chevrons

Back to Previous Page

Vietnam Plans Tax Breaks, Land Fee Cuts for Virus-Hit Firms

Vietnam Plans Tax Breaks, Land Fee Cuts for Virus-Hit Firms

Vietnam plans to assist companies struggling amid the novel coronavirus outbreak with tax breaks, delayed tax payments and reductions in land lease fees, Prime Minister Nguyen Xuan Phuc told ministers attending his cabinet meeting today.

The assistance package will cost the government about 27 trillion dong ($1.16 billion), Phuc said during the meeting, broadcast on state television. The government also aims to speed up state spending on infrastructure projects, he said.

The government, which is targeting 2020 economic growth of 6.8%, has warned expansion is at risk of slowing to 5.96% this year if the disruption of the virus continues into the second quarter.

Featured image credit: thanhnien.vn

Source: Bloomberg

Related News & Insights
Find out more navigation_button
news

Vietnam’s ambition to become a regional transshipment hub is gaining momentum, supported by growing interest from one of the world’s largest shipping companies. On October 9, Mediterranean Shipping Company (MSC), the world’s largest container shipping company with approximately 22% global market share, expressed interest in further expanding its investment in Vietnam, particularly in port infrastructure […]

Read Newsarrow
news

Vietnam has reached an important milestone in its sovereign credit rating journey. On October 8, Japan’s Rating and Investment Information (R&I) upgraded Vietnam’s sovereign rating from BB+ to BBBโˆ’, marking the country’s first investment-grade rating from an international credit rating agency. The upgrade recognizes Vietnam’s strong economic fundamentals, with GDP growth reaching 9.0% y/y in […]

Read Newsarrow
news

Samsung Electro-Mechanicsโ€™ latest investment is another strong signal of Vietnamโ€™s increasingly important role in global technology supply chains. The company plans to invest around US$1.85bn in Vietnam to expand production capacity for FCBGA semiconductor packaging substrates, used in high-performance CPUs, GPUs and AI accelerators. The investment is part of Samsung Electro-Mechanicsโ€™ broader capacity expansion program […]

Read Newsarrow
Find out more navigation_button