high performance LG Vina asks Hanoi to tax DOP imports

  • high performance LG Vina asks Hanoi to tax DOP imports
  • high performance LG Vina asks Hanoi to tax DOP imports
  • high performance LG Vina asks Hanoi to tax DOP imports
  • How much did LG Innotek Vietnam Hai Phong make?
  • LG Innotek Vietnam Hai Phong made a revenue of KRW5,763.7 billion ($4.2 billion), up 32.6% year-on-year, with post-tax profit of KRW228.7 billion ($166.9 million), up 56.6%.
  • How much did LG Electronics make in Vietnam?
  • LG Electronics Vietnam Hai Phong made a post-tax profit of KRW150.3 billion ($109.7 million) on a revenue of KRW5,133.3 billion, down 14.8% but up 14.5% year-on-year, respectively. The total post-tax profits of the two major Vietnamese subsidiaries of LG reached KRW379 billion ($276.6 million), up 17.6% year-on-year.
  • Why is LG launching research & development in Vietnam?
  • LG Electronics said it is ramping up research and development in Vietnam to serve LG’s rapidly growing electric vehicle-related business. Samsung, another Korean tech giant, saw its four subsidiaries in Vietnam record after-tax profits of KRW6,055.9 billion ($4.67 billion) in 2022, up 16.28% year-on-year.
  • Who is obligated to pay a top-up tax in Vietnam?
  • Entities subject to the IIR, which includes Vietnamese parent entities holding ownership in constituents with low tax rates abroad, are now obligated to declare and pay a portion of the top-up tax. This is unless the tax has already been prioritized for payment in another jurisdiction under the GloBE Rules.
  • Does LG have an R&D Center in Vietnam?
  • LG has continuously strengthened R&D capabilities in Vietnam for automotive parts since it established the Hanoi R&D Center under its Vietnam Production Corporation in 2016. With the success of the first center, the company created an additional R&D branch office in Da Nang in 2020.
  • What will happen if Vietnam's 0% VAT proposal is accepted?
  • If the Vietnam Federation of Commerce and Industry’s proposed draft is accepted, some industries will lose the 0% tax incentive. For instance, industries tied to software and IT will no longer benefit from the 0% VAT incentive when entering into agreements with foreign companies.

Recommended hot-selling products