Many large enterprises reduce export turnover
According to the socio -economic report in the first 5 months of the People's Committee of Hai Phong City, the US reciprocal tax policy has affected the import and export situation of the enterprise and directly affects a number of manufacturing industries of enterprises in the city. Some large enterprises in the area have decreased export turnover such as LG Electronics Vietnam Co., Ltd. (Trang Due Industrial Park), Regina Miracle International Vietnam Co., Ltd. (VSIP Industrial Park), Greenworks Co., Ltd. (Trang Due Industrial Park), Dinh Vang Co., Ltd., StateWay Vietnam Co., Ltd. Statistics of Hai Phong Economic Zone Management Board, the total number of affected enterprises is 64 direct and indirect export enterprises through export designation.
The reciprocal taxpayer has not directly affected the State budget revenue of the Region II Tax Department, because the State budget revenue through the export of goods through the area of the Sub -Department in May has not decreased. However, through import data, businesses tend to search for raw materials from other markets or reduce the import of raw materials and products from the US market. The prolonged reduction of imported import will continue to cause the Vietnam -US trade balance deficit.
At the meeting with businesses to discuss the US counterpart tax policy, businesses said that in the worst case scenario, if the US officially applies a counterpart tax of 46% on goods exported from Vietnam, many businesses may face the risk of losing the market, leading to a shrinkage of production scale, reducing the number of workers and facing significant financial difficulties.
Maximize support for businesses
It is known that the City People's Committee has issued Document No. 3266/VPTCNS instructing to support businesses affected by the reciprocal tax policy of the United States. Recently, at the report of socio -economic situation, Hai Phong City People's Committee also proposed specific and feasible solutions to respond and support. In particular, closely follow the direction of the superiors to implement solutions to respond when the United States raises the tax rate for imported goods of Vietnam. Along with that, grasping the difficulties and problems of businesses to promptly remove difficulties for the business community in general and especially with businesses in Hai Phong, there are goods exported to the United States.
The city has stepped up the implementation of measures to prevent tax evasion acts through Vietnam, fraud of fake origin, and illegal transfers. At the same time, effectively take advantage of free trade agreements (FTAs); promote diversification of export markets such as the Middle East and Latin America; increase trade promotion, improve logistics infrastructure to reduce transportation costs and enhance the competitiveness of Vietnamese goods. On the other hand, businesses diversify export markets, effectively exploiting key markets, traditional markets as well as small markets and corridor markets.
At the meeting with businesses, leaders of the Hai Phong Economic Zone Management Board also encouraged businesses to support each other and promote links with domestic partners. Thereby, building a solid domestic supply chain, helping to reduce costs, creating a foundation for businesses to integrate more deeply into the international market.
