24 June 2016
VIETNAM: Government Looks to Nurture SMEs Through Tax Incentives and Preferential Treatment
Plans are in place to boost the development of SMEs in Vietnam, with the Ministry of Finance looking to introduce five incentive measures designed to support existing companies and nurture start-ups. As well as assistance to entrants to the sector, the measures include support for production, value chains, innovation and integration into the country’s existing business networks. In an additional move, banks will be encouraged to provide loan facilities for such businesses.
In the case of start-ups, the incentives on offer include a 5% reduction in corporate income tax (CIT) for a period of up to five years, as well as preferential treatment when tendering for public procurement contracts.
As yet, no date has been announced for the implementation of these new measures.