As many as 30 big foreign suppliers, including Microsoft, Facebook, Netflix; Samsung; TikTok; and eBay made tax declaration via the portal //Etaxvn.gdt.gov.vn and paid 22.2 million USD worth of tax, according to a report recently submitted by the Ministry of Finance to the National Assembly.
Hanoi (VNA) - As many as 30 big foreign suppliers, including Microsoft, Facebook, Netflix; Samsung; TikTok; and eBay made tax declaration via the portal //Etaxvn.gdt.gov.vn and paid 22.2 million USD worth of tax, according to a report recently submitted by the Ministry of Finance to the National Assembly.
Besides the portal for foreign suppliers, the ministry also applied electronic tax collection via a mobile device platform (eTax Mobile) to facilitate tax management in the field of e-commerce business.
Since March 21, 2022, there have been 140,615 downloads and installations of the eTax Mobile app, with 69,465 transactions conducted via commercial banks with a total value of over 308 billion VND (nearly 12.67 million USD).
The ministry said it had granted in-principle approval for developing an e-commerce database portal to receive data from e-commerce trading floors. The portal is slated to be completed in November this year and officially launched in January next year.
Tax revenue declared and paid on behalf of foreign suppliers by organisations in Vietnam since 2018 has hit nearly 5.59 trillion VND. - Illustrative image (Photo: VNA)
The ministry reported that tax revenue declared and paid on behalf of foreign suppliers by organisations in Vietnam since 2018 has hit nearly 5.59 trillion VND. The figure in 2021 alone reached 1.59 billion VND, up 39% compared to the previous year.
Facebook, Google and Microsoft were major tax payers, paying 2.099 trillion VND, 2.114 trillion VND and 714 billion VND in tax respectively to the State budget.
In order to strengthen tax management in the coming time, the Ministry of Finance said it will improve regulations on tax to strengthen the responsibility of e-commerce floor owners in tax declaration and payment on behalf of goods and service sellers./.
Vietnamese e-commerce is growing, creating many opportunities to generate jobs, develop the private sector economy and increase revenue for the State budget. However, preventing tax losses in this business requires improving mechanisms and policies.
Vietnamese firms are urged to use online platforms to expand their market reach in the UK now that the UK-Vietnam Free Trade Agreement (UKVFTA) has come into effect, experts said.
Vietnam's B2C retail e-commerce revenue this year is estimated at 16.4 billion USD, marking the first year to reach this landmark, reported the Vietnam E-Commerce White Book 2022.
The fast-growing e-commerce sector is making big money but its tax payments are not commensurate with its revenues, exposing the need for a better tax policy to prevent losses, according to insiders.
The COVID-19 pandemic has put the brake on Vietnam’s economic growth over the last two years but, on the other hand, it has also fueled a significant uptick in e-commerce which recorded a 16% growth to 13.7 billion USD in retail revenue in 2021, according to the White Book on Vietnamese E-business 2022.
The European Chamber of Commerce (EuroCham) and its member businesses are ready to help the Vietnamese Ministry of Natural Resources and Environment (MONRE) build policies and mechanisms to build a green and sustainable economy, EuroCham Chairman Alain Cany has said.
As Vietnam moves forward, ESG, innovation and digital transformation will change the way businesses grow and how they are evaluated. This journey can’t rely on policy alone. It needs strong leadership, the right technology and, most importantly, skilled people who are ready to build a greener, more competitive economy.
Prime Minister Pham Minh Chinh affirmed that science, technology, innovation, digital transformation, green transition, and circular economy are offering limitless opportunities for bilateral collaboration.
The US remained Vietnam’s largest market, accounting for 55% of the country's total wood exports. Key products include wooden furniture, plywood, doors, and handicrafts.
With a clear development strategy, proactive investment attraction and strong policy support for sustainable agriculture, Tay Ninh is positioning itself as a major hub for high-tech livestock farming in the southern region.
As Vietnam’s largest private carrier, Vietjet has been awarded the highest ranking for safety with 7 stars by the world’s only safety and product rating website airlineratings.com and listed as one of the world's 50 best airlines for healthy financing and operations by Airfinance Journal in many consecutive years.
The Vietnam National Petroluem Group (Petrolimex) had acted early to mitigate risks amidst the recent surge in global oil prices driven by the Israel–Iran conflict, Vietnam News Agency cited a Petrolimex representative as saying.
In mid-June, the Vietnam Trade Promotion Agency (VIETRADE) at the Ministry of Industry and Trade (MoIT) in collaboration with Alibaba.com announced a list of 200 outstanding businesses selected to participate in the "Vietnam National Pavilion" in 2025.
Vietnamese seafood processing and export enterprises are in the process of completing procedures and adopting necessary technologies to bring their products into the Halal market.
The PM outlined a dual strategy: revitalising traditional growth engines of investment, exports, and consumption, while accelerating breakthroughs in sci-tech, innovation, digital transformation, and green transition.
The complex, covering a total area of 512 ha, is designed after a multi-functional model, prioritising the preservation of natural landscapes, honouring local beauty, and creating an ideal living area.
He requested delegates to provide objective and honest feedback on what has been achieved, what has not, the consequences, and draw lessons learned for the future. He also emphasised the need to identify key directions and tasks, with a firm resolve to prevent, and eventually eliminate the trafficking of counterfeit medicines and fake food products.
The Ministry of Finance is drafting policies to establish specialised AI and smart industrial parks to raise the technological profile of FDI projects and create spillover effects for local businesses.
Vietnam ranked as the 8th largest export market of Singapore with an export turnover of more than 11.7 billion SGD (9.06 billion USD) in the first five months of this year, four places higher than that of the same period last year.
Vietnamese Ambassador to the US Nguyen Quoc Dung reviewed key milestones in the bilateral relationship, underscoring the essential and sustained contribution by businesses from both countries, from the time before the normalisation of bilateral ties in 1995 until today, when the two sides are comprehensive stategic partners of each other.
According to targets adopted at the fifth Party Congress of the Management Board of the Ho Chi Minh City Export Processing and Industrial Zones Authority (HEPZA) on June 22, the zones aim for average capital attraction of 8–10 million USD per hectare, with a 70% disbursement rate of registered capital achieved on schedule.
This year’s event attracted more than 350 entries from cities and provinces across the country, reflecting growing interest in and commitment to the Fourth Industrial Revolution.
Illustrative image (Photo: VNA) 
Tax revenue declared and paid on behalf of foreign suppliers by organisations in Vietnam since 2018 has hit nearly 5.59 trillion VND. - Illustrative image (Photo: VNA) 
