What is the case of Vietnam wanting to rage near Netflix & Apple?

 The Vietnamese Information Minister has pointed fingers at several outside firms, Netflix and Apple for allegedly trying to avoid paying taxes, saying the situation would create biased competition for domestic firms.


The country's external streaming firm as a whole brought in a profit of nearly one trillion dong ($ 43.15 million) as a result of one million customers, reportedly never paying taxes in Vietnam.


Vietnam has introduced cyber security legislation over the past two years which demands all foreign businesses that generate profits from online activities to store data in the country.


However, Netflix still has no plans to install their network locally or open a branch in Vietnam.


In a statement last month, Netflix explained cooperation with several Vietnamese authorities to devise a mechanism for tax collection.



Its minister, Nguyen Manh Hung, also said that the information ministry, finance ministry and taxation department were working together to launch tax collection by calculating the overall income of foreign streaming firms in Vietnam since their entry into the market.


Big tech firms are now facing a tighter fiscal regime in Southeast Asia following pressure from regulators to impose more taxes on large companies.


Netflix shares closed nearly 2.1%, higher at $ 480.24 yesterday while Apple shares closed 0.3% lower at $ 115.97.