National Assembly: Approved new regulations on Personal Income Taxes
With 438 out of 443 senators voting Passed, equivalent to 92.6% of total votes, the National Assembly approved the amendment to the Law on Personal Income Taxes. There are some key takeaways:
- Increasing the revenue threshold of tax purpose for sole proprietorship from VND200 million per year to VND500 million per year;
- Adding tax calculation method for sole proprietorship having revenue from VND500 million to VND3 billion per year (i.e. 15% on taxable income);
- Increasing the standard deduction for individual taxpayers from VND11 million per month to VND15.5 million per month and increasing the tax credit for dependents from VND4.4 million per month to VND6.2 million per month;
- Reducing the number of levels in the progressive tax system from 6 to 5, increasing the threshold for each level but still keeping the highest rate of 35%.
Nam Hoa Toys (NHT): Selling the factory in Cu Chi Commune
The factory was built in 2019, locating in Tan Phu Trung Industrial Park, Cu Chi Commune, HCMC with land size of 18,400 sqm and the tenure remains until 2054. The counterparty of the transaction was revealed to be Viet Dung Sai Gon Limited with transaction price of VND158 billion (about USD6 million).mNHT closed at VND10,300 per share on 10th December 2025, thus 13.6x P/E and 0.9x P/B.
TNG Investment & Trading (TNG): Early-December updates
On 6th December, the top management of TNG announced that the firm already completed 100% of 2025 objectives, 22 days earlier than initial plan. At this pace, TNG could generate VND8.5 trillion (about USD323 million, up +11% YoY) in full year 2025.n TNG closed at VND18,500 per share on 10th December 2025, hence 6.7x P/E and 1.2x P/B.
FPT Telecom (FOX): Exclusive deal on distribution of English Premier League (EPL) games
FPT Telecom, with over 35 million FPT Play subscribers, signed an exclusive deal with the Thailand-based Jasmine International, in which FPT Telecom will become the sole distributor for all EPL games after the dissolution of the predecessor K+ (a JV between the state-backed VTV and Canal+ Overseas). Following this deal, FPT Telecom has to pay USD$26 million to Jasmin International annually and to share 35% of net revenue after overhead costs. FPT Telecom sets target of 1.5 million active users in the first year, which could come from the current user base of K+ and from upselling services to existing FPT Play subscribers. FOX was closed at VND62,500 per share on 10th December 2025, suggesting 14.2x P/E and 4.5x P/B.
