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The Hanoi Department of Taxation will continue to review and standardize personal tax identification data, and to develop solutions for digitizing and electronic processing of various stages to support taxpayers.

Vietnam has 3.1 million business households and individuals, many of whom sell goods and services online without registering, declaring, or paying taxes.

The Ministry of Planning and Investment has proposed the setting up of an Investment Support Fund, financed annually by the state budget, to provide direct cash support to eligible businesses.

This year's excise tax deferral amounts to approximately VND8.56 trillion ($336 million).

The capital has made great strides in driving the digital transformation process.

To date, 96 foreign providers have registered for taxes through the electronic information portal, including Google, Meta (Facebook), Microsoft, TikTok, Netflix, and Apple, among others.

In 2023, the flow of cryptocurrencies into Vietnam amounted to US$120 billion.

The finance ministry now manages 144 million e-commerce accounts, including 10 million for organizations and 134 million for individuals

E-commerce and livestream sales are activities that have arisen in the development of information technology.

The list of foreign suppliers who have declared and paid taxes includes Google, Meta (Facebook), Microsoft, TikTok, Netflix, and Apple, among others.

The move is aimed at attracting foreign capital from future investors and protecting existing businesses.

2024 is a pivotal year, opening up new opportunities for Vietnam to attract high-quality foreign investment.

The European business community in Vietnam acknowledges advancements in local tax policy and administration, noting a proactive approach to enforcement.

The move is expected to increase tax revenue by over VND14.6 trillion ($603.5 million) from 122 foreign multinationals operating in Vietnam.

The global minimum tax will affect multinationals such as Samsung, Intel, LG, Bosch, Sharp, Panasonic, Foxconn and Pegatron, among other investors in Vietnam.

The two companies have been involved in fare fraud, which has harmed the image and reputation of the airport.