Vietnam and South Korea sign the second Protocol amending the Agreement on double taxation avoidance

10:14 | 04/12/2019 Finance Follow english.haiquanonline.com.vn on

VCN - At the South Korean presidential palace, in the presence of Vietnamese Prime Minister Nguyen Xuan Phuc and South Korean President Moon Jae - in, Deputy Minister of Finance of Vietnam Vu Thi Mai and Minister of Foreign Affairs of South Korean -Kang Kyung-wha signed the second Protocol amending the Agreement on avoidance of double taxation between Vietnam and Korea on November 27.

Deputy Minister of Finance of Vietnam Vu Thi Mai and Minister of Foreign Affairs ofSouth Korean -Kang Kyung-wha signed the second Protocol

The event was held as part of the framework of the 30th Anniversary Summit of ASEAN-Korea Relations, the First Mekong-Korea Summit and the official visit of Prime Minister Nguyen Xuan Phuc to South Korea.

The signing would contribute to promoting trade and investment cooperation between Vietnam and Korea, creating a clear and stable tax legal environment for Vietnamese and Korean investors to continue developing and expanding their business and investment activities.

At the same time, it indirectly strengthend comprehensive cooperation in all fields between Vietnam and Asian countries in general and ASEAN countries in particular.

Also witnessed by leaders of the two countries, Deputy Minister Vu Thi Mai and President and CEO of Korea Development Bank (KDB) Lee Dong Gull signed a memorandum of understanding to enhance the operational capacity of Vietnam Development Bank between the Ministry of Finance of Vietnam and the Korea Development Bank (KDB).

Accordingly, KDB will support the Ministry of Finance of Vietnam (MOF) and the Vietnam Development Bank (VDB) in researching and finalising mechanisms and policies on the organisation and operation of VDB; support research and deployment of the best organisational structure of development financial institutions for VDB; support the implementation of research and training programmes to improve the quality of human resources for MOF and VDB; sharing experience, supporting VDB to build effective credit operation processes, risk management systems, internal bank governance, issuing bank bonds and setting up investment credit limits for infrastructure development projects and other related content.

Through the signing of this memorandum of understanding, KDB committed to helping MOF and VDB in completing a comprehensive policy mechanism, improving the quality of supervision and management of VDB, and helping VDB operate effectively with autonomy, ensuring transparency under market principles, improving the quality of credit policy, thereby supporting the development of important socio-economic infrastructure projects of the State.

By Hồng Vân/Thanh Thuy

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