The National Tax Service of Korea held the 24th Korea-Vietnam Bilateral Commissioners’ Meeting in Hanoi on Tuesday, in collaboration with the General Department of Taxation of Vietnam.
The meeting aimed to address tax-related challenges faced by Korean companies operating in Vietnam.
Vietnam is Korea’s third-largest trading partner, with a trade volume of $86.8 billion, making it a key investment destination for multinational companies, including Korean firms.
This bilateral meeting, first established in 2003, has been held regularly and marked the first in-person session since the Study Group on Asia-Pacific Tax Administration and Research meeting in October 2023.
NTS Commissioner Kang Min-su and GDT General Director Mai Xuan Thanh attended the event to enhance tax cooperation and discuss the latest developments in tax administration.
In an era of rapid digital transformation, both tax commissioners agreed to upgrade digital tax administration to enhance operational efficiency.
Commissioner Kang shared Korea’s vision for digital tax services, highlighting various artificial intelligence applications designed to streamline tax administration.
Ahead of the bilateral meeting, a local roundtable discussion was held to facilitate the Mutual Agreement Procedure for resolving double taxation issues and ensuring the efficient processing of value-added tax refunds.
At the conclusion of the meeting, the two commissioners agreed to renew the Korea-Vietnam Tax Cooperation Memorandum of Understanding, which aims to reinforce bilateral tax cooperation through regular commissioners’ meetings, regional dialogues, and working-level exchanges.
The NTS reaffirmed its commitment to enhancing administrative cooperation with key economic partners and supporting Korean businesses abroad in achieving a more stable and predictable tax environment.
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