HCMC requests tax incentives for Samsung subsidiary

Update: 12:20 | 09/09/2020

HCMC has proposed that a subsidiary of Samsung be defined as an export processing enterprise to enjoy zero import and export duties.

The city said in a recent proposal to Prime Minister Nguyen Xuan Phuc that switching the label of TV screen producer Samsung Electronics HCMC CE Complex (SEHC) from a manufacturing enterprise to an export processing one will fulfill the city’s commitment to create a favorable investment environment for the South Korean conglomerate.

HCMC, tax incentives, Samsung subsidiary, export processing enterprise,  zero import and export duties, favorable investment environment

Samsung Electronics HCMC CE Complex (SEHC) in District 9, Ho Chi Minh City.

This will place Vietnam as an export base for Samsung to the global market and in turn benefit local suppliers to the South Korean giant, it said.

Vietnam allows export processing enterprises to enjoy zero import and export duties and other tax incentives, but a company needs to have 90 percent of its revenue coming from exports to be able to achieve this status.

SEHC forecasts its revenue from exports to reach $4.4 billion this year out of the total $4.9 billion, a ratio of 90 percent.

In 2018, the management board of the Saigon Hi-Tech Park in District 9, where SEHC is based, had made the same proposal. However, this was denied by the Ministry of Finance because the exports revenue ratio of SEHC between January 2016 and June 2018 was 75 percent.

Another the reason for the rejection was that SEHC operated in a hi-tech industrial park, not an export processing zone or an industrial or economic zone.

SEHC, which began operations in June 2016, produces and assembles smart TVs and LED screens.

Samsung is a major foreign direct investment company in Vietnam. About half of its smartphones are produced in the country, where it has invested over $17 billion so far. Its first plant in the country was built in 2008.

Samsung Hope School fuels belief of poor children
(BGO) - Chairman of the provincial People’s Committee of Bac Giang province has decided to approve the project “Samsung Hope School” in Dinh Huong village, Thang town, Hiep Hoa district granted by Samsung Electronics Vietnam Company Limited (SEV) and Korean Food and Hungry International (KFHI). The people’s committee of Hiep Hoa district will act as owner of the aid package.
 
Bac Giang provincial Steering Committee urges drastic measures to review workers at SamSung Display Company
(BGO) – The Steering Committee for Covid-19 Prevention and Control in Bac Giang province (Steering Committee) on April 13 issued urgent correspondence to order the People’s Committee in the districts and city to promptly review the Bac Giang’s residents and relevant case working at EQC-SI in SamSung Display Company, Yen Phong Industrial Park (Bac Ninh) who related to patient 262 so as to isolate and take sample for SARS-CoV-2 testing. 
 
Prime Minister commits support to Samsung Vietnam
Prime Minister Nguyen Xuan Phuc on October 11 affirmed that the Vietnamese Government always provides all possible support for investors, including those from the Republic of Korea and Samsung Vietnam, to expand operations in the country.
 
Samsung Electronics Vietnam presents 100 wheelchairs to Bac Giang’s people with disabilities
(BGO) – The Department of Foreign Affairs (DoFA) has recently coordinated with the Department of Labor, Invalids and Social Affairs and Samsung Electronics Vietnam Company Limited (Samsung Vietnam) to present 100 wheelchairs to the people with disabilities in the northern province of Bac Giang in 2019 to ease their travel difficulties and help them further integrate to the society so as to overcome the life challenges.  
 
Samsung Hope School project to run in Bac Giang
The third Samsung Hope School in Vietnam will be constructed in Hiep Hoa district in the northern province of Bac Giang to benefit more than 300 poor local pupils at primary and secondary levels.
 

Source: VnExpress

 
Bình luận mới vừa được thêm vào. Click để xem
Mới nhấtHay nhấtXếp theo: