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VietNamNews

Tax cuts help publication sector grow

Update: April, 02/2013 - 08:42
A student chooses books at a store on Giang Vo Street. The publication sector yesterday reported after-tax profits of VND73 billion ($3.5 million) for 2012, a year-on-year increase of 36 per cent. — VNA/VNS Photo Quy Trung

HCM CITY (VNS)— The publication sector recently announced after-tax profits of VND73 billion (US$3.5 million) for 2012, a year-on-year increase of 36 per cent.

The increase in profits was seen even when revenues declined 20 per cent over 2011 to about VND2.1 trillion ($100 million) last year, said the Publishing Department under the Ministry of Information and Communications.

"This is a good sign for the sector that its profit has increased. It means that publishing houses have improved their management skills and effectively use their advantages," said Chu Van Hoa, head of the department.

However, he also told Viet Nam News that one of reasons for increased profits last year was the cut in corporate tax, which now stood at about 10 per cent.

According to the department, despite the overall positive picture, it was only a few big businesses like the Kim Dong, Tre (Young) and Giao Duc (Education) publishing houses that did well.

"Most of the publishing houses last year faced challenges and difficulties. Some of them have not made any profit for many years in succession and have even suffered losses,"Hoa said.

She named the Van Hoa – Thong Tin (Culture – Information) and Thong Ke (Statistics) publishing houses as the loss making ones.

The department also reported a trade turnover of $23.4 million last year, up by 4 per cent over 2011.

The country imported 50 million books and 7.9 million magazines worth $19.8 million last year. Most of these books were in education, social science, natural science and economics.

The industry earned $3.6 million from exporting more than 365,000 books and 6.3 million newspapers and magazines, the department said. — VNS


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