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.
The Ministry of Planning and Investment has asked for corporate income tax (CIT) to be cut for small and medium-sized enterprises (SMEs) by half this year in an effort to boost growth when the COVID-19 pandemic eases.
The Ministry of Finance said an estimated VNĐ7.5 trillion (US$3.2 billion) in agricultural land tax would be exempted every year in 2021-25.
The Ministry of Finance would focus on improving the business climate and creating favourable conditions for businesses to accelerate growth which was important to ensure State budget revenue in the context of COVID-19 pandemc which was heavily weigh on the socio-economic development.