FDI enterprises in massive tax arrears

Some of the companies were well in arrears, such as NIVL Joint Stock Company that owed VND150 billion (US$6.45 million), excluding penalties for late tax payments over a number of years, the department said. The FDI firm received its investment licence in 1998, but the owner had left the country, leaving huge tax debts behind.

There were many cases of tax debts worth tens of billions of dong such as Vietnam Silver Star with debts of about VND47 billion and Neocacse Inc Vietnam Co, Ltd with debts of about VND30 billion. Those companies had halted operations but have not yet closed their debts.

According to the municipal customs department, the companies it was struggling to collect from were mostly involved in the shoes and garments sectors with licences to export products.

By May 15, HCM City had an outstanding tax debt of VND1.4 trillion, including VND1 trillion owed by the aforementioned 1,000 enterprises.