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| Vietnam’s tax sector has collected a record-high revenue of 1.7 quadrillion VND for the state budget in 2024. (Photo: VNA) |
Despite numerous challenges, tax authorities effectively implemented comprehensive measures throughout 2024 to enhance tax revenue management, heard the event.
The departmetn said as of December 18, 2024, the total tax collection exceeded the estimate by 16.5%. Of this, domestic revenue accounted for over 1.44 quadrillion VND, with 60 out of the 63 localities surpassing their revenue goals.
Driven by the directive from the Prime Minister to maximise state budget revenue to support national economic development, the sector continues its efforts to ensure robust collection in the final days of the year.
Key highlights of the sector’s performance include 19 out of 20 revenue categories surpassing their targets, and 16 categories showing growth compared to the previous year. Additionally, 61 out of 64 provincial tax departments met or exceeded their revenue targets.
In 2024, the estimated budget revenue assigned to the tax sector is more than 1.48 quadrillion VND, including 46 trillion VND from crude oil revenue and over 1.44 quadrillion VND from domestic revenue.
These achievements underscore the tax authorities' consistent efforts to fulfill state budget revenue goals, providing critical resources for the government to implement socio-economic policies, promote sustainable growth, and meet the objectives outlined in the 2021-2025 socio-economic development plan. These results also support preparations for the 14th National Party Congress.
Mekong Delta trade fair 2024 opens in Tien Giang province
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| Delegates at the opening ceremony of the Mekong Delta Industrial and Trade Fair 2024. (Photo: apbac) |
The Mekong Delta Industrial and Trade Fair 2024 opened in My Tho city, Tien Giang province, on December 19, reported Vietnam News Agency.
Jointly organised by the provincial People’s Committee and the Ministry of Industry and Trade, the event runs until December 25 and features nearly 300 booths of businesses, cooperatives, and rural industrial establishments across the Mekong Delta and other regions of Vietnam.
The fair introduces a wide range of products, including provincial OCOP-certified products, processed agricultural and aquatic products, industrial equipment, IT solutions, consumer goods, and traditional handicrafts, among others.
It aims to foster trade, collaboration, and market expansion for businesses, while also serving as a platform to promote Vietnamese goods in line with the “Vietnamese people prioritise Vietnamese goods” campaign.
Pham Van Trong, Vice Chairman of the provincial People’s Committee, highlighted the fair's role as a significant event for industrial promotion and market development.
On this occasion, 10 local businesses were honoured for their contributions and excellent performance, with 11 products receiving awards as outstanding rural industrial products in southern Vietnam in 2024.
Seminar seeks ways to enter North American market
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| Illustrative image. Vietnamese exports to North America reached remarkable milestones last year, with the export revenue to the US surpassing 97 billion USD, and that to Canada and Mexico each standing at 5-6 billion USD. (Photo: VNA) |
The North American market offers tremendous opportunities for Vietnamese exports, but penetrating demands robust brand strategies and carefully crafted market plans, as highlighted at a seminar held in Ho Chi Minh City on December 19, reported Vietnam News Agency.
The seminar, titled “Vietnamese enterprises entering the North American market: Navigating unforeseen challenges,” was jointly organised by the HCM City Department of Industry and Trade and Saigon Times Magazine.
Statistics reveal that North America represents a massive consumer market, contributing one-third of Vietnam's total export turnover in recent years. In 2023, Vietnamese exports to North America reached remarkable milestones, with the export revenue to the US surpassing 97 billion USD, and that to Canada and Mexico each standing at 5-6 billion USD.
Nguyen Ngoc Tram, CEO of IPGEEKLAB, a US-based one-of-a-kind IP laboratory, and senior advisor to the intellectual property expert committee at the American Intellectual Property Law Association (AIPLA), emphasised the importance of leveraging traditional multi-tier distribution systems and utilising e-commerce platforms to reach Canadian consumers. She noted that the country's dispersed population and vast geography present challenges to distribution and delivery.
Tram also highlighted Canada’s stringent labeling regulations, which require bilingual labels in English and French, with detailed information, such as nutritional facts, ingredient lists, and allergen warnings.
For the US, she said the market offers high profit margins and a large consumer base but is fiercely competitive and demands superior product quality. The US legal system, tax structures, and contractual frameworks are complex, while its advanced online sales channels are highly popular among consumers.
Market preferences in the US are defined more by regions than state boundaries, making it difficult for businesses to seek shortcuts, Tram said. There is no universal formula for success, so Vietnamese enterprises should adopt a practical approach by starting small, testing the market with a focused product lineup, and scaling strategically, she added.
Experts at the seminar underscored the importance of mastering logistics networks as a cornerstone of a professional export strategy. Vietnamese businesses venturing abroad must adopt a realistic mindset and recognise the stark differences between domestic and international markets. Entering a new market, they noted, is akin to starting a new business - even for companies with domestic success.
To thrive in the North American market, Vietnamese enterprises must redefine their branding with practical, market-specific strategies, they said. This requires a deep understanding of target markets, combining insights from internal teams, market research, and external experts. Brands should focus on specific customer segments rather than trying to appeal to a broad, undefined audience, they went on.
Vietnam, China’s Hong Kong strengthening economic collaboration
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| Some Vietnamese products are sold at a supermarket in China's Hong Kong. (Photo: VNA) |
Two-way trade between Vietnam and China’s Hong Kong in the first ten months of 2024 surged 32% year-on-year to 32.3 billion USD, marking a significant step forward in bilateral economic cooperation, particularly in rolling out agreements reached during the visit of Chief Executive of the Hong Kong Special Administrative Region, John Lee Ka-chiu to Vietnam last July, reported Vietnam News Agency.
Vu Thi Thuy, Deputy Consul General of Vietnam and head of the Vietnam Trade Office in Hong Kong, highlighted the progress, noting that the visit of Lee Ka-chiu, the first official visit of a Chief Executive of Hong Kong, resulted in the signing of 30 cooperation agreements across various sectors.
After that, Vietnam's Deputy Prime Minister Nguyen Hoa Binh made a working trip to Hong Kong and attended the "Belt and Road" summit in the territory in September.
According to Thuy, Vietnam has consistently ranked 7th among Hong Kong's top trading partners for years. Meanwhile, Hong Kong was the fourth-largest source of foreign direct investment (FDI) in Vietnam in the first 11 months of 2024, with 335 new projects and total registered capital exceeding 1.95 billion USD.
The Vietnam Trade Office in Hong Kong has played a pivotal role in fostering business-to-business links, supporting Vietnamese companies to participate in trade fairs and exhibitions in Hong Kong and facilitating visits by Hong Kong business delegations to Vietnam.
In the coming time, the office plans to enhance the promotion of Vietnam's key exports, including agricultural goods, seafood, textiles, and handicrafts, which suit the preferences of Hong Kong consumers.
Besides, it will work to expand collaboration in high-tech industries, green manufacturing and clean energy.
Global coffee production to surge on Vietnam, Indonesia’s rebounding output: USDA
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| The USDA forecasts a significant increase in global coffee production, driven by recovery in Vietnam and Indonesia's output. (Photo: VNA) |
The latest biannual report from the US Department of Agriculture (USDA) forecasts a significant increase in global coffee production for the 2024-25 crop, driven by recovery in Vietnam and Indonesia's output, according to Vietnam News Agency.
World coffee production is expected to reach 174.9 million 60-kg bags, marking a substantial increase of 6.9 million bags compared to the previous crop. However, rising consumption means ending stocks are projected to continue declining.
Vietnam, the world's second-largest coffee producer, is anticipated to boost its production by 2.6 million bags to 30.1 million bags, though this remains below the 2021-22 record crop. Bean exports are forecast to rebound 1.8 million bags to 24.4 million on higher available supplies.
Indonesia combined Arabica and Robusta harvest is forecast to rebound nearly 2.8 million bags to 10.9 million. Robusta output is expected to recover 2.7 million bags to 9.5 million on favorable growing conditions in the lowland areas of Southern Sumatra and Java where approximately 75% is grown. Arabica production is seen rising slightly to 1.4 million bags. Elevated output is expected to translate to exports gaining 2.2 million bags to 6.5 million.
Meanwhile, Brazil, the world's leading coffee producer, is projected to see an increase of 100,000 bags to 66.4 million bags in the 2024-25 crop. The country's Arabica production is forecast 500,000 bags higher to 45.4 million, while Robusta production is forecast to decline by 400,000 bags to 21 million bags. The USDA notes that drought and high temperatures during the fruit development have caused the two varieties’ yields to fall below initial projections. With nearly flat output, coffee bean exports are forecast to drop 2.6 million bags to 40.5 million due primarily to last year’s inventory drawdown, which lowered total supplies.
World exports are forecast modestly higher as gains in Vietnam and Indonesia more than offset reduced shipments from Brazil. Global consumption is expected to rise 5.1 million bags to 168.1 million, with the largest gains in the EU, the US, and China. Ending stocks are expected to drop 1.5 million bags to 20.9 million./.