Neoliberals are the ardent supporters of globalization because of their economic interest

In December, the EU officially approved a directive for companies to pay a minimum tax rate of 15 per cent from 2024. Our neighbouring markets such as Malaysia, Singapore, and Hong Kong are heading towards the official application of GMT policy from 2024 or 2025. Thomas McClelland - Country tax leader Deloitte Vietnam Countries with foreign investment in Vietnam, like South Korea and Japan, will implement new tax policies or announce a draft tax reform, moving towards the application of the GMT from the fiscal year 2024. The impact of the policy on Vietnam is clear and urgent, and requires the authorities to take timely action before it is too late. Firstly, to protect tax collection, Vietnam could consider the immediate solution of implementing a qualified domestic minimum top-up tax to gain the right to collect the top-up tax rather than the tax going to another country. This mechanism can simply be understood as a domestic mechanism in which the calculation of … [Read more...] about Vietnam must revisit policies to develop implementation of global minimum tax

High pedestal to reach for 2023’s growth ambitions Vietnam’s economic growth is projected to ease to 6.3 per cent in 2023 from a robust 8.02 per cent last year, as services growth moderates and higher prices and interest rates weigh on households and investors, according to the World Bank’s latest Taking Stock report released last week. Growth is expected to pick up to 6.5 per cent in 2024 as the economies of Vietnam’s main export markets gain strength, the report said. The outlook for Vietnam reflects heightened uncertainty in the global economy. Downside risks include weaker-than-expected growth in Vietnam’s major export markets, which include the United States, China, and the Eurozone, tightening financial conditions, higher domestic inflation, weaknesses in the balance sheets of corporate, banking and household sectors, and financial sector vulnerabilities. The Vietnamese government has set a target that GDP will increase 5.6 per cent in Q1, 6.7 per cent in Q2, 6.5 per … [Read more...] about High pedestal to reach for 2023’s growth ambitions

A Coca Cola factory in Viet Nam. The beverage giant was among companies joining the mission. — Photo nld.com.vn Senior executives from 52 US companies in the 'biggest-ever' US business mission to Viet Nam are discussing investment and sales opportunities in the country. Chairman of the US-ASEAN Business Council (USABC) Ted Osius said the council was never as busy as it is now. Its services are in high demand because many US companies show great interest in the country. He also said USABC representatives from other countries told him that they must act quickly because they were competing with Viet Nam. That was a way of saying Viet Nam has become a destination for growth and opportunities. Rafael Frankel, Director of Public Policy at Meta, said the trip was the second time he had been to Viet Nam since the outbreak of the COVID-19 pandemic. He appreciates the diligence of the Vietnamese workforce and sees a bright prospect for growth in the country. As such, he revealed the … [Read more...] about US companies upbeat on investment opportunities in Viet Nam

We are facing a challenging business environment on a global scale. How do you evaluate the support the ASEAN Business Advisory Council (ASEAN-BAC) has and the wider Vietnamese business community? Arsjad Rasjid, chairman of ASEAN BAC 2023 In our country we have something called Indonesia Incorporated, where the government and the private sector work together. This is very important and, at the ASEAN level, we should have an ASEAN Incorporated, where the governments and the business community work together. This is because there are multiple challenges. For instance, we have 280 million people in ASEAN. If we didn’t have the public and the private sectors working together, we would not have been able to solve issues like carrying out mass vaccinations during the pandemic. If we work together on ASEAN connectivity, on energy for example, we can maintain our security with this synergy. We are a $3.2 trillion economy. However, with more efforts towards ASEAN … [Read more...] about Vietnam can enhance its role further within ASEAN

As part of the draft national Power Development Plan VIII (PDP8), Vietnam plans to generate 7GW offshore wind capacity by 2030, but the lack of an official strategy is hindering progress. At a conference organised by the Central Economic Committee last week, Mark Hutchinson, chairman of the Southeast Asia Task Force, said, “7GW of offshore wind is crucial for Vietnam for its net-zero goal and for the country’s long-term energy security. Our message has been the same for years – a clearly defined route to the market is needed.” He said that offshore wind deployment was in its early stages and the deployment of the country’s 4GW of offshore wind was not driven by a direct auction mechanism but instead arranged at a time when clear policy measures were not in place. Thus, he called for accelerating a large-scale pilot or mechanism that covers a certain volume of the target, to bypass obstacles and fast track wind power. “There are now two main options: an accelerating mechanism such … [Read more...] about No time to waste in building the offshore wind industry