The move is one of the key highlights of Resolution No.35/NQ-CP on supporting and developing enterprises by 2020, recently issued by the Government.
Under the Resolution, the Ministry of Finance will coordinate with the relevant ministries and agencies to propose reducing 50% personal income tax for labourers in some sectors such as Information Technology, application of high technology in agriculture.
The Resolution also proposes facilitating the commercialisation of businesses’ products, renewing the lending process, reviewing sector and product development plans, cutting business costs and not crimnalising economic relations.
According to the document, the Government will promote economic restructuring and enhance the quality of economic growth, focused on improving private sector competitiveness.
The Resolution rolls out principles to build and complete an economic institution, creating a favourable trading and investment environment for businesses to develop and become a driving force for the national economy.
Under the Resolution, the State guarantees the stability, consistency and easy-forecast of the policy, stabilises the macro-economy, and improves the business environment being favourable, safe and friendly.
The State ensures the fair treatment for all businesses regardless of their forms and economic sectors in getting access to resources such as capital, resources, land and investment.
Specially, the State devises specialised policies to support small- and medium-sized enterprises, newly-established and creative ones.
The Resolution also sets forth numerous solutions, including enhancing administrative reform, facilitating operation and development of enterprises; making the administrative reform, and creating a favourable condition for newly-established companies.
The Resolution targets that there will be at least one million operational enterprises with competitive capacity and sustainable development by 2020.
The private sector will contribute 48-49% of the GDP and 49% of the social investment capital. The Total Factor Productivity (TFP) will make up 30-35% of the GDP. The social labour capacity will increase by 5% per year. Every year, around 30-35% of Vietnamese enterprises will launch creative renovation activities.
Under the Resolution, the Ministry of Finance will coordinate with the relevant ministries and agencies to propose reducing 50% personal income tax for labourers in some sectors such as Information Technology, application of high technology in agriculture.
The Resolution also proposes facilitating the commercialisation of businesses’ products, renewing the lending process, reviewing sector and product development plans, cutting business costs and not crimnalising economic relations.
According to the document, the Government will promote economic restructuring and enhance the quality of economic growth, focused on improving private sector competitiveness.
The Resolution rolls out principles to build and complete an economic institution, creating a favourable trading and investment environment for businesses to develop and become a driving force for the national economy.
The Ministry of Finance will propose reducing 50% personal income tax for labourers in some sectors such as Information Technology.
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The State ensures the fair treatment for all businesses regardless of their forms and economic sectors in getting access to resources such as capital, resources, land and investment.
Specially, the State devises specialised policies to support small- and medium-sized enterprises, newly-established and creative ones.
The Resolution also sets forth numerous solutions, including enhancing administrative reform, facilitating operation and development of enterprises; making the administrative reform, and creating a favourable condition for newly-established companies.
The Resolution targets that there will be at least one million operational enterprises with competitive capacity and sustainable development by 2020.
The private sector will contribute 48-49% of the GDP and 49% of the social investment capital. The Total Factor Productivity (TFP) will make up 30-35% of the GDP. The social labour capacity will increase by 5% per year. Every year, around 30-35% of Vietnamese enterprises will launch creative renovation activities.
