Vietnam is sparing no efforts to implement tax reform measures along with the application of information technology in tax administration to disclose budget information, according to the Vietnam Annual Economic Report 2020 launched at a conference in Hanoi on June 17.
In 2019, Vietnam leaped 14 places in the Open Budget Index (OBI) rankings to stand 77 out of the 117 countries, said the report released by the Vietnam Institute for Economic and Policy Research. (Illustrative image. Source: VNA)
Hanoi (VNA) - Vietnam is sparing no efforts to implement ওtax reform measures along with the application of information technology in tax administration to disclose budget information, according to the Vietnam Annual Economic Report 2020 launched at a conference in Hanoi on June 17.
In 2019, Vietnam leaped 14 places in the Open Budget Index (OBI) rankings to stand 77 out of the 117 countries, said the report released by the Vietnam Institute forEconomic and Policy Research (VEPR).
It evaluated that Vietnam is making strong changes in economic management mindset. The government has committed to opening markets and developing the private sector, including tax policies.
However, the diversion of trade, investment flowsand global supply chains after the COVID-19 pandemic might pose challenges toVietnam's tax system, the report said, adding that Southeast Asian countries, including Vietnam, are likely to use tax incentives as a tool to encouragedomestic investment as well as attract foreign direct investment (FDI) so as tocreate competition rather than cooperation with countries to promote economicgrowth.
Director of VEPR Nguyen Anh Thu said attracting FDIis necessary to create a boost foreconomic development. However, excessive incentives or drawing FDI at any cost could create a burden on the economy as well as certain inequalities in thebusiness environment for domestic enterprises.
VEPR's statistics showed that the annual tax revenuefrom the FDI sector is estimated at 8-9 trillion VND (344.5 million USD – 387.8million USD), equivalent to 4 to 4.5 percent of the corporate income taxrevenue, while that from the non-state sector could reach 10.5 trillion VND, equivalentto 5 percent of the corporate income tax.
Experts suggested that tax policies in general andtax incent🔯ives in part🌸icular should be changed and updated to meet thesocio-economic development, especially in the context of Vietnam’s extensiveand intensive global integration./.
The World Bank (WB) and the State Bank of Vietnam on August 2 signed an agreement worth 4.2 million USD in non-refundable aid provided by the Japanese government to launch a taxation system modernisation project in Vietnam.
The Government needs to have more practical and quicker support policies to help businesses, especially small ones, recover from the effects of the COVID-19 pandemic, business executives have said.
A policy that may grant up to 30 percent tax exemption for small-to-medium-sized business (SMEs) to mitigate the adverse effects of COVID-19 was discussed by National Assembly deputies during a meeting in Hanoi on June 16.
The European Union (EU)-Vietnam Free Trade Agreement (EVFTA) is expected to trigger high-quality FDI flows from Europe to the Southeast Asian country, Vietnamese Trade Counsellor in Italy Nguyen Duc Thanh has told the Vietnam News Agency (VNA).
The Ministry of Finance will consider a value-added tax (VAT) rate of 5 percent on fertiliser products which are now free of VAT in response to domestic producers’ claim that the zero VAT policy made it harder for them to compete.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
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.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
In 2019, Vietnam leaped 14 places in the Open Budget Index (OBI) rankings to stand 77 out of the 117 countries, said the report released by the Vietnam Institute for Economic and Policy Research. (Illustrative image. Source: VNA) 
