Vietnam to Set Up Tax Agency for Large Businesses

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Aug. 24 – Vietnam has established the Large Enterprise Tax Management Department to specifically cater to the tax issues and payment needs of major corporations.

This move will ease the tax process for about 405 large corporations operating in the country. The majority of these types of firms are state-owned and have stakes in top industries such as oil and gas, electricity, mining, post and telecommunications and banking.

The Vietnam Chamber of Commerce and Industry is set to submit an overall proposal that aims to make it easier for huge corporations to do business in the country.

Deputy Minister of Finance, Do Hoang Anh Tuan says it is a necessary step, as these enterprises play a very important role in socio-political and economic development, paying up to 70 percent of gross tax revenues.

The Deputy General Director of Petrolimex, Dam Thi Huyen praises the move as “an important step” to help solve overlapping guidelines, management and inspection work.