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Weekly Vietnam Economy News (03 – 09/08, 2020)

Weekly Vietnam Economy News (03 – 09/08, 2020)

30% income tax reduction for small businesses

The resolution of the National Assembly on the 30% reduction of corporate income tax for small and medium enterprises took effect on August 3.

The beneficiaries will not reach sales of more than  200 billion VND (US $ 8.6 million) this year.

This is part of various measures to assist businesses affected by the corona virus pandemic.

CNBC: Vietnam’s outlook – ‘one of the brightest spots’ in Asia

Vietnam is one of the “brightest” spots in Asia despite the challenge of trying to stop the coronavirus pandemic and its economy is poised to recover.

Vietnam is suffering some pain from the impact of Covid-19, but the outlook is being viewed as one of the brightest in the region, adding that retail sales, industrial imports (and) both actually rose in June five, better than you might say for most of the regional economies. Many economies signed contracts in the second quarter of 2020 compared to a year ago, but Vietnam’s gross domestic product increased slightly, estimated at 0.36%.

Foreign firms have a larger foothold in the petroleum retail market

Foreign firms have a larger foothold in the petroleum retail market

New policies are being implemented to allow foreign companies to have a bigger foothold in Vietnam’s petroleum retail market, according to the Ministry of Industry and Trade (Ministry of Industry and Trade).

Decision 83/2014 / ND-CP of the Government for the first time considered giving green light to domestic petroleum retailers to sell up to 34% of their shares to foreign buyers. The sale of goods must also be inspected and approved by the Ministry of Industry and Trade before it becomes effective.

Retail sales and services increased in July

According to the General Statistics Office, Vietnam’s retail sales of goods and services in July were estimated at VND 431.9 trillion ($ 18.6 billion), up 3.3% from the month. before and 4.3% higher than the same period last year (GSO).

Trade and service activities in July continued to increase due to stimulus policies for domestic consumption and tourism along with government support packages to help people reduce the burden of spending.

Retail sales reached 333.8 trillion, up 2.6% month on month and 7% year on year; VND 48.2 trillion from accommodation and catering services, up 9.2% monthly but down 4.4% YoY; and VND 1.5 trillion from tourism, up 29.6% month on month but down 59.7% year on year.

In the first 7 months of this year, total retail sales of goods and service revenue was 2.8 million billion VND, down 0.4% from the same period last year.

If excluding the price factor, total revenue decreased 4.8% year on year while in the first 7 months of last year, revenue increased 9% year on year.

In which, retail sales in the first 7 months reached 2.2 billion VND, accounting for 79.2% of the total. It is up 3.6% YoY due to July as a promotional month to stimulate domestic consumption, increase market share and revive the domestic economy affected by the COVID-19 pandemic.

Compiled from many sources by LOOKOFFICE

To read more economy news for business and investment in Vietnam, you can click here: https://lookoffice.vn/economy-business-investment/news/

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