Maintaining macroeconomic stability, towards double-digit growth
On the afternoon of March 18, at the headquarters of the Ministry of Finance, Minister of Finance Nguyen Van Thang had a working session with the Working Group of the US - ASEAN Business Council (USABC) led by Mr. Brian McFeeters - Senior Vice President and Regional Executive Director of USABC and more than 50 US businesses. The meeting was also attended by representatives of leaders of a number of functional units under the Ministry of Finance.
Welcoming Mr. Brian McFeeters and the senior working delegation of USABC to visit and work with the Ministry of Finance of Vietnam, Minister Nguyen Van Thang emphasized that the cooperative relationship between Vietnam and the United States is developing strongly. The Minister welcomed financial and investment cooperation between the two countries as the United States becomes the 11th largest foreign investor in Vietnam, while Vietnam is the 8th largest trading partner of the United States.
At the meeting, sharing some general points about Vietnam's macroeconomic situation, Minister Nguyen Van Thang said that Vietnam's GDP in 2024 will grow quite well, along with a state budget revenue increase of more than 16%, creating conditions for Vietnam to achieve the target of promoting growth on the basis of stabilizing the macro economy, controlling inflation, and aiming for double-digit growth in the period of 2026-2030.
Appreciating the contributions of US businesses to Vietnam's development in recent times, Minister Nguyen Van Thang pledged to always accompany, support, and create all favorable conditions for US businesses and investors to continue to invest and do business in Vietnam, worthy of the stature of the cooperative relationship between the two countries of Vietnam and the United States.
The Minister also hopes that USABC will continue to cooperate more closely and comprehensively with the Vietnamese side in the fields of high technology and aerospace, especially in the stages of technology transfer, human resource training, and cooperation in developing new technologies. These are the fields and occupations in which the Vietnamese Government is offering many special incentive policies. Thereby, it will contribute more to bilateral relations between the two countries, helping Vietnam participate more deeply in the global supply chain.
Minister Nguyen Van Thang said that dialogues with USABC will help the Ministry of Finance have sufficient information, thereby having a basis to improve management policies and improve the investment and business environment of Vietnam. This is also an opportunity for the Ministry of Finance to update and fully inform businesses about policies as well as implement policies on the basis of compliance with the law and harmonizing the interests of all parties.
US businesses propose tax incentives, promote technology transfer
At the meeting, USABC members discussed issues of concern to US businesses in Vietnam such as: Vietnam's 8% economic growth orientation in 2025; Special Consumption Tax Policy; Incentives for science and technology development; policies to support improving the business environment, ensuring supply chains and enhancing competitiveness; policies to promote the development of road, rail, air, energy, developing regional financial centers in Vietnam... Enterprises also proposed contributions from US businesses to the implementation of the macro goals of the Vietnamese Government.
Clarifying the opinions of businesses related to special consumption tax, the Minister said that the Government is expected to submit the draft Law to the National Assembly for approval in the May 2025 session. The Minister affirmed that the Ministry of Finance will carefully review in the spirit of openness to complete this draft Law, creating the most favorable conditions for businesses, and submit it to the National Assembly in accordance with regulations.
Regarding tax incentives for enterprises using recycled materials, the Minister said that Vietnam has preferential policies for this content. The Ministry of Finance will record and review to have the most incentive policies for businesses using recyclables, especially when Vietnam is aiming to reduce emissions by 0 by 2050.
Regarding incentives for the development of science and technology, innovation or fields with high technology content, Vietnam has been implementing the development of strong and breakthrough regulations and institutions to promote the development of science and technology, innovation and digital transformation. Vietnam has issued many regulations and institutions to provide maximum incentives for this sector, including tax incentives, and will be realized in the coming time. According to the Minister, from now until the end of May 2025, the policy mechanism will be basically completed to attract and create all conditions for businesses in this field.
Regarding Vietnam's financial center, the Minister informed that Vietnam currently plans to build 2 financial centers in Da Nang and Ho Chi Minh City. Vietnam is studying and developing mechanisms, policies, and regulations with "the most possible incentives, the most breakthrough possible" for foreign investors, investment funds, financial funds, and enterprises to participate.
Orientation for upgrading the stock market this year
The Minister also shared the orientation to upgrade the Vietnamese stock market this year as well as perfect regulations to unlock capital from bonds and stocks for businesses; creating favorable conditions for businesses with financial potential and legitimate business to be able to mobilize capital in this market.
At the end of the meeting, Minister Nguyen Van Thang and Mr. Brian McFeeters both affirmed that the dialogue cooperation mechanism between the Ministry of Finance and USABC will continue to be maintained positively and openly in the following years. The Ministry of Finance is committed to continuing to improve the effective investment and business environment, complying with domestic laws and in line with international commitments.
