Tran Ngoc Quan, Vietnamese trade counselor in Belgium and the EU briefed the Belgian firms on the country's current investment climate, stressing the special tax incentives on offer for foreign investors, as well as outlining Vietnamese economic potential.

Foreign businesses investing in Vietnam can enjoy preferential tax rates, with reductions from 10% to 20% for a period of 10 to 15 years, as well as tax exemptions for a period of up to nine years.

Income from technology transfer activities for projects receiving investment incentives is also exempt from income tax.

Furthermore, goods are also exempt from export and import taxes according to international treaties to which the Vietnamese side is a member. Foreign investors are also exempted or reduced from land use fees, land rent, and land use tax, Ngoc emphasized.

Quan also shared the nation’s economic potential, particularly with its positive factors such as a stable environment, young population, increasing per capita income, and increasingly expanding domestic market.

The national economy recorded an average growth of 5.4% in the 2021 to 2023 period, a figure 1.7 times higher than the world average at 3.2%. Inflation has been controlled at 2.8%, below the target threshold of 4%. These are the strengths of the Vietnamese economy for foreign investors, he went on to say.

Meanwhile, Nguyen Bich Diep, a BVA representative, highlighted the country’s culture, customs, and cuisine, sharing her experience in carrying out business and living in the nation.

Michele Surinx, area manager of the Asia-Pacific at Flanders Investment and Trade (FIT), said the event provided her with a range of valuable information before her visit to Vietnam in October, adding that FIT will inform its members of the business opportunities and methods in the country.

Stating that the Vietnamese market has opened up plenty of opportunities for foreign firms, Marc Van Der Linden, international business advisor of the FIT, described the country’s rapid and stable economic growth coupled with its potential areas as strengths which will serve to attract foreign investments.

Many Belgian enterprises have shown a keen interest in the Vietnamese market and have expressed wishes to seek further investment and business opportunities with local partners moving forward.

With a fast and steady growing economy, Vietnam promises to be an attractive destination for both Belgian and European businesses that want to expand their markets and seek new investment opportunities.