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AT A GLANCE
Congratulations on National Day of the Lao People's Democratic Republic

VIETNAM ON BOARD GREEN DEVELOPMENT

Speaking at the Green Economy Forum towards this goal, such as the Green Deal, Global Gateway, Marine
(GEF) 2023, held by the European Chamber Economy Strategy, and Digital Economy, with many specific steps
of Commerce in Vietnam (EuroCham Viet- in areas such as infrastructure development, green hydrogen energy,
nam) in Hanoi on November 2, Prime Min- digital connectivity, and mobilizing green finance for development,”
ister Pham Minh Chinh said that Vietnam is ready to share its the Vietnamese leader said, adding that Vietnam appreciates
potential and strengths and cooperate with EU partners in promoting inclusive, green, and sustainable development perspectives with the
green energy conversion and developing renewable energy and goal of achieving net-zero emissions by 2050 without sacrificing
green hydrogen. He greatly appreciated the EU’s pioneering role in progress and social justice in the pursuit of economic growth. He
promoting green and circular economy models globally. “Vietnam proposed three solutions for cooperation between Vietnam and the
welcomes and supports the EU’s important strategies and initiatives EU in promoting green initiatives.

GLOBAL MINIMUM TAX DRAFT RESOLUTION DISCUSSED AT NA
A draft resolution on the imposition of top-up corporate income tax rate lower than the GMT of 15 per cent,
taxes under the Global Anti-Base Erosion (GloBE) rules and a verifi- he told the NA when submitting the draft
cation report on the draft were put up for discussion at the 15th on behalf of the government. In that context,
National Assembly (NA)’s 6th session on November 20. Earlier, on to ensure its rights and legitimate interests,
November 10, the draft was submitted by the government to the NA. Vietnam should also apply the GMT, the Minister said. Meanwhile,
According to Minister of Finance Ho Duc Phoc, the global minimum Chairman of the NA Committee for Financial and Budgetary Affairs
tax (GMT) is not an international treaty or international commitment Le Quang Manh said most members of the Committee shared the
and also not compulsory for countries. However, even if Vietnam view about the need to issue a legal document to create a legal basis
does not apply the tax, other countries that impose the GMT will for foreign-invested enterprises (FIEs) subject to the GMT to make
have the right to collect the tax from multinational corporations top-up corporate income tax declarations in Vietnam, instead of
operating in Vietnam, if they are subject to the tax, when they pay a letting them pay the top-ups in their parent countries.

FIRST GLOBAL CONFERENCE HELD IN VIETNAM M&A OPPORTUNITIES
The first Global M&A Partners (GMAP) strategies. In addition to the prospect of becoming a manufacturing
conference was hosted by M&A consulting hub in the region, Vietnam also promises to become a consumer
company RECOF Vietnam in Ho Chi Minh market with a rising middle-class population, Mr. Alver said,
City on November 13. Global M&A Partners adding that European and US investors will have to invest more to
is a partnership of independent corporate finance advisory firms penetrate into the market. Mr. Sam Yoshida, CEO of RECOF Viet-
operating in 50 countries and regions across the Americas, Europe, nam, noted that global economic fluctuations are directly impacting
and the Asia-Pacific. Mr. Ivan Alver, Co-Chairman of GMAP, said Japanese investors, hence there is a need to invest to earn profits
he believes that Vietnam’s strengths lie in its stable political envi- in attractive markets like Vietnam. Vietnam’s consumer-related
ronment, abundant and skilled workforce, and competitive labor sectors will continue to attract M&A opportunities from foreign
costs. As a result, multinational corporations are choosing the investors, such as FMCG, retail, food manufacturing and processing,
country as a destination to implement supply chain diversification logistics and warehousing, and finance and fintech.

DIGITAL ECONOMY VIETNAM TO LEAD REGIONAL GROWTH
According to the 8th edition of the e-Conomy SEA Report Thailand ($49 billion). The main contrib-
published on November 7 by Google, Temasek, and Bain & utors to Vietnam’s digital economy include
Company, Vietnam will remain Southeast Asia’s fastest-growing e-commerce, which will grow 22 per cent
digital economy in the 2023-2025 period. Growth is to be at 20 to $24 billion in 2025, online tourism, to
per cent in two years, the same level as the Philippines, and grow 21 per cent to $7 billion, and online media, to grow 15 per
followed by Thailand (17 per cent), Indonesia (15 per cent), cent to $7 billion. The country also records the fastest growth in
Malaysia (14 per cent), and Singapore (13 per cent). Despite digital financial services (DFS) in the region, the report noted,
global macro-economic headwinds, the country’s gross merchandise adding that digital payments continue to grow in the country,
value (GMV) is expected to reach nearly $45 billion by 2025; the driven by strong support from the government, investment from
third-highest in the region after Indonesia ($109 billion) and commercial banks, and the widespread adoption of QR codes.

VIETNAM UP 21 POSITIONS GLOBAL TALENT COMPETITIVENESS INDEX

Vietnam has ranked 75th among 134 coun- and Malaysia (42nd). Vietnam targets utilizing young talent in
tries and territories listed in the annual national construction and is determined to build and operate the
Global Talent Competitiveness Index 2023, Vietnam Global Young Talent Network and the National Young
up 21 spots against the 2022 Index. Accord- Talent Digital Park by 2025. Under its targets, at least 60 per cent
ing to the latest report from business school INSEAD, in ASEAN, of young talent will receive support to take part in knowledge
Vietnam ranked above Thailand (79th), Indonesia (80th), and the sharing as well as community and socio-economic development
Philippines (84th), but behind Singapore (2nd), Brunei (41st), activities by 2030.

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