Since January 1, 2016, the standard corporate income tax will be reduced to 20% from 25% in 2013.

The tax rate was already applied to enterprises with total revenues of less than VND 20billion (equivalent to nearly US$1 million) since 2014.

As one of the three strategic breakthroughs, infrastructure development has been stepped up with Ha Noi-Lao Cai Expressway being operational and another highway linking Ha Noi and Hai Phong city under construction as vivid examples.

The country is also accelerating public transport development in big cities like Ha Noi and Ho Chi Minh City, opened a new air terminal in Noi Bai International Airport and completed the expansion of Pleiku Airport just few days ago.

In bid to bolster its deep and wide international integration, a ceremony was organized to officially launch the national single window mechanism and technical connection to ASEAN Single Window Mechanism, making it one of the seven ASEAN members to implement the mechanisms as committed.

Speaking at the launching ceremony, ASEAN Secretary General Le Luong Minh said the above event marks an important step in Viet Nam’s regional economic integration and will encourage other members to join the ASEAN Single Window mechanism.

Between 2015 and 2016, the Government is determined to focus on curtailing the time for processing and completing administrative procedures, reducing administrative costs, and strengthening transparency and openness of State administrative agencies.

Next year, the Government set the target to strive to reach the average of the ASEAN-6 countries in terms of business environment indexes, according to its Resolution No. 19 on major tasks and solutions to improve the business environment and national competitiveness passed last March.

In a broader view, with the prospect of signing 14 free trade agreements through 2020 and the formulation of ASEAN Community by the end of 2015, Viet Nam will be an important link of economic connectivity with 55 partners, including the US, the EU, Russia, China and Japan.

Noticeably, Viet Nam’s participation in FTAs is in active mode, officials have repeatedly reaffirmed.

Deputy PM, FM Pham Binh Minh recently announced that Viet Nam has attracted a total of over $250 billion in foreign direct investment, and is one of the few countries to participate in all important economic links in the region.

Moreover, Intel and Samsung Electronics have already poured billions of dollars in Viet Nam over the past few years, signalizing the possible start of a high-tech hardware industry.

Such changes combined with the Government’s improving capacity to cope with global fluctuations offer undeniable chances for investors to explore this market. Convinced with the prospect, UK PM David Cameron paid an official visit to Viet Nam in July this year with planeload of business men and women./.

Source: Vietnamnet