Vietnam is ready for the peer review process

On November 5th, the Vietnam General Department of Taxation held a working session with the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes. The meeting aimed to conduct a peer review of Vietnam’s compliance with the mandatory tax information exchange requirement, one of the obligations of the forum’s members. 

Speaking at the meeting, Mr. Vu Chi Hung, Deputy General Director of the General Department of Taxation, affirmed Vietnam’s commitment to fully fulfilling its obligations as a member of the Global Forum, especially in the field of tax transparency and exchange of information. He emphasized: “Participation and contribution to the peer review process is one of Vietnam’s important commitments to the international community.” 

Accordingly, the General Department of Taxation has proactively coordinated with relevant ministries and agencies to prepare for this review. Information related to the legal framework and the practice of information exchange in Vietnam has been carefully prepared to provide to the review team. 

Ms. Amrita Singh Ahuja, an OECD representative, appreciated Vietnam’s thorough preparation. She said that the results of this review process will be closely watched by many international stakeholders and will be of great significance to Vietnam’s cooperation with the international community.

Key highlights of the meeting

• Vietnam proactive fulfillment of membership obligations: Vietnam has made meticulous preparations to welcome the OECD review team, including developing reports, responding to questionnaires, and closely coordinating with relevant ministries and agencies.
• Aiming for international standards: Vietnam aims to achieve a “largely compliant” rating in the peer review and will accept the review team’s recommendations to further improve its tax information exchange practices.
• International cooperation: The meeting provided an opportunity for Vietnamese and international delegates to exchange experiences, share information, and explore joint solutions to combat international tax evasion.

Conclusion

Vietnam’s proactive cooperation with the OECD in the peer review of tax information exchange not only demonstrates our country’s commitment to building a transparent and fair business environment but also contributes to enhancing Vietnam’s reputation on the international stage.