Deputy Finance Minister Vu Thi Mai (Source: VNA)Hanoi (VNA) – Vietnam needs to create a fairer and moretransparent tax environment, said Ambassador of the Republic of Korea (RoK) toVietnam Kim Do-hyun on September 17.
Speaking at a dialogue on tax and customs policies andadministrative procedures with RoK enterprises, Kim said that policies ontaxation and customs which ensure consistency will affect foreign investors’decisions on pouring their capital into Vietnam, as they pay much attention totrade liberalisation and the consistency of policies.
Vietnam’s Deputy Finance Minister Vu Thi Mai agreed that taxand customs policies and administrative procedures always drawn much attention frombusinesses.
The organisation of the dialogue reflected the determinationof the Ministry of Finance, the General Department of Taxation, and the VietnamCustoms to provide assistance for enterprises.
The Ministry of Finance is willing to listen to enterprises’ideas so as to continue perfecting policies and at the same time answer theirqueries and create favourable conditions to help them deal with difficultiesrelated to tax and customs policies and administrative procedures, thus helpingto boost the business and production activities of RoK enterprises.
Deputy head of the General Department of Taxation Cao AnhTuan said that investment from RoK enterprises is spread over numerous fields.The number of operating RoK enterprises exceeds 6,000, accounting for 1 percentof the total enterprises operating in Vietnam. Over the past two years, theyhave contributed 2-3 percent of the total budget collection each year.
They also stand out in terms of online tax declaration ande-tax payment, contributing to the transparent and effective tax management ofVietnam, Tuan stated.
Most RoK enterprises abide by Vietnam’s tax-related laws.However, there were some misunderstandings, he noted, adding that they werethen given a warning and instructions on how to follow Vietnam’s taxrequirements.
After 26 years of carrying out investment activities inVietnam, the RoK has become Vietnam’s leading trade partner and largestinvestor.
The RoK runs 6,760 invalid projects with a total registeredcapital of 59 billion USD, ranking first in terms of capital and the number ofprojects among the 125 countries and territories investing in Vietnam.RoK-invested businesses are employing over 700,000 labourers and contribute around30 percent of Vietnam’s total export turnover. –VNA
VNA
