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2024 The Year of Action” for Preservation and Development

2024 has been identified as the “Year of Action,” a year of breakthrough movements in all sectors of operation within Viglacera. This was the directive message from the Chairman of the Board of Directors and the General Director of Viglacera Corporation during the summary meeting of the first month of 2024.

During the meeting, positive signals regarding export activities from many major markets worldwide were reported. Alongside this, several areas were highlighted for restructuring efforts to ensure Viglacera continues to overcome challenges and grow.

“A robust investment, optimizing both technology and human resources”


Overview of the Meeting

The Chairman of the Board Directors of Viglacera Corporation, Mr. Nguyen Van Tuan, made a clear request: “We have products ready to enter the 5-star construction, so the criterion set for the production process is to continue improving, ensuring that the products are worthy of 5-star quality. Especially in these difficult times, we must focus even more on achieving that. At Viglacera, there will be no hesitation, no retreat; we must invest more aggressively in technology to achieve our goals.”

At the same time, the Chairman of the Board of Directors also demanded that the investment process of conversion and technology enhancement proceed swiftly and decisively, producing tangible results. Any area or activity deemed ineffective will be halted in order to seek other opportunities. Vigilance is crucial as we embark on the restructuring journey. He referred to this as the “boundary set by the Board of Directors,” which is also the boundary for preserving a strong and secure Viglacera in the face of potential long-term economic challenges.

The General Director of Viglacera Corporation, Mr. Nguyen Anh Tuan, also expressed determination in leading the management: “This is a period of optimizing both technology and human resources to maximize the value of the assets we have invested in!”! Regarding technology, the corporation has and will allocate resources from the Science and Technology Fund to support construction material factories to continue investing in upgrading equipment, especially breakthrough equipment for production, bringing higher efficiency while significantly reducing production costs, and laying the groundwork for competition on all three fronts: quality, design, and price! The General Director set clear expectations for some products that, after additional investment in production equipment, must reduce prices by 30% to 40%. Competing equations in both domestic and export markets depend heavily on this factor, so it will be included in the closely monitored management program.

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Viglacera: Pioneering Footprints

 Viglacera (VGC), Hanoi – January 31, 2024. In the days leading up to the commemoration of its 50th anniversary (July 25, 1974 – July 25, 2024), Viglacera Corporation organized a series of plaque installation events at locations where the foundations for the construction materials industry were laid.

Starting with an event at the Thanh Tri Ceramic Factory and the Hanoi Ceramic Tile Factory – where the first sanitary porcelain products and square meters of ceramic tiles in Vietnam were produced – these “pioneering footprints” not only paved the way for Viglacera but also for the entire Vietnamese construction materials industry to move forward.


The plaque installation ceremony was held at Viglacera Thanh Tri – the first sanitary porcelain factory in Vietnam


The plaque installation ceremony was held at the first Ceramic Tile factory in Vietnam, – Now located at 1 Dai Lo Thang Long, Hanoi.

This activity also aimed to spread Viglacera’s internal culture to all employees on the occasion of the corporation’s half-century anniversary. The plaque installation events at facilities associated with Viglacera’s pioneering construction materials products, as well as those of Vietnam, filled all Viglacera leaders, officers, employees, and workers with excitement, pride, and emotion.


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New tax policies applicable from January 01, 2024

From January 01, 2024, several new policies including tax policies shall be applied.

1. VAT reduction policy to June 30, 2024
On December 28, 2023, the Government issued Decree No. 94/2023/ND-CP providing the value-added tax reduction policy, VAT tax reduction policy shall be applied to goods and service groups currently subject to the VAT rate of 10% (to 8%), except the following goods and service groups:
– Telecommunications, finance, banking, securities, insurance, real estate business, metals, precast metal products, mineral products (excluding coal exploitation), coke, refined petroleum, and chemical products.VAT reduction policy to June 30, 2024
– Goods and services liable to excise tax.
– Information technology
By Resolution No. 110/2023/QH15 dated November 29, 2023, the National Assembly approves the VAT reduction policy of 2%.
Accordingly, the Resolution prescribes that:
VAT on goods and services specified in Point a Section 1.1 Clause 1 Article 3 of the National Assembly’s Resolution No. 43/2022/QH15 on fiscal and monetary policies for supporting socio-economic recovery and development program is reduced by 2% from January 01, 2024, to June 30, 2024, inclusively.
Therefore, the VAT reduction policy shall be applied from January 01, 2024, to June 30, 2024.

2. Increase 50% environmental protection tax on petrol, oil, grease
Resolution No. 42/2023/UBTVQH15 takes effect on January 01 2024 applies the reduction of 50% of environmental protection tax rates applicable to petrol, gas, and grease from January 1, 2024, to the end of December 31, 2024, in comparison with the regulations provided in Resolution No. 579/2018/UBTVQH14.
The environmental protection tax on petrol, oil, grease
From January 01, 2025, the environmental protection tax on petrol, oil, and grease is implemented under the regulations prescribed in Section I, Clause 1, Article 1, Resolution No. 579/2018/UBTVQH14.

3. Formally impose the global minimum tax regulations
In accordance with Clause 1, Article 8 of Resolution No. 107/2023/QH15, Vietnam shall formally impose the global minimum tax regulations from the financial year 2024.
Constituent entities of multinational enterprise (MNE) Groups that earn an annual revenue of EUR 750 million or more as stated in the consolidated financial statements of the ultimate parent companies in at least two out of the four fiscal years preceding the fiscal year.
The minimum tax rate is 15%.

4. Deadline for the reduction of registration fee rates applicable to domestically manufactured and assembled automobiles
The Decree No. 41/2023/ND-CP prescribes registration fee rates for automobiles, trailers or semi-trailers pulled by automobiles and vehicles like domestically manufactured and assembled automobiles.
Deadline for the reduction of registration fee rates (Illustration)
From July 01, 2023, through December 31, 2023: The registration fee rates are equal to 50% of those prescribed in the Government’s Decree No. 10/2022/ND-CP of January 15, 2022, on the registration fee.
From January 1, 2024, onward: The registration fee rates shall further comply with the Government’s Decree No. 10/2022/ND-CP of January 15, 2022
Buyers of domestically manufactured and assembled automobiles do not apply to the reduction of registration fee rates.

Source: https://english.luatvietnam.vn

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Tuyen Quang – Phu Tho Expressway officially put into operation

The Tuyen Quang – Phu Tho expressway construction project, which connects with the Noi Bai – Lao Cai expressway, officially broke ground on February 23, 2021. To date, the project has been almost completed, and it is slated to be inaugurated on December 24, at least two years ahead of schedule.


Delegates cut the ribbon to inaugurate the Tuyen Quang – Phu Tho expressway

Tuyen Quang – Phu Tho expressway project connects with Noi Bai – Lao Cai expressway at IC9 intersection in Phu Tho town, Phu Tho province and the starting point at Luong Vuong commune (Tuyen Quang city). The project is invested in the form of public investment, with a total length of 40.2 km (11.3 km in Tuyen Quang province; 28.9 km in Phu Tho province); total investment of 3,753 billion VND; scale of 4 lanes; Operating speed 90Km/h.


Tuyen Quang – Phu Tho Expressway opens to traffic – Photo: Tuoi Tre online

Leaders from the Ministry of Transport provided an overview of four projects during the occasion. The Central Committee and Politburo’s resolution on socioeconomic development orientations, which ensures national defense and security in the Northern Midlands, Mountains and the Mekong Delta, is what led to the completion and implementation of the projects. Initiatives have a critical role in fostering connections, providing impetus for the advancement of interregional economies, and establishing avenues for future growth.

Source: https://tuyenquang.gov.vn

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