A draft National Assembly resolution has proposed a five-year, 100% personal income tax exemption on salaries and bonuses for talented individuals and their associates as part of efforts to attract and retain talent for Vietnam’s strategic development priorities.
The proposed resolution aims to establish special mechanisms for identifying, nominating, selecting, recruiting and deploying talent to carry out strategic tasks, key programmes and major projects, as well as address significant challenges facing the country, industries and localities.
The framework would cover Vietnamese citizens, overseas Vietnamese and foreign nationals, while opening participation to public agencies, public service units and businesses across all economic sectors.
Talented individuals working for businesses on tasks that do not use state budget funding could also qualify, extending the proposed incentives beyond projects financed by public funds or those focused on a specific technology sector.
The draft also states that talent would not necessarily need academic titles, degrees, professional positions, seniority or formal recognition as a talented individual, except where qualifications are legally required to practise a profession. Instead, selection would focus on task requirements, practical capabilities and the ability to deliver results. The Government and relevant authorities would establish specific criteria for each sector and locality.
Talent could be identified and nominated through businesses, universities, research institutes, social organisations and individuals. Selection could take place through competitive processes, direct invitations or commissioned assignments. Appointments could be made by decision or contract specifying deliverables, deadlines, autonomy, remuneration and responsibilities.
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