More young people become millionaires using social media

More and more young people are becoming millionaires, earning their large fortune from social media sites and online commerce, according to tax authorities.
February 08, 2021 | 08:16
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Facebook and Google logos are seen in this combination photo. Photo by Reuters.

The proliferation of online revenue sources caused some problems for tax authorities. In 2018 they discovered over $21 million had been sent to bank accounts of individuals, groups and organizations by Facebook, Google and Youtube, according to VnExpress.

Such income was classed as private business income, and tax authorities slapped the individuals with back taxes and late payment fees and fines, prompting the latter to make public statements urging others to proactively pay taxes on online earnings.

"Tax agencies are now regularly collecting from people with incomes from Google and Facebook," Dang Ngoc Minh, deputy director of the General Department of Taxation, had said at a press conference last December.

"In 2019 and 2020, the amount of tax collected from individuals was approximately VND1 trillion.

"There are cases where taxpayers make self-declarations, but others require the intervention of tax authorities to collect arrears. In future revenues from this source will be high."

A new regulation that came into effect in December empowers tax authorities by requiring banks to provide account data, including balances and transactions, at the request of tax authorities to help them assess taxes.

Some experts also called on authorities to not just collect tax from these people but also create favorable policies to support them.

Vu Hoang Lien, chairman of the Vietnam Internet Association, said a major problem is the lack of a clear legal framework.

"The Government has preferential policies for information technology businesses, especially software businesses, but there are no incentives for individuals with creative activities on the Internet."

There should also be regulations to manage Google, Facebook and YouTube, which would help protect people offering services on the platforms, he said.

This would encourage individuals to participate in online production, focus on innovation, achieve high income, and pay taxes, he added.

Concurring, Huynh Phuoc Nghia, deputy director of the University of Economics Ho Chi Minh City’s Institute of Innovation, said a legal framework to encourage and support innovation by individuals is needed.

"The government should consider creating training programs related to the digital economy and digital content, helping newcomers enter the market and regulate this activity."

Digital commerce trends have allowed individuals to easily access the global value chain, creating better opportunities for those without advanced degrees to offer digital content and achieve higher incomes than from traditional business models, he said.

"The future of the global economy is digital and technology, and Vietnam should capitalize on that to become a new kind of global factory, with individual programmers writing software for the world to use."

According global data firm Statista, by mid-2020 Vietnam had more than 69 million Facebook users, accounting for 70 percent of its population and the seventh highest in any country.

The Ministry of Information and Communications said around 120,000 people are registered to make videos on YouTube, including 15,000 monetized channels, and there are 350 channels with over a million followers.

Benefits of social media for business

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Photo: Search Engine Journal

Social media has certainly proven beneficial over the last two decades.

Once a communication experiment that later evolved into platforms figuring out just how much personal data people would make available to their “digital networks,” social media remains a huge part of Americans’ everyday lives.

For businesses, social media has created a way to send a brand’s messaging to the right people at the right time and hope your brand sticks out to them enough to be interested, let alone loyal throughout their lives.

There are a lot of benefits to be had from using social media.

It’s faster now than ever before to contact the right people — and oftentimes without having to even pick up a phone — and it’s only becoming easier as more people and brands use social media platforms to keep in contact with the people that matter most to their business.

Customers can now communicate real feedback in real time like never before, something businesses have strived to achieve for a long time.

Building quality relationships becomes a lot easier with the streamlined communication we get from social media, and building relationships with key influencers earns a lot of value for your brand.

Some examples of the added value these connections facilitate are:

*Trust from others’ networks and audience members.

*The acquisition of quality backlinks (that offer SEO boost as well as, hopefully, an increase in referral visitors).

*Potential business opportunities.

Social media channels are supplemental to the brand’s website and, if there is one, its brick-and-mortar location.

Social media is intended to reach different audiences in a personable, useful, and entertaining way and refer those potential customers you may not have ever had the chance to engage with previously to get to know and try your business.

Social media helps us maintain that reputation by giving us platforms to directly interact with our customers like we never have before. That also means we are receiving real customer feedback directly from the source, faster than ever before (and usually much more raw, too).

Businesses should be using this amazing opportunity to build their brand as a true, consumer-first operation, eventually building the brand’s reputation into one that can never be mistaken and is relied on for many years by an ever-growing customer base.

Social media helps us maintain that reputation by giving us platforms to directly interact with our customers like we never have before. That also means we are receiving real customer feedback directly from the source, faster than ever before (and usually much more raw, too).

Businesses should be using this amazing opportunity to build their brand as a true, consumer-first operation, eventually building the brand’s reputation into one that can never be mistaken and is relied on for many years by an ever-growing customer base.

On average, people take into account 10 reviews of a local business before making a purchasing decision. This gives potential customers the chance to see that businesses truly care about their customers even after they’ve made the sale that is so important to them and their business’s success.

Share your passion and let others understand and support your brand. That is the real power of social media, and the biggest impact social media has on most brands.

You can show off your brand culture and personality, stand out among the rest for the traits that make your brand different, and attract new, quality employees and further improve your business even more.

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