Tax reform in Vietnam accords with international practice
The Vietnam General Department of Taxation is pushing head with tax reform in line with international practice, said Deputy General Director Nguyen Dai Tri at a workshop in Hanoi on December 18.
Hanoi (VNA) – The Vietnam General Department of Taxation is pushing head with tax reform in line with international practi🌜ce, said Deputy General Director Nguyen Dai Tri at a workshop in Hanoi on December 18.
He noted that the sector has worked to simplify administrative procedures and apply information technology. However, the reform is not simple and easy at all, he said, citing time-consuming tax payment process and modest improvements in tax facilitation.
Joanna Nasr, an expert from the International Finance Corporation (IFC) and co-writer of the IFC and World Bank’s business environment report 2015, pointed out the fact that Vietnam is ranking second in Asia-Pacific in terms of tax payment time.
She also cited limitations in tax inspection, information collection, supplementary document preparation, and payment methods.
To solve these problems, deputy head of the General Department of Taxation’s reform division Hoang Thi Lan Anh said the tax sector moves to build database for risk management and appoint staff to receive feedback from customers on e-tax payment and declaration.
According to Tri, the Prime Minister has also approved a tax reform strategy between 2011 and 2020, which urges the tax sector to reduce time for completing administrative formalities and become one of the five leading countries in Southeast Asia leading in tax facilitation in 2015.-VNA
Prime Minister Nguyen Tan Dung has approved a 10-year tax reform strategy for 2011-20 in order to meet the needs of the market economy while enhancing revenues sources, increasing production capacity, and sharpening the competitiveness of domestic enterprises.
The Government has approved a General Department of Taxation proposal to extend the declaration of value added tax (VAT) for small- and medium-sized enterprises (SMEs) and family-run businesses.
From February 5, enterprises can negotiate and reach agreements with tax authorities over the taxable prices of their goods or services, according to a newly-released circular by the Finance Ministry on the implementation of the Advance Pricing Agreement.
The Ministry of Finance on October 28 in Hanoi announced the establishment of the Office for Transfer Pricing Inspection under the General Department of Taxation.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Vietnam Cycle Expo 2025 will coincide with the Vietnam Sport Show 2025, an international exhibition on sports and outdoor entertainment, expected to attract more than 20,000 visitors in the three-day event.
Illustrative image (Source: VNA)
