Try the best to boost Vietnam- the US ties

The meeting.

Speaking to welcome the US Embassy's delegation to visit and work with the Ministry of Finance, Minister Ho Duc Phoc said he was very happy and excited about Vietnam the US ties elevated to Comprehensive Strategic Partnership, and Vietnam has strongly implemented the commitments in the joint statement.

The Minister said that the Minister has had business trips to the United States, including a trip accompanying Prime Minister Pham Minh Chinh and most recently a trip to attend the APEC Finance Ministers' Conference to discuss many international economic issues.

“For the tasks assigned by the Ministry of Finance by the State and the Government, within the assigned scope, we try our best to boost cooperation between the two sides and create favorable conditions for investors operating effectively in Vietnam", the Minister affirmed.

Minister Ho Duc Phoc speaks at the meeting.

At the meeting, the Minister also informed about the Resolution on the application of additional corporate income tax according to the global anti-base erosion rules. Accordingly, in November 2023, the Vietnamese National Assembly passed a Resolution on the application of additional corporate income tax according to the global anti-base erosion rules with the conditions set by the OECD.

"The Government has assigned the Ministry of Finance to develop a decree to implement the National Assembly's Resolution on global minimum tax. We are currently developing this decree, expected to be issued in early January 2024," The Minister said.

For US businesses affected by the global minimum tax, the Ministry of Finance has will work with the businesses on key issues under the management of the Ministry of Finance including tax, customs, some policies on attracting investment, collecting land use fees, and the stock market.

The Minister added that the Ministry of Finance has also promoted the signing of a double taxation avoidance agreement between Vietnam and the United States, implemented the Letter of intent signed between Nasdaq and the State Securities Commission of Vietnam. Issues related to green finance and other related issues have been performed by Vietnam.

US Ambassador Marc E. Knapper speaks at the meeting.

Speaking at the meeting, US Ambassador Marc E. Knapper said that the US welcomes the Vietnamese National Assembly for agreeing to promulgate a Resolution on the application of additional corporate income tax according to the global anti-base erosion rules.

At the same time, he appreciated direct meeting of the Ministry of Finance with some the US businesses to resolve problems that may occur in the future when applying the global minimum tax.

The US Ambassador emphasized that the US Government is ready to accompany and coordinate closely with the Ministry of Finance to implement the National Assembly's Resolution on global minimum tax. We hope that the two sides will share experiences and ideas to resolve difficulties and obstacles in the process of implementing this content.

According to Ambassador Marc E. Knapper, in the three months since US President Joe Biden came to Vietnam, the two countries have upgraded their relationship to a comprehensive Strategic Partnership and Vietnam have had many high-level visits to the US, including a business trip of the Minister of Finance.

This shows the seriousness and importance of upgrading the two countries' relations, along with affirming the two sides' goals of cooperation and sustainable development in implementing the joint statement.