Many tax support policies for businesses

With the province's tax support policy, Phung Gia Mushroom Company Limited (Binh Xuyen) has gradually overcome difficulties, stabilized production, and aimed at the export market. Photo: Chu Kieu

According to the Tax Department of Region VIII, the total budget revenue of the region in the first 3 months of 2025 reached 4,200 billion VND, an increase of 8% over the same period. In Vinh Phuc alone, budget revenue from enterprises accounted for more than 70%, reflecting the important role of the private economic sector.

Notably, the number of newly registered businesses in Vinh Phuc in the first quarter of 2025 increased by 12%, with 450 new businesses. These figures show the province’s attractiveness to investors, while also affirming the positive impact of supportive tax policies.

One of the most important policies that Vinh Phuc applies is to exempt and reduce corporate income tax for enterprises operating in priority sectors such as high technology, electronic components manufacturing and supporting industries.

According to regulations, preferential enterprises can be exempted from tax for the first 2 years, then have their tax payable reduced by 50% for the next 4 years. In particular, enterprises investing in industrial parks (IPs) in Vinh Phuc enjoy a preferential tax rate of 10% for 15 years. This policy helps enterprises have more financial resources to reinvest, improve product quality and expand production scale.

Compared to other localities with similar characteristics, Vinh Phuc has a fairly competitive tax policy. With these preferential policies, Vinh Phuc is affirming its position as one of the localities with the most attractive business environment in the country.

In addition to exempting and reducing corporate income tax, the province also applies a policy of extending tax payment deadlines, helping businesses maintain stable cash flow. Specifically, in 2024, 1,200 businesses in the area will have their tax payment deadlines extended, with a total deferred tax amount of up to VND 1,800 billion. In the first 3 months of 2025, the number of businesses with tax extensions in the entire region VIII was 1,100, with a deferred tax amount of VND 1,500 billion, contributing significantly to helping businesses overcome financial difficulties and continue to develop.

Another important policy is VAT refunds, especially for export enterprises. In 2024, 560 enterprises will receive a tax refund of more than VND900 billion. In the first quarter of 2025, 320 enterprises in Region VIII will continue to receive a tax refund of VND600 billion, helping enterprises reduce production costs and increase competitiveness in the market. Thanks to this policy, Vinh Phuc's export turnover reached 5.4 billion USD, up 12% over the same period, contributing to creating a strong driving force for economic growth.

According to statistics, the number of enterprises investing in the province will continue to increase by 10-12% per year, especially in industrial parks in Binh Xuyen, Vinh Yen and Tam Duong, where there are modern infrastructure and attractive support policies.

To continue attracting businesses, Vinh Phuc is implementing a number of measures to improve tax policies such as simplifying administrative procedures, enhancing communication and financial support, consulting, helping businesses easily access incentives, understand their rights and have more effective business strategies.

Thanks to these policies, Vinh Phuc not only attracts manufacturing enterprises but also becomes an attractive destination for high-tech companies, contributing to building a modern and sustainable economy, while maintaining stable growth, creating many job opportunities and improving the quality of life of the people.

A typical example of a small and medium-sized enterprise in Vinh Phuc that enjoys tax support policies is Vinh Phuc Precision Mechanics and Automation Company Limited, Luong Dien Commune (Vinh Tuong).

As an enterprise operating in the field of precision mechanics, specializing in manufacturing components for the supporting industry, especially FDI enterprises such as Honda, Toyota, Piaggio, the company has received many tax incentives, including corporate income tax exemption for the first 2 years, 50% tax reduction for the next 4 years and VAT refund support for exported products.

Thanks to these policies, businesses have the conditions to expand production, invest in new technology and improve product competitiveness. In addition, the company is also supported with preferential loans from banks, helping to maintain operations and expand business scale.

With support from the province, Vinh Phuc Precision Engineering and Automation Company Limited has created jobs for hundreds of local workers, contributing to promoting the development of the supporting industry in Vinh Phuc.

With close coordination between the province and the business community, tax policies continue to be effective, contributing to building a favorable, dynamic and sustainable business environment, helping Vinh Phuc become one of the important economic centers of the North.

Thanh An

Source: http://baovinhphuc.com.vn/Multimedia/Images/Id/127179/Nhieu-chinh-sach-ho-tro-thue-cho-doanh-nghiep