Vietnam’s Prime Minister Pham Minh Chinh has tasked the Ministry of Finance with reviewing tax policies to adapt to global economic changes. This involves strengthening trade partnerships and enhancing regulations related to foreign investor mobility. Proactive measures are designed to protect Vietnam’s economic interests and facilitate a stable trade environment.
Vietnamese Prime Minister Pham Minh Chinh has directed the Ministry of Finance to partner with relevant agencies for a thorough review of the country’s tax policies, particularly concentrating on collaborations with nations holding strategic partnerships, including the U.S. This step aims to adapt to global economic fluctuations while ensuring the achievement of growth targets and macroeconomic stability through 2025 and beyond.
In light of the unpredictable global economy marked by growing strategic competition and rising risks in financial markets, Vietnam plans to adjust its economic and trade strategies accordingly. The Ministry of Foreign Affairs will enhance diplomatic and economic ties with key trading partners to elevate Vietnam’s international economic status.
Additionally, the Ministry of Industry and Trade is tasked with creating an action plan for balanced, sustainable trade, prioritizing cooperative trade relations over competition. This plan will include market diversification, export expansion, trade facilitation, and leveraging benefits from current free trade agreements, while also exploring new agreements with high-potential markets such as the Middle East and Africa.
Moreover, the Ministry of Industry and Trade will also monitor trade practices to curb unfair competition, tighten product origin controls, and mitigate issues related to smuggling and tariff evasion linked to imported investments. The Ministry of Finance is set to lead the tax policy overhaul, focusing on equitable and advantageous tax arrangements with major economic partners while adapting certain tax rates to the changing trade landscape.
The State Bank of Vietnam will also work on enhancing cooperation in international payments and finance to maintain competitiveness in the global financial sphere. Furthermore, the approach extends to foreign visas, work permits, and residency policies to facilitate investor and skilled labor mobility within Vietnam. The Ministries involved will assess current regulations and aim to simplify processes for foreign professionals by offering expanded visa exemptions and streamlined e-visa procedures.
This government initiative addresses apprehensions surrounding potential tariff pressures, especially from the U.S. on vital exports like wood products. The proactive measures reflect Vietnam’s commitment to ensure a fair trade environment while safeguarding national economic interests, thus positioning the country for successful navigation of global economic shifts and fostering a conducive business environment for both local and foreign enterprises.
In summary, Vietnam’s Prime Minister has initiated a comprehensive review of tax policies and trade strategies to adapt to shifting global economic conditions. These measures aim to enhance economic partnerships, ensure macroeconomic stability, and attract foreign talent by streamlining regulations. By embracing these reforms, Vietnam seeks to bolster its position in the international market while safeguarding its economic interests amidst rising global competition.
Original Source: tuoitrenews.vn
