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Le Quang - 1 Thang - 1 Dezan Shira - 1 Khanh Vu - 1 Francesco Guarascio - 1 Miral - 1
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☆ Vietnam parliament approves global minimum corporate tax, delays offsets
  + stars: | 2023-11-29 | by ( Khanh Vu Francesco Guarascio | Khanh Vu | Francesco Guarascio | ) www.reuters.com   time to read: +3 min
Parliament approved the higher tax rate as part of a global tax reform, and said the government would work on specific incentives in 2024. "The National Assembly is not issuing a separate resolution on investment incentives at this time," said Le Quang Manh, head of the assembly's financial commission. Vietnam's corporate income tax is already set at 20%, but it has offered for years much lower effective rates to large foreign investors. The Korean Chamber of Commerce in Vietnam said members were concerned about the new tax rate, but "none have expressed their intention to alter their investment in Vietnam". However, Thang Vu, a tax expert at consultancy Dezan Shira, said Vietnam could see a drop in foreign investment if it did not offer "adequate alternative economic benefits" to those affected by the new tax.
Persons: Le Quang, Thang, Dezan Shira, Khanh Vu, Francesco Guarascio, Miral Organizations: Samsung, Assembly, Korean Chamber of Commerce, Thomson Locations: Vietnam, Hanoi, HANOI, Korean
☆ Analysis: Chinese suppliers race to Vietnam as COVID let-up opens escape route from Sino-U.S. trade war
  + stars: | 2023-03-16 | by ( Francesco Guarascio | Thomson Reuters | Francesco Leads A Team Of Reporters In Vietnam That Covers Top Financial | ) www.reuters.com   time to read: +6 min
Adding impetus to the move is the increasing cost of labour in China, expanding U.S. restrictions on high-tech-related trade with China, and tit-for-tat tariffs from a Sino-U.S. trade war that triggered a past wave of Chinese investment in Vietnam. "Enquiries from Chinese firms about manufacturing investment in Vietnam grew exponentially in the last quarter of last year," said Michael Chan, senior director of leasing at industrial real estate specialist BW Industrial Development. "Chinese investment has also increased remarkably," he said. Chinese firms also experience longer times to obtain staff visas and work permits, said Filippo Bortoletti, who heads the Vietnamese unit of investment consultancy Dezan Shira. "Chinese companies move here mostly to serve their clients who moved earlier," said BW Industrial Development's Chan.
☆ Vietnam exporters fret over potential trade fallout of U.S. rules on Xinjiang
  + stars: | 2023-02-14 | by ( Francesco Guarascio | ) www.reuters.com   time to read: +4 min
Vietnam posted a $116 billion trade surplus with the United States last year, led by shipments of goods such as electronics, clothing and footwear. The solar panel sector could be particularly at risk, as it greatly relies on polysilicon for solar cells, whose global production is concentrated in Xinjiang. Alongside other Southeast Asian countries, Vietnam accounts for about 80% of U.S. panel supplies, and Vietnam's panel exports to the United States were worth $3.4 billion in 2020. First Solar did not use polysilicon in its panels, but competitors in Vietnam did, he said, without identifying any companies. In addition to First Solar, the top solar panel makers in Vietnam are mostly Chinese companies, according to investment consultancy Dezan Shira.
☆ Germany's Scholz visits Vietnam as manufacturers eye shift from China
  + stars: | 2022-11-13 | by ( Francesco Guarascio | ) www.reuters.com   time to read: +2 min
The Hanoi visit follows Scholz's trip to China last week, the first by a Western leader in three years since the start of the COVID-19 pandemic. Vietnam and Singapore are the only countries in Southeast Asia that have a free trade agreement with the European Union. About 500 German firms operate in Vietnam, of which around 80 have manufacturing plants in the country, according to the German chamber of commerce in Vietnam, AHK. Many more are looking to diversify some of their activities away from China where about 5,000 German companies operate, AHK head in Vietnam, Marko Walde, told Reuters. Over 90% of German firms planning such a move look at Southeast Asia as their preferred choice, Walde said, noting that Vietnam and Thailand were favourites in the region.
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