Nearly 40% of FIEs in IPs, EPZs in HCM City Report Losses
Nearly 40% out of 400 foreign-invested enterprises (FIEs) in industrial parks (IPs) and export processing zones (EPZs) in Ho Chi Minh City, the Vietnamese southern economic hub, reported losses in 2010.
Of the total, up to 36 companies incurred losses in three consecutive years, the Phap luat thanh pho Ho Chi Minh newspaper reported Wednesday.
The local authority urged the government to give more assistance for these firms to resume their operations and also takes drastic measures to handle the enterprises who have used price transferring trick to avoid tax in the country.
Local IPs and EPZs have attracted a total of $775 million in 2010, up 123% from a year earlier, including $255 million from foreign-invested projects, the Export Processing and Industrial Zones Authority (Hepza) said earlier.
Hepza forecast to pull in $1.4 billion in its IPs and EPZs in 2011, doubling against from 2010. (HCM City Law)
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