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Summary

34 PROPERTY

Difficulties in real estate

market must be faced

30 BANKING - FINANCE

Retaining FDI ‘eagles’ after global
minimum tax becomes effective

S ome countries with investment in Vietnam will implement
the global minimum tax (GMT) from the 2024 corporate
create confidence among foreign investors when planning for P olicy mechanisms relating to real estate still exhibit
income tax period. To proactively retain taxation rights and
many problems, while procedures are cumbersome
2024, a resolution on the application of additional corporate and the disbursement from the VND120 trillion ($5
income taxes under regulations to prevent global tax base erosion billion) support package remains limited. If the Land Law
was passed by the National Assembly (NA) at its sixth session. (amended) is not approved, many projects will not be able
Foreign-invested enterprises subject to the GMT can declare to be implemented. But with the drastic intervention of the
additional corporate income taxes in Vietnam, instead of paying government and local ministries and branches to remove
the additional tax in their home country. To retain investors and difficulties facing projects, the real estate market saw
encourage the attraction of strategic investors, the government is positive changes in 2023. Supply and demand have both
urgently developing a draft decree regulating the establishment, increased, many investors have returned to the market, and
management, and use of the Investment Support Fund from many projects have been restarted, so the number of
GMT revenue and other legal sources, reporting to the NA transactions increased quarterly. Therefore, according to
Standing Committee for consideration and comments before experts, businesses should be optimistic about the
promulgation in 2024. opportunities ahead.

40 TRADE - MARKET 42 TRADE - MARKET

Agriculture trade

surplus exceeds

LIMITING TRADE DEFENSE

MEASURES WHEN EXPORTING
TO CPTPP MARKET $10 billion

T he Ministry of Industry and Trade said implementing the I n the first eleven months of 2023, total export and
import turnover of agriculture, forestry and
Comprehensive and Progressive Agreement for Trans-
Pacific Partnership (CPTPP) over past five years has fishery products was estimated at $85.13 billion.
helped expand markets, attract investment, and bring Exports stood at $47.84 billion, while imports were
competitive advantages to exports, but has also put Vietnamese $37.29 billion, meaning the sector posted a trade
businesses at risk of being investigated and subject to trade surplus of $10.55 billion, or 33.7 per cent higher than
defense measures. The use of trade defense tools is increasing in in the same period last year. The Ministry of
CPTPP member countries. Related investigations are not only Agriculture and Rural Development has made moves
more numerous but also more complex in scale and diverse in to regulate the consumption and export of agriculture,
products affected. This poses many challenges for Vietnamese forestry and fishery products. It has also proposed a
exporters, especially in the context of the CPTPP gradually number of key tasks to promote the development of
entering into a new phase of implementation. domestic consumption and export markets.

www.vneconomy.vn Số 49 | Ngày 4/12/2023 | KINH TẾ VIỆT NAM 5