Ho Chi Minh City creates a favorable environment and encourages Korean firms to invest.

DNHN - Ho Chi Minh City anticipates that Korean businesses will continue to pay attention to and promote cooperation in the city's future investment projects, to the mutual benefit of both parties.

On the afternoon of August 16 in Ho Chi Minh City, business leaders from Ho Chi Minh City and Korean companies participated in a dialogue conference. The event is organized by the City Investment and Trade Promotion Centre (ITPC) with the assistance of the General Consulate of the Republic of Korea in Ho Chi Minh City.

Mr. Choi Bun Do, the head of the Korea Association of Commerce and Industry in Central and Southern Vietnam (KOCHAM), discussed the significant progress made since the dialogue with Ho Chi Minh City's leaders in 2022. Thirteen out of twenty-one problem-posing proposals from Korean businesses have been resolved by the city thus far, with the port infrastructure fee collection issue being one of the most noteworthy accomplishments. sea.

In addition to reiterating previous concerns, the meeting identified fifteen new issues that Korean businesses will face in 2023. These issues involve numerous facets, such as the "regulatory amendment plan" "import and export on the spot," the issuance of work permits to foreigners, and the refund of value-added tax.

Mr. Choi Bun Do, chairman of KOCHAM, made one of the most significant points that received special consideration. He expressed concern regarding Vietnam's revision of existing import and export regulations. If this amendment is implemented, foreign corporations will no longer be exempt from taxation, even though they have benefited from this exemption through on-site import and export activities related to export processing.

These potential changes may pose several challenges for businesses, including rising import costs and diminished competition for foreign firms in Vietnam as a result of rising raw materials and production costs. operation costs. Therefore, businesses suggest that before modifying existing import and export regulations, competent authorities must carefully consider the impact on associated businesses.

Mr. Nguyen Tien Dung, Deputy Director of the Ho Chi Minh City Tax Department, provided information regarding the resolution of Samsung CE Complex Electronics Co., Ltd.'s problem during the meeting. Currently, according to him, the Ho Chi Minh City Tax Department has completed its review and informed the General Department of Taxation. In addition, the Ministry of Finance is contemplating which agency, the tax office or the customs office, will implement the tax refund to conduct tax refund procedures for businesses.

Mr. Phan Van Mai, Chairman of the Ho Chi Minh City People's Committee, also emphasized the city's commitment to creating a favorable investment climate and favorable conditions for international businesses. In the future, he wished that Korean businesses would continue to pay attention to and promote cooperation in the city's investment projects for the mutual benefit of both parties.

PV (t/h)