HCMC taxman slaps huge fines on social network tax evaderThe Saigon Times Daily A Facebook logo is shown on a laptop. The HCMC Tax Department has slapped huge fines on social network tax evader - PHOTO: REUTERS HCMC - The HCMC Tax Department has slapped a fine of VND1.1 billion, in addition to VND3 billion in taxes owed, on an individual who did not pay income tax on earnings of over VND41 billion received from Facebook, Google and YouTube for the last two years, Nguyen Nam Binh, deputy director of the department, told Nguoi Lao Dong newspaper on August 1. This marks the first time a person in Vietnam receiving payments from foreign companies has had to pay such a heavy fine and back taxes. The individual, whose name and background information was not revealed, works as a game designer. The tax evader has pledged to pay the back taxes and fine in full. Binh also revealed that another person with temporary residence in HCMC had earned VND20-30 billion from Google, … [Read more...] about HCMC taxman slaps huge fines on social network tax evader
Value added networks
VietNamNet Bridge - The three biggest mobile networks – Viettel, VinaPhone and MobiFone – now hold 95 percent of the Vietnamese mobile telecom market. However, small network operators believe there are still opportunities. Despite big difficulties, Hutchison Asia Telecommunications and Hanoi Telecommunication Company have decided to pour $450 million more into Vietnamobile to maintain the network’s operation in Vietnam. The decision surprised analysts, who did not think the Hong Kong telco would stay in Vietnam following bad business performance. A report shows that the number of Vietnamobile subscribers had dropped from 15 million to 11 million by late last year. The ‘Vietnamobile’ brand is associated with Elizabete Fong, the first managing director who took pains in designing the brand image for Vietnamobile with orange color, which symbolizes dynamism and good luck. The three biggest mobile networks – Viettel, VinaPhone and MobiFone – now … [Read more...] about Are there more opportunities for small mobile networks?
VietNamNet Bridge - Vietnamese telcos have geared up to shift from being mobile network operators that provide traditional voice services and SMSs into content service providers in order to seize opportunities from IoT (internet of things). Gartner has predicted that more than 20 billion devices would connect global IoT by 2020. Meanwhile, according to Cisco, by that time, about 50 billion items would be connected to the internet, including billions of mobile devices, TV, washing machines and cars.It is expected that by 2020, IoT would create $4 trillion in revenue, 25 million apps, more than 25 billion embedded and smart systems and 50 trillion gigabytes of data. In such a context, analysts said telecom groups will shift services as they have seen revenue from SMS and voice services decreasing sharply in recent years. Hoang Quoc Quyen, deputy CEO of Viettel Telecom, confirmed that Vietnam, with 90 million people, has more than 100 mobile subscribers, while the revenue from voice and … [Read more...] about Mobile network operators shift to providing content services
Viet Nam News HÀ NỘI - Domestic firms should make great efforts in the competition with foreign invested firms to contribute more actively to the global value chain and participate more effectively in the world's production network, experts said. Central Institute for Economic Management (CIEM) former director Lê Đăng Doanh told Người Lao Động (The Labourer) newspaper that foreign direct investment (FDI) firms had greatly contributed to Việt Nam's economic growth, accounting for around 70 per cent of national export turnover while domestic enterprises had not yet deeply involved in the global value chain. According to the General Statistics Office, in 2016, Việt Nam's export turnover reached over US$175 billion, up 8.6 per cent year-on-year. Of the estimate, the export value earned by FDI enterprises reached more than $120 billion, up 10.2 per cent against the previous year. Doanh said domestic enterprises had been urged to improve capacity and enhance competitiveness right when … [Read more...] about Local firms urged to dive into global value chain
Coca-Cola and Samsung have pulled their advertising from a popular Vietnamese website notorious for providing unlicensed downloads of Western and local songs, in a rare victory against online piracy in a country where it has grown unchecked. The companies abandoned Zing.vn after The Associated Press alerted them to local and international concerns about the website, which is the sixth-most visited in the nation of 87 million people. Zing’s audience of young, tech-savvy web users has made it attractive to companies wanting to promote their products in a fast-growing Asian market where some 30 million people are online. It was unclear if the companies were ignorant of the content of the site or chose to ignore it. Besides Coca-Cola Co. and South Korea’s Samsung, other multinationals that have advertised on Zing include Canon, Yamaha, Intel and Colgate Palmolive. Zing said in a statement it couldn’t comment. The presence of international advertising added to the … [Read more...] about Coke, Samsung pull Vietnam site ads