Exemption from personal income tax for experts at the International Financial Center

On the morning of December 21, at the Conference to announce the establishment of the International Financial Center (TTTCQT) in Vietnam, Deputy Prime Minister Nguyen Hoa Binh introduced 8 decrees of the Government to implement Resolution No. 222/2025/QH15 of the National Assembly on TTTCQT in Vietnam.

Regarding the Decree on the establishment of a commercial center in Vietnam, the decision to develop according to the orientation of "one center, two locations" in Ho Chi Minh City and Da Nang.

Establish a Central Executive Council and 2 local executive agencies, according to the model of a special administrative agency; be decentralized to the maximum, perform the function of state management of activities in the Central Executive Committee.

The management agencies in the two cities are issued regulations, mechanisms, and testing policies to control, license, and manage products that do not have regulations; are the "one-stop" department in receiving and handling administrative procedures; are hired by foreign experts as executive directors, and are paid according to market mechanisms.

Regarding the Decree on financial policies in the Central Bank of Vietnam, it stipulates many specific and outstanding mechanisms. In which, the procedure for registering as a member of the Ministry of Natural Resources and Environment is simplified: The certificate of registration of a member is also a certificate of business registration; the application processing period is only 7 working days.

Regarding tax policy, priority development industries are entitled to a corporate income tax rate of 10% for 30 years (equal to 1/2 of the current tax rate), of which they are exempted for no more than 4 years and reduced by 50% for no more than the next 9 years.

Exemption from personal income tax for managers, experts, scientists, and people with high professional qualifications until the end of 2030. Exemption from import tax on imported machinery, equipment, raw materials, and components to create fixed assets for investment projects in the QTTQT.

Allowing banks and insurance to apply international financial regimes and operate the testing mechanism (Sandbox) for Fintech. Develop a new capital market through mobilizing community capital and green bonds.

Regarding the Decree on entry, exit and residence policies for foreigners at the Vietnam International Airport, the regulatory agency determined that important investors are given preferential visas, temporary residence cards, and permanent residence cards with criteria to facilitate foreigners' entry.

The visa and temporary residence card validity period is not more than 10 years (the maximum validity period of the visa is 5 years); the wife, husband, and children under 18 years old traveling together will also be considered for a visa or temporary residence card with the corresponding validity period.

Considering permanent residence for foreigners working long-term at the Ministry of Foreign Trade. Simplify administrative procedures and documents; maximum processing time is 3 working days.

Regarding the Decree on labor, employment and social security in the Ministry of National Defense in Vietnam, it specifically stipulates the cases in which foreigners are exempted from labor licenses.

The duration of a labor permit or certificate not subject to a labor permit is a maximum of 10 years (2 years in effect); the maximum time to carry out the labor permit procedures is 3 working days (down 70%)...

Foreign workers are "chosen" to participate in compulsory social insurance and unemployment insurance.

Regarding the Decree on land and environment in the State budget in Vietnam, the People's Committees of the two cities are assigned to decide on land allocation, land lease, permission to change land use purposes, extend and adjust the land use term for investment projects of members.

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