Thailand is expected to apply a minimum corporate tax rate of 15% on big international companies from 2025 in an effort to attract more foreign investment.

The Ministry of Industry and Trade (MoIT) is focusing on improving provinces and cities’ capabilities in helping local businesses take advantage of free trade agreements such as the UKVFTA and EVFTA by issuing an FTA Index by the end of 2023.

The 16th Ho Chi Minh City International Tourism Expo themed “Growing Forward Together” kicked off in the city on September 8.

While a number of foreign companies have moved part of their production or orders to other countries, many still see Vietnam as a good location for investment in the long term.

Indonesian President Joko “Jokowi” Widodo announced on June 30 that seven foreign companies had confirmed plans to relocate production facilities to Indonesia, mostly from China.

The number of foreign companies and corporations choosing Vietnam for investment and production has increased strongly in recent years but their recruitment of staff has faced problems.

The fourth Industrial Revolution’s technologies help improve manufacturing efficiency and competitiveness, but not many firms, with their limited resources, can afford them, experts have said.

The People’s Committee of central Ha Tinh province has granted investment licences to three new projects worth a combination of more than 1.65 trillion VND (71 million USD).

The logistics market in Vietnam is booming with million-dollar merger deals being signed and many foreign companies striving to increase market share.

Vietnam is willing to create favourable conditions for foreign companies, including those from the US, to invest and expand business and production in the country, said Vice Chairman of the National Assembly Phung Quoc Hien.

Foreign capital flowing into Vietnam reached a record high last year, promising more economic growth but more competition for domestic companies.

Base salaries at foreign companies and Vietnamese companies show a marked difference, a survey conducted by human resources firm Mercer and its partner Talentnet Corporation has found.