Hanoi (VNA) - The Ministry of Finance is working with relevant ministries, sectors and localities to draft a new Personal Inco♑me Tax Law to replace the current one, with plans to sﷺubmit it to the Naitonal Assembly during its session this October.
The MoF has submitted a report to the Government after conducting a comprehensive review of the current law, identifying shortcomings, and examining international best practices, said Truong Ba Tuan, deputy head of the ministry's Department of Management and Supervision of Tax, Fees and Charges Policies, at the ministry's regular press conference on July 2.
According to him, six main areas are under review, including taxable income definitions, tax-free income categories, and family circumstance deductions. Adjustments are also proposed for business income thresholds and the progressive tax bracket system, which currently includes seven tiers.
The ministry is also considering special deductions to support spending on education and healthcare, as well as ensuring alignment with recent legal reforms and the law on tax administration.
After internal review, the draft will be published for public consultation through official government portals. Authorities expect the proposal to help modernise the personal income tax system in line with Vietnam’s development needs./.
The resolution on tuition exemption and support in the national education system was approved with 440 out of 441 deputies present voting in favour. It takes effect from the date of its adoption and will be applied starting from the 2025–2026 academic year.
452 lawmakers, or 94.56% of the total number of deputies present, voted in favour the revised Law on Corporate Income Tax, while the amended Excise Tax Law was adopted with 448 out of 454 deputies present voting in favour, accounting for 93.72% of the total.
A total of 158 foreign service providers have registered, declared, and paid taxes through the Department of Taxation’s electronic portal, contributing 5.7 trillion VND, up 41% year-on-year.
The resolution also aims to create an attractive environment for investment in the financial service sector to promote investment attraction and the free movement of international capital between the International Financial Centre and the world; develop the stock and insurance markets, banking activities, fintech, digital assets, commodities, and e-commerce in Vietnam and integrate with international markets.
The same morning, he attended the Vietnam – Spain Business Foum where various cooperation initiatives from both nations were highlighted, including those in green transition, high-quality human resources training, supply chain development and Vietnam House Logistics Centre establishment.
Vietnam is a key partner for Bulgaria in Southeast Asia, with potential for future joint work in IT, innovation, green transition, digital transformation, high-tech agriculture, and pharmaceuticals.
The US has long been one of Vietnam’s top export markets, yet it remains highly regulated, with stringent technical standards, tariffs, and import procedures. The seminar will address key challenges faced by Vietnamese exporters, focusing on consumer trends, technical regulations, rules of origin, import duties, logistics, and cross-border e-commerce.
According to the Ministry of Industry and Trade, Brazil has long been Vietnam’s leading trade partner in Latin America. Since the establishment of diplomatic relations in 1989, two-way trade has shown impressive growth.
The significant increase in frozen durian exports is attributed in part to favourable market-opening policies, particularly the export protocol signed with China in August 2024. The ministry’s guidance and local authorities’ efforts in deep processing and market diversification have enabled businesses to reduce reliance on fresh durian exports and seize new export opportunities.
Petrovietnam’s production highlights in the first half of this year included 4.82 million tonnes of crude oil extracted; 2.99 billion cu.m of natural gas; 16.65 billion kWh of electricity, up 8% year-on-year; 950,200 tonnes of urea fertiliser; and 3.78 million tonnes of refined petroleum (excluding the Nghi Son Refinery), up 26.8%.
The company’s total revenue topped 69.36 trillion VND (approximately 2.64 billion USD), up 22% against the target while pre-tax profit is estimated at 800 billion VND, a whopping 93% higher than the H1 target.
The Momentum is specifically designed for international maritime operations and is capable of docking at deep-water ports such as Dung Quat - one of Hoa Phat’s key transshipment hubs, which handles the majority of raw material imports for its steel plants.
As challenges are on the horizon, the Government outlined several missions and measures for the final six months of the year, including closely monitoring the operations of two-tier local government model, implementing regulations on decentralisation and authority distribution to provide timely guidance and resolve local bottlenecks, ensuring smooth settlement of administrative procedures.
Since its launch in 2019, the Tetra Pak plant in Ho Chi Minh City has employed more than 350 workers and is among the first factories in Vietnam to receive LEED Version 4 Gold Certification, a global benchmark for green building standards
The Osaka–Da Nang route will operate four times a week on Mondays, Thursdays, Fridays, and Sundays, adding to the existing daily Narita–Da Nang service, bringing the total number of weekly flights from Japan to Da Nang to 11.
Aquatic exports last month inched up just 4% from a year earlier to 876 million USD, a steep drop from May’s 20% surge, marking the weakest monthly gain in the first half.
Vietnam was among the earliest countries to engage in trade negotiations with the US, and the third large trading partner of the latter to reach a preliminary agreement on tariffs.
Major supermarket systems and retail chains such as Winmart, BRG, Central Retail, Aeon, Lotte, Co.opmart, MediaMart, and Pico will join the campaign, offering discounts of up to 50% on a wide range of products.
In recent months, the ministry has worked closely with relevant agencies to enhance both the legal framework and market infrastructure. As a result, the majority of key criteria for reclassification have now been met.
