VAFIE, Nghe An province tax authority help businesses update new tax policies

The Vietnam's Association of Foreign Invested Enterprises (VAFIE) and the Nghe An province Tax Department on Friday co-hosted a tax policy workshop titled “New tax policies impacting business operations and accounting standards under IFRS.”

Opening the event, VAFIE chairman Nguyen Anh Tuan said the association has held many similar workshops in Hai Phong, Ha Nam and other provinces to help businesses understand recent changes in Vietnam’s tax regulations. These sessions have attracted strong interest from companies as the country’s tax system undergoes significant revisions.

Tuan noted that the National Assembly and Government have recently enacted new laws and decrees, including amendments to the Value-Added Tax (VAT) and Corporate Income Tax laws, along with guidelines on the global minimum tax.

The global minimum tax, he said, is a new and far-reaching policy applying to multinational groups with consolidated revenue of $750 million or more. The measure reflects Vietnam’s international commitments and requires careful preparation of policies, mechanisms, and implementation procedures.

According to Tuan, the global minimum tax will not only affect foreign-invested enterprises (FDI) but also Vietnamese firms engaged in global supply chains. “Timely updates, accurate understanding, and proper compliance are essential for businesses to strengthen competitiveness,” he said.

He added that while the topic is not new globally, it holds special relevance for Vietnam as the country pursues a stock market upgrade, enhances financial transparency, and adopts international reporting standards (IFRS) - key steps toward deeper integration and attracting higher-quality investment.

Tuan also highlighted Nghe An’s development potential, citing its strong infrastructure including Vinh International Airport, seaport access, the North-South Expressway, and an expanding logistics network, as well as its skilled and industrious workforce.

FDI inflows into Nghe An have surged in recent years, moving the province to the top group among north-central provinces, driven by large-scale industrial projects that create positive spillover effects for domestic enterprises.

Tuan expressed confidence that greater collaboration between FDI and domestic businesses will fuel local economic growth. VAFIE, he said, will continue connecting Vietnamese enterprises with global groups such as Samsung, Foxconn, and major investors from South Korea and Japan, helping them integrate deeper into global value chains. The association also supports Vietnamese firms investing abroad and seeking international partnerships.

Nghe An Tax Department: Companion, transparency and partnership

Nguyen Bang Thang, head of the Nghe An Tax Department, praised VAFIE’s cooperation, calling it essential to strengthening the province’s business community and supporting sustainable socio-economic development.

He said the workshop serves as a specialized forum for dialogues between enterprises, business associations, foreign investors and policymakers, helping companies adapt to new tax regulations, particularly the global minimum tax under Decree No. 236.

“With a spirit of cooperation and responsibility, the Nghe An Tax Department will continue working closely with VAFIE and the business community to find practical solutions to improve the province’s investment environment, making it more open, efficient, and business-friendly,” Thang said.

He added that stronger cooperation between tax authorities and enterprises would foster mutual understanding and shared growth for both the province and local businesses.

Transparent tax inspection plans

Addressing business concerns during the discussion session, Thang said tax inspection and audit plans are now built on big-data risk assessment. Companies with good compliance records and low risk ratings will not be subject to inspections, while higher-risk sectors such as real estate, edible oil, and mining may be reviewed as directed by the Ministry of Finance or the General Department of Taxation.

He emphasized that tax authorities will not conduct overlapping inspections if a business is already included in audit plans by other government bodies such as the State Audit Office or the Government Inspectorate, to avoid duplication and minimize disruption to business operations.

“All awards, medals, and honors received by tax officials, including those in Nghe An, come from the growth of enterprises. Without business activity, there would be no revenue and no taxes - meaning the tax sector could not fulfill its mission. In that sense, the achievements of the tax sector are created by businesses themselves,” Thang said.

He reaffirmed the department’s commitment to transparency, maintaining a public hotline for complaints and reports of misconduct to ensure integrity and fairness in tax administration, creating a trustworthy environment for sustainable business growth.