FDI enterprises recover quickly, pay high taxes

Update: 20:43 | 30/09/2021

(BGO) - In May and June this year, the Covid-19 outbreak in Bac Giang province had negative impacts on the activities of busineses, including foreign direct investment (FDI) enterprises, in industrial parks. However, with their efforts to overcome difficulties, these enterprises quickly restored production and business, making positive contributions to the state budget.

Many "bright spots"

Fuhong Precision Component Co., Ltd. of Hon Hai Technology Group based in the Dinh Tram Industrial Park is one of hundreds of enterprises in four industrial zones in the province that had to suspend operations in May to prevent and control the Covid-19 epidemic. At the end of May, the unit resumed production.

FDI enterprises, recover quickly, pay high taxes, Bac Giang province, post Covid-19 pandemic,  Covid-19 outbreak, industrial park and cluster, restored production and business

A sewing line of Crystal Martin Vietnam Co., Ltd., in the Quang Chau Industrial Park.

According to Zhou Xianhong, General Director of the company, the enterprise currently has nearly 11,000 workers, an increase of more than 1,000 employees compared to the time before the outbreak. Thanks to good epidemic prevention and an appropriate increase in working hours, its production and business activities are quite stable, with high output as compared to the first months of the year. In the past nine months of 2021, the company paid more than 65.6 billion VND (2.87 million USD) to the provincial budget, an increase of nearly 22 billion VND over the same period last year.

Similarly, Lens Technology Vietnam Co., Ltd in the Quang Chau Industrial Park has focused on increasing working hours and upgrading some lines to raise production capacity and secure orders according to the global supply chain. As a result, its revenue rose significantly compared to the previous year. Notably, the total value-added tax (VAT) and corporate income tax paid by the company to the state budget in the past nine months reached about 88.5 billion VND (3.87 million USD), an increase of over 88 billion VND year-on-year.

Despite being affected by the pandemic, since the beginning of the year, FDI enterprises have paid 854 billion VND (37.3 million USD) to the budget, up 9 percent over the same period last year, mainly from corporate income tax and VAT.

Other units with high budget contributions are Vina Solar Technology Co., Ltd., (Van Trung Industrial Park), with nearly 118 billion VND, an increase of more than 63 billion VND; and Nichirin Vietnam Co., Ltd. (Quang Chau Industrial Park), with 36.6 billion VND, a rise of 15 billion VND.

The province currently has 377 enterprises operating in six industrial parks, including 355 FDI firms with taxes payable. According to the provincial Tax Department, despite being affected by the pandemic, since the beginning of the year, FDI enterprises have paid 854 billion VND (37.3 million USD) to the budget, up 9 percent over the same period last year, mainly from corporate income tax and VAT.

Striving to fulfil the assigned estimate

The amount of taxes paid by FDI enterprises has significantly contributed to the province's budget revenue in the first nine months of this year, reaching over 9 trillion VND (393 million USD), up 53 percent year-on-year and exceeding 4.1 percent of the estimate.

FDI enterprises, recover quickly, pay high taxes, Bac Giang province, post Covid-19 pandemic,  Covid-19 outbreak, industrial park and cluster, restored production and business

Fuhong Presision Component Co., Ltd. based in the Dinh Tram Industrial Park is one of the enterprises with high tax payment.

To help companies quickly restore production and business activities after the epidemic, the provincial People's Committee and relevant agencies such as the provincial Industrial Parks Management Board, the Department of Industry and Trade, the Department of Taxation and the Department of Health, have implemented many support solutions.

The province established a steering committee and a number of working groups to support enterprises to restore and maintain industrial production, from pandemic prevention and control to labor recruitment and production organization. In particular, the province directed localities to review boarding houses to introduce to businesses to rent for their workers, ensuring safety, thus helping workers and businesses feel secure. Enterprises also actively removed difficulties, recruited workers and upgraded production lines to soon stabilize production.

Notably, while businesses were facing difficulties, implementing Decree No. 52/2021/ND-CP dated April 19, 2021 of the Government on extending the deadlines for paying VAT, corporate income and personal income taxes and land rent in 2021, the provincial Tax Department has reviewed and extended the tax payment deadlines and exempted late payment fees for businesses affected by the Covid-19 epidemic. The total amount of extended taxes for businesses in the province, including FDI ones, is more than 278 billion VND (12.1 million USD).

At the same time, the department has synchronously taken many measures to increase revenue for the provincial budget. Nguyen Van Hung, its Deputy Director, said that on the basis of the tax amount incurred by businesses, the department focused on guiding companies to declare taxes correctly and fully, and pay them on time.

Minh Linh
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