The Future of the Chemical Industry: A Lawmaker’s Vision for Growth with Tax Incentives

On the morning of May 12, during the 9th session of the National Assembly, legislators convened in a plenary session to deliberate on the revised draft Law on Corporate Income Tax.

National Assembly Deputy Ta Dinh Thi, representing the constituents of Hanoi, voiced his overall endorsement of the government’s explanatory report and the substance of the proposed amendments. He concurred with his fellow deputies on the necessity of further scrutiny and refinement to comprehensively institutionalize the pivotal directives outlined in Politburo Resolutions 57 and 68.

National Assembly Deputy Ta Dinh Thi. (Photo: daibieunhandan.vn)

Deputy Ta Dinh Thi proposed an amendment to include the chemical industry within the purview of sectors eligible for corporate income tax incentives, as outlined in Clause 2, Article 12 of the draft legislation. He substantiated this proposal with three primary justifications:

Firstly, according to the National Assembly Standing Committee’s explanatory report No. 1275, dated May 7, pertaining to the amended Law on Chemicals, there exists a consensus to incorporate relevant provisions into the draft Law on Corporate Income Tax. This indicates a deliberate effort to harmonize legal frameworks.

Secondly, the chemical industry is integral to Vietnam’s industrialization, modernization, and national security imperatives, as underscored in the country’s 2021–2030 socio-economic development strategy and Resolution 29, promulgated on November 17, 2022, by the 6th Plenum of the 13th Party Central Committee.

Resolution 29 designates the chemical sector as a foundational industry, warranting prioritized development. Nonetheless, the current draft law falls short of reflecting this strategic priority.

Thirdly, under the Investment Law—specifically Clause 3, Article 20—the levels and durations of special incentives are governed by the Corporate Income Tax Law and land-related legislation. However, the omission of the chemical industry from the list of sectors eligible for tax incentives in the draft law creates a policy discrepancy.

To rectify this inconsistency, Deputy Thi advocated for the inclusion of the chemical industry among the sectors qualifying for tax incentives. This amendment, he argued, would ensure policy alignment with Vietnam’s broader socio-economic aspirations.

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