Vietnam Prime Minister Directs Comprehensive Review of Tax Policies for Global Trade Strategy

Vietnam’s Prime Minister has instructed a review of tax policies to optimize trade relations, particularly with the U.S., amidst uncertain global economic conditions. The directive focuses on enhancing economic strategies, fostering balanced international trade, and refining visa policies to attract foreign talent. This initiative aims to ensure Vietnam’s competitive position in a changing global market while safeguarding its economic interests.

Vietnamese Prime Minister Pham Minh Chinh has directed the Ministry of Finance to collaborate with pertinent agencies to comprehensively review the nation’s tax policies concerning international relations, particularly focusing on partnerships like that with the United States. This directive emphasizes the necessity for Vietnam to adapt effectively to shifts in the global economy while achieving growth targets and stabilizing macroeconomic conditions, managing inflation, and ensuring economic balances into 2025 and beyond.

The directive underlines the unpredictable nature of the global economy, marked by heightened strategic competition, emerging risks in financial and real estate markets, and new trade policies implemented by various countries. In response, Vietnam aims to enhance its economic and trade policies to better navigate these complexities. The Ministry of Foreign Affairs is responsible for advancing diplomatic and economic relations with key trading partners to bolster Vietnam’s position in the global economy.

In particular, the Ministry of Industry and Trade is tasked with swiftly formulating an action plan to ensure balanced trade, emphasizing complementary trade relations rather than direct competition. This strategy will incorporate measures to diversify markets, increase exports, facilitate trade, and optimize existing free trade agreements while seeking new opportunities in regions such as the Middle East, Africa, Latin America, Central Asia, India, and Brazil.

In conclusion, Prime Minister Pham Minh Chinh’s directive illustrates Vietnam’s proactive stance in revising tax policies and enhancing economic strategies to adapt to an evolving global landscape. By harmonizing its trade and financial frameworks, while refining visa and residency policies, Vietnam aims to foster a favorable environment for foreign investment and exploitation of emerging market potentials. This strategy positions the nation to protect its economic interests and promote sustainable growth amidst global challenges.

Original Source: tuoitrenews.vn