Last updated: Thursday, February 21, 2019


Customs - Tax Policy Dialogue with Korean Business Community: Knowing Is Better Serving

Posted: Tuesday, September 25, 2018

Recently, the Ministry of Finance held a tax and customs policy dialogue with Korean businesses. Finance Deputy Minister Vu Thi Mai chaired the meeting, attended by more than 250 Korean firms operating in Vietnam.

According to statistics, Korea now has 6,760 effective projects with a combined registered capital of US$59 billion in Vietnam, ranking first among 125 countries and territories investing in the Southeast Asian nation.
According to Deputy Minister Vu Thi Mai, Korean businesses are an important component of the Vietnamese economy, employing over 700,000 workers and contributing about 30 per cent of Vietnam's total export value. Korea-invested FDI projects have invested in industrial manufacturing, real estate, energy, mechanical engineering and electricity in recent years.

"We really recognise and appreciate efforts and resolve of Korean investors as they are contributing significantly to Vietnam's economic development. The signing of the Vietnam - Korea Free Trade Agreement (FTA) in 2015 is considered a concrete step in carrying out Vietnam's active integration strategy, actively developing the bilateral strategic partnership, and contributing to the prosperity of the two countries," she said.

She said that the Government of Vietnam has always given priority to reforming administrative procedures, including tax and customs procedures, to build an increasingly favourable business environment for enterprises and facilitate their fulfilment of tax obligations to the State Budget.

“The Ministry of Finance has been carrying out many works like improving and perfecting institutions, reforming administrative procedures and modernising the administration to facilitate enterprises, including Koreans in Vietnam, to do business,” she added.

In 2018, the tax sector ranked first in eight administrative procedures in the Administrative Procedures Conformity Index (APCI) 2018: Lowest compliance cost of (VND73.750) and 2.9 hours on average for a procedure to be completed.

In the customs field, the sector reviewed, reduced, simplified 223 customs procedures and continue to implement electronic customs procedures. Currently, the electronic customs clearance system (VNACCS/VCIS) has been deployed at all customs units nationwide, with 100 per cent procedures and processes made automatic and more than 99.65 per cent of customs procedures executed electronically.

Deputy Minister Vu Thi Mai said that, to bring tax and customs policies into play, the sector hopes to get positive feedback from the business community. "Through today's meeting and in the near future as well, the Ministry of Finance hopes to continue to receive direct, frank and constructive contributions of the Korean business community in Vietnam," Deputy Minister Vu Thi Mai said.

Based on opinions from Korean businesses, Vietnam's tax and customs policies will be further reformed and improved for greater transparency and more detail to help taxpayers to fulfil tax policies in a sufficient, quick and convenient manner, encourage investment and exports in line with international practices and international commitments in the context of regional and global economic integration.

Le Hien

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