Vietnam Prime Minister Pham Minh Chinh has ordered a review of tax policies to enhance Vietnam’s economic adaptability amid global uncertainties. The focus is on strengthening partnerships, market diversification, and reforms in visa policies for foreign professionals. The government aims for balanced trade relations while ensuring macroeconomic stability through 2025 and beyond.
Vietnamese Prime Minister Pham Minh Chinh has directed the Ministry of Finance to collaborate with pertinent agencies in conducting an extensive review of the nation’s tax policies. This review particularly focuses on Vietnam’s relations with countries that hold strategic or comprehensive partnerships, notably the United States. The prime minister’s recent directive outlines actionable steps aimed at equipping Vietnam to adapt swiftly and effectively to evolving global and regional economic circumstances while achieving growth objectives and stabilizing macroeconomic conditions through 2025 and beyond.
The document underscores the increasing volatility of the global economy, characterized by heightened strategic competition and emerging risks within financial and real estate markets. Additionally, it notes the advent of new trade and tariff policies by various countries. In light of this, Vietnam intends to bolster its economic and trade strategies to effectively navigate these emerging challenges.
The Ministry of Foreign Affairs has been assigned the responsibility of advancing diplomatic and economic relationships with pivotal trading partners to enhance Vietnam’s global economic stature. Furthermore, the Ministry of Industry and Trade is to expedite the completion of an action plan that aims at achieving balanced and sustainable trade relations while emphasizing complementary trade instead of direct competition.
This action plan will incorporate strategies for market diversification, export expansion, improved trade facilitation, and leveraging the benefits of existing free trade agreements. The ministry will also pursue new agreements with potentially lucrative markets, including the Middle East, Africa, Latin America, Central Asia, India, and Brazil. Additionally, oversight of trade practices will be intensified to curb unfair competition and uphold Vietnam’s reputation in international trade.
The Ministry of Finance will spearhead the review of tax policies, concentrating on ensuring equity, balance, and mutual advantage in tax arrangements with significant economic partners. The prime minister has highlighted the necessity for adjustments in tax rates on certain goods to align with the changing trade landscape. These alterations must be proposed promptly and submitted for approval within the month.
Moreover, modifications to monetary policies are being prioritized. The State Bank of Vietnam has been instructed to develop new strategies reinforcing cooperation with international partners concerning payments and financial transactions, thereby maintaining Vietnam’s competitiveness on the global financial stage.
The directive also encompasses Vietnam’s visa, work permit, and residency policies to bolster support for foreign investors and skilled labor. The Ministry of Foreign Affairs, alongside the Ministry of Public Security and the Ministry of Home Affairs, will revise regulations to facilitate foreign professionals’ ability to work and reside in Vietnam. This initiative entails expanding visa exemptions, streamlining e-visa applications, and simplifying work permit processes for key sectors.
Additionally, the government is evaluating new policies for issuing temporary residence cards and long-term residency permits aimed at attracting and retaining foreign talent. This proactive gubernatorial approach comes amid rising concerns over possible tariff barriers from the U.S. impacting vital exports, such as wood products. The government’s strategies aim to establish a fair and stable trade environment while safeguarding Vietnam’s economic interests, thus positioning the nation to adapt to global economic fluctuations and strengthen its trade relations.
In summary, Vietnam’s Prime Minister Pham Minh Chinh has mandated thorough reviews of tax policies and economic practices to enhance the nation’s adaptability to global economic shifts. The focus on strategic partnerships, market diversification, and improved regulations for foreign expertise highlights Vietnam’s commitment to fostering a competitive trade environment. This proactive approach aims to secure Vietnam’s economic interests and ensure sustainable growth amidst increasing global uncertainties.
Original Source: tuoitrenews.vn
