MPI builds new investment incentives to match global minimum tax rule
The Ministry of Planning and Investment (MPI) is working on the design of incentives and measures to support new investment activities amid the upcoming application of the global minimum tax.
Production at Jasan Textile & Dyeing Vietnam (Photo: VNA)
Hanoi (VNA) – The Ministry of Planning and Investment (MPI) is working on the design of incentives and measures to support new investment activities amid the upcoming application of the global minimum tax.
Vietnam has been one of the countries to join the OECD global minimum tax rule, a minimum rate of tax on corporate income internationally agreed upon and accepted by individual jurisdictions which was introduced in 2021. Each country would be eligible to a share of revenue generated by the tax. On August 4, 2022, the Prime Minister formed a special taskforce led by Deputy Prime Minister Le Minh Khai for the studying and proposal of measures related to the OECD’s deal.
MPI Deputy Minister Nguyen Thi Bich Ngoc said that the PM has directed the taskforce to focus on reviewing, completing the related institution and regulations and building a roadmap for the application of the rule on the basis of learning international experience and ensuring suitable application of the rule in Vietnam.
Vietnam has opened its door for foreign investment for 35 years and provided many incentives for investors, she said, adding her ministry is working to adjust its investment incentive policy to ensure compatibility with the global minimum tax but with the least impact on businesses investing in Vietnam.
The official said that the foreign investment attraction strategy for the 2021-2030 period aims to draw suitable markets and partners for cooperation to suit the world regional situation, repositioning investment flows and reducing dependence on risky and potentially disputed markets.
At the same time, the strategy prioritises the connection of global production and supply chains, attracting green investment, high technology, supporting technology, and advanced governance methods, ensuring the balance between the interests of the investors and the interests of the State and the people during foreign investment cooperation activities in the spirit of harmonising benefits and sharing risks, she said./.
Vietnam needs to develop appropriate policies to adapt to the global minimum tax and remain an attractive FDI destination, heard a seminar in Ho Chi Minh City on March 29.
The General Department of Taxation under the Ministry of Finance has said it will keep a close watch on the implementation of the global minimum tax in other countries, listen to opinions of firms impacted by the tax and study guidelines of the Organisation for Economic Cooperation and Development (OECD) to propose its application in Vietnam.
Vietnam needs to fully and comprehensively assess the impacts of the global minimum tax on the country, said Minister of Finance Ho Duc Phoc on April 18.
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This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
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Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
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Production at Jasan Textile & Dyeing Vietnam (Photo: VNA) 
