Vietnam Enacts Laws to Boost Tech, Cut Taxes, and Support Businesses
Vietnam has enacted two significant laws to boost its science and technology capabilities, and to provide tax relief for businesses and citizens. The Law on Science, Technology and Innovation, with 73 articles, aims to enhance Vietnam's sci-tech and innovation prowess. Meanwhile, the Law on Corporate Income Tax introduces tiered corporate tax rates to support businesses.
The Law on Science, Technology and Innovation designates May 18 as Vietnam's annual Science, Technology and Innovation Day. It will take effect on Wednesday, along with the Law on Corporate Income Tax. The latter introduces tax rates ranging from 15% to 50%, based on annual revenue and industry type.
The law on amendments and supplements to several articles of the Law on Credit Institutions will also come into force on October 15. Notably, the State Bank of Vietnam will be empowered to issue special loans at a 0% interest rate without collateral, providing much-needed financial relief.
The adoption of these laws is part of broader relief measures to secure prosperity and jobs long-term, addressing cost increases from recent crises like the COVID-19 pandemic and rising energy costs. This includes raising the commuting allowance from January 1, 2026. These measures demonstrate Vietnam's commitment to fostering innovation and supporting its citizens and businesses.
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