Bui Ngoc Tuan-Partner, Deloitte Vietnam The aim is to prevent tax base erosion and profit shifting, limit the race to the bottom on tax rates, and create a fair competitive environment in attracting investment among countries. It is hoped Pillar 2 would take effect from 2023. The regime would be applied to multinational corporations (MNCs) with a global consolidated turnover exceeding $778.5 million. Therefore, there would be a number of large MNCs in Vietnam in the scope of Pillar 2. When applying Pillar 2, if the effective tax rate of the subsidiaries of those MNCs in Vietnam is less than the GMT rate of 15 per cent, they would incur additional tax liabilities in the country of their headquarters, equal to the difference between the 15 per cent rate and the effective tax rate in Vietnam. Although the standard tax rate in Vietnam is 20 per cent, currently many foreign-invested enterprises (FIEs) that are subsidiaries of MNCs have projects eligible for investment incentives … [Read more...] about Assessing impact of global corporate tax rate on multinational companies
Why global governance multi faceted
Việt Nam to play more active role at UN: PM
Prime Minister Phạm Minh Chính held a meeting with UN Deputy Secretary-General Amina J. Mohammed in New York on May 16 (local time). — VNA/VNS Photo Dương Giang HÀ NỘI — Việt Nam will continue bringing into play its role and making more active and constructive contributions to the common work of the United Nations in all the three pillars – security-politics, development and human rights, Prime Minister Phạm Minh Chính has said. At a meeting with UN Deputy Secretary-General Amina J. Mohammed in New York on May 16 (local time), the PM stressed that the year 2022 is of great significance as it marks the 45th anniversary of Việt Nam’s UN membership. Appreciating the UN’s valuable contributions and support to Việt Nam over more than four decades, the PM asked Amina to convey his invitation to Secretary-General Antonio Guterres and other UN leaders to visit Việt Nam this year to foster multi-faceted cooperation between the two sides. Chính reiterated Việt Nam’s strong commitments … [Read more...] about Việt Nam to play more active role at UN: PM
Vice President hosts tea party for visiting Greek President in Temple of Literature
President of Greece Katerina Sakellaropoulou visited the Temple of Literature in Hà Nội on Monday. — VNA/VNS Photo An Đăng HÀ NỘI — Visiting President of Greece Katerina Sakellaropoulou toured the Temple of Literature in Hà Nội and attended a tea party hosted by Vice President of Việt Nam Võ Thị Ánh Xuân on Monday. Sakellaropoulou is paying an official visit to Việt Nam from May 15 to 19 at the invitation of Vietnamese President Nguyễn Xuân Phúc. At the tea party, the Vietnamese Vice President welcomed the positive results of talks between the two presidents, expressing her belief that the visit by Sakellaropoulou would promote Việt Nam-Greece cooperation in a practical and intensive manner. Xuân thanked the Greek President for her warm sentiments to a high-ranking delegation from Việt Nam during an official visit to the European nation last November, as well as for donating 250,000 doses of COVID-19 vaccine to Việt Nam when the COVID-19 situation in the country was dire. … [Read more...] about Vice President hosts tea party for visiting Greek President in Temple of Literature
Roche Pharma Vietnam co-creating partnerships in sustainable health
"We are constantly looking for other areas to cooperate with the government. We bring to the table expertise in healthcare management, in regulatory affairs, even in logistics." - Lennor Carrillo, general director at Roche Pharma Vietnam During Roche’s 28 years in Vietnam, the company has moved beyond its traditional role as a pharma company and partnered with the government, hospitals, and doctors to improve the entire healthcare ecosystem. Could you share some highlights and difficulties of the journey? Roche celebrated its 125th birthday globally, and in that time span, we’ve tried to go beyond the drug-patient kind of approach and make a bigger impact. In Vietnam, aside from the government, additional partners that we have worked with include the Vietnam Medical Association, the Bright Future Fund, the National Cancer Institute, the National Institute of Hematology and Blood Transfusion, and other medical institutes and hospitals. A good example of the partnership we … [Read more...] about Roche Pharma Vietnam co-creating partnerships in sustainable health
Remarks by PM Pham Minh Chinh at CSIS in Washington D.C.
The following is the full text of the speech. “SINCERITY, TRUST AND RESPONSIBILITY FOR A BETTER WORLD” Dear Dr. John Hamre, President and CEO of the Center for Strategic and International Studies, Ladies and gentlemen, I am very happy to visit the Center for Strategic and International Studies for the first time today, though this is far from the first time I hear of the CSIS, a top American think tank in the field of foreign strategies and policies and international issues. Seventy-seven years ago, President Ho Chi Minh, the national hero of Vietnam and great man of culture, prefaced the Declaration of Independence establishing the Democratic Republic of Vietnam with this untarnishable fact, “All men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are Life, Liberty and the Pursuit of happiness.” This was the spirit enshrined within the 1776 Declaration of Independence of the United States of America; it … [Read more...] about Remarks by PM Pham Minh Chinh at CSIS in Washington D.C.
Fed rate hike’s impact on Vietnamese economy not significant
Goods at Cat Lai Port in HCM City. Demand for Viet Nam's export goods can be reduced due to the global economic slowdown in the wake of the Fed’s rate increase. — VNA/VNS Photo The latest interest rate hike by the US Federal Reversal (Fed) will weigh on the global economy, including Viet Nam, but experts expect impacts of the Fed’s move on the country will not be significant. The Fed last week raised its benchmark interest rate by half a percentage point, the most aggressive step yet in its fight against a 40-year high in inflation. Banking and finance expert Can Van Luc, chief economist of the Bank for Investment and Development of Vietnam, told Viet Nam News that the Fed’s move in theory will affect the country’s economic growth, foreign debt payment obligations, exchange rate and foreign investment. “The Fed’s move may push up the global interest rate and slow global economic growth, which will reduce the demand for Viet Nam's export goods. It therefore will slow the … [Read more...] about Fed rate hike’s impact on Vietnamese economy not significant
