30 Nov 2017
VIETNAM: Ho Chi Minh City Granted Investment Autonomy by Central Government
As of 1 January 2018, the local government in Ho Chi Minh City (HCMC) will be free to make most of the policy decisions relating to investment, land management and public spending without securing prior approval from the country’s Prime Minister. This enhanced autonomy is said to be in recognition of the city’s status as the country’s economic powerhouse and is scheduled to extend for a minimum period of five years.
The change will also see HCMC retain a greater proportion of local tax revenues, while entitling the city authorities to impose additional consumption taxes and environmental protection levies as they see fit.