Deputy Minister of Finance Nguyen Duc Chi - Photo: VGP/Nhat Bac
On the afternoon of March 18, Prime Minister Pham Minh Chinh worked with a delegation of the US-ASEAN Business Council (USABC) and about 60 large US enterprises visiting and working in Vietnam, led by USABC President and CEO Ted Osius, former US Ambassador to Vietnam.
With about 60 businesses, this is the largest delegation ever to Vietnam within the framework of the program organized by USABC, with leading corporations such as Boeing, Apple, Intel, Coca-Cola, Nike, Amazon and Bell Textron, Excelerate Energy...
US businesses expect Vietnam to continue reforming administrative procedures; shortening decision-making time; ensuring consistency and stability of legal regulations; having preferential policies to encourage investment in a number of specific projects and products that the US has strengths in and Vietnam has needs for, and giving priority to attracting and developing...
There will be a clear roadmap to increase special consumption tax.
Regarding tax issues, Deputy Minister of Finance Nguyen Duc Chi responded to US businesses about the proposal to further reduce VAT by 2% for some industries, hotels, and tourism. The Ministry of Finance has been directed by the Prime Minister and is preparing the process of reporting to the National Assembly for approval in the next session in the spirit of supporting people, businesses, and stimulating the economy.
Regarding the issue of imposing special consumption tax on sugary drinks and pickup trucks, the draft Law on Special Consumption Tax is being finalized and will incorporate the contents proposed by businesses, then report back to the Prime Minister for submission to the National Assembly. However, sugary drinks and pickup trucks will have a clear tax increase roadmap, both to adjust the market and for businesses to adapt.
Regarding the contents related to customs procedures, recommendations from enterprises on high-tech imported and exported goods being given priority for "green lane" customs procedures in the form of "clearance first, inspection later", the Ministry of Finance will absorb and study in the process of developing related legal regulations to create maximum convenience for enterprises.
Regarding the on-the-spot import-export policy, the Deputy Minister of Finance said that this is a unique policy of Vietnam and businesses all find it a favorable policy. The Ministry of Finance is reviewing to report to the Government to maintain this policy in the first quarter of 2025. Regarding the avoidance of double taxation and the security authentication process in cross-border e-commerce, the Ministry of Finance is ready to receive business opinions for amendments as soon as possible.
Minister of Industry and Trade Nguyen Hong Dien - Photo: VGP
No more energy policy confusion
Regarding proposals in the fields of energy and trade, Minister of Industry and Trade Nguyen Hong Dien said that US businesses want to cooperate with Vietnam in the fields of green transformation, digital transformation, circular economy and innovation, which are areas that the Prime Minister has directed very strongly.
Recently, Vietnam has achieved a growth rate of 16.57% thanks to traditional growth activities including investment, consumption and export, but to achieve double-digit growth and for Vietnam to escape the middle-income trap, the Prime Minister requested to continue to renew old growth drivers and focus on new growth drivers. Therefore, Vietnam hopes that US businesses will continue to exchange and discuss to both apply effective policy mechanisms of Vietnam and propose new policies that benefit both countries.
Regarding the FIT price policy for solar power, this is a conditional policy issued within a certain period of time. The general spirit is that the Ministry of Industry and Trade will continue to research and submit to the Government a price framework for solar energy in the direction of a market economy, so as not to cause losses to investors.
"The revised Electricity Law was issued on November 30, 2024 and to date, 7 Government Decrees and 18 Circulars of Ministries and branches have been issued and taken effect. Therefore, all difficulties of enterprises in the energy sector are no longer entangled. In the process of applying Vietnam's regulations, if US enterprises have any difficulties, the Ministry of Industry and Trade is ready to explain or if we need any specific mechanism suitable for the interests of both sides, we will continue to discuss," the Minister of Industry and Trade affirmed.
According to the Power Plan VIII, the structure of gas-fired thermal power sources (natural and LNG) will reach more than 37,000 MW by 2030. Each year, Vietnam is expected to import about 15-17 million tons of liquefied gas from Alaska if there are suitable preferential prices. The Minister hopes that US businesses in this field will be interested and Vietnam is always ready to negotiate the import of liquefied gas right now. Regarding offshore wind power projects, affirming that Vietnam has a much larger potential of more than 600GW and the mechanism is already in place, Minister Nguyen Hong Dien also asked US businesses to participate in investment in the near future.
In the aviation sector, Deputy Minister of Construction Pham Minh Ha hopes that Boeing will deliver 50 B737max aircraft and a number of other aircraft contracts between partners of the two countries on time in the context of Vietnamese airlines currently lacking aircraft. The Ministry of Construction also asked Boeing to offer more preferential aircraft prices to Vietnam as well as research and implement investment in component manufacturing factories and aircraft maintenance centers in Vietnam.
Regarding science and technology, the representative of the Ministry of Science and Technology replied: The Resolution just passed by the National Assembly allows Starlink to invest in Vietnam under the model of a 100% foreign-owned company, and to have full ownership of legal entities established in Vietnam. Regarding the licensing of Starlink satellite Internet, the Ministry of Science and Technology has reported to the Government for consideration and approval. The Ministry of Science and Technology is amending two important laws, the Law on Science & Technology and the Law on Digital Transformation, and simultaneously adjusting 14 other related laws. The Ministry of Science and Technology hopes to receive cooperation and policy advice from US businesses to promote the development of science and technology and digital transformation in Vietnam.
Regarding the banking sector, the State Bank representative said that digital transformation in the banking sector is a prerequisite in current banking activities to help save time for users. Recently, the State Bank has coordinated with US corporations such as Visa and Master to promote non-cash payment activities in Vietnam. Regarding the financial center, the State Bank has proposed criteria for building a specific policy to welcome US investors in a more open direction so that investors can easily participate.
Phan Trang
Source: https://baochinhphu.vn/tao-thuan-loi-toi-da-de-cac-doanh-nghiep-hoa-ky-dau-tu-tai-viet-nam-102250319001252537.htm
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