According to the Government's plan, the Financial Center in Ho Chi Minh City and Da Nang will be established and operated in 2025. The establishment of these centers aims to develop Vietnam into an important financial destination in the region and the world.
As Coin68 previously reported, the Vietnamese Government has introduced a bill to specifically classify cryptocurrencies. In which, digital assets are defined as "assets as stipulated in the Civil Code, represented in the form of digital data, created, issued, stored, transferred and authenticated by digital technology in the electronic environment".
In reality, cryptocurrencies are not prohibited in Vietnam, but due to the lack of specific regulations, they cannot yet be considered as a type of asset. The lack of a legal framework like this has led many businesses to choose to register in Singapore, the US and then operate in Vietnam, causing a loss of competitive advantage and tax revenue. From the user's perspective, the lack of transparency leads to risks in transactions and loss of user rights.
According to a report by Triple-A, about 21.2% of the Vietnamese population owns crypto, making Vietnam the second largest crypto-owning country in the world. The use of DeFi is high, accounting for 28.8% of the trading volume. Therefore, it is urgent to have a comprehensive legal framework to remove bottlenecks and create a more friendly crypto environment.In addition to digital assets, the Ministry of Planning and Investment also proposes several outstanding incentive mechanisms and policies to encourage and attract Capital, technology at the financial centers.
For example, investment projects in the priority development sectors of the financial center may be subject to a corporate income tax rate of 10% throughout the project's life cycle. For other investment projects, including income from real estate transfers, it is expected to be subject to a 10% tax rate for 15 years. These enterprises will be exempted from taxes for 4 years and have a 50% reduction in the amount of taxes to be paid in the next 9 years from the time they have taxable income, according to the proposal of the Ministry.
Income from investment projects of units on the list of the 500 largest companies in the world according to the Forbes ranking will be exempted from additional 2 years of personal income tax and a 50% reduction in the next 4 years.
Managers, scientists, and experts with income generated at the international financial center will be exempted from personal income tax. Other subjects will be exempted until the end of 2035 and have a 50% reduction in the amount of tax to be paid in the following years. Foreign experts will also be facilitated in terms of entry, exit and temporary residence.
A member registration system will be formed at the financial centers. It is expected that the subjects to be registered as members will be credit institutions, finance companies, stock, gold and foreign exchange trading floors, investment funds, insurance companies, etc. These enterprises will be allowed to establish and operate at the financial center.
According to the Ministry of Planning and Investment, the above policies and incentives are suitable for the reality and effective management of the financial center's operations. This policy is not limited by the regulations on enterprise registration in the Enterprise Law and related documents.
According to VnExpress
