Vietnamese Prime Minister Pham Minh Chinh has ordered a review of the country’s tax policies to adapt to global economic changes. This initiative involves collaboration between various ministries to enhance trade relations, ensure tax fairness, and simplify residency regulations for foreign talent, while addressing potential U.S. tariff barriers affecting exports. These measures aim to maintain economic stability and promote a favorable business environment.
Prime Minister Pham Minh Chinh of Vietnam has mandated a comprehensive review of the nation’s tax policies, particularly in relation to countries with strategic partnerships, including the United States. This directive aims to help Vietnam adapt to global economic shifts while meeting growth targets, controlling inflation, and maintaining economic stability through 2025 and beyond.
The prime minister’s document highlights the volatility of the global economy, characterized by increased competition and emerging risks in financial markets. In response to these challenges, Vietnam is committed to enhancing its economic and trade strategies. The Ministry of Foreign Affairs has been assigned to strengthen diplomatic and economic relations with key trading partners.
Furthermore, the Ministry of Industry and Trade must develop an action plan to promote balanced and sustainable trade by focusing on complementary trade relations. This strategy encompasses diversifying markets, expanding exports, and optimizing current free trade agreements while pursuing new treaties with promising regions including the Middle East, Africa, and Central Asia.
In addition, the Ministry of Finance will oversee the review of tax policies, ensuring equity and mutual benefits in Vietnam’s agreements with major economic partners. The prime minister has stressed the importance of adapting tax rates to the current trade dynamics, with proposals expected for approval within the month.
Moreover, adjustments in monetary policy are on the horizon. The State Bank of Vietnam has been instructed to create new strategies to enhance cooperation with international entities in financial transactions, thus reinforcing Vietnam’s competitive edge in the global financial landscape.
Beyond trade and finance, Vietnam is revising its visa, work permit, and residency policies to attract foreign investors and skilled labor. The relevant ministries have been tasked with streamlining regulations, expanding visa exemptions, and simplifying requirements for high-priority sectors. New policies for temporary residence cards and long-term permits are also under consideration to foster talent retention.
The directive addresses growing concerns over potential U.S. tariff barriers affecting key exports, such as wood products. The government’s proactive stance aims to ensure a stable and equitable trade environment, thereby protecting Vietnam’s economic interests. These initiatives position Vietnam to adapt effectively to global economic changes and enhance its trade partnerships.
In conclusion, the Vietnamese government’s recent directive emphasizes a thorough review of tax and trade policies to adapt to shifting global economic conditions. By strengthening international relations, enhancing trade partnerships, and reforming visa and residency regulations, Vietnam aims to create a favorable environment for foreign investment and secure its economic future. This proactive approach reflects the government’s commitment to navigating complex economic dynamics and sustaining growth amid global challenges.
Original Source: tuoitrenews.vn
