1 Feb 2016
Vietnam Announces Further Boost in Six Key Supply Sectors
Vietnam is set to introduce a new wave of measures aimed at boosting suppliers in six key sectors. The move, said to come into force later this month, is aimed at providing preferential terms and promotional support to ancillary industries in the textiles, footwear, electronics, automotive, mechanical and hi-tech sectors. A dedicated Supporting Industry Development Centre will also be established to help co-ordinate the sector.
The move follows a number of tax incentives aimed at the sector that were introduced in November 2015. This saw the income tax rate for companies in the support industry sector set at 10% for their first 15 years of operation, with import tax also waived on goods used in the assembly of fixed assets. Additionally, such industries can now opt to pay value-added tax on a monthly, quarterly or annual basis.
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HCMC eyes boost for suppliers