The planning and investment ministry has proposed exempting Ho Chi Minh City experts and scientists from personal income taxes for 5 years.
The proposal is part of a draft on a National Assembly resolution regarding mechanisms and policies for the development of the southern metropolis.
The Ministry of Planning and Investment, which created the draft, proposed a 5-year personal income tax exemption for experts, scientists, “those with special talents” and startup founders, among others, in Ho Chi Minh City.
It also proposed a 4-year tax exemption, followed by a 50% reduction of profit tax in the next 9 years for innovation startup businesses, science and technology organizations and hi-tech endeavors.
The city’s People’s Council would determine the criteria and conditions for which experts and scientists would receive benefits. The committee could also regulate salaries, titles and benefits for those with leadership positions in public science and technology organizations.
The ministry said that the development of science and technology, as well as attracting high-quality personnel, including experts and scientists, would be breakthrough steps for HCMC in the near future. Policies need to provide attractive benefits to bring in talents, according to the ministry.
The southern hub also aims to attract more capital to promote prioritized sectors and industries, create jobs, boost exports and domestic products, and develop science and technology. In the short term, policies may result in a national budget’s income reduction, but in the long run, startups will become more competitive and help the economy develop.
The proposed policies aim to promote the creation of new science and technology organizations, as well as organizations that support startups, which are important factors in the city’s socio-economic programs for the future, according to local authorities.
“Benefits regarding personal income taxes for people in the industry will help HCMC build a startup ecosystem that is innovative and has a competitive advantage in the region. The city would have the important resources to give birth to new tech and digital transformation products over the next 5-10 years,” the ministry reported.
HCMC has around 2,000 innovation startups, 65% of which belong to the IT industry. The city has around 300 experts working at innovation startups.
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