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Deputy PM meets Việt Nam-ASEAN Association for Economic Cooperation Development delegation

Update: October, 06/2020 - 09:49

 

Deputy Prime Minister and Minister of Foreign Affairs Phạm Bình Minh (standing) chaired a meeting with Việt Nam-ASEAN Association for Economic Cooperation Development in Hà Nội on Monday. — VNA/VNS Photo Lâm Khánh

HÀ NỘI — Deputy Prime Minister and Foreign Minister Phạm Bình Minh hosted a reception for a delegation of the Việt Nam-ASEAN Association for Economic Cooperation Development in Hà Nội on Monday.

Also present at the meeting were representatives from 85 domestic enterprises and investors from ASEAN member states, Japan, the Republic of Korea, and India who were seeking the government’s continued reduction of corporate income and value added taxes, and land rents in 2020 and 2021.

They wanted the Vietnamese Government to support them in seizing opportunities from the global manufacturing shift and coming up with proper personnel plans and business strategies.

They also expected the Government to tighten intellectual property management and accelerate disbursement of business support packages as new-generation free trade agreements, notably the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and EU-Việt Nam Free Trade Agreement (EVFTA), have entered into force.

Speaking at the event, Minh highlighted efforts by the Vietnamese Government in fighting the unprecedented challenge that is the ongoing COVID-19 pandemic and helping enterprises weather the crisis.

He outlined the non-agricultural land use tax reduction and exemption and corporate income tax waiver in 2020 and the deferral of taxes and land use fees as examples of support provided by the Government to aid those affected by COVID-19.

The Government has also worked hard to accelerate public administrative reforms and create a better business climate, reflected by the cut of over 3,800 business conditions and more than 6,700 goods required specialised inspections, he said.

He expected the association and its business members to pay more attention to ASEAN markets.

Total trade between Việt Nam and ASEAN reached US$57 billion last year, 10 times the figure 25 years ago and representing 11 per cent of the country’s total foreign trade. By the end of July 2020, FDI flows from investors from ASEAN countries into Việt Nam neared $82 billion, accounting for 21.6 per cent of the total FDI injection.

He also asked enterprises to proactively make the most of opportunities and overcome challenges from the FTAs. — VNS

 

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