Day: March 6, 2024

Hanoi: The pressure of corporate bonds maturing in 2024 remains significant, with many businesses needing to pay trillions of Vietnamese dong in bonds that are due for investors.

According to the latest data compiled by the Vietnam Bond Market Association (VBMA), the Hanoi Stock Exchange (HNX) and the State Securities Commission, as of the information release date of February 23, 2024, the total value of corporate bonds due in the remaining part of this year is 258.2 trillion VND (10.5 million USD). Among them, 38% of the bond value nearing maturity belongs to the real estate group, approximately 99.2 trillion VND, followed by the banking group, reaching nearly 54.4 trillion VND and accounting for 21%.

According to the data published on HNX, there will be a series of bonds worth trillions of Vietnamese dong maturing in 2024, including many large-value bonds issued by non-listed or newly established real estate companies.

One example is the bond series SDICB2124001 of Saigon Investment and Development Corpo
ration (SDI Corp) with a total face value of 6.5 trillion, which will mature on December 15, 2024. This is also the largest maturing bond series this year.

Another bond series, GHICB2124001, with an issuance value of 5.76 trillion VND issued by Golden Hill Investment Corporation, will mature on April 15, 2024. The bond series NAN12301, with an issuance value of 4.7 trillion VND by Nam An Investment and Trading Corporation, will mature in September 2024.

The Dai Phu Hoa Joint Stock Company also has a bond series worth 3.56 trillion VND maturing in December 2024. Two bond series, HYD22301 and HYD22302, issued by the Hung Yen Urban Investment and Development Limited Liability Company, with respective issuance values of 4.45 trillion VND and 2.75 trillion VND, will mature in March this year.

According to the estimation of VNDIRECT Securities Corporation (VNDIRECT), the pressure of corporate bonds maturing in 2024 remains significant, with a total value of individual corporate bonds maturing in 2024 at around 2
07 trillion VND, a 3% decrease compared to 2023. Among them, 59.3% belong to real estate companies. Additionally, there are still many issuing organisations facing difficulties in paying off matured bond debts.

In February 2024, there will be approximately 1.8 trillion VND of individual bonds maturing. This is one of the months with the lowest value of individual bonds maturing in the year, but the pressure of maturing bonds will increase again from March.

Regarding issuance activities, experts from VNDIRECT observe that Government Decree 08/2023/ND-CP on amendment and cancellation of certain provisions in decrees regulating the issuance and trading of individual corporate bonds in the domestic market and the issuance of corporate bonds in the international market, has now expired, and the enforcement of regulations on professional securities investors and mandatory credit ratings is one of the main reasons for the sharp decline in private placement activities.

According to VBMA, as of February 23, the tot
al value of corporate bond issuances recorded since the beginning of the year is 5.35 trillion VND, with two public issuances totalling 2.65 trillion VND, accounting for 49.5% of the total issuance value, and four private issuances totalling 2.7 trillion VND, accounting for 50.5% of the total.

Regarding buyback activities, according to VBMA, businesses have repurchased 1.59 trillion VND worth of bonds in February. From the beginning of the year until now, the total value of bonds repurchased before maturity reached 9.13 trillion VND, a 43% decrease compared to the same period in 2023. The real estate sector leads the way, accounting for 59% of the total value of bonds repurchased before maturity (equivalent to approximately 4.47 trillion VND)./.

Source: Vietnam News Agency

Buenos Aires: Vietnam – a populous country with rapid economic growth and sound engagement in the global supply chain – has attracted interest from South American enterprises, according to Dr. Ignacio Bartesaghi, Director of the International Business Institute of the Catholic University of Uruguay.

In a recent interview granted to the Vietnam News Agency, he affirmed that Vietnam has made significant transformation in recent years, with a great ability to lure foreign investment.

Speaking highly of Vietnam’s foreign policy, he said it helps the country set up close relations with world’s powers and regional countries.

He particularly stressed that Vietnam and Uruguay hold huge potential for economic cooperation, given the complementary nature of the two economies.

Uruguayan exporters will find opportunities in the Vietnamese market, and Uruguay also stands ready to welcome Vietnamese investors, he said.

Regarding the resumption of the negotiations for a free trade agreement (FTA) between Vietnam and the
Southern Common Market (Mercosur), Bartesaghi said the pact will be a wonderful opportunity for the bloc’s members, including Brazil, Argentina, Uruguay, and Paraguay, to bolster connectivity with Vietnam so as to diversify linkages with Asia-Pacific and open up new markets.

The negotiations between Mercosur and the EU has reached the stalemate, and this could be an opportunity for ASEAN countries after Singapore and the block clinched an FTA in 2023.

Mercosur could provide agricultural products for Vietnam and Indonesia while the two Southeast Asian countries could sell machines as well as technological and electronic products to Mercosur, he said./.

Source: Vietnam News Agency

Hanoi: The rapid development of e-commerce in recent times has posed significant challenges to the tax management in Vietnam. The tax sector is coordinating with relevant ministries and branches to seek suitable solutions to development requirements and practices serving tax management and preventing tax loss.

At a recent meeting on implementation plans and proposals for specific solutions to prevent tax loss for e-commerce activities, Director General of the General Department of Taxation (GDT) Mai Xuan Thanh said that the booming development along with many new forms of e-commerce in recent years has posed new challenges for tax management authorities. That is the ability to fully manage revenue sources, determine taxpayers and tax bases, clearly classify types of income as a basis for taxation, and control business transactions to manage tax collection subjects and cash flow control.

Thanh said that the Ministry of Finance has approved a tax management project for e-commerce activities in Vietnam in an e
ffort to strengthen the management of e-commerce activities and business activities on digital platforms. Accordingly, the GDT has developed, proposed and implemented tax management solutions in the short and long term to improve the efficiency of tax management for e-commerce activities.

‘Besides the results achieved, Thanh said, tax management of e-commerce business activities is still limited. The requirement is for tax authorities to review the actual tax management in localities to come up with solutions to manage tax collection with e-commerce more strongly in the coming time.’

Also at this meeting, GDT Deputy Director Mai Son said that to effectively collect taxes on e-commerce, specialised units need to focus on unifying the identification of subjects participating in e-commerce business, thereby proposing specific solutions for each target group.

According to Son, regarding tax management methods of collecting information through entities related to e-commerce business activities, such as owners o
f e-commerce trading floors, foreign suppliers with no business establishments in Vietnam, shipping units and payment intermediaries, need special research to have implementation solutions consistent with the practical movements of e-commerce development in the coming time.

To prevent tax loss from e-commerce activities, Thanh requested a comprehensive report on tax management for e-commerce, including evaluating results, reviewing remaining problems and specifically recommending management solutions for each target group to prevent loss of e-commerce tax revenue.

The tax sector will continue to promote communication and guidance for people to declare and pay taxes with income received from e-commerce business activities combined with publicising the list of taxpayers with tax debt on mass media. At the same time, tax authorities will also research and apply measures to enforce tax debt, including banning exit from the country for taxpayers who have not fulfilled their tax obligations.

After a year of oper
ating, the E-commerce Information Portal has recorded 357 e-commerce trading floors providing information, of which many have a large market share, such as Shopee, Lazada, Sendo, Voso and Tiki, according to the General Department of Taxation.

To date, 74 foreign suppliers have registered, declared and paid taxes through the electronic portal for foreign suppliers. The total tax paid by foreign suppliers is nearly 8.1 trillion VND, of which 6.9 trillion VND was declared and paid directly through the electronic information portal and 1.2 trillion VND was deducted and paid on behalf of Vietnamese parties./.

Source: Vietnam News Agency

HCM City: Amanotes, the renowned mobile game publisher, is the only Vietnamese representative to clinch the prestigious title of Best Music Game Publisher at the highly acclaimed Sensor Tower APAC Awards 2023, reaffirming the company’s global impact and leadership role in the mobile gaming industry.

This award is based on trusted data and insights collected by Sensor Tower.

Compared to companies in the same category, Amanotes has achieved the highest total downloads, surpassing 3 billion downloads across 190 countries and territories.

Amanotes, known for its dedication to delivering interactive music experiences, has consistently pushed the boundaries of mobile gaming.

Since 2017, the company has held the title of top music game publisher globally due to significant investments in musicaliSation technology, an extensive licensed music library, and prominent partnerships.

Amanotes secured the title of Best Music Game Publisher as the result of realising the vision of building Interactive Music Games and A
pps. With a portfolio of 25 music games enjoyed by users across the globe, the company has made a significant impact on the mobile gaming industry. Titles such as Magic Tiles 3, Tiles Hop, and the latest addition, Duet Cats, have consistently captivated players with their iconic gameplay mechanics and engaging music experience.

“We are honored to be recognized as the Best Music Game Publisher by Sensor Tower APAC Awards 2023,” said Annabel, head of LiveOps.

“At Amanotes, we strive to create the best interactive music experiences that resonate with players worldwide. This award is not only a validation of our hard work but also a tremendous source of motivation for the future. Moving forward, we are excited to explore new horizons by expanding into hybrid casual games, offering even more diverse experiences to our users,’ said Annabel.

Amanotes is the pioneer in sync licensing, paving the path for incorporating licensed music into mobile games. In line with this, the company has initiated impactful campaign
s aimed at empowering the artist community, such as HIPHOPGOLD in 2023, designed to support the Hip-Hop community and assist local artists in reaching global audiences.

The Sensor Tower APAC Awards 2023 highlight the contributions of outstanding mobile publishers from the APAC region, providing valuable insights into the evolving landscape of mobile gaming and app development.

Founded in 2013, Sensor Tower is the leading, trusted source of enterprise-grade market intelligence and performance metrics in the mobile app and digital advertising ecosystem./.

Source: Vietnam News Agency

Vinh Phuc: The People’s Committee of northern Vinh Phuc province on March 5 granted investment certificates for the construction of the Phuc Yen Industrial Park project worth of 2 trillion VND (81 million USD) for the two companies.

They are the SHINEC Joint Stock Company and Vinh Phuc International Service and Industrial Zone Joint Stock Company.

The project, located in Phuc Yen city, covers an area of 111.3 hectares, with a proposed 50-year operational period.

According to the committed schedule, the investment and construction of infrastructure is anticipated to complete from Q2 of 2025 to Q1 of 2027, with operation commencing from Q2 of 2027.

The Phuc Yen Industrial Park will have a synchronised and modern technical infrastructure system. It targets projects in the fields of mechanical engineering, precision mechanics, medical equipment, electrical equipment, with modern and advanced technologies and minimal environmental pollution.

The park, developed by SHINEC and its partner, is expected to be one
of the vibrant and high-quality investment destinations, promising to contribute significantly to the socio-economic development of Vinh Phuc province.

The location is advantageous, being approximately 35 km from the centre of Hanoi, nearly 10 km from Noi Bai Airport, and 150 km from Hai Phong Port and Cai Lan Port and being adjacent to the Noi Bai – Lao Cai expressway.

In recent years, Vinh Phuc province has been steadfast in its sustainable development strategy. It has been accelerating the adjustment and planning of industrial parks towards specialisation, ecological friendliness, and intelligence, gradually building exemplary industrial parks with coordinated and modern infrastructure./.

Source: Vietnam News Agency

Hanoi: The processing and manufacturing sector has lured the most Australian investments in Vietnam, the Ministry of Planning and Investment reported.

The ministry said Australian businesses have invested in 631 projects in the Southeast Asian nation, with a total registered capital of 2.04 billion USD.

Among the 18 sectors in which Australian firms have poured capital into, processing and manufacturing received the most with 133 projects worth 954.68 million USD, followed by lodging and catering services with 31 projects valued at 154.32 million USD.

The agro-forestry-fishery sector ranks third with 25 projects and 120.04 million USD, according to the ministry.

Among 45 cities and provinces receiving Australian investments, the southern province of Ba Ria – Vung Tau takes the lead with 16 projects worth 392.21 million USD, followed by Ho Chi Minh City and Hanoi.

Vietnam has so far attracted 39,553 FDI projects worth 473.1 billion USD, with nearly 300 billion USD disbursed.

Meanwhile, Vietnam has inject
ed more than 550 million USD into over 90 projects in Australia.

The bilateral trade stood at about 14 billion USD last year, making the two countries among the top 10 trade partners of each other./.

Source: Vietnam News Agency

Tuyen Quang: Authorities of northern Tuyen Quang province and Japan’s Erex JSC kicked off the construction of the Erex Sakura Tuyen Quang biomass fuel plant on March 6.

The ceremony marked a significant step forward for the project, which will occupy a 3.3ha site and have a total investment of over 478.8 billion VND (20.4 million USD). Once operational in 2025, it is to produce 150,000 tonnes of biomass pellets and 150,000 tonnes of wood chips per year.

The project is anticipated to contribute to addressing issues like environment pollution and greenhouse gas emissions, while promoting the sustainable development of biomass energy industry in Tuyen Quang.

Honna Hitoshi, President and Representative Director of Erex JSC, said the project contributes to realising Vietnam’s net emission reduction policy, providing stable electricity and meeting economic development needs of Vietnam and Tuyen Quang in particular.

Chairman of the provincial People’s Committee Nguyen Van Son urged departments and agencies to wo
rk closely with the investor to step up the plant construction

Tuyen Quang now boasts 20 active projects involving 17 foreign investors, with a total investment exceeding 340 million USD. It also benefits from the support of numerous international partners, with the Japanese groups extending their involvement in 25 projects across health care, education and the environment, with a combined value of over 1.4 million USD./.

Source: Vietnam News Agency

Da Nang: Standing Vice Chairman of the Da Nang city People’s Committee Ho Ky Minh on March 6 called on TheCityUK, the industry-led body representing UK-based financial and related professional services, to coordinate with the Vietnamese central locality in building an international financial centre (IFC) there as soon as possible.

At an online working session with Andrew Oldland, head of TheCityUK’s IFC working group, Minh briefed the guest on the IFC project in Da Nang, where all investors will be considered foreign businesses.

The centre is expected to create momentum for socio-economic development of Vietnam and Da Nang city in particular, enabling them to join the global economic value chain at a higher level, and advancing their position in the international arena, he said.

The project also features the proposal to pilot a free trade zone in the city association with Lien Chieu Port, and some special mechanisms and policies for local development, the official continued.

He appealed to TheCityUK to co
ordinate with Da Nang in seeking more funding sources for IFC research in the city and Vietnam at large.

Minh suggested TheCityUK connect with corporations and strategic investors in building IFCs in Da Nang and HCM City, and with the world’s leading financial institutions in establishing economic organisations in the centres.

For his part, Oldland noted that Da Nang should focus on financial activities, and the building of mechanisms and institutional frameworks during project preparation to ensure the operational efficiency of the centre once it is formed.

The UK government has appointed TheCityUK to support Vietnam’s goal of developing a regional financial and business centre in HCM City, according to the British Embassy in Hanoi.

In partnership with the UK government, TheCityUK will provide technical support to help create a business and regulatory environment in Vietnam that is attractive to global investors and to further strengthen bilateral ties between the UK and Vietnam./.

Source: Vietnam News
Agency