Following are the highlights of Business News in the third week of October 2024: Vietnam’s FDI expected to hit $40B in 2024; E-commerce platforms may be asked to pay taxes on behalf of sellers; Dollar gains against dong; and the last news is Vietnam Stock Market that ended week with slight dip.
Vietnam’s FDI expected to hit $40B in 2024
The Foreign Investment Agency (FIA) under the Ministry of Planning and Investment said in the first nine months of this year, the total registered foreign investment capital reached more than $24.78 billion, an increase of 11.6% over the same period in 2023. Vietnam expects to attract US$39-40 billion in foreign direct investment (FDI), according to forecasts to the end of the year. Besides, Vietnam’s FDI attraction also saw a bright spot with an improved quality of the FDI flow. According to the FIA, in the first nine months, major projects in the fields of semiconductors, energy (production of batteries, photovoltaic cells, silicon bars), production of components, electronic products, and products with high added value have received additional investment.
E-commerce platforms may be asked to pay taxes on behalf of sellers
According to Vietnam’s Tax authority: Requiring e-commerce platforms to declare and pay taxes on behalf of sellers is feasible because the platforms own information about sellers’ successful transactions, revenues and fees. Therefore, the General Department of Taxation has proposed that e-commerce platforms declare and pay taxes on behalf of sellers as part of an effort to enhance tax management on e-commerce businesses. The tax watchdog will continue to gather data on e-commerce from various sources and apply AI in data processing to enhance risk-based management.
Dollar gained against dong
The U.S. dollar rose against the Vietnamese dong in this week. On Saturday, The dollar went up 0.04% to VND25,350 at unofficial exchange points; Vietcombank maintained its rate at VND25,340, hovering around a 10-week high. The State Bank of Vietnam kept its reference rate unchanged at VND24,213. The dollar has risen against the dong by 3.68% since the beginning of the year.
Vietnam Stock Market ended week with slight dip
The stock market closed the week with a slight decline, marking four out of five sessions of losses for the week, while foreign investors continued their selling streak for a sixth consecutive session. On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index closed at 1,285.46 points, down 1.06 points or 0.08 per cent.