MoF earns $88m from Metro subsidiary sale

09:48 | 18/01/2016 Finance - Banking

The Ministry of Finance (MoF) has collected more than VND1.9 trillion (US$87.2 million) in taxes from Germany's Metro Group after the sale of its subsidiary Metro Cash and Carry Vietnam.

MoF earns $88m from Metro subsidiary sale

The ministry has collected more than VND1.9 trillion (US$87.2 million) in taxes from Germany's Metro Group after sale of its subsidiary Metro Cash and Carry Vietnam — Photo kinhdoanhnet.vn

Minister of Finance Dinh Tien Dung, in a meeting held on December 14 in Ha Noi, said that of this figure, 22 per cent of the proceeds will be given to the HCM City's budget. The rest will be sent to the State budget, he added.

On January 7, Metro said TCC Land International Pte, Ltd, a subsidiary of Thailand's TCC Holding Company Ltd, acquired its complete operations in Viet Nam for €655 million ($713 million).

Metro Cash and Carry Vietnam told Viet Nam News that under the new ownership the wholesaler would operate under the old name and management and continue to serve over a million professional customers with the same products and services.

Metro came to Viet Nam in 2002 and now has 19 stores around country with more than 3,300 employees./.

Source: VNS

 

 

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