The subjects will enjoy advantages in corporate income tax exemption and reduction, tax preferences (including exemption of import duties applicable to equipment, materials, transport means and land use privilege); exemption and reduction of land tax, land rentals; period of land use.
The draft revised Law on Investment, which includes seven chapters and 76 articles, was adopted with 84.91 percent of votes. Meanwhile, the revised Enterprise Law was approved with 85.51 percent of votes. It comprises of 10 chapters and 213 articles.
Regarding goods and services banned from business, subject to business restriction or conditional business, the Standing Committee of the National Assembly proposed to name radioactive trading in the list of goods and services subject to conditional business.
The Law on Investment encourages investments in high tech, industrial products supporting high-tech, research and development; production of new materials, new energy, clean energy, renewable energy, products with value-added more than 30% and energy -saving products.
Other sectors such as the manufacturing of electronic products, key mechanical products, agricultural machines, automobiles, automobile spare parts; shipbuilding, industrial production support for the textile industry, leather shoes; production of information technology, software, digital content are also given incentives .
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years