Vietnam increases sweeteners for green business adopters
Vietnam has adopted investment policies that will encourage businesses to use green technology for generating energy and manufacturing non-toxic products according to the VNEconomyNews.com.
Nguyen Van Phung, deputy director general of the Tax Department in Vietnam’s Ministry of Finance, said that Vietnam already has investment policies and financially supports enterprises adopting green technology in corporate law, environment protection law, and effective energy-use law; however, businesses have not applied this policy properly.
As per new preferential policies, enterprises adopting green technology in the hi-tech industry will enjoy a 10 percent tax exemption for 15 years and continue to receive special tax benefits for the next 13 following years. Moreover, enterprises will also enjoy preferential tax on exports and imports as well.
According to the Ministry of Finance, support policies funded by state budget have increased each year for enterprises applying green technology. The government has set up regulations on the use of wind, solar and recycling plants. Any business using renewable energy will be eligible for loans from Vietnam Development Bank.