against the same period last year.

The credit risk in all fields rose at a slower rate in the first half of 2021 compared to the second half of 2020, according to the results of a credit trend survey of credit institutions conducted by the State Bank of Vietnam (SBV). The credit risk is, however, forecast to go up in the second half of this year due to uncertainty over the pandemic.

Completely-built-unit (CBU) motor cars imported into Vietnam in the first half of this year doubled the figure posted in the same period last year, according to the General Department of Vietnam Customs. The country imported 81,107 CBUs in the period, with turnover reaching more than $1.838 billion, up 100.5 per cent in volume and 100.3 per cent in value compared to the first half of 2020.