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

Tags:

Related News

Vietnam and Japan promote cooperation

19:30 | 30/08/2024 Finance

VCN - On August 28, Deputy Prime Minister and Minister of Finance Ho Duc Phoc had a working session with the Japanese Senate delegation led by Mr. Nakanishi Yusuke, Senator of the Liberal Democratic Party.

Close cooperation between Vietnam and the EU in sustainable development

19:26 | 24/08/2024 Import-Export

VCN - EuroCham will closely collaborate and share experiences with various sectors in Vietnam to promote green economic development and sustainable growth.

Green energy goals still face many challenges

09:33 | 23/08/2024 Headlines

VCN - Green development, energy transition, and emission reduction are inevitable trends that Vietnam cannot stand aside. This is also an opportunity to develop and restructure the economy towards green, clean, and sustainable. However, green energy transition in Vietnam still faces many challenges. Dr. Vo Tri Thanh, Director of the Institute for Brand Strategy and Competitiveness, shared about this issue.

EU proposes to change maximum residue levels in many agricultural products of Vietnam

09:30 | 20/08/2024 Import-Export

VCN - The Vietnam Sanitary and Phytosaniary Notification Authority and Enquiry Point (Vietnam SPS Office for short) has just received a notice from the Secretariat of the World Trade Organization (WTO) SPS Committee on the European Union (EU) seeking opinions from WTO members on draft SPS measure notifications.

Latest News

Banks reduce interest rates, offer new loans for storm-affected customers

18:40 | 15/09/2024 Finance

Several private and State-owned banks have reduced interest rates and offered debt relief for customers affected by Typhoon Yagi.

Allocating credit room, motivation for banks to compete

19:14 | 14/09/2024 Finance

VCN - The State Bank of Vietnam (SBV) has announced that it will allocate the credit growth limit (room) for banks that have achieved 80% of their target. This is an incentive for banks to increase their competitiveness.

New securities accounts in August reach record high in over two years

14:20 | 13/09/2024 Finance

August saw the highest number of new securities accounts opened in more than two years, dating back to May 2022.

Fiscal policy needs to return to normal

09:46 | 13/09/2024 Finance

VCN - Talking to Customs Magazine about the role and orientation of fiscal policy in the new period, Dr. Le Duy Binh, CEO of Economica Vietnam, affirmed that returning to normal fiscal policy is a message that is consistent with current reality.

More News

Credit growth target is within reach to contribute to boosting economic growth: SBV

14:41 | 10/09/2024 Finance

Another important factor is to increase the capital absorption capacity of enterprises which will require a combination of macro policies to create favourable conditions for businesses, SBV’s Deputy Governor Đào Minh Tú said.

Strictly handle violations of invoices in a timely manner to avoid budget losses

14:04 | 10/09/2024 Finance

VCN - The General Department of Taxation has just issued a document directing local tax authorities nationwide to conduct close and timely review and supervision of businesses showing signs of risks in the illegal trade and use of invoices.

SBV gives the green light to increase credit

19:45 | 09/09/2024 Finance

Commercial banks and other credit institutes whose credit growth reached 80% of the targets set by the central bank at the beginning of the year, will have their credit limit increased, stated the State Bank of Vietnam (SBV).

Accurate information, improving quality of state financial statement

07:53 | 09/09/2024 Finance

VCN - The preparation of state financial statement has been significantly improved for units in the State Treasury as well as at financial information providers, thereby assessing the state financial picture transparently and comprehensively.

Strive to achieve State revenue in 2024 exceeding 10% of the target

09:34 | 08/09/2024 Finance

VCN - In 2024, striving to collect the State revenue exceeding 10% of the target assigned by the National Assembly, and reaching the revenue of about 5% higher than the estimate in 2024 to meet the estimate and increase the expenditure to create sources for salary reform and unplanned tasks.

Continue to publicly disburse public investment capital, many key projects have low rates

09:01 | 07/09/2024 Finance

VCN - The Ministry of Finance continues to publicize the disbursement rate of public investment capital plans of many key projects, notably that many projects and component projects have very low disbursement rates.

Public investment disbursement rate in 8 months reaches about 40.5% of the plan

09:13 | 06/09/2024 Finance

VCN - The low disbursement rates of some localities that have large disbursement plans, have greatly affected the overall disbursement rate of the whole country, the Ministry of Finance released.

State revenue in 8 months increased by about 18%

16:16 | 05/09/2024 Finance

VCN – In the first eight months of the year, the accumulated state revenue is estimated to increase by 17.8% year-on-year to VND1,335.6 trillion, meeting 78.5% of the estimate.

Challenges of collecting e-commerce tax losses

14:27 | 04/09/2024 Finance

Digital transformation is an inevitable trend that changes the way goods and services are consumed and supplied, especially activities on digital platforms, making tax management more complicated.

Your care

Latest Most read