Vietnam collects $7 bln in taxes from Korean firms over past 5 years

By Minh Anh
Fri, March 1, 2024 | 11:27 pm GMT+7

Contributions to Vietnam’s state budget by South Korean companies have continually increased over the past five years, totaling some VND175 trillion ($7.1 billion), despite challenges from the Covid-19 pandemic and adverse global economic impacts, according to the finance ministry.

The amount has accounted for 11% of budget collections from foreign-invested enterprises and 3% of the nation’s budget revenues annually, said Deputy Finance Minister Cao Anh Tuan at a tax and customs policies dialogue on Thursday between his ministry and Korean businesses.

Deputy Finance Minister Cao Anh Tuan addresses a dialogue between his ministry and Korean businesses on tax and customs policies in Hanoi, February 29, 2024. Photo coutersy of the General Department of Taxation.

Deputy Finance Minister Cao Anh Tuan addresses a dialogue between his ministry and Korean businesses on tax and customs policies in Hanoi, February 29, 2024. Photo coutersy of the General Department of Taxation.

Vietnam had attracted 9,891 projects invested by Korean businesses as of January 2024, with combined registered capital of $85.95 billion, government data showed. There are also 8,058 businesses with over 50% of their charter capital held by Korean firms, accounting for 28% of all FDI firms in Vietnam.

The tally puts South Korea at the top among the 144 countries and territories having invested in Vietnam so far, according to data from the Ministry of Planning and Investment.

Samsung has invested over $22 billion in Vietnam to date, making it the largest foreign investor in the Southeast Asian country.

Deputy Minister Tuan highlighted that his ministry had proposed and issued a series of unprecedented measures in terms of taxes, fees, and charges to assist people and businesses faced by hardships from the pandemic and global economic turbulences, including those from South Korea.

The ministry annually handles hundreds of petitions from Korean businesses about problems during their operations in Vietnam, such as value added tax refunding, tax procedures at export processing zones, corporate income tax incentives, and import-export tax calculations.

He revealed that his ministry will continue perfecting mechanisms and policies, accelerate administrative procedure reform, and boost digitalization in the fields of taxation and customs to further facilitate domestic and foreign businesses’ operations.

Comments (0)
  • Read More
Buyer secures Sunshine Group’s Hanoi shophouse at 15% lower than market price via livestream

Buyer secures Sunshine Group’s Hanoi shophouse at 15% lower than market price via livestream

A buyer successfully secured a shophouse at property major Sunshine Group’s Noble Palace Tay Thang Long project in Hanoi for VND11 billion ($421,295), VND2.5 billion or 15% below market value, during a bidding livestream on the NobleGo platform held last Friday evening.

Companies - Mon, July 14, 2025 | 1:37 pm GMT+7

Vietnam’s major rice exporter Vinafood 1 tasked with developing mega agri-logistics hub

Vietnam’s major rice exporter Vinafood 1 tasked with developing mega agri-logistics hub

Vinafood 1, Vietnam's top rice exporter, has been asked to develop an integrated hub for agricultural trade, logistics, warehousing, exports, customs, banking, irradiation, and research and development activities.

Industries - Mon, July 14, 2025 | 12:19 pm GMT+7

Vietnam conglomerate Masan to issue over 7.5 mln ESOP shares

Vietnam conglomerate Masan to issue over 7.5 mln ESOP shares

Vietnam’s leading multi-sector conglomerate Masan Group will issue up to 7.5 million MSN shares under an employee stock ownership plan (ESOP) at a par value and issue price of VND10,000 ($0.38) apiece.

Companies - Mon, July 14, 2025 | 11:26 am GMT+7

Investment funds in Vietnam upbeat about new US tariff

Investment funds in Vietnam upbeat about new US tariff

With Vietnam soon reaching a trade agreement with the U.S., major uncertainties have significantly diminished, positively impacting investor sentiment in the stock market, according to investment funds.

Finance - Mon, July 14, 2025 | 9:04 am GMT+7

AI, data platform investment unlocks huge opportunities to enhance customer experience: Masan CEO

AI, data platform investment unlocks huge opportunities to enhance customer experience: Masan CEO

Vietnam’s leading multi-sector conglomerate Masan Group has made strong investments in AI, big data, and integrated supply chains to improve its operational efficiency, optimize costs, and better serve Vietnam’s 100 million consumers, said CEO Danny Le.

Companies - Sun, July 13, 2025 | 6:51 pm GMT+7

HCMC poised to become Southeast Asia's innovation, financial hub following merger: experts

HCMC poised to become Southeast Asia's innovation, financial hub following merger: experts

Ho Chi Minh City, Vietnam’s southern metropolis, is expected to establish itself as a hub for finance, manufacturing, trade, logistics, and innovation in Southeast Asia, after its merger with neighboring provinces.

Economy - Sun, July 13, 2025 | 1:56 pm GMT+7

PVI Insurance honored with prestigious international awards

PVI Insurance honored with prestigious international awards

2025 marks a proud milestone for PVI Insurance Corporation (PVI Insurance), as it has been consecutively recognized with prestigious accolades from top-tier institutions in the Asian insurance industry.

Companies - Sun, July 13, 2025 | 1:27 pm GMT+7

Green logistics a vital condition for Vietnam firms to flourish: exec

Green logistics a vital condition for Vietnam firms to flourish: exec

Green logistics is not just a long-term goal but a present-day opportunity for Vietnamese enterprises to advance amid the global transition toward sustainable development.

Companies - Sun, July 13, 2025 | 12:18 pm GMT+7

VNPT-VinaPhone, VNPT-Media to merge into parent company VNPT

VNPT-VinaPhone, VNPT-Media to merge into parent company VNPT

Telecommunication Services Corporation (VNPT-VinaPhone) and Communications Corporation (VNPT-Media) will be merged into their parent company, Vietnam Posts and Telecommunications Group (VNPT).

Companies - Sun, July 13, 2025 | 9:52 am GMT+7

Real estate major Kinh Bac gains majority control of Trump International Vietnam

Real estate major Kinh Bac gains majority control of Trump International Vietnam

Vietnamese developer Kinh Bac City Development Holding Corporation (HoSE: KBC) has expanded its portfolio to 19 subsidiaries following a new ownership move involving Trump International Vietnam.

Companies - Sun, July 13, 2025 | 8:41 am GMT+7

Sumitomo seeks to clear hurdles for industrial park expansion in northern Vietnam

Sumitomo seeks to clear hurdles for industrial park expansion in northern Vietnam

Japanese conglomerate Sumitomo has called on authorities in Hung Yen province to resolve several pressing issues affecting the expansion of Thang Long Industrial Park II (TLIP II), one of the largest industrial parks in northern Vietnam.

Industrial real estate - Sun, July 13, 2025 | 8:00 am GMT+7

Rixos debuts in Southeast Asia on Vietnam’s 'Pearl Island'

Rixos debuts in Southeast Asia on Vietnam’s 'Pearl Island'

A new chapter in travel is unfolding in Southeast Asia as Rixos Hotels, the world’s leading all-inclusive brand, prepares to unveil its first-ever resort in the region.

Travel - Sat, July 12, 2025 | 6:48 pm GMT+7

Vietnam’s biggest airport project ‘races to the finish line’

Vietnam’s biggest airport project ‘races to the finish line’

The Ministry of Construction has requested investors of the Long Thanh International Airport to complete the main route by August 2025 to facilitate trial operations of the passenger terminal and other components.

Infrastructure - Sat, July 12, 2025 | 6:19 pm GMT+7

Singapore's YCH Group eyes developing logistics center in southern Vietnam economic zone

Singapore's YCH Group eyes developing logistics center in southern Vietnam economic zone

Tay Ninh province has pledged full support to Singapore’s YCH Group in developing a logistics center within its Moc Bai Border Gate Economic Zone.

Industries - Sat, July 12, 2025 | 1:48 pm GMT+7

Vietnam PM asks US firms to sustain support for 'reasonable, detailed tariff pact'

Vietnam PM asks US firms to sustain support for 'reasonable, detailed tariff pact'

Prime Minister Pham Minh Chinh has called on U.S. businesses to continue supporting the Vietnamese government in dialogues with U.S. agencies to soon reach "a reasonable, detailed tariff agreement for individual products and product groups".

Economy - Sat, July 12, 2025 | 11:32 am GMT+7

Mergers of Vietnamese provinces unlock new property development opportunities

Mergers of Vietnamese provinces unlock new property development opportunities

The merging of Vietnamese localities is expected to create a strong "boost" for the real estate market as expanded planning space, synchronized infrastructure, and new land reserves are key factors driving the market's transformation.

Real Estate - Sat, July 12, 2025 | 11:00 am GMT+7