Vietnam’s Prime Minister Pham Minh Chinh has directed a review of tax policies to adapt to global economic changes. The strategy includes enhancing trade relations, diversifying markets, and simplifying processes for foreign professionals. The government aims to navigate potential tariff barriers while ensuring macroeconomic stability and growth.
Vietnamese Prime Minister Pham Minh Chinh has mandated the Ministry of Finance to collaborate with relevant agencies to thoroughly review the nation’s tax policies, especially regarding countries with significant partnerships, such as the United States. This initiative aims to ensure adaptable and effective strategies that align with global economic changes while achieving Vietnam’s growth targets and maintaining macroeconomic stability beyond 2025.
The prime minister’s recent directive underscores the unpredictable nature of the global economy, where intense strategic competition and emerging risks in financial and real estate markets prevail. To address these challenges, Vietnam intends to enhance its economic and trade strategies, reinforcing its global standing amidst evolving trade and tariff policies introduced by various nations.
The Ministry of Foreign Affairs has been charged with strengthening diplomatic and economic relations with key trading partners, which is vital for enhancing Vietnam’s position in the global economy. Additionally, the Ministry of Industry and Trade must finalize an actionable plan for sustainable trade relations, concentrating on partnerships rather than competition, which includes diversifying markets and maximizing existing free trade agreements.
To combat unfair competition, the Ministry of Industry and Trade will intensify its oversight, focusing on origin control, smuggling prevention, and adverse foreign investment issues. Furthermore, to ensure fairness in economic partnerships, the Ministry of Finance will lead the tax policy review, which includes evaluating tax rates to reflect the changing trade landscape. The prime minister has highlighted the urgency of these changes, with proposals due for approval within the month.
Monetary policy adjustments are also prioritized, with the State Bank of Vietnam directed to devise new strategies that enhance international cooperation in financial transactions, maintaining competitiveness globally. Alongside trade and finance, the directive addresses visa, work permit, and residency policies aimed at attracting foreign investors and skilled professionals to Vietnam.
The Ministry of Foreign Affairs, Ministry of Public Security, and Ministry of Home Affairs will review existing regulations to simplify processes for foreign professionals. This includes visa exemptions and streamlined e-visa procedures to facilitate their integration into the Vietnamese workforce. The government is also considering initiatives for temporary residence cards and long-term permits to help retain foreign talent.
As tariff barriers loom, particularly from the U.S. on key exports like wood products, Vietnam’s proactive strategy seeks to secure a fair trading environment while safeguarding economic interests. Through these comprehensive measures, Vietnam aims to adapt to global economic transformations, strengthen partnerships, and foster a favorable business environment for both domestic and international enterprises.
In summary, Prime Minister Pham Minh Chinh has initiated a thorough review of Vietnam’s tax policies in light of changing global economic conditions. By focusing on trade relations, market diversification, and easing regulations for foreign investors, Vietnam strives to maintain economic growth and stability. The comprehensive measures outlined reflect the government’s commitment to adapting to challenges while securing a favorable trade environment.
Original Source: tuoitrenews.vn
