HÀ NỘI — The Ministry of Planning and Investment (MPI) is working on designing incentives and measures to support new investment activities amid the upcoming application of the global minimum tax. Việt Nam is 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. Việt Nam 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 Việt Nam. The official said that the foreign investment attraction strategy for the 2021-30 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.

Source: Viet Nam News May 27, 2023 12:52 UTC