AIRLINK 175.55 Decreased By ▼ -2.01 (-1.13%)
BOP 11.01 Decreased By ▼ -0.04 (-0.36%)
CNERGY 8.29 Increased By ▲ 0.12 (1.47%)
FCCL 47.23 Decreased By ▼ -0.09 (-0.19%)
FFL 16.02 Decreased By ▼ -0.10 (-0.62%)
FLYNG 27.31 Decreased By ▼ -0.04 (-0.15%)
HUBC 142.32 Decreased By ▼ -4.59 (-3.12%)
HUMNL 13.30 Decreased By ▼ -0.21 (-1.55%)
KEL 4.44 Decreased By ▼ -0.06 (-1.33%)
KOSM 5.90 Decreased By ▼ -0.01 (-0.17%)
MLCF 61.80 Decreased By ▼ -0.22 (-0.35%)
OGDC 226.77 Decreased By ▼ -7.91 (-3.37%)
PACE 5.77 Decreased By ▼ -0.03 (-0.52%)
PAEL 44.80 Decreased By ▼ -1.61 (-3.47%)
PIAHCLA 17.88 Decreased By ▼ -0.24 (-1.32%)
PIBTL 10.47 Decreased By ▼ -0.10 (-0.95%)
POWER 12.02 Increased By ▲ 0.03 (0.25%)
PPL 185.92 Decreased By ▼ -5.88 (-3.07%)
PRL 37.16 Decreased By ▼ -0.16 (-0.43%)
PTC 24.05 Increased By ▲ 0.85 (3.66%)
SEARL 100.29 Decreased By ▼ -0.60 (-0.59%)
SILK 1.15 No Change ▼ 0.00 (0%)
SSGC 38.51 Decreased By ▼ -1.20 (-3.02%)
SYM 14.75 Decreased By ▼ -0.28 (-1.86%)
TELE 7.73 Decreased By ▼ -0.11 (-1.4%)
TPLP 11.03 Decreased By ▼ -0.08 (-0.72%)
TRG 66.00 Decreased By ▼ -1.29 (-1.92%)
WAVESAPP 10.97 Decreased By ▼ -0.38 (-3.35%)
WTL 1.35 Decreased By ▼ -0.01 (-0.74%)
YOUW 3.78 Increased By ▲ 0.01 (0.27%)
BR100 12,826 Increased By 19.4 (0.15%)
BR30 38,861 Decreased By -842.2 (-2.12%)
KSE100 118,792 Decreased By -146.5 (-0.12%)
KSE30 36,779 Increased By 22.6 (0.06%)

HANOI: Chinese online retailer Temu has been told to suspend its operations in Vietnam after it failed to meet an end-November deadline for business registration in the Southeast Asian country, Vietnamese state media reported on Thursday.

Temu, owned by Chinese e-commerce giant PDD Holdings, began offering its services in Vietnam in October. It had been required to register with the government, or access to its internet domains and apps would be blocked in the country.

“Temu hadn’t completed its registration procedures by the end-November deadline,” Vietnam News Agency cited the Ministry of Industry and Trade as saying.

“Therefore, the competent authority has requested that Temu temporarily suspend operations in the country.” The report did not say how long the suspension would be, or what Temu needed to do to have it lifted.

On Thursday, Vietnamese language options had been removed from Temu’s website when it was accessed from Vietnam.

“Temu is working with the Vietnam E-commerce and Digital Economy Agency and the Ministry of Industry and Trade to register its provision of e-commerce services in Vietnam,” a notification on the website said. Temu and parent company PDD Holdings did not immediately respond to a request for comment.

The trade ministry and local businesses have expressed concern about the impact of Chinese online platforms on local markets due to deep discounting.

The ministry has also said it is worried about the potential sale of counterfeit items.

Temu to be investigated by EU tech regulators over sale of illegal products

Vietnam’s parliament last week approved changes to a tax law to require local operators of foreign e-commerce platforms to pay value-added tax (VAT), and called on the government to scrap a tax exemption for low-cost imported goods.

The move by legislators will be a blow to the foreign-dominated e-commerce industry, which has benefited from VAT exemption and rules in place since 2010 that stipulate imported goods worth under 1 million dong ($40) are free from duties.

Comments

200 characters