New circular guides tax obligations for science, technology development fund
The Ministry of Finance issued Circular 67/2022/TT-BTC on November 7 providing detailed guidance on corporate income tax obligations among enterprises that create and use a science and technology development fund (STD fund).

Photo courtesy of top10tphcm.com.
Below are some key take-aways of the newly issued Circular 67:
Regulations on creating an STD fund
Enterprises are allowed to create an STD Fund at a certain rate of the taxable income determined in an enterprise’s CIT calculation. Similar to the provision under Circular 12/2016/TTLT-BKHCN-BTC, the applicable rate to apply in creating an STD fund for a state-owned enterprise ranges from 3% to 10%, while other enterprises may apply a rate not exceeding 10%.
The STD fund amount is determined on a tax year basis and deductible for CIT calculation purposes.
CIT claw-back for non-qualified utilization of the transferred STD fund
If an entity transfers an STD fund to another related enterprise that enjoys a CIT incentive and then the recipient either: uses it for improper purposes; or does not use it; or utilizes less than 70% it, the claw-back of the CIT amount on the transferred STD fund will be determined as follows:
- As at the date of fund transfer, if the transferring entity is not entitled to CIT incentives, the claw-back CIT amount on a non-qualified transferred fund shall be calculated at the standard CIT rate.
- As at the date of fund transfer, if the transferring entity is entitled to CIT incentives, the claw-back CIT amount on the non-qualified transferred fund shall be calculated based on the incentivized CIT scheme of the transferring entity.
Previously, pursuant to Circular 12/2016, the standard CIT rate was applied to all cases of such fund transfers.
Management of fixed assets purchased through the use of an STD fund
- Circular 67 supplemented the case of fixed assets (FAs) (being machinery and equipment) purchased using an STD fund for the purposes of: technological innovation and directly serving production and business activities of the enterprise for the years of 2022 and 2023, according to the socio-economic recovery and development program under Resolution 43/2022/QH15.
- In case the FAs are used both for scientific and technological research activities and for production and business activities, enterprises will not include the depreciation expenses of those FAs into deductible expenses for CIT calculation purposes.
- For FAs initially being used for production and business activities but then switched to scientific and technological research activities, the net book value of those FAs will be determined at the cost sourced from the STD fund.
Circular 67 supersedes a number of articles of Circular 12/2016/TTLT-BKHCN-BTC. The circular takes effect from December 23, 2022 and applies from the tax year 2022 onwards.
*Please contact KPMG for further consultation on the impact of Circular 67 to your business.
- Read More
Vietnam aims to finalize negotiations for Ninh Thuan 1 nuclear power plant by August
The Vietnamese government targets completing negotiations for Ninh Thuan 1 nuclear power plant in former Ninh Thuan province (now Khanh Hoa) by August 2025, and for Ninh Thuan 2 by May 2026 at the latest.
Energy - Fri, August 8, 2025 | 4:18 pm GMT+7
Software giant SAP invests $175 ml in R&D center in Vietnam
German software heavyweight SAP has officially launched a research & development center in Vietnam, with plans to invest more than €150 million ($175 million) over the next five years.
Industries - Fri, August 8, 2025 | 3:43 pm GMT+7
Carlsberg’s $130 mln plant expansion in central Vietnam set to start brewing next month
The expansion of Carlsberg’s brewery in Hue city, central Vietnam, with an investment of over VND3.4 trillion ($129.66 million), has entered trial runs and is scheduled to officially come into operation in September, according to a Carlsberg Vietnam report.
Industries - Fri, August 8, 2025 | 2:43 pm GMT+7
Indonesia promotes nickel-based EV battery production
Indonesia is advocating regulations to encourage electric vehicle (EV) manufacturers to switch from the commonly used lithium-based batteries to nickel-based ones.
Southeast Asia - Fri, August 8, 2025 | 1:54 pm GMT+7
BRICS countries account for over 35% of Malaysia’s total foreign trade turnover
Malaysia’s trade with BRICS nations climbed to RM818 billion ($193.47 billion) in 2024, making up 35.2% of the country’s total global trade, according to the Ministry of Investment, Trade and Industry (MITI).
Southeast Asia - Fri, August 8, 2025 | 1:52 pm GMT+7
Vietnam consumer finance major F88’s stock hits ceiling price on UPCoM debut
The stock of F88 Investment JSC (F88), a leading consumer finance company in Vietnam, hit its ceiling price of VND888,800 ($34) on Friday, the first day of trading on the Unlisted Public Companies Market (UPCoM).
Companies - Fri, August 8, 2025 | 1:32 pm GMT+7
US tariff unlikely to dent Vietnam’s long-term FDI appeal: broker
The U.S. tariff gap between Vietnamese goods and those from four other Southeast Asian countries would not erode Vietnam’s competitive edge in manufacturing and investment, said Hanoi-based Vietcombank Securities (VCBS).
Economy - Fri, August 8, 2025 | 12:24 pm GMT+7
Land clearance for Vietnam's North-South high-speed railway project to start on December 19
Prime Minister Pham Minh Chinh has requested localities to start land clearance en masse for the gigantic North-South high-speed railway project on December 19.
Economy - Fri, August 8, 2025 | 11:52 am GMT+7
Vietnam might launch pilot digital asset exchange in August
A digital asset exchange might be launched in August on a pilot basis, Deputy Minister of Finance Nguyen Duc Chi told a government press meeting on Thursday.
Finance - Fri, August 8, 2025 | 11:25 am GMT+7
Vietnam’s steel giant Hoa Sen spends $34 mln on land near Long Thanh airport for urban development
Hoa Sen Group (HoSE: HSG), Vietnam’s top producer of coated steel products, has spent VND900 billion ($34.3 million) acquiring land for a major urban development project in the southern province of Dong Nai.
Real Estate - Fri, August 8, 2025 | 8:22 am GMT+7
Halal market presents major opportunities for Vietnamese businesses
The global Halal market is projected to reach $5 trillion by 2030, with Malaysia alone expected to hit $113.2 billion, said Shariza binti Abdul Rasheed, Halal product manager at Maybank Malaysia.
Economy - Thu, August 7, 2025 | 9:18 pm GMT+7
Steel major Hoa Phat to pour extra $130 mln into central Vietnam plant
Vietnam’s leading steelmaker, Hoa Phat Group (HoSE: HPG), will increase investment in its Dung Quat 2 iron and steel production complex by VND3.4 trillion ($129.7 million) as part of an expansion plan.
Industries - Thu, August 7, 2025 | 8:03 pm GMT+7
Vietnam’s army-backed construction firm proposes 14 offshore wind power projects
Lung Lo Construction Corporation (LLC), under the Ministry of National Defense, has submitted investment proposals for 14 offshore wind power projects with a combined capacity of 9,000 MW.
Energy - Thu, August 7, 2025 | 5:07 pm GMT+7
Vietnam's agri major Hoang Anh Gia Lai fined for bond information disclosure failure
Vietnam's agri major Hoang Anh Gia Lai JSC has been fined VND92.5 million ($3,528) for failing to disclose bond-related information as required by law.
Companies - Thu, August 7, 2025 | 4:31 pm GMT+7
Northern Vietnam province accelerates $2.2 bln LNG-to-power project
Quang Ninh province will hand over 4.9 hectares of reclaimed land to the Quang Ninh LNG-fuelled power plant project before August 11, local authorities stated at a meeting on Wednesday.
Energy - Thu, August 7, 2025 | 4:17 pm GMT+7
Vietnam's seafood firms ride profit wave ahead of US tariff hike
Vietnam’s seafood companies reported surging profits in Q2/2025, driven by importers ramping up purchases ahead of new U.S. reciprocal tariffs.
Economy - Thu, August 7, 2025 | 2:21 pm GMT+7
- Travel
-
Ha Long, Hoi An, Sa Pa honored as top Southeast Asian destinations by Gulf News
-
The mesmerizing opening of the Xoe Festival at Fansipan, Sa Pa
-
Northern Vietnam province plans 720-ha int’l airport to tap tourism boom
-
At least 38 people die in northern Vietnam boat capsizing incident, 10 rescued
-
Rixos debuts in Southeast Asia on Vietnam’s 'Pearl Island'
-
Phu Quoc enters Travel + Leisure’s top luxury destinations