The domestic shipping industry needs support from the State to develop Vietnam’s fleet of cargo ships, according to the Ministry of Transport.

The State Capital Investment Corporation (SCIC) announced on January 14 that its pre-tax profit soared over 36% in 2020, hitting an estimated VND6.58 trillion (around US$286 million).

The military-run telecommunication group Viettel posed revenue of over VND264 trillion (US$11.48 billion) in 2020, up 4.4% against the previous year and exceeding its yearly plan by 2.4%.

Deputy Prime Minister Truong Hoa Binh has assigned the State Bank of Vietnam (SBV) to devise measures to control illegal financial transactions and tax evasion via illicit international payment gateways.

Prime Minister and Defense Minister General Prayut Chan-o-cha has emphasized investment promotion to be carried out along with COVID-19 surveillance, as the country’s economy must continue to move forward.

The financial sector expects to collect over VND1.343 quadrillion (US$58.4 billion) for the State budget in 2021, equivalent to 15.5% of the country’s gross domestic product (GDP), said the Ministry of Finance.

Nearly VND1.279 quadrillion (US$55.3 billion) in taxes was collected for the State budget in 2020, almost VND24.35 trillion, or 1.9%, higher than the annual target and VND175.85 trillion more than the estimate reported to the National Assembly (NA).

Total tax collection in 2020 is estimated at over VND1.26 quadrillion (US$54.37 billion), equivalent to 100.6% of the estimate, Deputy Director of the General Department of Taxation Dang Ngoc Minh said on December 31.

The UK-Vietnam Free Trade Agreement (UKVFTA), expected to come into force in the beginning of 2021, is promising several export opportunities to the European market for Vietnamese garment-textile and footwear enterprises.

Relevant agencies have rolled out various solutions this year to help taxpayers cope with the adverse impact of COVID-19, a forum on tax policy held in Hanoi on December 18 heard.