Weekly News Bulletin - No. 01, April 2023

The Government of Vietnam is seeking approval from the National Assembly to issue electronic visas to citizens of all countries and territories.

Accordingly, Vietnam would extend visa validity from 30 to less than 90 days for single or multiple entries and stay from 15 to 45 days for foreign visitors from Vietnam's Visa Waiver Program countries and territories. The measure is seen as a boost for the development of Vietnam's "smokeless industry", which will enhance the competitiveness of national tourism in Southeast Asia.

The General Department of Taxation under the Ministry of Finance has said it will keep a close watch on the implementation of the global minimum tax in other countries, listen to opinions of firms impacted by the tax and study guidelines of the Organisation for Economic Cooperation and Development (OECD) to propose its application in Vietnam. The application of the global minimum tax should not create adverse impacts on Vietnam’s foreign investment attraction, and should ensure the country’s tax collection right, said deputy head of the general department Dang Ngoc Minh at a press conference held by the Finance Ministry in Hanoi on March 30.

Last week highlight

Vietnam and Israel on April 2 announced the conclusion of negotiations for their free trade agreement (FTA), creating a premise for the two countries to sign the deal right this year. According to the Vietnamese Ministry of Industry and Trade, Israel is Vietnam’s third biggest importer and fifth largest trade partner in West Asia. In 2022, the bilateral trade reached USD 2.2 billion, up 17.9% YoY, of which Vietnam’s export was valued at USD 785.7 million and its import hit USD 1.4 billion.

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Let’s look at some other key financial and business headlines during the past week