A swift increase in special consumption tax over coming years is expected to exacerbate challenges for alcohol producers, potentially complicating their ability to devise viable business strategies.
Vietnam's Ministry of Finance is proposing a 100 per cent special consumption tax on beer and high-alcohol beverages by 2030 as part of efforts to curb excessive drinking and raise state revenues.
GIZ has realized the enormous potential of the agrivoltaics model for Viet Nam, a country with large-scale agricultural production and increasing demand for electricity consumption to meet economic growth rates.
Many big European businesses revealed its expansion plan in Vietnam, showing that Vietnam plays a crucial part in their production and consumption markets.
Consumers need to use their power in making purchasing decisions to express their attitudes towards businesses that are irresponsible to the environment, thereby creating pressure to promote sustainable production and consumption.
Growth of Vietnam’s economy is projected to moderate to 6.6 per cent in 2019, driven by credit tightening, slower private consumption and weaker external demand, according to World Bank.
Fast lifestyle and a changing consumption trend have become the motive force for the fast food boom, but when entering Vietnam, world famous brands seem not to catch on very well.
According to the business plan proposed by Sabeco's new Board of Management, its profit will drop from nearly $220 million attained last year to $176 million anticipated this year.
On May 23, the draft Law on Special Administrative and Economic Zones was discussed by the National Assembly, in which the casino business service in the Units is expected to enjoy a special consumption tax incentive of 15 percent for the first ten years if approved.
ADB projects Vietnam’s economic growth to exceed 7 per cent in 2018, led by robust export growth, rising domestic consumption, and strong investment fueled by continued foreign direct investment.
“Despite the drop in mining and oil output, Viet Nam’s economy continues to perform well, driven by its twin engines of export-orientated manufacturing and rising domestic consumption,” said Eric Sidgwick, The Asian Development Bank (ADB)'s Country Director for Viet Nam.
‘We need to reconsider the assumption that the rich will suffer more than the poor as VAT increased. Because, in fact, more than 80% of the Vietnamese population is poor,’ said Pham Anh Tuan, Chairman of Board of Directors of the Cooperative Union of Agricultural Consumption (UCA).
The auto market in Viet Nam is becoming more competitive when car firms drop prices to promote consumption in the context of ASEAN’s new tariff cut and the government’s tax policy changes.
Vietnam National Petroleum Group (Petrolimex) and Binh Son Refining and Petrochemical Co., Ltd (BRS), operator of Dung Quat refinery, entered a joint cooperation agreement on pushing up the consumption of petroleum products of Dung Quat refinery.
