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TAX INCENTIVES

A .Incentives for Corporate Income Tax:

(According to Decree 218/2013/NĐ-CP dated 26/12/2013 of Prime Minister on detailing and guiding the implementation of Law on Corporate Income Tax; Decree No.12/2015/NĐ-CP dated 12/2/2015 of Prime Minister on elaboration of the law on amendments to tax laws and amendments to some articles of decrees on taxations, effective date from 01/01/2015)

1) Incentive tax rate of 10% within 15 years, tax exemption for 4 years, reduction of 50% of tax payable for the next 9 years, applied to:

- Income of enterprise from performing new investment project in the fields: Scientific research and technological development; application of high technology in the list of hi-tech invested and developed with priority as prescribed by the hig-tech Law; high-tech incubation, high-tech enterprise incubation; venture capital for high-tech development in the list of high-tech developed with priority as prescribed by high-tech law; construction investment and business of high-tech incubator, high-tech enterprise incubator; investment and development of water plants, power plants, water drainage and supply system, bridges, roadway, railway, airports, seaports, river ports, railway stations and extremely significant infrastructure that shall be decided by the Prime Minister; production of software products (the software production investment projects in the list of software products meeting the requirement on process of software production as prescribed by law); production of composite materials, light building materials, rare materials, production of renewable energy, clean energy, energy from waste destruction and biotechnology development;

- Income of enterprises from performing new investment projects in the field of environmental protection including: Production of equipment of environmental pollution treatment, environmental surveying and analysis equipment; environmental treatment and protection; collection and treatment of wastewater, waste gas, solid waste, recycling and re-use of waste;

- Income of enterprises from execution of manufacturing projects, except for projects of manufacturing of products subject to special excise tax and mineral extraction projects, the capital investment in which is at least VND 12,000 billion, the technologies used for which are assessed in accordance with the Law on High technology, the Law on science and technology, and registered capital in which is disbursed within 05 years from the day on which the investment is licensed as prescribed by regulations of law on investment;

- High-tech enterprises according to Law on High Technology (enjoying incentive tax rate from the year of issuing Certificate of High-tech enterprise.

- Income of an enterprise from execution of a new project of investment in manufacturing (except for projects of manufacturing of products subject to special excise tax, mineral extraction projects) that satisfy one of the following conditions:

  • The capital investment in the project is at least VND 6,000 billion, which is disbursed within 03 years from the date of permission for first investment as prescribed by regulations of law on investment, and total revenue is at least VND 10,000 billion per year within 03 years from the first year in which revenue is earned.

  • The capital investment in the project is at least VND 6,000 billion, which is disbursed within 03 years from the date of permission for first investment as prescribed by regulations of law on investment, and the project regularly employs more than 3,000 employees within 03 years from the first year in which revenue is earned. The number of regular employees is determined in accordance with regulations of law on employment

- Income of enterprises from execution of new projects for manufacturing of products on the List of ancillary industry products given priority that meet one of the following criteria:

  • Ancillary industry products are meant for high technologies as prescribed by the Law on High technology;

  • Ancillary industry products are meant for products of following industry: textile – garment; leather – footwear; electronics - IT, car manufacturing and assembly; mechanical engineering that, by January 01, 2015, cannot be manufactured in Vietnam or can be manufactured in Vietnam as long as EU’s technical standards or equivalent standards are met.

- Income of enterprises from investment in education and training, vocational training, healthcare, sports, environment, judicial expertise (hereinafter referred to as PSI enterprises). The types, scales, standards of PSI enterprises shall be prescribed by the Prime Minister.

- Income of enterprise from implementing investment projects - social housing business for sale, for rent, for lease purchase for the subjects specified in Article 53 of the Housing Law.

2) Corporate Income tax rate is 22% from 01/01/2014. Corporate Income tax rate is 20% from 01/01/2016. Tax exemption for 4 years, reduction of 50% of tax payable for the next 9 years. The time for tax exemption or reduction specified in this Article is calculated continuously from the first year of assessable income from the new investment projects entitled to tax incentive. Where there is no assessable income in the first three years, from the first year of assessable income from the new investment project, the time for tax exemption or reduction is calculated from the fourth year. Incentive of tax exemption and reduction above is applied for the new-established enterprise to implement the new invesment projects in industrial zones located in suburban districts of Ho Chi Minh City includes: DONG NAM IZ, MECHANIC AND AUTOMOTIVE HO CHI MINH CITY IZ, AN HA IZ, LE MINH XUAN IZ, LE MINH XUAN 2 IZ, LE MINH XUAN 3 IZ, HIEP PHUOC IZ (Phase 1 & 2), TAY BAC CU CHI IZ, TAN PHU TRUNG IZ, BAU ĐUNG IZ, PHUOC HIEP IZ, XUAN THOI THUONG IZ, VINH LOC 3 IZ, PHONG PHU IZ (except for projects stipulated in Clause 1). 

B. Incentives for Import Tax:

(According to Article 12, Decree No. 87/2010/NĐ-CP of Prime Minister dated 13/8/2010 on Detailing a number of articles of Law On Import Duty and Export Duty)

Imported goods and exported goods are exempt from import duty or export duty in the following cases:

- Goods temporarily imported for re-export or temporarily exported for re-import for participation in trade fairs, exhibitions or display; machinery, equipment and professional instruments temporarily imported for re-export or temporarily exported for re-import to perform work within a certain period of time. After the end of trade fairs, exhibitions or displays or after the completion of work according to law. temporarily exported goods must be re-imported into Vietnam and temporarily imported goods must be re-exported.

- Movable assets brought into or out of Vietnam by Vietnamese or foreign organizations or individuals within allowable quotas, including:

  • Movable assets brought into Vietnam by-organizations or individuals that are permitted to reside or work in Vietnam or brought abroad upon the expiration of their residence or working duration in Vietnam:

  • Movable assets brought to foreign countries by Vietnamese organizations and individuals for business and working purposes and re-imported into Vietnam upon the expiration of their business or working duration;

  • Movable assets brought into Vietnam by overseas Vietnamese families or individuals that are permitted to settle in Vietnam or brought abroad by Vietnamese families or individuals that are permitted to settle abroad; movable assets brought into Vietnam by foreigners who are permitted to settle in Vietnam or brought abroad when they are permitted to settle abroad.

- Imported goods and exported goods of foreign organizations or individuals entitled to diplomatic privileges or immunities in Vietnam.

- Goods imported for processing for foreign parties are exempt from import duty (including those allowed to be destroyed in Vietnam under law after liquidation of processing contracts) and processed products exported back to foreign parties are exempt from export duty. Goods exported to foreign countries for processing for Vietnamese parties arc exempt from export duty and when processed products are re-imported, they are exempt from import duty on the value of goods exported to foreign countries for processing under contracts.

- Imported goods and exported goods within duty-free luggage quotas of persons on entry or exit; postal matters and parcels sent by express delivery services which have the minimum dutiable value prescribed by the Prime Minister.

- Goods imported to create fixed assets of investment projects in domains entitled to import duty preferences listed in Appendix I on List of sectors eligible for import duty incentives (attachment) or in geographical areas entitled to import duty incentives, and investment projects funded with official development assistance (ODA) which are exempted from import duty, including:

  • Equipment and machinery;

  • Special-use means of transport included in technological lines which cannot be domestically manufactured yet; worker-transporting vehicles including cars of 24 seats or more and waterway crafts;

  • Components, details, knocked down parts, spare parts, fittings, molds and accessories accompanying machinery, equipment and special-use means of transport stated at Points a and b of this Clause for assembly into complete units;

  • Raw materials and supplies which cannot be domestically produced yet. to be used for manufacturing equipment and machinery included in technological lines or for manufacturing components, details, knocked down parts, spare parts, fittings, molds and accessories accompanying equipment and machinery stated at Point a of this Clause for assembly into complete units;

  • Building materials which cannot be domestically produced yet.

- Equipment and devices listed in Appendix II on List of Groups of equipment and facilities exempt from duty on first-time importtation only (attachment) which are imported for the first time to create fixed assets of projects entitled to import duty incentives and investment projects funded with official development assistance (ODA) capital on hotels, office buildings, apartments for lease, housing, trade and technical service centers, department stores, golf courses, tourist resorts, sports facilities, recreation and entertainment centers, medical examination and treatment, training, cultural, financial, banking, insurance, audit, and consultancy service establishments. Projects with goods enjoying import duty exemption upon first-time importation specified in this Clause are not entitled to duty exemption provided in other clauses of this Article.

- Raw materials and supplies imported to directly serve the production of software products, which cannot be domestically produced yet, are exempt from import duty.

-  Goods imported for direct use in scientific research and technological development, including machinery, equipment, spare parts, supplies and means of transport which cannot be domestically produced yet, technologies which cannot be domestically produced yet; scientific documents, books and newspapers and journals and electronic scientific and technological information sources are exempt from import duty.

- Raw materials, supplies and accessories which cannot be domestically produced yet and are imported for production activities of investment projects in domains in which investment is specially encouraged in Appendix I on List of sectors eligible for import duty incentives (attachment) or in geographical areas with extremely difficult socio-economic conditions (excluding projects to manufacture and assemble automobiles, motorcycles, air conditions, electric heaters, refrigerators, washing machines, electric fans, dish washers, disc players, audio systems, electric irons, water kettles, hair dryers, hand dryers and other articles as decided by the Prime Minister) are exempt from import duty for 5 (five) years after the date of commencement of manufacture.

- Goods produced, processed, re-processed or assembled in non-tariff zones without the use of raw materials and accessories imported from abroad, when imported into the domestic market, are exempt from import duty; in case of using raw materials and accessories imported from abroad, when imported into the domestic market, only imported raw materials and supplies constituting these goods are liable to import duty.

- Machinery, equipment and means of transport (excluding under 24-seat cars and cars designed for passenger-cum-cargo transport equivalent to under 24-seat cars) temporarily imported for re-export by foreign contractors for the execution of ODA-funded projects in Vietnam are exempt from import duty upon their temporary import and exempt from export duty upon their re-export.

- Geographical areas eligible for import duty preferences mentioned in Clauses 6, 9 and 14 of this Article are those on the list of geographical areas eligible for enterprise income tax preferences (promulgated together with the Government's Decree No. 124/2008/ND-CP of December 11. 2008, detailing and guiding the implementation of a number of articles of the Law on Enterprise Income Tax) and Decree No. 53/2010/ND-CP of May 19. 2010. stipulating geographical areas eligible for investment incentives and enterprise income tax incentives for administrative units newly established from the Government's adjustment of administrative boundaries.

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