Temu, an e-commerce platform owned by China’s PDD Holdings, has been assigned tax identification number 9000001289 by the General Department of Taxation (GDT) of Vietnam’s Ministry of Finance to meet tax duties in Vietnam. The GDT emphasized that under this tax code, they can monitor any taxable income generated by Temu’s operations. Elementary Innovation Pte. Ltd., Temu’s parent business, completed the registration process.
E-commerce activities must be regulated and overseen by the Ministry of Industry and Trade. If Temu is licensed by the commerce ministry, it will begin filing taxable income in the fourth quarter of 2024 and pay taxes by the end of January next year, according to the GDT.
The tax code provided to Temu is part of the GDT’s efforts to facilitate lawful economic activities in Vietnam for cross-border enterprises, according to the department.
Last month, the trade ministry stated that Temu had been selling products in Vietnam since early October but had not registered its business.
At a news conference, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan expressed his surprise at the dirt-cheap prices of things on Temu. Tan stated that his ministry will conduct a thorough investigation into the problem before taking appropriate measures. It will maintain strict supervision over trade fraud, as well as counterfeit and fraudulent items. “If they are found dumping, they will be subjected to anti-dumping regulations.”
According to the most recent study from e-commerce data source Metric.vn, e-commerce transactions in Vietnam increased 37.66% year on year to $9.5 billion in the first nine months of the year, or more than $1 billion each month. The amount for Q3 alone is VND84.75 trillion ($3.34 billion), up 18.15 percent from Q2.
TikTok Shop and Shopee experienced strong increase in Q3 compared to Q2 and Q3/2023.
“Cheap” products costing less than VND200,000 ($7.86) accounted for more over 50% of transaction value, boosting the segment’s market share by 9% quarter on quarter.
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