Vietnam pledges transparent tax and customs policies for South Korean businesses
Vietnam will continue reforming tax and customs policies simplifying administrative procedures and strengthening digitalisation to improve the investment environment and support foreign invested enterprises Deputy Minister of Finance Cao Anh Tuan told a dialogue with South Korean businesses on October 21 in Hanoi
South Korean businesses are seeking predictable tax and customs policies in Vietnam to enhance their operations. Ko Tae Yeon, chairman of the Korean Chamber of Commerce in Vietnam, requested that the Ministry of Finance expedite and make the VAT refund process more predictable, suggesting the use of artificial intelligence and data to improve assessment efficiency.
He also proposed tracking tax refunds and expected completion dates for better financial planning. South Korean firms hope that tax audits and inspections will be conducted consistently, with clear criteria and procedures announced in advance. They also advocate for a 24/7 customs clearance operational plan to maintain production and logistics activities on weekends and holidays, which currently face delays and impact supply chains.
To facilitate easier access to policy changes, KoCham suggested developing a comprehensive information portal for relevant legal documents, effective dates, and summaries in Korean.
Written by urgent.news from Vietnam Investment Review's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
