Ho Chi Minh City in Vietnam enjoys corporate and personal income tax exemptions in 2024

The Vietnamese government promulgated Decree No. 11/2024/ND-CP on February 2, 2024, stipulating a special policy mechanism for corporate and personal income tax exemptions in Ho Chi Minh City.
According to National Assembly Resolution No. 98 on the trial implementation of special mechanisms and policies for the development of Ho Chi Minh City, the new policy will be valid for five years.
The tax incentives are intended to make the city more attractive to foreign investors.
Individuals and organizations that receive income from investing in new startups will also be exempt from personal income tax and corporate income tax.
Individuals and new businesses must meet certain conditions and obtain certification. These conditions include operating in a priority industry, engaging in innovative activities and having tax-exempt certification.
Ho Chi Minh City is the country’s largest economic hub and has huge potential for economic growth and job creation thanks to its thriving new startup ecosystem.
Southern metropolitan areas are developing regulations and guidelines to support these new entrepreneurial activities and ensure that tax exemptions are implemented correctly.
Ho Chi Minh City is home to more than 2,000 new startups, accounting for approximately 50% of all new startups in Vietnam.

Source: baochinhphu Vietnam Government News