What are the opening hours?

Monday 09:00 - 17:00 Tuesday 09:00 - 17:00 Wednesday 09:00 - 17:00 Thursday 09:00 - 17:00 Friday 09:00 - 17:00 Saturday 09:00 - 17:00

Asia Excellence, 235 Nguyen Van Cu Street, District 1, Ho Chi Minh City (2026)

Name: Asia Excellence
Address: 235 Nguyen Van Cu Street, District 1, Ho Chi Minh City, VN
Telephone: 0909389900

06/07/2022

🔻 Vietnam Airlines has recovered 80% of average daily cash flow

Vietnam Airlines has negative equity from the first quarter of 2022 after 2 years of losses due to the pandemic. The bailout package of VND 12 trillion in the form of refinancing and increasing charter capital from state shareholders has saved the company to stay on HOSE until now. But if the situation continues, Vietnam Airlines may not stay on HOSE for much longer.

However, the very fast recovery of the domestic aviation market has “saved” cash flow for the airline. Mr. Tran Thanh Hien said at the 2022 general meeting of shareholders (July 28): “The average daily cash flow at this time has recovered to 80% compared to the time before the pandemic, although the line only about 20% of international flights have recovered”. This means that the company’s ability to maintain continuous operations has been greatly improved.

Mr. Hien said that the company has developed a cash flow management plan in 2022 to ensure continuous operations and reach positive agreements with creditors and suppliers.

The total amount owed to suppliers to delay payment at the end of 2021 is VND 12,851 billion, mainly for aircraft rental, repair and maintenance, and flight service expenses. Continue to work with partners on the plan to restructure the time and amount of supplier debt.

In 2021, the company restructured domestic and foreign loans to about VND 3,203 billion. The amount of principal payable in 2021, which is restructured for later years, is about VND 2,245 billion, which has significantly reduced cash flow pressure.

The recovery of 80% of daily cash flow helps Vietnam Airlines to reduce losses quickly. However, if the price of Jet A1 fuel in 2021 is 72 USD/barrel, by 2022 it will average 131-140 USD/barrel and now it is up to more than 160 USD/barrel, making all airlines are all at a loss.

“The cost of fuel if it is 160 USD/barrel, it accounts for 50% of the total flight cost, which cannot be balanced financially,” Mr. Hien said.

Therefore, in the 2022 plan, Vietnam Airlines has set a revenue of up to 45 trillion VND, but the loss is still more than 9,000 billion VND because fuel costs “eat up”.

“If the market is as good as this time, fuel price is only 80 USD, then this year the company will reduce its loss to 3,000–4,000 billion VND,” added Mr. Hien.

From July 2022, Vietnam Airlines will increase the total number of international routes to 39 routes, equal to 60% compared to 2019. Currently, the number of international routes, which account for 65% of Vietnam Airlines’ revenue, is expected to recover in 2024, based on the latest market forecast of the International Air Transport Association (IATA).

---------------------------------------------------
ASIA EXCELLENCE®️- YOUR TRUSTED PARTNER TO SUCCESS IN ASIA ✔️

☎️ Hotline:
• Vietnamese speaking: 0909389900
• Chinese speaking: 0707003890
• English speaking: 0707003890

📨 Email: [email protected]
🌐 Website: www.asiaexcellence.com
🏢 Main Office: 118/56 Phan Huy Ich St, Ward 15, Tan Binh District, HCMC
🏢 Brand 1: 58/22 Phan Chu Trinh St, Ward 24, Binh Thanh District, HCMC

22/06/2022

🔻 Before the household registration book is officially “dead” at the end of 2022, what should people do?

According to the Law on Residence 2020, only paper household registration books are removed, but the concept of household registration is not completely removed. Accordingly, when removing the paper household registration book, the issued paper books will no longer be valid.

Therefore, State agencies will manage people’s residence information by electronic means, also known as electronic household registration books.

According to Clause 3, Article 38 of the Law on Residence 2020, effective from July 1, 2021: From the effective date of this Law, the issued household registration books and temporary residence books will still be used and valid. such as papers and documents confirming residence in accordance with this Law until the end of December 31, 2022.

Therefore, the issued paper household registration book will continue to be used until the end of December 31, 2022. From January 1, 2023, the paper household registration book was officially “deathed”, no longer valid for use.

In order not to face difficulties when the paper household registration book expires, people need to do these things immediately before the paper household registration book expires at the end of 2022.

Updating information in the National Database on Population

In Clause 3, Article 38 of the Law on Residence 2020, when a citizen carries out the procedures for residence registration leading to a change in information in the household registration book, the residence registration agency is responsible for withdrawing the issued household registration book. adjust and update information in the population database and do not issue or re-issue household registration books.

Accordingly, when the household registration book is revoked, the resident’s information is updated on the National Population Database.

According to the Law on Citizen Identification, the National Population Database is a collection of basic information about all Vietnamese citizens that is standardized, digitized, stored and managed by an information infrastructure to serving the state management and transactions of agencies, organizations and individuals.

According to Article 9 of the Law on Citizen Identification, information about citizens is collected and updated into the national population database, including: Surname, middle name and birth name; date of birth; s*x; place of birth registration; home town; ethnic; religion; nationality; marital status; place of residence; current residence; blood group…

According to the Ministry of Public Security, the national population data center has been officially put into operation since July 1, 2021.

Currently, the Ministry has updated to the system more than 102 million population information and localities have reviewed, “cleaned” data on the software system and consolidated book records, archives of household records. more than 98 million people (reaching 95.8%).

However, in some cases where information has not been updated on the National Population Database or has not been updated, the standard of residence information may be due to the fact that police officers have not been able to contact, people go to out of the local…

Therefore, if citizens have not been updated with the information on the National Population Database or updated but it is not accurate, it is necessary to quickly update it again to facilitate the implementation of administrative procedures. after December 31, 2022. The information on the Database is used to replace the paper household registration book when the paper household registration book expires from 2023.

Go to work Citizen ID with chip

Clause 1, Article 37 of the Law on Residence 2020 stipulates that relevant information about citizens’ residency is updated in the National Population Database.

In particular, Article 12 of the Law on Citizen Identity 2014 stipulates that personal identification numbers are established from the National Population Database to be used to connect, update, share and exploit information of citizens in the community. National population database and specialized databases.

The personal identification number (12 digits) is also the CCCD card number. When citizens carry out administrative procedures, they can present their CCCD card to get information about their residence and other information on the National Population Database.

Therefore, the Residence Management Police will use the personal identification number to access, update and adjust on the National Population Database.

Therefore, if citizens are using 9-digit ID card, that is, do not know their personal identification code, it will be very difficult to obtain information about residence. If citizens do not have a CCCD with a chip, they need to quickly go to work to facilitate the implementation of administrative procedures when the official paper household registration book is abolished.

Source: CafeF

---------------------------------------------------
ASIA EXCELLENCE®️- YOUR TRUSTED PARTNER TO SUCCESS IN ASIA ✔️

☎️ Hotline:
• Vietnamese speaking: 0909389900
• Chinese speaking: 0707003890
• English speaking: 0707003890

📨 Email: [email protected]
🌐 Website: www.asiaexcellence.com
🏢 Main Office: 118/56 Phan Huy Ich St, Ward 15, Tan Binh District, HCMC
🏢 Brand 1: 58/22 Phan Chu Trinh St, Ward 24, Binh Thanh District, HCMC

18/06/2022

🔻 Vietnamese airlines have the fastest recovery speed in the world

IATA has just released its latest report on the recovery of the aviation market.

Vietnam ranks No. 1 in the list of 25 countries with the fastest recovery in the domestic aviation market. The next positions are Mexico, Brazil, Russia, Spain, Turkey, Australia, respectively.

Southeast Asia has Indonesia ranked 8th, Malaysia 9th, the Philippines 13th and Thailand 24th.

According to data from the Civil Aviation Administration of Vietnam, the number of passengers and cargo volume in the first six months of the year increased sharply compared to the same period last year.

Specifically, the number of passengers through airports reached 40.7 million, up 56.8%. Notably, the number of international visitors reached 1.8 million arrivals, up 904.6 percent while domestic arrivals reached 38.9 million arrivals, up 52.6%.

Domestic airlines carried a total of 20.1 million passengers, up 56.1%.

In addition, the volume of cargo through airports in the first 6 months is estimated at 765,000 tons, up 30.6%.

It is expected that in 2022, airports across the country will receive about 87.8 million arrivals, up 190% over the same period last year. Particularly, the number of international visitors is estimated to reach 5 million arrivals, up 844%, while domestic visitors reach 82.8 million arrivals, up 178.4%. Cargo output reached 1.5 million tons, up 5%.

Although the aviation industry is having an impressive recovery, the business situation of airlines is still facing many difficulties.

In the first quarter financial report of FLC Group, its member airline Bamboo Airways recorded a loss of about 692 billion VND in the first 3 months of the year.

Another airline that also recorded a loss was Vietravel Airlines. Calculating according to the loss distribution on Vietravel’s first-quarter financial statement, the member airline of the enterprise lost about 137 billion VND in the quarter.

Despite the strong recovery in revenue, Vietnam Airlines still lost more than 2.6 trillion VND in the first quarter. At this rate, the company’s accumulated loss was 24,500 billion VND (more than 1 billion USD). The airline’s equity is negative 2,160 billion VND. With the business having negative equity, Vietnam Airlines is in danger of being delisted on the Ho Chi Minh Stock Exchange (HoSE) according to regulations.

In contrast to passenger aviation and air services, the group of aviation logistics enterprises is still “living well” during the epidemic when Noi Bai Cavices Joint Stock Corgo Sermpany (NCT), Saigon Cargo Services Joint Stock Company (SCS) and ASG Group Joint Stock Company both recorded pre-tax profits of VND 75 billion, 202 billion VND and 25 billion VND, respectively.

@ Zing News

---------------------------------------------------
ASIA EXCELLENCE®️- YOUR TRUSTED PARTNER TO SUCCESS IN ASIA ✔️

☎️ Hotline:
• Vietnamese speaking: 0909389900
• Chinese speaking: 0707003890
• English speaking: 0707003890

📨 Email: [email protected]
🌐 Website: www.asiaexcellence.com
🏢 Main Office: 118/56 Phan Huy Ich St, Ward 15, Tan Binh District, HCMC
🏢 Brand 1: 58/22 Phan Chu Trinh St, Ward 24, Binh Thanh District, HCMC

16/06/2022

🔻 “Big man” Apple towards the era of ‘no password’

An energetic summer at the place where the “key” of the experience is given to students

Passwords help secure information and identity, but if you accidentally forget, the process of finding your login password will be very difficult. Fortunately, this will be completely removed by Apple soon, according to the WSJ.

AGE OF NO PASSWORD

Specifically, in Apple’s latest software updates for iPhone, iPad, and Macbook, users will be able to log into multiple accounts without needing a password or rely on a password manager to Save and fill in the information. Instead, the entire login process will be wrapped up with a face or fingerprint scan.

Passwords have always been considered the standard for account security, but there are many potential risks. Despite the warnings of experts about using complex passwords to avoid being hacked, most users only use a single password for many accounts. This makes it easy for hackers to access and steal personal information.

Apple, one of the Wall Street tech giants is looking to solve this problem and completely replace the password requirement. According to Darin Adler, Apple’s vice president of internet technology, this innovation, called passkeys, will be easier and more secure than the old password style.

Apple aims for a passwordless era, launches a method to replace traditional passwords - Photo 1.

Apple, one of the Wall Street tech giants, is looking to completely replace the password requirement

The WSJ says each passkey is unique, usable on non-Apple devices, for both new and old accounts. They are stored right on the device, not on Apple servers or any app developers, websites. That’s why hackers, even if they can access the server, can’t find the password to steal. In addition, passkeys are also anti-phishing because the system does not have a password to share information with.

“Passkeys will stop most cybercriminals, as hackers cannot steal any,” said Ondrej Krehel, head of digital and incident response at cybersecurity monitoring platform Security Scorecard. what”.

PASSKEYS

Apple representatives said that passkeys are part of a new set of standards set forth by the Fast Identity Online Alliance, a technology association with more than 250 different large corporations, such as Microsoft or Alphabet. This organization, FIDO Alliance for short, has been working for nearly a decade to improve the online authentication process.

Apple aims for a passwordless era, launches a method to replace traditional passwords - Photo 2.

According to Andrew Shikiar, CEO and marketing lead of FIDO Alliance, the new login method called passkeys will allow the company to take different approaches to passwordless security, such as: implementing a biometric method, a security key, or a PIN stored on a device.

Apple towards the “passwordless” era, launches a method to replace traditional passwords

“It’s important that we don’t send out any human-readable classified information over the internet,” Shikiar said.

Experts say millions of Apple users will have password-free access starting this fall when they upgrade to iOS 16 or MacOS Ventura.

“Today, consumers have hundreds of passwords to memorize. Passkeys is really a big step forward,” said Mike Newman, CEO of password security company My1Login.

Then, instead of using a password, the user will scan the biometrics on the Apple device. If you’re using an iPad or Mac, Touch ID will authenticate for you. If you’re using an iPhone, Face ID will do the trick.

Upon activation, the passkeys are stored in iCloud Keychain, Apple’s password management system, so that they are accessible across all devices, including Macbooks, iPhones, iPads, and Apple TVs.

Source: CafeBiz

---------------------------------------------------
ASIA EXCELLENCE®️- YOUR TRUSTED PARTNER TO SUCCESS IN ASIA ✔️

☎️ Hotline:
• Vietnamese speaking: 0909389900
• Chinese speaking: 0707003890
• English speaking: 0707003890

📨 Email: [email protected]
🌐 Website: www.asiaexcellence.com
🏢 Main Office: 118/56 Phan Huy Ich St, Ward 15, Tan Binh District, HCMC
🏢 Brand 1: 58/22 Phan Chu Trinh St, Ward 24, Binh Thanh District, HCMC

13/06/2022

🔻 Nearly 480,000 new accounts opened in May, double the previous month

After the strong correction in May, the Vietnamese stock market is recording relatively prosperous trading sessions. The VN-Index recovered continuously in the first three sessions of the week, especially breaking through nearly 17 points in the session of June 8 to successfully regain the important level of 1,300.

However, in the context of the market’s positive changes after many weeks of sliding, trading at low levels is still the dominant trend instead of a follow-through boom as expected by many investors. Session 9/6 recorded the matching value on HoSE at only 11,876 billion d**g, the lowest since the beginning of the week. If looking broadly at the previous May, liquidity recorded a pressure drop when the average trading value in the month was just over 17,700 billion d**g/session, down more than 30% compared to the trading value in April and lower. much higher than the average level of VND 30,000 billion/day in November 2021.

In fact, the joy of “showers after drought” was not so strong from the previous recovery spans from the bottom of the market. This has surprised investors in the last 2 years, when they were used to the massive cash inflow by the wave of new investors F0 landed in securities. Whenever the market fluctuates strongly, immediately the liquidity will be pushed to a very high threshold, the level of over 30,000 billion is not too uncommon because investors are not afraid to race orders. Therefore, even when the VN-Index fell by more than 200 points but the cash flow was still “indifferent”, many investors found it even more difficult to explain. In particular, liquidity continuously declined in the context that the number of new accounts opened was continuously increasing sharply, even setting an impressive record.

According to data from the Vietnam Securities Depository (VSD), domestic investors opened 476,455 new securities accounts in May, double that of the previous month and a record number in history.

Newly opened securities accounts, why is liquidity still low?

The number of new accounts opened by domestic investors in the past month was even 200,000 higher than the old peak reached in March. Individual investors continued to be the core when opening 476,332 new accounts next to them. 123 accounts come from institutional investors. Generally, in the first 5 months of the year, domestic investors opened a total of more than 1.38 million securities accounts, nearly equal to the figure for the whole year of 2021 (1.53 million accounts). The total number of domestic investor securities accounts by the end of April reached 5.6 million, accounting for nearly 5.7% of the population.

As of the end of the first quarter of 2022, customer deposit balances at securities companies are estimated at up to VND 100,000 billion, an increase of about VND 6,000 billion compared to the end of 2021. This is the amount of money that is available in the account. investors and had not yet disbursed at the end of March. So what’s really going on?

Newly opened securities accounts, why is liquidity still low? - Photo 2.
The number of new accounts opened continuously set a record

There are many reasons for the sharp increase in the number of new accounts opened by domestic investors

Joining the general flow, the solution to open an online account using eKYC (electronic customer identification) technology has been promoted by securities companies during the boom period of the stock market. Thanks to the convenience and speed, the initial results have been achieved with the number of new account openings increasing faster than the growth rate of the number of accounts of the Taiwan stock market in the period 1985 – 1990. However, it should be noted that the number of new accounts does not accurately reflect the level of people’s participation in securities because an investor can have many accounts at many securities companies, not to mention accounts in status. “passive”.

In addition, in the context of the stock market with great potential and breakthrough growth, a number of new securities companies were also born with extremely attractive policies to develop the number of customers, directly increasing the number of customers. number of new accounts opened in the market. However, a large part of them are investors who have opened accounts at other securities companies but want to experience new services and more preferential policies. Thus, an increase in the number of new accounts does not mean that new money flows into the market, “new bottles but not new wine”.

In terms of macro factors, on May 5, the US Federal Reserve (Fed) raised interest rates by 50 basis points, marking the strongest interest rate hike in more than 20 years. Domestically, interest rates have remained low throughout 2020 and 2021 to support the economy to overcome difficulties caused by the Covid-19 pandemic. Therefore, the pressure from the hawkish moves of the Fed more or less affected the cash flow into securities when the cheap money environment is no longer maintained.

The strong shaking of the stock indexes recently also made both investors holding stocks or those holding money to be apprehensive. For stock holders, investors are not really confident with the market’s uptrend because strong selling pressure is still standing to cool down the index’s gain. With the side holding the money, investors are also not really ready to participate, when the uptrend can turn into a “bull-trap” trap and push them into a state of “swinging to the top”.

Positive outlook of the stock market

However, Vietnam’s inflation is still very stable under control, plus the clear roadmap to increase interest rates of the State Bank, the capital market or more specifically the stock market still possesses fertile room for growth. long-term sustainable development. In addition, the story of market upgrading is also expected to promote the return of foreign capital inflows in the future. Mr. Nguyen Quang Thuan, Chairman and CEO of FiinGroup, said that if Vietnam was upgraded to Emerging Markets, Vietnam could also receive tens or even hundreds of billions of dollars into the market.

A recent report of the SGI Capital analysis team assessed that the economy is still in the process of a solid recovery. Newly opened businesses continued to increase rapidly, retail spending increased sharply, industrial production recovered quickly, along with a continuous surplus of the State budget thanks to taxes.

Newly opened securities accounts, why is liquidity still low? - Photo 3.
According to SGI Capital, the stock market is always ahead of economic developments and may be reflecting concerns about inflation and the risk of monetary tightening at the highest level. When the signals of inflation risk subside, cash flow will return. Looking at the domestic market, we continue to be optimistic with the business results of many businesses along with the economic recovery momentum, especially those with a low comparison background during the period of severe Covid-19 impact in the country. 2nd and 3rd quarter of 2021. SGI Capital believes in the ability of businesses in the VN-Index to maintain profit growth of over 20% for 2022.

Vietnam’s solid macroeconomic fundamentals and long-term growth prospects are different, and policies to make the market more transparent are the necessary conditions for the capital market to develop effectively and attract large capital flows. keep looking.

Source: CafeF

---------------------------------------------------
ASIA EXCELLENCE®️- YOUR TRUSTED PARTNER TO SUCCESS IN ASIA ✔️

☎️ Hotline:
• Vietnamese speaking: 0909389900
• Chinese speaking: 0707003890
• English speaking: 0707003890

📨 Email: [email protected]
🌐 Website: www.asiaexcellence.com
🏢 Main Office: 118/56 Phan Huy Ich St, Ward 15, Tan Binh District, HCMC
🏢 Brand 1: 58/22 Phan Chu Trinh St, Ward 24, Binh Thanh District, HCMC

11/06/2022

🔻The Ministry of Health will issue vaccine passports to people from April 15

From April 15, the Ministry of Health will conduct centralized signing to issue vaccine passports to people. (Photo: VNA/Vietnam+)
According to the plan, from April 15, the Ministry of Health will conduct centralized signing to issue vaccine passports to people. The vaccine passport is essentially an electronic COVID-19 vaccination certificate.

Previously, from April 8, the Ministry of Health asked localities to confirm vaccination information with digital signatures. The establishment that enters the injection data is responsible for signing and approving the vaccination information.

Implement the issuance of vaccine passports for children immediately

Vietnam’s electronic vaccine passport uses the standards issued by WHO and EU, currently being used in 62 countries and in the near future more countries will be added.

Vaccine passports are displayed on the Electronic Health Book application, PC-Covid or searched on the Portal of the Ministry of Health by entering 4 information: Full name, date of birth, gender, public identity population, the date of the most recent injection, then declare your personal email to receive your passport.

The Ministry of Health is responsible for promulgating forms, procedures and issuing vaccine passports. However, to know which countries the vaccine passport is recognized and used in, people need to follow information from the Ministry of Foreign Affairs.

The vaccine passport form has been issued by the Ministry of Health since December 2021, including 11 fields of information: Full name, date of birth, disease, number of injections, injection date, dose, vaccine product… Information is displayed by QR Code for security, avoiding errors, revealing personal information.

The validity of the electronic vaccine passport is 12 months from the date of issue, this is a technical solution to ensure information safety and security. When it expires, the system will automatically generate a new QR code.

From April 18, the campaign to vaccinate against COVID-19 for children from 5 to under 12 years old will be deployed nationwide.

In the campaign to vaccinate children against COVID-19 for children from 5 to under 12 years old, the Ministry of Health requires 100% of vaccination establishments to administer injections, enter complete and accurate data, and digitally sign certificates. received on the COVID-19 Immunization Management platform, completed within the same day. With this regulation, children from 5 to under 12 years old will also be issued with vaccine passports like other subjects vaccinated against COVID-19 vaccine.

Up to now, Vietnam has reached an agreement on mutual recognition of vaccine passports with 19 countries. Countries that recognize Vietnamese vaccine passports include: Japan, the United States, the United Kingdom, Australia, India, Belarus, Cambodia, the Philippines, Palestine, the Maldives, New Zealand, Sri Lanka, Egypt, Turkey, Singapore, and Saint-Germain. Lucia, Korea, Iran and Malaysia.

Citizens need to report accurate information

According to Mr. Do Truong Duy – Director of the Information Technology Department (Ministry of Health), people have been vaccinated, accurately declared information and have been entered by vaccination facilities into the vaccination system and authenticated. Correct information with the National Database of Population will be issued a vaccine passport without having to perform any further procedures.

According to the Ministry of Health, people will not be issued a vaccine passport if the vaccination information is incorrect, the injection is missing, m. For people who have not been issued with vaccine passports due to lack or incorrect information, they need to contact the vaccination facility to be supplemented and updated. In addition, people can reflect on the COVID-19 vaccination portal https://tiemchungcovid19.gov.vn to be supplemented and updated.

Holders of vaccine passports recognized by Vietnam and other countries are entitled to apply the same medical measures as those who have been vaccinated in the host country. This recognition includes exemption from the consular certification/legalization procedure when using this document in the receiving country.

Vaccine passports are used to prove an individual’s history of vaccinations and cures, and are not a substitute for other valid entry and exit documents such as passports, visas, national travel documents. passport, temporary residence card, permanent residence card, visa exemption certificate…

According to statistics of the Ministry of Health , the country has so far injected nearly 209 million doses of COVID-19 vaccine. The coverage rate of COVID-19 vaccine for people aged 18 years and over with the 1st and 2nd doses is nearly 100%, and the rate of people who have received the 3rd dose is over 51%; for people from 12 to under 19 years old, nose 1 is 99.9% and nose 2 is 95.3%.

Source: vietnamplus.vn

---------------------------------------------------
ASIA EXCELLENCE®️- YOUR TRUSTED PARTNER TO SUCCESS IN ASIA ✔️

☎️ Hotline:
• Vietnamese speaking: 0909389900
• Chinese speaking: 0707003890
• English speaking: 0707003890

📨 Email: [email protected]
🌐 Website: www.asiaexcellence.com
🏢 Main Office: 118/56 Phan Huy Ich St, Ward 15, Tan Binh District, HCMC
🏢 Brand 1: 58/22 Phan Chu Trinh St, Ward 24, Binh Thanh District, HCMC

08/06/2022

🔻Personal income tax revenue from real estate transfer increases sharply in 2022

That is the data updated by the Minister of Finance in the report sent to the National Assembly deputies ahead of the questioning activity starting tomorrow afternoon (June 7).

In this report, Minister Ho Duc P**c only proposed two solutions to prevent tax loss in business activities and real estate transfer in the coming time – one of the issues the National Assembly decided to question him.

Minister Ho Duc P**c said that in the past time, the Ministry of Finance has implemented many solutions to prevent tax loss in business activities and real estate transfer.

Specifically, the Ministry of Finance has sent a document to the People’s Committees of the provinces and centrally-run cities, requesting the People’s Committees of the provinces and cities directly under the Central Government to direct the Department of Natural Resources and Environment to coordinate with relevant agencies to review. , promptly issue a decision on additional adjustment of the specific land price list for each location, ensuring compliance with the actual transaction price on the market and the investor’s selling price
The Ministry has directed the tax authorities not to cause difficulties and troubles for taxpayers in the process of processing real estate transfer documents. At the same time, tax officials and civil servants involved in the handling of real estate transfer documents have strictly complied with the regulations on the order and procedures for handling documents to determine financial and financial obligations. the process of working directly with taxpayers according to regulations and having a mechanism to supervise officials and civil servants in the process of propagating and guiding the declaration of real estate transfer prices for taxpayers.

The Ministry also directed the Tax Departments to review real estate transfer documents and request timely settlement and handling for people and businesses in accordance with the law.

As a result, personal income tax revenue from real estate transfer in 2021 reached 21 trillion VND, an increase of more than 4.9 trillion VND (30% increase rate) compared to 2020. Accumulated in 5 months In early 2022, the personal income tax revenue from real estate transfer is expected to reach VND 16 trillion; increased by 68.6% compared to the first 5 months of 2021, equivalent to an increase of 6.6 trillion VND.

In the report, the Minister also pointed out limitations in the implementation process, that is, business activities, real estate transfer are governed by tax laws on value-added tax, corporate income tax, personal income tax and tax administration.

Tax collection for business activities, real estate transfer still faces some difficulties, such as policies related to land have been regulated, these documents are regulated by many agencies and departments. In the state management sector, these regulations are not synchronized, so determining the market price of real estate still faces many difficulties.

Currently, the most difficult thing is that the Land Law stipulates a stable land price list for 5 years, while in fact the real estate market price fluctuates continuously, thus leading to the fact that the land price set by the Provincial People’s Committee is not close to the real estate market price.

The coordination with relevant agencies, departments and branches also faced many difficulties, the Minister acknowledged.

The next difficulty is that the legal document has not yet provided for a mechanism to control cash flow for real estate transfer transactions. The people’s sense of self-discipline to fulfill their tax obligations is not high. Inadequate awareness of tax policies and related laws, not aware of the consequences when declaring tax at a price that is not true to the actual transfer price.

The land registration office sends the dossier to the tax office often close to the scheduled date of return of the results or the delay leads to pressure on the time to return the results of the determination of financial obligations on the land, causing delays in administrative procedures.

Regarding solutions to overcome in the coming time, the Minister said that he will continue to advise and propose to the Government to implement a number of solutions, such as organizing a review of legal documents related to activities of the Government. trading and transferring real estate in the field of state management of the Ministry of Finance to amend and supplement to ensure consistency and synchronization.

The second solution is to add regulations on payment via bank for real estate transfer in Article 16 of the Law on Real Estate Business No. 66/2014/QH13 dated November 25, 2014.

Source: CafeF

---------------------------------------------------
ASIA EXCELLENCE®️- YOUR TRUSTED PARTNER TO SUCCESS IN ASIA ✔️

☎️ Hotline:
• Vietnamese speaking: 0909389900
• Chinese speaking: 0707003890
• English speaking: 0707003890

📨 Email: [email protected]
🌐 Website: www.asiaexcellence.com
🏢 Main Office: 118/56 Phan Huy Ich St, Ward 15, Tan Binh District, HCMC
🏢 Brand 1: 58/22 Phan Chu Trinh St, Ward 24, Binh Thanh District, HCMC

Asia Excellence

06/07/2022

22/06/2022

18/06/2022

16/06/2022

13/06/2022

11/06/2022

08/06/2022

Address

Opening Hours

Telephone

Website

Alerts

Shortcuts

Share

Category

Monday	09:00 - 17:00
Tuesday	09:00 - 17:00
Wednesday	09:00 - 17:00
Thursday	09:00 - 17:00
Friday	09:00 - 17:00
Saturday	09:00 - 17:00