With 462 deputies, or 93.52 per cent, voting in favor, the 15^th National Assembly (NA)’s 6^th session approved a resolution on November 29 on topped-up corporate income taxes under the Global Anti-Base Erosion (GloBE) rules.

Under the resolution, the Global Minimum Tax (GMT) will be officially applied in Vietnam from January 1, 2024.

According to calculations, the country could pick up VND14.6 trillion ($576 million) each year from topped-up corporate income taxes under the GloBE rules.

The application of the GMT may also reduce Vietnam’s attractiveness, however, as its investment environment could no longer appeal to foreign investors subject to the tax.

The NA resolution has intensified Vietnam’s international integration and expressed its efforts in preventing tax evasion and avoidance as well as profit and price shifting.