HÀ NỘI — The Law on Science, Technology and Innovation, and the Law on Corporate Income Tax will take into effect on Wednesday.

The Law on Science, Technology and Innovation, spanning seven chapters and 73 articles, establishes a legal framework to elevate Việt Nam’s sci-tech and innovation capabilities. Aimed at bolstering socio-economic development, national defence, and citizens’ quality of life while contributing to global progress, the law shifts governance toward risk management. It outlines a clear path for Việt Nam to transition from a user to a master of strategic technologies.

Notably, the law designates May 18 as Việt Nam’s annual Science, Technology and Innovation Day.

The Law on Corporate Income Tax, with four chapters and 20 articles, codifies key tax reforms outlined by the Party and State.

Article 10 introduces tiered corporate tax rates: a standard 20 per cent, a rate of 15 per cent for firms with annual revenue up to VNĐ3 billion (US$115,300), and 17 per cent for those with revenue between VNĐ3 billion and VNĐ50 billion. Higher rates apply to resource extraction - 25 per cent to 50 per cent for oil and gas, and 50 per cent for mining platinum, gold, silver, tin, tungsten, antimony, gemstones, rare earths, and other resources. Mines in regions with severe socio-economic challenges, where at least 70 per cent of the area qualifies, benefit from a 40 per cent rate.

Separately, the law on amendments and supplements to several articles of the Law on Credit Institutions, comprising three articles, will take effect on October 15.

A key change empowers the State Bank of Việt Nam to issue special loans at a 0 per cent interest rate without collateral, granting the central bank full authority to provide timely liquidity support for credit institutions through special lending. — VNS