Weekly News Bulletin - No. 01, March 2023

The tax sector collected an estimated VND325.78 trillion (USD13.73 billion) for the State budget in the first two months of 2023, a year-on-year rise of 16.7%, and equivalent to 23.7% of the yearly estimate, reported the General Department of Taxation.

So far this year, nearly 3,600 tax inspections have been performed, reaching 4.49% of the plan set for 2023. For e-commerce tax management, as of February 17, 46 foreign suppliers have registered, declared, and paid taxes through the portal for foreign suppliers. This year, the tax sector is set to collect over VND1.37 quadrillion for the state budget.

As much as USD332.3 million in foreign investment was poured into Ho Chi Minh City in the first two months of this year, up 43.1% year on year, the municipal Statistics Office reported.

The southern economic hub granted investment certificates to 101 projects with registered capital of USD97.7 million, up 22.8% from a year earlier. Singapore ranked first with 23 new projects worth USD76.6 million, accounting for 78.4% of the new capital. It was followed by the Republic of Korea (RoK) with nine projects worth USD4.8 million, equivalent to 4.9%; and Taiwan (China) with four projects worth USD4.2 million, 4.3%.

Last week highlight

The S&P Global Vietnam Manufacturing Purchasing Managers’ Index (PMI) was 51.2 in February, ending a string of contractions and up 3.8 points from 47.4 in January, signaling a renewed strengthening in the health of the manufacturing sector following three months of decline. This helped firms secure new customers and see the sharpest increase in new orders since last August, leading to a rise in production, employment, and purchasing activity midway through the first quarter.

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Let’s look at some other key financial and business headlines during the past week

  1. FDI sector in Vietnam records trade surplus of $6.5 bln in Jan-Feb
  2. Singapore leads foreign investment in Vietnam
  3. US delegation explores cooperative opportunities in Hai Phong
  4. Foreign investment in HCM City up 43% in two months
  5. Vietnam joins largest SME festival in Berlin
  6. Budget revenues from taxes up 16.7% in two months
  7.  Vietnam suggested to join European Circular Economy Stakeholder Platform
  8. Retail sales of goods, services up 13% in Jan-Feb
  9. Electronic payments expected to boost Vietnam-RoK tourism
  10. Vietnam welcomes 933,000 foreign visitors in February


Key words: Vietnam, business, finance, economy