Strengthening cooperation between Vietnam Tax Agency and Korean Tax Agency

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The meeting on the afternoon of November 4, 2021. Photo General Department of Taxation

Ambassador of the Republic of Korea to Vietnam awards commendation and plaque of appreciation to the Director General of the General Department of Taxation Cao Anh Tuan

After the meeting with Ambassador Park Noh-wan, Director General Cao Anh Tuan had a meeting with the Korean Delegation to inform them about support solutions on taxes, fees, charges and land rent which have been implemented by the Government, the Ministry of Finance and the General Department of Taxation to support the domestic business community and foreign-invested enterprises in Vietnam.

At the meeting, Director General Cao Anh Tuan said the recent financial and tax solutions of the Vietnamese Government were timely, close to production and business activities of the businesses and people in all industries and fields. Also, the Ministry of Finance studied measures on fiscal policies and tax policies of countries around the world, which have had a positive impact and have been recognized by the business community and people to contribute to removing difficulties, stabilizing production and business activities and maintaining the growth of the economy.

According to Cao Anh Tuan, the Covid-19 pandemic spread on a global scale, seriously affecting all socio-economic aspects of countries around the world. In order to overcome the negative impacts and help the economy overcome the challenges of the pandemic, Vietnam has promptly offered solutions to support businesses and people.

Mr. Park Noh-wan, Ambassador of the Republic of Korea to Vietnam, said the Covid-19 pandemic has been severely impacting economies worldwide, including Korea and Vietnam. The disruption of supply chains is clearly visible, affecting the socio-economic development of each country. This is the time that the business community desperately needs the Government's timely support to stabilize production soon.

Vice Chairman of the Korean Chamber of Business Association in Vietnam (Korcham) Kim Chae Hong also made recommendations related to tax policies for Korean businesses in Vietnam. He said, Korean businesses are allowed to participate in dialogues on tax and customs policies organized by the Ministry of Finance. However, in 2020, due to the pandemic, dialogues did not take place, so he said that, if the pandemic is controlled, the Ministry of Finance of Vietnam shall organize online dialogues so that Korean businesses can state their difficulties and obstacles in production and business in Vietnam.

After listening to the opinions of the Korean Delegation and representatives of a number of units under the General Department of Taxation, Director General Cao Anh Tuan acknowledged the recommendations and pledged to guide tax units to review and coordinate with the Korean business community to remove problems under their power. For issues related to other ministries and agencies, the General Department of Taxation will work with the Korean Embassy to coordinate with relevant ministries and agencies to find solutions to support production and business.

In addition, Director General Cao Anh Tuan said that in 2021, the Standing Committee of the National Assembly of Vietnam issued Resolution 406/NQ-UBTVQH15 dated October 19, 2021 on a number of solutions to support businesses and people hit by the Covid-19 pandemic. Accordingly, the Ministry of Finance urgently submitted to the Government for promulgation Decree 92/2021/ND-CP dated October 27, 2021 detailing the implementation of the above Resolution 406, focusing on four solutions on tax exemption and reduction.

Mr. Cao Anh Tuan said Vietnam is applying a complete tax administration and policy system with strong reforms aimed at improving the business investment environment to create maximum convenience for taxpayers. Vietnam’s prevailing tax policies do not discriminate between economic sectors, types of enterprises, domestic enterprises and foreign-invested enterprises. The regulation of tax obligations and tax incentives applied uniformly to domestic enterprises and foreign-invested enterprises has created equality of tax obligations for all investors, contributing to attracting investors and promote economic growth.

After the meeting, the Korean Embassy in Vietnam awarded the Korean Government's commendation and plaque of appreciation to Director General of Taxation Cao Anh Tuan.

The Director General Cao Anh Tuan expressed his sincere thanks to the Ambassador for his visit.

Mr. Cao Anh Tuan said the Tax Agreement between Vietnam and Korea was signed on May 20, 1994 and the agreement between the General Department of Taxation of Vietnam and the Korean National Tax Agency was signed on November 14, 1994. So far, the Vietnam-Korea cooperation relationship in the tax field has lasted for 25 years which demonstrates the friendly, close and precious cooperation between the two sides.

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On the occasion of this meeting, the Director General of the General Department of Taxation of Vietnam decided to award a Certificate of Merit to Mr. Dae Ji Kim - the Director General of the Korean National Tax Agency for his efforts and contributions to the cooperation between the two tax agencies.