Representative from Ministry of Finance and European Chamber of Commerce in Vietnam at the event. — Photo mof.gov.vn

HA NOI (Biz Hub) — Viet Nam is in the process of implementing reforms in its tax and customs administration, Deputy Minister of Finance Do Hoang Anh Tuan said in a meeting here last week.

The reforms are expected to create a transparent business environment for European investments in Viet Nam. The meeting was themed "Dialogue on tax, customs and transfer pricing." Participants discussed the issues encountered by European businesses in Viet Nam. The event was jointly organised by the Ministry of Finance (MOF) and the European Chamber of Commerce in Vietnam (Eurocham).

Thomas McClelland, Eurocham's chairman of taxation and transfer pricing sector committee, raised five issues faced by European businesses, including accounting, taxation preferential measures and value added tax on export services.

McClelland disclosed that European businesses in Viet Nam were concerned about the issue of foreign contractor taxes being paid on warranty services.

Meanwhile, Deputy Minister Tuan shared that the MOF is in the process of completing policies on taxation and customs to provide favourable conditions for European businesses in Viet Nam.

The deputy minister said that the dialogue offered an opportunity for European businesses to discuss the obstacles they had encountered in their Viet Nam operations. He explained that the sharing experience would contribute to the advancement of the investment relationship between Viet Nam and European countries in the future.

The event is organised annually. — VNS