Three major commitments of the Prime Minister to 2,000 businesses at APEC

Institutional reform, promoting startups and tax reduction are three orientations emphasized by the Prime Minister at the Business Summit this morning.

In front of the community of 2,000 domestic and international enterprises attending the Vietnam Business Summit on the morning of November 7, Prime Minister Nguyen Xuan Phuc emphasized three orientations that Vietnam is committed to implementing to create a favorable investment environment and successful integration in the coming period.

Prime Minister Nguyen Xuan Phuc and guests at the Vietnam Business Summit.

The first,Focus on improving the quality of institutions, legal policies, promoting the rule of law, encouraging private economic development, enhancing state governance capacity, stabilizing the macro economy towards sustainable growth, ensuring continuous social advancement, and pulling the low-income population to converge with the middle and high-income groups.

Focus on increasing investment in infrastructure to help connect urban areas with rural, mountainous and remote areas. Vietnam focuses on developing the health and education system, making efforts to reduce income disparities, and improving the social safety net to protect vulnerable groups from negative shocks.

Monday,Developing a start-up and creative economy through commitments to support and facilitate the nurturing and realization of start-up ideas. Vietnam commits to protecting creative ideas and new innovations in start-ups and enforcing intellectual property rights within the framework of the Intellectual Property Law as well as within the framework of the FTAs ​​that Vietnam participates in.

Economic dynamism, open Internet policies and ease of doing business are creating great opportunities for startups in Vietnam.

Tuesday,Implement tax reform towards increasing competitiveness for the economy, aiming at transparent, fair and efficient standards according to high OECD standards. Currently, Vietnam's corporate income tax rate is only 20% and is expected to decrease to 15-17% according to the upcoming tax reform roadmap to support the business community.

In addition to competitive tax rates, Vietnam also applies many preferential regulations on tax exemption and reduction for investors in priority areas such as high technology, supporting industry, high-tech agriculture, creating many jobs, etc.

According to VNE