New Text Notification

Principles of application and adjustment of special investment incentives in Vietnam

Bảo Ngọc

14:33, 10/08/2022

On October 6, 2021, the Prime Minister of Vietnam promulgated Decision 29/2021/QD-TTg regulating special investment incentives.

According to this Decision, special investment incentives and support comply with Clause 6, Article 20 of Decree 31/2021/ND-CP of Vietnam and the following principles:

- Special investment incentives are applied to new investment projects and expansion investment projects.

- Special investment incentives are specified in the Investment Registration Certificate, the Decision approving the investment policy or agreed in writing with the competent state agency.

- During the period of enjoyment of special investment incentives, any economic organization that satisfies the conditions for actual incentives shall enjoy such incentives for the remaining incentive period.

The remaining period of incentive application is determined by the incentive period according to the actual incentive conditions, minus the corresponding number of years of exemption and reduction of corporate income tax (CIT), the number of years of applying the preferential tax rate, number of years of land rent exemption and reduction, and water surface rent have been applied before.

- The time of application of the preferential tax rate, the period of CIT exemption and reduction shall comply with the provisions of the law on CIT. The time to apply incentives for land rent exemption and reduction, water surface rent shall comply with the law on land...

Decision 29/2021/QD-TTg of Vietnam takes effect from October 6, 2021.

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