HANOI, Dec. 5 (Xinhua) -- Embracing the global minimum corporate tax rate, Vietnam will carry out initiatives to retain its foreign investment magnetism, Vietnam News Agency (VNA) reported Tuesday.
According to the report, Vietnam will set up a support fund to encourage and lure strategic investors and multinational groups in efforts to attract more foreign direct investments (FDIs), as the country's National Assembly recently approved a resolution on applying additional corporate income tax in accordance with the Global Anti-Base Erosion Rules (global minimum tax).
Minister of Planning and Investment Nguyen Chi Dung has reiterated that Vietnam will prepare "incentive packages" to support investors.
Besides financial incentives, Vietnam should focus on the upgrade of socio-economic infrastructure, the development of a green economy, and the facilitation of administrative procedures. Those are the areas that foreign investors are interested in, VNA cited economist Tran Hoang Ngan as saying.
According to a resolution recently approved by the National Assembly, Vietnam will impose the global minimum tax on foreign companies from Jan. 1 next year, at a rate of 15 percent for multinational enterprises with revenue exceeding 750 million euros (about 810 million U.S. dollars) or more in two of the four consecutive years. ■
