Switzerland-backed Nestlé Vietnam was lauded by the Ministry of Finance for making significant contributions to Vietnam’s state coffers. Marking nearly a decade of development, the company was honoured by tax management agencies at both the central and local levels with certificates of merit for the good handling of its tax obligations.
|Binu Jacob, managing director of Nestlé Vietnam, receives Certificate of Merit from Vietnamese Minister of Finance Dinh Tien Dung |
The company was also listed among Vietnam’s 30 biggest taxpayers who were honoured at a ceremony yesterday (October 5) together with the launch of an electronic one-stop tax procedure support system.
The ceremony was hosted by the ministry (MoF) in tandem with the Vietnam General Department of Taxation under witness of the Vietnamese Fatherland Front, the Vietnam Chamber of Commerce and Industry, and the Vietnam Tax Consultants’ Association.
Minister of Finance Dinh Tien Dung congratulated these 30 top performers for their active contributions to state coffers in the past three decades.
“They are eminent examples among hundreds of thousands of businesses nationwide in fulfilling their financial obligations to the state,” Dung said.
According to the MoF, the scale of the state budget has increased constantly, from VND69.800 trillion ($3 billion) back in 2000 to be touching VND446.210 trillion ($19.4 billion) in 2020, growing more than seven-fold.
In 2019, the figure nearly tripled to VND1.277 quadrillion ($55.5 billion) over 2010, and grew more than 18-fold compared to 2000.
|This July, Nestlé Vietnam was praised by Hung Yen People’s Committee with a Certificate of Merit for its outstanding state budget contribution in 2019. |
This July, Nestlé Vietnam was praised by Hung Yen People’s Committee with a Certificate of Merit for its outstanding state budget contributions in 2019.
According to the Vietnam General Department of Taxation, the honoured businesses have made remarkable contributions to the country’s socioeconomic development through more job creation, bringing high added value to the economy through growing production and business revenue, big annual export value, promoting Vietnamese brands in the world market, and showing good tax obedience.
According to Binu Jacob, CEO of Nestlé Vietnam, a global brand with clear understanding of the local culture, the company has placed top importance on transparency and adherence to Vietnamese law, particularly its tax payment obligations. This attests to the spirit and responsibility of this foreign-invested business with the commitment for long-term investment and sustainable development in Vietnam.
Founded in 1995 in Vietnam, Nestlé Vietnam has been continually expanding investment and diversifying its product portfolio to serve the ever-increasing requirements of customers.
In its 25-year development journey in Vietnam, the company has always been an active contributor to Vietnam’s inclusive and sustainable development efforts. Through several rounds of capital injections, Nestlé Vietnam’s investment value has now surpassed $600 million.