(MPI) - Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc chaired a meeting with representatives of law firms and relevant ministries in Hanoi on May 23 to develop new incentives and measures to support new investment activities amid the application of the global minimum tax.

At the meeting. Photo: MPI

In 2021, members of the world’s 20 biggest economies (G20) agreed to the Statement on a Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy, and endorsed the global minimum corporate tax. Vietnam is one of the countries to join the Organisation for Economic Co-operation and Development (OECD)’s rule, therefore the Prime Minister established a special working group in charge of studying and proposing measures of the tax in August 2022.

Speaking at the meeting, Deputy Minister Ngoc said the Prime Minister has directed the working group to focus on reviewing, perfecting related institutions and regulations, and building a roadmap for the application of the tax on the basis of international experience and ensuring suitable application of the country’s rule.

After 35 years of officially opening to attract investment, one of Vietnam’s investment attraction policies is to have incentives based on corporate income. She added, the ministry will adjust investment policies to adapt to the global minimum tax rate and minimise the impacts on enterprises.

The deputy minister said that the national strategy on foreign investment cooperation for the 2021-2030 period targets to attract foreign investment in focused areas, drawing suitable for cooperation to suit the regional and global context, repositioning investment flows, reducing dependence on risky markets and potentially disputed markets, and prioritise the connection of global production and supply chain.

The strategy also aims to attract green investment, high technology, supporting technology, and advanced governance methods, and ensuring the balance of interests between investors, the State and people during foreign investment cooperation activities in the spirit of harmonised benefits and shared risks, she went on.

Representatives of some law firms and relevant ministries exchanged ideas and recommendations on foreign investment attraction policies. These comments are served as important tools for the ministry on the research and design of incentives and measures to support new investment activities amid to adapt to the global minimum tax./.

Bao Linh

Ministry of Planning and Investment