Hanoi hosts Asia-Oceania tax conference

The event was co-organized by the Ministry of Finance, General Department of Taxation, Vietnam Tax Consultants Association and Asia-Oceania Tax Consultants Association.

AOTCA 21, the first of its kind to be held in Vietnam, drew as many as 200 senior tax experts from 20 countries to discuss major topics regarding preferential tax policies for investment encouragement. 

Participants also shared experiences in taxation policy formulation and management. They also discussed tax consultant service and tax agents in an effort to have tax law implemented effectively and equally. 

At the event, Deputy Finance Minister Nguyen Thi Minh said Vietnam should make a greater effort to perfect its economic reform and legal framework on tax to lure more foreign investment. 

The Vietnamese government has also continued the tax policy reform introduced in the 2011-2020 taxation master plan. The taxation reform includes simplifying tax procedures, tightening measures on anti- price transferring, tax fraud, and enhancing the role of tax agents and tax consultants, added Minh. 

The master plan aims to create favourable conditions, transparency and fair playing field for investors in Vietnam, she said. 

Vietnam has so far signed Double Tax Avoidance Agreements with 65 countries and territories of which 55 agreements have been taken effectively. 

Vietnam is taking positive steps towards its economic-finance reforms and regional and international integration. Despite challenges and fluctuations of the global economy, Vietnam still maintains its annual GDP growth rate of 5.6% over the last three years. 

Vietnam has been seen as a potential destination for investors due to stable politics, advantages of convenient geography conditions and abundant young labour force. The country counts 15,100 FDI projects with total registered capital of US$220 billion to date.