Bắc giang
Budget revenue from FDI enterprises in Bac Giang exceeds target
BAC GIANG - This year, the budget revenue in the northern province of Bac Giang has been much improved with most taxes exceeding the assigned estimate. Among these, domestic tax revenue from foreign direct investment (FDI) enterprises exceeded the estimate by hundreds of billions of VND.
Currently, the province has about 400 FDI enterprises operating with tax payable to the state budget. These companies are mainly concentrated in some industrial parks (IPs) such as Van Trung, Quang Chau, Dinh Tram, Song Khe - Noi Hoang and Hoa Phu.
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The production area of New Wing Interconnect Technology Co., Ltd. |
To increase revenue, many enterprises have recently made efforts to overcome difficulties, boost production and business, thereby having high tax contributions.
Lens Technology Vietnam Co., Ltd. (Quang Chau IP) is one of the typical units. This is a 100% Chinese-invested enterprise specializing in manufacturing and processing electronic components. The company's products are supplied to Samsung, Apple and Xiaomi.
These days, at the company's factories, thousands of workers are rushing to complete products, ensuring orders per the global supply chain for partners.
According to the company's representative, in addition to the initial registered investment capital, this year, the company registered to invest an additional 158 million USD and expanded the production project in phase 2.
The company's revenue this year increased sharply with total tax paid to the budget reaching more than 170 billion VND (7.1 million USD), an increase of 45 billion VND compared to last year. The provincial Tax Department confirmed this is one of 10 FDI enterprises in the province with high tax payments.
Similarly, Hosiden Vietnam Co., Ltd (Quang Chau IP) is a 100% foreign-invested enterprise, specializing in manufacturing products in the electronics sector. In 2024, the company exported millions of products of all kinds, mainly supplying to Samsung Group; contributing nearly 135 billion VND to the budget, an increase of 32.3 billion VND compared to the previous year.
A series of other FDI enterprises also have high tax payments such as New Wing Interconnect Technology Co., Ltd. (Van Trung IP); Fuhong Precision Component Co., Ltd. (Dinh Tram IP); Luxshare - ICT Vietnam Co., Ltd. (Quang Chau IP); Luxshare - ICT Co., Ltd. (Van Trung IP); Hana Micron Vina Co., Ltd. (Van Trung IP); Siflex Vietnam Co., Ltd. (Song Khe - Noi Hoang IP).
The budget revenue from FDI enterprises in the whole province reached more than 2,915 billion VND (mainly value added tax, corporate income tax and personal income tax), up more than 700 billion VND compared to the estimate assigned by the Central Government.
In recent years, Bac Giang has been the destination of many FDI enterprises. The tax payments of FDI enterprises have contributed significantly to the increase in revenue for the provincial budget.
This year, the province's state budget revenue reached more than 19.1 trillion VND, exceeding the central government's estimate by 22.2%. The high tax collection results from the FDI enterprise sector are thanks to good economic recovery and many new export orders for enterprises.
According to the Provincial Industrial Park Management Board, Bac Giang currently ranks 10th in the country in attracting FDI investment. FDI projects mainly focus on manufacturing and processing of electronic components, garments and logistics among others.
In 2024, the province issued new investment registration certificates for 68 FDI projects with a total registered capital of more than 492 million USD; adjusted investment certificates for 63 FDI projects with an additional capital of more than 762 million USD, doubling that of the previous year.
Up to now, the province has attracted 30 countries and territories to invest in local areas, of which China has the largest number of projects, followed by Korea, Singapore and Japan.
Bac Giang has recently stepped up measures to improve the investment and business environment, well conduct the site work at the IPs to create clean land to attract investment.
In particular, local authority has promoted administrative procedure reform, creating favorable conditions for FDI enterprises to produce and do business.
The province has improved the quality of investment attraction, prioritizing projects in the processing and manufacturing industries, especially high-tech industries, semiconductor technology and electronic component manufacturing.
Also, the province has created favorable conditions for enterprises to recruit workers to meet production requirements.
BAC GIANG - To improve the effectiveness of state tax management for business households, implementing the direction of the Ministry of Finance and the General Department of Taxation, this year, the Tax sector of Bac Giang province focuses on applying digital map of business households in the whole province.
Central Binh Dinh Province, home Quy Nhon beach city, has proposed introducing flying taxis to boost tourism and enhance sustainable development in the region.
Pre-tax profit of parent companies of 19 corporations and parent companies under the Commission for Management of State Capital at Enterprises (CMSC) is estimated to reach 50.36 trillion VND (2.08 billion USD) in the first nine months of the year.
The 19th Meeting of the Working Group on the ASEAN Forum on Taxation (WG-AFT 19) and the 16th Meeting of the ASEAN Sub-Forum on Excise Taxation are taking place in Luang Prabang province of Laos from October 14-16.
BAC GIANG - According to the Bac Giang Provincial Taxation Department, since the beginning of the year, the tax sector has collected more than 5.2 trillion VND (224.8 million USD) of tax debt.
State budget collection has so far reached 85% of this year's estimate, Deputy Minister of Finance Nguyen Duc Chi has reported.
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