VNT Logistics fined for tax violations

November 04, 2019 | 12:24

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VNT Logistics (ticker: VNT) has been fined nearly VND4 billion ($173,900) for tax issues, according to the Hanoi Tax Department.

Sea freight of VNT Logistics

Of the total sum, VND639.8 million ($27,800) was the fine for tax administrative violations and tax underreporting.

The remaining VND3 billion ($130,450) was corporate income tax arrears, including value added tax arrears of VND35.7 million ($1,550).

Established in 1996, VNT Logistics operates comprehensive door-to door logistics services to any destination in the world. It provides air and sea freight, and logistics.

The firm made a net revenue of VND666.6 billion ($28.98 million) in the first nine months of 2019, down 12.3 per cent on-year, while its after-tax profit rose slightly to VND4.53 billion ($196,950) from VND4.31 billion ($187,400) in the same period last year.

VNT Logistics is among leading Vietnamese logistics providers. Currently, more than 4,000 Vietnamese logistics providers are proactively operating internationally and domestically. Many trans-national logistics service companies including ASEAN companies are practising in the Vietnamese market where competition is very sharp.

The Vietnamese logistics service industry has been developing at 12-14 per cent per annum. According to the World Bank Logistics Performance Index (LPI) 2018, Vietnam was ranked 39th out of 160 globally, up 25 notches from 2016, and ranking third in the ASEAN after Singapore and Thailand.

By Bich Thuy

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