New tax policies aim to bolster tech sector

New tax policies aim to bolster tech sector

As Vietnam’s consumer technology sector continues to expand, the country’s tax authorities are intensifying efforts to refine policies that promote a more transparent and equitable business environment.

The Department of Taxation held a meeting with the Consumer Technology Association (CTA) of the United States on March 21 to discuss policy reforms and investment opportunities.

Photo: Phuong Thao

Ed Brzytwa, vice president of the CTA, highlighted Vietnam’s growing role in the global technology market and commended the government’s initiatives, particularly in the tax sector, to create a more predictable and business-friendly regulatory environment.

"Vietnam’s commitment to improving its tax policies and aligning with international standards will be instrumental in attracting long-term investment in e-commerce and innovation," said Brzytwa.

Mai Xuan Thanh, director general of the Department of Taxation, emphasised the strong economic and technological ties between the two nations, underscoring Vietnam's commitment to fostering innovation and investment.

"Vietnam is a dynamic, young consumer market with a rapidly growing demand for technology products," Thanh said. "This evolution is reshaping how consumers interact with goods and services while also presenting new challenges for the regulatory landscape."

To address these challenges, according to Thanh, Vietnam’s tax authorities are working to modernise policies that support the country’s digital transformation.

"We recognise the critical role that technology firms play in driving economic growth and global integration," Thanh said. "That’s why we are prioritising tax reforms that ensure fairness, transparency, and maximum support for businesses operating in the consumer technology sector."

Thanh also reaffirmed the government’s commitment to tax reforms that foster economic growth and technological advancement.

"The Ministry of Finance remains dedicated to crafting tax policies that encourage business sustainability while ensuring transparency and fairness," he said.

Looking ahead, Vietnam’s tax authorities plan to maintain an ongoing dialogue with industry leaders, including the CTA, to exchange insights on regulatory frameworks in both Vietnam and the US.

"Through continued collaboration, we can enhance mutual understanding, swiftly address industry concerns, and cultivate a more competitive and investor-friendly business environment," Thanh added.

During the meeting, tax officials and industry representatives discussed strategies to harmonise Vietnam’s tax framework with global best practices. Key topics included the impact of tax policies on foreign investment and the role of taxation in fostering a sustainable digital economy.

VIR