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VIETNAM: CIT Rate to be Lowered to 15-17% in Bid to Boost Competitiveness

Vietnam’s Prime Minister Nguyen Xuan Phuc recently revealed in a business summit that the government has planned to reduce the country’s corporate income tax (CIT) rate from 20-22% at present to 15-17%. The move is aimed at increasing Vietnam’s competitiveness in terms of attracting and retaining investment vis-à-vis its neighbours in the ASEAN bloc.

It is, however, unclear if the preferential CIT rate will be applied to all businesses or available only for micro and small and midsize enterprises (MSMEs) with annual turnover of not more than VND50 billion (US$2.18 million).

Content provided by Picture: HKTDC Research
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