Coca-Cola Vietnam proposed to expand production of its Da Nang-based manufacturing plant in early Ocotber, but the city’s People’s Committee has turned down the demand. During a meeting with the city’s authorities, the soft drink manufacturer suggested it be allowed to lease a 4,700-square-meter land plot next to its current plant in Lien Chieu District to expand production, saying its products are enjoying good consumption in Vietnam, and the central part in particular. Coca-Cola Vietnam has recently undergone scrutiny from local tax authorities over possible transfer pricing, as the company has repeatedly reported losses and has not paid a single penny of corporate income tax due to those losses since its arrival in Vietnam. Moreover, the company is now demanding to lease more land area, yet it has only covered two-thirds of the 40,000-square-meter land plot it leased from the city. In response, Da Nang authorities said they appreciate the wish to expand production of Coca-Cola Vietnam, but added that the demand will not be accepted. Da Nang has created all necessary conditions for Coca-Cola to establish investment in the city, but has so far collected modest tax payments from the company, the authorities said. “So Da Nang will have to review the effectiveness of Coca-Cola Vietnam’s projects to consider leasing more land area to the company,” they said. Vo Duy Khuong, deputy chairman of the city’s People’s Committee, said not only Coca-Cola Vietnam, but all of the other foreign-invested businesses in the city will not be allowed to expand operation if they have a dubious financial status. “The city will not approve any expansion proposals if the companies have engaged in transfer pricing activities,” he said frankly.
More
S.Korea commits continuous support for Vietnam’s healthcare
South Korea was impressed by the Hue Central Hospital's achievements
Read more
A glimpse of location set for future night quarter in Ho Chi Minh City
Binh Tay Market, a renowned architectural relic and tourist attraction in the city, will spotlight the night quarter
1 day agoHo Chi Minh City’s District 6 to open 1,510sqm night quarter
The night quarter will open from 6:00 pm till midnight
2 days agoVietnamese man not charged $352,000 in highly controversial credit card debt case
The lender already met with him to reach a win-win solution
2 days agoVietnam’s Pacific Airlines says $220mn debt written off
The airline began temporarily suspending its operations on Monday
1 week ago11 billionaires to attend investment promotion conference in Vietnam’s Binh Dinh
These billionaires come from Thailand, South Korea, Sweden, Israel, Singapore, and the United Arab Emirates
2 days agoHighlights
In Vietnam, 12th grader returns mistakenly-transferred $19,700 to owner
He took two classes off so that he could visit the bank with his father and identify the owner
Photos
Artist paints murals on house to raise awareness of COVID-19 prevention in Hanoi
He drew the virus, vaccine, and earth on the exterior walls of a house
Latest news
In Vietnam, 12th grader returns mistakenly-transferred $19,700 to owner
He took two classes off so that he could visit the bank with his father and identify the owner
Aerial surveys show US landfills are major source of methane emissions
At large emitting landfills, 60 percent had methane leaks that persisted over months or years
Canadian Minister sees Vietnam as key partner
Minister Ng affirmed that the potential for the cooperation between Vietnam and Canada remains huge
Planned establishment of ‘single ladies market’ in southern Vietnam arouses controversy
Many social media users are puzzled over what exactly the market is and what kinds of goods it sells
School in central Vietnam asks students who refuse to join field trip to scrape moss off fence
The fee for attending the trip was VND350,000 (US$14.1) per student
Breakfast @ Tuoi Tre News – March 29
Good morning from Vietnam!
Japanese volunteers promote tourism across Vietnam
Currently, there are seven volunteers operating in tourist destinations across the country, namely Da Nang, Da Lat, and Can Tho
Vietnam’s Dong Nai lays foundation stone to restore Long Hoa Pagoda
After three years of renovation, the pagoda will have five storeys
Vietnam asks vessels with Vietnamese on board to avoid passing through Red Sea
Tensions in the Red Sea are escalating
2 Chinese men arrested for attempting to illegally send 21 Vietnamese to Laos
The cost of illegal exit was set at 280 Chinese yuan (US$38.7) per person