Minister of Planning and Investment Nguyễn Chí Dũng asked localities to clarify their objectives and the priority of public investment projects for 2021-25, to ensure focused investment.
During the meeting, experts discussed the province’s socio-economic development in the last six months of this year.
Tax policies are being specified while customs procedures simplified to improve the legal framework to facilitate the European Union – Việt Nam Free Trade Agreement (EVFTA) enforcement.
The target for Hà Nội was no longer to compete with other Vietnamese localities but with other cities in the region like Bangkok, Jakarta, Shanghai and Manila.
Corporate income tax rate will be cut by 30 per cent for the firm, which has total revenue of maximum VNĐ50 billion (US$2.61 million) in 2020
State budget revenue was estimated at nearly VNĐ500 trillion (US$21.5 million) in the first five months of this year, equal to 97.6 per cent of the same period last year.
The State budget revenue in January – April was estimated to total VNĐ491.38 trillion (US$21.18 billion), representing a drop of 5.9 per cent against the same period last year.
The Ministry of Finance forecast that the budget overspending at 5-5.1 per cent of gross domestic product (GDP) this year, about 1.5-1.6 percentage points higher than the Government’s plan due to the impacts of the COVID-19 pandemic.