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VN and South Korea discuss tax policies

Update: September, 18/2018 - 07:00
A customs official checks goods at Beán Löùt Customs Sub-Department in the southern province of Long An. — VNA/VNS Photo Hoàng Hùng
Viet Nam News

HÀ NỘI — Simplified tax and customs procedures would attract more foreign investors to Việt Nam, said South Korean Ambassador Kim Do-huyn at a conference in Hà Nội on September 17.

Ambassador Kim said Việt Nam needed to create a more transparent and fairer tax environment for businesses.

South Korea is the largest direct investment partner in Việt Nam. According to statistics, South Korea has 6,760 projects with total registered capital of US$59 billion.

Speaking at the meeting, which was held by Việt Nam’s Ministry of Finance and the South Korean Embassy in Việt Nam, Deputy Minister of Finance Vũ Thị Mai said that administrative procedures, tax policies and customs were always a top concern.

 “The finance ministry is ready to listen to comments from enterprises to solve difficulties related to administrative procedures, tax and customs policies, while promoting the production and business activities of South Korean enterprises in Việt Nam," Mai said.

South Korean enterprises are an important component of the Vietnamese economy, employing over 70,000 workers and contributing about 30 per cent of the total value of Việt Nam’s exports. South Korean investors in recent years have poured money into the manufacturing, real estate, energy, mechanical and electrical fields.

According to Deputy Director of General Department of Taxation Cao Anh Tuấn, South Korean enterprises had contributed from 2 to 3 per cent of total State budget revenue in the last two years.

Tuấn said most South Korean businesses complied with Vietnamese tax laws, however, there were still limitations on the understanding of updated tax regulations.

Tax authorities had collected arrears and guided enterprises to comply with the law, said Tuấn. — VNS



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