PayPal, Airbnb, Booking.com, Agoda yet to register to pay tax in Vietnam: authorities
PayPal, Airbnb, Booking.com, and Agoda are four major foreign e-commerce businesses in Vietnam that have yet to register to pay taxes via the digital portal of the General Department of Taxation.
The department (GDT), under the Ministry of Finance, made the statement on Wednesday, adding that many others are complying with Vietnamese law as they registered and paid taxes.
The General Department of Taxation named four foreign businesses which are yet to register to pay tax via its digital portal. Photo courtesy of the GDT.
The General Department of Taxation suggested relevant authorities, including the Ministry of Information and Communications, the Ministry of Industry and Trade, the Ministry of Public Security, and the State Bank of Vietnam, collaborate to “suitably” manage the four firms.
Last month, the department suggested local banks and payment service providers cooperate to calculate and pay taxes on behalf of foreign businesses.
As of end-2024, 120 foreign businesses had registered to pay taxes in Vietnam via the digital portal. They paid taxes of VND8,687 billion ($342.2 million) last year, up 26% year-on-year.
Google, Meta, Microsoft, Netflix, Apple, and TikTok were the biggest contributors. They accounted for 90% of cross-border e-commerce revenue in Vietnam.
- Related News
- Read More
Wood exports poised to reach $18 bln in 2025
Vietnam’s Department of Forestry under the Ministry of Agriculture and Rural Development has projected a positive outlook for wood and wood product exports in 2025, with a target of $18 billion.
Economy - Thu, January 9, 2025 | 9:52 am GMT+7
Vietnam banks rush to raise capital on positive outlook
A slew of Vietnamese banks have planned to increase their charter capital in anticipation of a positive outlook for 2025.
Banking - Thu, January 9, 2025 | 8:49 am GMT+7
Malaysia unlocks e-commerce growth
Malaysia’s strategic location, strong courier networks, and growing digital consumer base provide a solid foundation for e-commerce success, said David Black, CEO and founder of Blackbox Research.
Southeast Asia - Wed, January 8, 2025 | 9:41 pm GMT+7
Malaysia prepares workforce for digital transformation
Government analysis showed that over 30% of jobs in Malaysia will be affected by artificial intelligence (AI) in the next decade, with manufacturing, services and information technology expected to undergo significant transformation, said Minister of Science, Technology, and Innovation Chang Lih Kang.
Southeast Asia - Wed, January 8, 2025 | 9:39 pm GMT+7
Investment funds in Vietnam outperform benchmark VN-Index
Many open-ended investment funds in Vietnam delivered impressive performance in 2024, achieving returns of up to tens of percent with portfolios focusing on leading stocks in banking, technology, and retail sectors.
Finance - Wed, January 8, 2025 | 9:08 pm GMT+7
HCMC to start building at least one logistics center before April 30: official
HCMC will prioritize a series of large-scale projects, including starting construction on at least one logistics center before April 30, says Le Huynh Minh Tu, deputy director of the city's Department of Industry and Trade.
Infrastructure - Wed, January 8, 2025 | 6:15 pm GMT+7
Vietnam’s Ninh Thuan province 'ready' to deploy nuclear power project
Vietnam's south-central province of Ninh Thuan is ready to deploy tasks in line with its responsibility to restart the country’s nuclear power project, says Ninh Thuan Chairman Tran Quoc Nam.
Energy - Wed, January 8, 2025 | 5:07 pm GMT+7
Vietnam to focus on 3 'strategic breakthroughs' for double-digit growth in 2025: Deputy PM
The government is focusing on three "strategic breakthroughs" to achieve a double-digit economic growth for 2025, says Deputy Prime Minister Ho Duc Phoc.
Economy - Wed, January 8, 2025 | 4:58 pm GMT+7
Thailand WHA to start work on 2 industrial park projects in central Vietnam, study 3 more
Thailand’s top industrial park (IP) developer WHA will soon commence work on two industrial parks in Vietnam’s central province of Thanh Hoa and study to build three more.
Industrial real estate - Wed, January 8, 2025 | 4:02 pm GMT+7
Murphy Oil discovers oil at well offshore southern Vietnam
Murphy Cuu Long Tay Oil Ltd., a subsidiary of the U.S.-headquartered Murphy Oil Corporation, has drilled an oil discovery at the Hai Su Vang-1X exploration well offshore southern Vietnam, encountering about 370 feet of net oil pay from two reservoirs.
Companies - Wed, January 8, 2025 | 3:30 pm GMT+7
Vietnam rebounds remarkably amidst global uncertainties: EuroCham
EuroCham's Q4/2024 Business Confidence Index (BCI) report released on Wednesday shows a significant rise in business sentiment, which reflects resilience amidst a turbulent global landscape, in terms of economics, environment, and geopolitics.
Economy - Wed, January 8, 2025 | 1:07 pm GMT+7
Now good time to accumulate Vietnamese stocks with solid fundamentals: Mirae Asset exec
Now is a good time to accumulate Vietnamese stocks with solid fundamentals, as the market is undervalued, corporate profits have recovered, and the market status is to be upgraded, says Kye Kyung Tae, global business strategy director at Mirae Asset Securities.
Finance - Wed, January 8, 2025 | 12:23 pm GMT+7
Fitch rates Vietnam’s realty heavyweight Vinhomes as 'BB-'
Fitch Ratings has announced the long-term issuer default rating (IDR) of Vinhomes, a leading real estate developer in Vietnam and the housing development arm of conglomerate Vingroup, at “BB-“.
Real Estate - Wed, January 8, 2025 | 10:10 am GMT+7
Nearly $83 bln injected into Vietnam’s economy in 2024: central bank
Vietnam's credit growth reached 15.08% in 2024, with more than VND2,100 trillion ($82.77 billion) pumped into the economy, says Dao Minh Tu, Deputy Governor of the State Bank of Vietnam (SBV).
Banking - Wed, January 8, 2025 | 8:34 am GMT+7
Indonesia eyes 7.1% export growth in 2025
Indonesia targets nearly $294.5 billion in exports this year to push the country’s economy towards a growth target of 8% set by President Prabowo Subianto.
Southeast Asia - Tue, January 7, 2025 | 9:50 pm GMT+7
Thailand prepares for global financial market uncertainty
Thailand's central bank (BoT) has pledged to maintain a strong monetary policy framework amid rising global uncertainty, particularly as new policies are expected to be introduced in the US.
Southeast Asia - Tue, January 7, 2025 | 9:43 pm GMT+7
