According to SSI Research, tax-compliant businesses, especially in the modern retail sector like Mobile World (MWG), FPT Retail (FRT), Digiworld (DGW), and Winmart (Masan – MSN), will benefit from the crackdown on counterfeit goods. Stringent controls on counterfeiting have shifted consumer preference towards more reputable brands, expanding market share for compliant firms. Legal changes such as Decree 70/2025/ND-CP requiring business households to issue invoices, and Resolution 198/2025/QH15 on revenue-based taxation, will increase financial pressure on non-compliant businesses. This makes the modern retail sector more attractive. Conversely, the jewelry sector, like PNJ, may struggle due to government inspections on gold trading. However, the proposed amendments to Decree 24/2012/ND-CP aimed at liberalizing the gold market may benefit modern jewelry retailers in the future.
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