Hundreds of companies told to register prices

HCMC – The Ministry of Finance has announced on its website a list of more than 150 companies that are required to register prices for their products in compliance with a circular on price stabilization.

The listed companies must register with the authorities the prices of their products, including imports in accordance with Circular No.122/2010/TT-BTC issued on August 12, and are obliged to stick to the registered prices.

In the list, there are seven companies providing dairy products for children under six, including FrieslandCampina Vietnam, Nestlé Vietnam Ltd., Mead Johnson Nutrition Vietnam and Meiji Vietnam.  

The list also comprises many manufacturers of cement, steel, liquefied petroleum gas, chemical fertilizer, plant protection chemical, veterinary medicine, salt, and sugar, and service providers like seaports and aviation.  

The ministry said it had made the list of the companies and sent announcements to them before the circular took effect on October 1.

The full list is available on the ministry’s website at http://www.mof.gov.vn/portal/pls/portal/docs/1080266.DOC.  

Earlier, Nguyen Tien Thoa, director of the ministry’s Price Management Department, was quoted on the Government’s website in September as saying that the circular did not contradict the country’s commitments to the World Trade Organization. The comment was made after foreign-invested companies and some ambassadors to Vietnam complained that the price management regulations would discourage investors.

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Top 1,000 corporate taxpayers named

HCMC – Vietnam Report Co. and the online newspaper VietnamNet have announced the 1,000 largest corporate income tax payers in the country in the V1000 list.

The rankings, announced for the first time in Vietnam, aim to identify enterprises for outstanding business performance and significant contributions to the country’s tax revenue for three consecutive years.

Data used to do the rankings was collected from business results and individual data by Vietnam Report, and Taxation magazine of the General Department of Taxation along with domestic and foreign consultants.

State-owned groups and corporations, especially in the telecom sector, remained the biggest tax contributors with MobiFone and Viettel coming first and second respectively in the list, followed by those in the construction-building materials, real estate and banking industries.

The private sector made a significant improvement in the overall ranking as the number of private firms on the list is equivalent to that in the State-run and foreign-invested sectors.

The ranking also shows enterprises in Hanoi and HCMC still took the lead in terms of ranking and quantity that make up 22.5% and 37.6%. Major taxpayers in the southern provinces of Dong Nai and Binh Duong account for 7.8% and 6.8% respectively.

According to Vietnam Report, the local economy is still dominated by a few large corporations. The top 200 enterprises contribute up to 80% of taxes collected from the 1,000 firms.

Meanwhile, other State-owned conglomerates such as Vietnam Post and Telecommunications Group and Vinashin are not on the V1000 list due to their tax payments of below VND9 billion or tax arrears. The rankings are based on the total corporate income tax paid between 2007 and 2009.

Top 10 corporate income tax contributors

No      Company name

1.       Vietnam Mobile Telecom Services Company (MobiFone)

2.      Viettel Corporation (Viettel)

3.      PetroVietnam Gas Corporation (PVG)

4.      Bank for Foreign Trade of Vietnam (Vietcombank)

5.      Vietnam Oil and Gas Group (PetroVietnam)

6.      Vietnam National Coal and Mineral Industries Group (Vinacomin)

7.      Vietnam Bank for Agriculture and Rural Development (Agribank)

8.      Vietnam Bank for Industry and Trade (VietinBank)

9.      Prudential Vietnam

10.     Phu My Hung Corporation

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Telecom firms top list of corporate tax payers

Telecom giants MobiFone and Viettel have headed the top ten list of Vietnamese companies with the highest corporate income tax payments from 2007 to 2009, news website VnExpress reported Friday.

MobiFone, run by state-owned Vietnam Posts and Telecommunications Group, paid a total corporate income tax of nearly VND6 trillion over the period, followed by military-run Viettel, the report said.

VnExpress said it was a surprise that the two telecom firms topped the list, instead of large banks or the state oil and gas group PetroVietnam.

“The results show that telecom was the most lucrative sector over the past three years,” the report said, noting that both MobiFone and Viettel posted an average growth rate of 70-80 percent a year despite the economic downturn.

Together the companies in the top ten list paid a combined VND25.8 trillion in taxes. PetroVietnam Gas, Vietcombank and PetroVietnam were other companies making up the top five.

The figures were compiled by Tax Magazine, run by the General Tax Bureau, and VnExpress said they were confirmed by an official of the bureau.

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Telecom firms top list of corporate tax payers

Telecom giants MobiFone and Viettel have headed the top ten list of Vietnamese companies with the highest corporate income tax payments from 2007 to 2009, news website VnExpress reported Friday.

MobiFone, run by state-owned Vietnam Posts and Telecommunications Group, paid a total corporate income tax of nearly VND6 trillion over the period, followed by military-run Viettel, the report said.

VnExpress said it was a surprise that the two telecom firms topped the list, instead of large banks or the state oil and gas group PetroVietnam.

“The results show that telecom was the most lucrative sector over the past three years,” the report said, noting that both MobiFone and Viettel posted an average growth rate of 70-80 percent a year despite the economic downturn.

Together the companies in the top ten list paid a combined VND25.8 trillion in taxes. PetroVietnam Gas, Vietcombank and PetroVietnam were other companies making up the top five.

The figures were compiled by Tax Magazine, run by the General Tax Bureau, and VnExpress said they were confirmed by an official of the bureau.

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Vinamilk joins Forbes list of best firms

Forbes magazine has added Vinamilk to its list of Asia's 200 Best Under A
Billion, making it the first Vietnamese company to join the US
publication's prestigious list.

Asia 's 200 Best
Under A Billion highlights the 200 top-performing small- and mid-sized
companies with annual revenue under 1 billion USD, with the list
focusing on profitability, growth, modest indebtedness and future
prospects.

Vinamilk ranked 31st in market value on
the list, with equity of 1.56 billion USD. The company's sales reached
575 million USD in the most recent 12-month period, putting it in 16th
place.

"The magazine's recoginisation will help
market our trademark worldwide, as well as peg our performance to
international levels," said Vinamilk chairwoman Mai Kieu Lien.

Vinamilk (VNM) closed unchanged on Sept. 6 at 88,500 VND per share.

The Forbes list showed Hong Kong companies predominating, with 71
listed. India grabbed 39 spots, up from only 20 last year, while
only two Japanese companies made the list, down from 24 in 2009./.

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Navibank plans to list 100 million shares in Hanoi

Nam Viet Commercial Joint-Stock Bank, the Vietnamese lender known as Navibank, plans to list 100 million shares on the Hanoi Stock Exchange as early as next month, Chairman Nguyen Vinh Tho said.

Navibank had planned to list shares on the Hanoi bourse in late June, Dau Tu Chung Khoan magazine reported April 16, citing Chief Executive Officer Le Quang Tri. The Ho Chi Minh City-based lender traded as high as VND11,000 Monday in the over-the-counter market, according to FPT Securities Joint-Stock Co.

The Southeast Asian nation’s benchmark VN Index declined 1.5 percent today to 447.92, the lowest since Dec.18. It has dropped 9.3 percent this month, the worst performance among 93 benchmarks tracked by Bloomberg.

“The outlook for the Vietnamese stock market is more positive for September than this month because earnings of listed companies in the third quarter are expected to be better,” Tho said Monday in a telephone interview.

Navibank forecasts pretax profit will double this year to VND400 billion ($20.5 million), according to Tho. Total assets may rise to VND30 trillion from more than VND19 trillion last year, he said.

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