Resolution 116/2020/QH14 granting a reduction of 30 per cent on corporate income tax (CIT) for eligible enterprises officially came into effect on Monday.
Experts have raised concerns that Vietnamese businesses are slow in preparing conditions to enjoy preferential tariffs in the Việt Nam-EU Free Trade Agreement (EVFTA).
With the European-Vietnam Free Trade Agreement (EVFTA) set to come into force on August 1, many of the country's key commodities such as seafood and wood products are anticipated to enjoy numerous incentives from the trade pact, according to insiders.
Nguyễn Thị Xuân Thúy, deputy director of the industrial development centre under the Ministry of Industry and Trade, made the statement during the webinar themed 'Global Value Chains in the Time of COVID-19: The Experience of Ethiopia and Việt Nam', hosted last week by the World Bank Chief Economist Offices of the Africa and East Asia & Pacific Regions and the Finance, Competitiveness and Innovation Global Practice.
Deputy Minister of Foreign Affairs Nguyen Quoc Dung, head of Vietnam’s SOM ASEAN, attended an online high-level dialogue on ASEAN’s recovery post-COVID-19 on July 30.
Experts from the World Bank said Việt Nam was a rising star amid the COVID-19 pandemic, ranking the country 5th fastest growing economy.
Vietnam attracted 3.15 billion USD in foreign direct investment (FDI) and capital for share purchases in July, representing a rise of 79.8 percent against the same period last year and 76.2 percent against June, reported the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.
The Cotton Corporation of India (CCI), which has surplus stocks of cotton ahead of the next harvest season, is trying to boost exports of cotton to Việt Nam and Bangladesh.
Vietnam may surpass Thailand in rice export this year thanks to its competitive price and the removal of rice export quota, experts have said.
The export turnover of agriculture, forestry and aquaculture in the first seven months of 2020 was estimated at 22.3 billion USD, a decrease of 2.8 percent year-on-year.
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