Thursday, 18/04/2019 16:22 (GMT+7)
The double taxation avoidance agreement between Vietnam and Cambodia has officially come into effect, reported the General Department of Taxation of Vietnam.
Photo for illustration
The agreement was signed in Hanoi on March 31
st, 2018 and took effect on February 20
th, 2019.
The General Department of Taxation reported that over the past few years, the friendly cooperation between the two countries saw comprehensive development and the economic cooperation has been developing strongly.
So far, Vietnam has had 190 projects in Cambodia with a registered capital of USD2.89 billion with the focus on agriculture and forestry. As of March 20th, 2019, Cambodia invested in 19 projects in Vietnam, capitalized with USD62.67 million, ranking 56th among 131 countries and territories investing in Vietnam and 8th among ASEAN countries investing in Vietnam.
Regarding banking cooperation, Vietnam now has 5 banks operating in Cambodia, including BIDC (a subsidiary of BIDV), Saigon - Thuong Tin Commercial Joint Stock Bank, Vietnam Bank for Agriculture and Rural Development, Military Bank and Saigon - Hanoi Commercial Joint Stock Bank with 15 branches; earning a revenue of about USD1 billion.
Financial-banking cooperation activities between the two countries developed rapidly in scale, scope, products and services, significantly contributing to socio-economic development.
With the potential of expanding exports of Vietnamese goods to Cambodia as well as investment prospects to partner countries, the General Department of Taxation expects that the agreement will contribute to boosting cooperation in economy and investment between Vietnam and Cambodia by creating a clear and stable legal environment on taxation for investors./.
BTA