Strengthen financial cooperation between Vietnam and the United States

Strengthen financial cooperation between Vietnam and the United States 22/12/2023 09:25:00 324

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Minister Ho Duc Phoc visited Mr. Marc E. Knapper, the US Ambassador to Vietnam early on December 20 at the Ministry of Finance headquarters. Leaders of several functional units under the Ministry of Finance were also present for the meeting.

Minister Ho Duc Phoc visited Mr. Marc E. Knapper, the US Ambassador to Vietnam early on December 20 at the Ministry of Finance headquarters. Leaders of several functional units under the Ministry of Finance were also present for the meeting.

Minister Ho Duc Phoc's presentation at the meeting

Greetings to the US Embassy Delegation and Ambassador Marc E. Knapper. As he visited and collaborated with the Vietnamese Ministry of Finance, Minister Ho Duc Phoc conveyed his satisfaction with the outcomes of the joint venture between Vietnam and the United States. Particularly when the United States and Vietnam elevated their ties to Partnership Comprehensive Strategy recently. Vietnam's Finance Minister has visited the US on numerous business trips lately, and most recently, he attended the APEC Finance Ministers' Meeting to talk about a variety of global economic concerns.

Minister Ho Duc Phoc reaffirmed: "Within the parameters allotted, we are working to foster collaboration between the two organizations and establish favorable operating conditions for investors in Vietnam, as requested by the Ministry of Finance, the National Assembly, and the Government of Vietnam."

The Vietnamese National Assembly adopted a resolution in November 2023 on the imposition of additional corporate income tax in accordance with anti-regulations that weaken the global tax base, subject to the guidelines established by the OECD. The Ministry of Finance has been tasked by the government to create an implementation decree, according to Minister Ho Duc Phoc. A tax resolution is expected to be released in early January 2024.

Meeting overview

The Minister of Finance has held discussions and specific exchanges with US enterprises that are impacted by the global minimum tax, according to Minister Ho Duc Phoc. These sessions center on important concerns such taxes, customs, and various policies aimed at attracting investment.

Implement the Letter of Intent between the State Securities Commission of Vietnam and the Nadasq Stock Exchange (USA), which was signed as part of an agreement to minimize double taxation, another initiative supported by the Ministry of Finance.

The Vietnamese National Assembly has passed a resolution on the application of additional corporate income tax under regulations to stop the erosion of the worldwide tax base, which was supported by US Ambassador Marc E. Knapper. Additionally, the US Ambassador offered his thoughts. We believe the Vietnamese Ministry of Finance will create a decree that will offer direction and ensure that this Resolution is implemented as efficiently as possible. The National Assembly's resolution on taxes for a worldwide minimum is something that the US government is eager to execute and closely work with the Ministry of Finance. In order to overcome challenges and barriers in the process of putting this content into practice, we expect that both parties will exchange experiences and ideas."

Ambassador Marc E. Knapper spoke at the meeting

Furthermore, Mr. Marc E. Knapper revealed that the two nations upgraded their connection to a Comprehensive Strategic Partnership three months after US President Joe Biden visited in Vietnam. Numerous high-level visits by Vietnamese nationals to the United States have occurred, including business trips accompanied by the Minister of Finance. This affirms the purpose of collaboration and development sustainability of the two sides in putting the joint declaration into practice, as well as demonstrating sincerity and respect for the work improving the two nations' relationship.

Picture of Minister Ho Duc Phoc and Mr. Marc E. Knapper and other delegates 

The US firmly backs Vietnam's innovation efforts and is prepared to work with them in this area, particularly with regard to semiconductors. It also encourages US companies to look for investment opportunities in the high-tech public sector. Lately, The General Department of Vietnam Customs and US Customs Border Protection have collaborated in security-related actions at the Cat Lai port to improve security, manage commerce in products, settle customs disputes, and ease import and export operations, all of which will strengthen the two nations' cooperative relationship.

Translator: Thúy Nga

 

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