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Summary

22 COVER STORIES 12 ECONOMY - POLICY
PUSHING UP VIETNAM - SOUTH KOREA CONFERENCE LOOKS AT

TRADE TURNOVER TO $150 BILLION DEVELOPMENT OF SOEs

BY 2030 At a conference on “Continuing innovating and improving
operational efficiency to mobilize resources of State-owned
After 30 years of diplomatic relations, Vietnam and South Korea enterprises (SOEs) in socio-economic development”, held
are important partners of each other. Cooperation between the on March 24, Prime Minister Pham Minh Chinh
two countries in recent years has achieved many practical results, emphasized that the State must create an environment and
in which economic cooperation has been an important pillar. The business ecosystem suitable with a socialist-oriented
two will continue to improve the quality of economic, trade, and market economy and the country’s circumstances. He also
investment cooperation, striving to increase bilateral trade spoke of the need for SOEs to actively participate in the
turnover to $100 billion in 2023 and to reach the goal of $150 country’s development. However, he also pointed out
billion by 2030. However, there remain difficulties and concerns, such as the development of SOEs not being
inadequacies that need to be resolved soon. Proposals have been commensurate with the resources they possess and their
made that businesses from the two countries should step up and
promote investment cooperation in priority fields such as high business not growing as expected or required. He also
technology, science and technology, and innovation, as well as the acknowledged that there are still obstacles in institutions
green economy, the digital economy, and digital transformation. and policies that need to be removed.

28 BANKING - FINANCE
FIGHTING TAX LOSSES FROM

CROSS-BORDER BUSINESS
PLATFORMS

Tax revenue from cross-border business platforms has
grown 27-fold in the past six years, reaching more than
VND1.3 trillion ($57 million) in 2021. This revenue,
however, is small compared to the huge earnings of these
platforms in Vietnam. According to analysts, Vietnam is
becoming more and more attractive due to the presence
of many multinational corporations doing business on
digital and cross-border platforms, such as Google,
Facebook, and Netflix. This rapid, explosive growth and
new forms of cross-border e-commerce are posing new
challenges to tax authorities, however. Management
agencies have identified some solutions to address cross-
border business activities.

4 Kinh tế Việt nam | Số 13 | ngày 28/3/2022 www.vneconomy.vn