Amid global economic volatility, WHA Group has rapidly rolled out multiple expansion projects in Vietnam, signaling its strategic focus on the country.
Enterprises are advised to promptly assess and evaluate the impact of the changes in the newly-issued to ensure timely compliance in the upcoming tax finalization period.
Despite concerns about the potential "shock" to the industry, companies in the sector have shown resilience, maintaining financial stability and achieving notable business results.
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.
A prominent issue for many Vietnamese businesses concerns the proposed narrowing of the 0 per cent VAT rate for export services.
The Northern area is home of lots of foreign companies in high-value sectors like computers, electronics, and electrical products, rubber and plastic, solar-related manufacturers.
Many big European businesses revealed its expansion plan in Vietnam, showing that Vietnam plays a crucial part in their production and consumption markets.
Quickly identifying and capturing opportunities in a potential market like Vietnam, WHA Group is accelerating its expansion in different fields in addition to industrial zone developments.
The two projects represent a total gross area of nearly 1,200 hectares. Their construction is scheduled in 2022 and 2023, following WHA's 3,200ha industrial zone located in Nghe An province.
The European Chamber of Commerce (EuroCham) and the Vietnam Chamber of Commerce and Industry (VCCI) has established a new bilateral forum to support the smooth and successful implementation of the EU - Vietnam free trade agreement (EVFTA).
The central province has granted the investment registration certificate to a $100 million project and the investment memorandum for a $300 million project.
Though it has been a difficult year so far, effective Covid-19 containment and the recently ratified EU Vietnam Free Trade Agreement (EVFTA) has bolstered global industrial investor confidence in Vietnam. The property segment most resilient to Covid-19 has further significant growth potential.
David Nardone, group executive - industrial and international, WHA Industrial Development Plc believes that the opportunities in Vietnam are substantial and attractive, especially after its effective response to the Covid-19 pandemic.
