[Round-up] Uber Pays Taxes in Vietnam for First Time, Foreign Banks to Advise on Vinamilk Share Sales

Tuan Minh

23:05 19/09/2016

BizLIVE - Ride-hailing service provider Uber has paid $10,700 worth of taxes to Vietnam for the first time; The Vietnamese government has sought consultancy of several foreign investment banks on divesting state holding in Vinamilk.

[Round-up] Uber Pays Taxes in Vietnam for First Time, Foreign Banks to Advise on Vinamilk Share Sales

A view of downtown HCM City. Photo: Internet

Vietnam Privatizes 42 SOEs in Jan-Aug
Vietnam sold shares in 42 state-owned enterprises (SOEs) in the first eight months of this year, according to the Steering Committee for Business Reform and Development.
In addition, nine SOEs were dissolved, one went bankrupt and one was sold in the period.
Vietnam Holds Business Forum in Moscow
Vietnam’s Ministry of Industry and Trade and the Vietnamese Embassy in Russia held a forum in Moscow on September 18 to promote cooperation between Vietnam and Russia when a free trade agreement between Vietnam and the Eurasian Economic Union takes effect on October 5 this year.
HCM City Drives Investment from South Korea
A dynamic investment climate has made Ho Chi Minh City a magnet to conglomerates from South Korea like Samsung, Lotte and CJ.
Many large Korean businesses have made commitments to pour more investment into the city during a visit this month to the Northeast Asian country by a Vietnamese delegation led by Secretary of the Ho Chi Minh City People’s Committee Dinh La Thang, the Saigon Giai Phong newspaper reported.
HCM City to Host CEO Forum on Sept. 30
More than 1,000 business people will participate in the Vietnam CEO Forum 2016 on September 30, which aims to forge connectivity among CEOs as well as with their foreign partners.
New Int’l Container Terminal Opens in HCM City
The SP-ITC international container terminal was put into operation in in HCM City on September 18. The terminal had a total investment of $200 million and expands an area of 48 hectares.
Facing Dong Nai and Ong Nhieu Rivers, the newly-opened terminal is also connected with the Long Thanh - Dau Giay Expressway and the Cai Mep international terminal in the neighboring Ba Ria-Vung Tau Province, the Vietnam News Agency (VNA) reported.
U.S. Firm Plans Sensor Factory in HCM City
A representative of DunAn Sensing said the company was ready to invest in the first sensor factory in HCM City at a recent meeting with city leaders, according to VNA.  
DunAn Sensing operates three factories in the U.S. and China and specializes in the production of sensor using Micro-Electro-Mechanical System technology. The sensor is used in mobile phones, automobiles, biology and health.
Uber Pays Tax in Vietnam for First Time
Ride-hailing service provider Uber has paid 241 million dong ($10,700) worth of taxes to Vietnam for the first time, after two years of entering Vietnam and being accused of tax evasion.
The Vietnamese Finance Ministry has issued new regulations requiring Uber to pay a value added tax rate of 3% on its revenue and a 2% corporate income tax rate.
Vietnam Asks for Foreign Banks’ Advice on Selling 10% Stake in Vinamilk
The Vietnamese government has sought consultancy of several foreign investment banks on divesting state holding Vietnam Dairy Products JSC (Vinamilk), the country’s largest dairy producer, Reuters quoted sources as saying.
The government has made requests to Credit Suisse, HSBC, J.P. Morgan Chase, Nomura Holdings, and advisory firm Rothschild, indicating that it is getting serious about selling one of its most lucrative assets.  
Big Thai businesses have been ramping up both direct and indirect investments in Vietnam, which has a young population and fast-growing middle class, given a market saturation in their home country.
Foreign companies in Vietnam posted a trade surplus of $14 billion in the first eight months of this year, helping Vietnam gain a surplus of $2.86 billion in the period, according to the General Department of Vietnam Customs.

TUAN MINH