Vietnam Rolls Out 5-Year Visa Exemption Cards To Attract Top International Talent
Vietnam is making a big move to attract top international talent by introducing special visa exemption cards for select foreign nationals. Starting August 15, these cards will allow multiple entries into the country for up to five years without the need to reapply for a visa each time.
The policy, announced through Vietnam Briefing, is designed to bring in high-profile individuals who can make meaningful contributions to the nation's socio-economic growth. This step is closely linked to Vietnam's larger goal of becoming a competitive, open, and globally connected hub, especially in line with its newly passed International Financial Centre (IFC) policies.
By offering long-term visa exemptions, the government hopes to encourage innovation, investment, and collaboration across various sectors.
Who Can Apply?
The visa exemption program targets influential figures from around the world. Eligible applicants include:
Senior officials from foreign governments, parliaments, international organisations, and top judicial bodies.
Renowned scientists, professors, and researchers from leading universities and research institutions.
CEOs and executives from major global companies, particularly those with cultural influence or strong brand recognition.
Investors, entrepreneurs, and high-level business leaders contributing to socio-economic development.
Prominent personalities in culture, academia, or economics with a global impact.
Applicants must hold a valid passport and be nominated by a recognised Vietnamese agency or organisation. Their work or presence in Vietnam should be able to make a significant contribution to the country's development.
Key Benefits for Cardholders
Those granted the new visa exemption cards will enjoy:
Multiple entries into Vietnam during the five-year validity period without reapplying for a visa.
Both physical and digital card formats with equal legal status.
Faster, more convenient entry processes, ideal for frequent travellers.
The physical cards will come with an embedded chip containing personal details such as the holder's name, passport number, and biometric data.
For foreign nationals already living in Vietnam, the card will be issued after biometric information is added to the National Immigration Database or once they obtain a Level 2 electronic ID account.
Strengthening Vietnam's Global Image
This initiative is part of Vietnam's wider efforts to modernise immigration and business policies, the publication states. By making it easier for global leaders, researchers, and investors to work and collaborate in the country, Vietnam is positioning itself as a key player in the international arena.
Officials believe the policy will not only boost the country's economy but also create valuable opportunities in research, culture, and business, further solidifying Vietnam's reputation as a destination for global talent.
Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
13 hours ago
- Mint
Indian steel producers set to benefit as commerce ministry arm proposes anti-dumping duty on imports from Vietnam
MUMBAI : India has moved closer to shielding its steelmakers from cheap imports, with the Commerce Ministry's trade remedies arm recommending anti-dumping duties on certain Vietnamese steel products. The move, if enforced, is set to boost giants like Tata Steel, JSW Steel, and Steel Authority of India Ltd (SAIL). Last week, the Directorate General of Trade Remedies (DGTR) proposed a duty of $121.5 per ton of hot-rolled flat products of alloy or non-alloy steel from Vietnam. Once notified by the Centre, the duty will stay in effect for five years. Hot-rolled coil (HRC) flats are key inputs for welded pipes and tubes, automobiles, and construction. With the tariff in place, Vietnamese steel will turn costlier than finished steel from Indian producers. India's imports of HRC have more than doubled in just two years, rising from 1.87 million tonnes in FY23 to 3.55 million tonnes in FY24, and further to 4.07 million tonnes in FY25, according to Big Mint, a market intelligence firm. 'The anti-dumping duty addresses the immediate challenge of cheap steel imports, stabilising domestic prices and supporting capacity utilisation," said an executive at one of India's largest steel mills, who did not want to be named. 'In the long term, it encourages domestic investment, strengthens the value chain, and supports India's self-reliance in steel." Supply–demand equation Apart from Vietnam, India's biggest steel suppliers include South Korea, Japan, and China. India produced 146.56 million tonnes of finished steel in FY25, of which 54.12 million tonnes was HRC. Consumption outpaced production at 152 million tonnes of finished steel, including 56.90 million tonnes of HRC, according to Big Mint. According to industry experts, India's current steel production closely matches its total consumption, indicating a market primarily focused on meeting domestic demand. The country mainly relies on imports from South Korea and Japan for certain specialised steel grades that are not produced locally. For grades where domestic capacity exists, India has implemented protectionist measures such as safeguard and anti-dumping duties to support its producers. Vietnamese HRC imports made up 11% of India's HRC inflows last year, falling to 0.45 million tonnes (mt) in FY25 from 0.62 mt in FY24, according to Big Mint. Pattern of crackdowns This isn't India's first action. Similar tariffs exist on seamless tubes and pipes and stainless steel pipes and tubes imported from China, electro-galvanised steel from Korea, Japan and Singapore, and welded stainless steel pipes and tubes from Vietnam and Thailand, according to a submission made by H. D. Kumaraswamy, Union Minister of Steel, in the Rajya Sabha on 12 August. DGTR noted that dumped imports hurt profitability and returns of Indian mills. 'There is also a threat of further aggravated injury…if anti-dumping duty is not imposed," said DGTR in a report. Price pressure remains However, while imports fell after the expiry of Bureau of Indian Standards (BIS) certification for Vietnamese mills, the lower prices continue to pressure domestic steel prices. Hence, the duty imposition will have a significant impact in the coming years. In a post-earnings interview with Mint, JSW Steel CEO Jayant Archarya explained that import prices continue to influence the domestic market regardless of volumes. According to Big Mint CEO Dhruv Goel, the short-term impact will be minimal, but the move could be significant over time. 'Vietnam is emerging as a major steel producer and can easily export to India, especially under the ASEAN free trade agreement," said Goel. In simple words, with the duty in place, countries with Free Trade Agreements (FTAs) that earlier exported steel to India at little or no duty, making it cheaper, will no longer be able to do so. SAIL welcomed the move, saying imports of carbon steel flat products from Vietnam had 'surged manifolds in the last few years". 'This is not only impacting domestic steel producers in the short term by taking away market share, but is also negatively impacting the long-term visibility and growth prospects for the domestic steel industry, which requires huge investments for its steelmaking infrastructure," said a company spokesperson. 'If corrective measures are not taken, this trend shall seriously impair the required growth of the domestic industry for meeting the growing national steel requirements. While the present duty on Vietnam shall in the short term help arrest the surge in imports, it will also convey the message to the world that India is ready and able to take appropriate measures wherever required to protect its economy," it added. JSW Steel, Tata Steel, Jindal Steel Limited, and ArcelorMittal Nippon Steel India did respond to Mint's queries. Earlier, JSW's Acharya had also flagged risks from such trade routes. During the analyst call for the last quarter of FY25, Acharya said the company remains watchful of imports from 'countries like Vietnam, Japan and Korea, which have an FTA agreement with us (India), continue to pose risk". The DGTR had started an investigation last year on the concerning imports from Vietnam after the Indian Steel Association had applied on behalf of domestic producers, like JSW Steel and ArcelorMittal Nippon Steel India Limited, for the initiation of an anti-dumping investigation.
Time of India
14 hours ago
- Time of India
Is Vietnam going too far with its tax revolution?
. For decades, most small businesses in the one-party communist state of Vietnam have used a simplified lump-sum tax system, where taxes are calculated based on estimated revenue rather than formal accounting. In many cases, revenue assessments rely on informal consultations with local tax officials, as many businesses often do not maintain detailed sales records. According to Vietnam's Finance Ministry, around 2 million household businesses and entrepreneurs were using the lump-sum method at the beginning of 2025, while only around 6,000 had adopted the more complicated declaration system. The lump-sum system will be abolished entirely from 2026, meaning all registered businesses will be required to use the declaration system. The change is part of Resolution 68 — a grand scheme announced by Vietnam in May of this year to make the country's homegrown private companies the "most important driving force" of the economy by 2035. It aims to put them ahead of the foreign corporations and state-owned enterprises that have traditionally been privileged by Hanoi. Why is Vietnam overhauling its tax system? The resolution aims to deregulate markets for local firms, increase their protections, and improve access to capital. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Pure Option Trading Strategy: No Indicators, Just Results ! TradeWise Learn More Undo It is also the first to explicitly enshrine property rights, fair competition and contract enforcement as legal principles. While Resolution 68 offers years of tax exemptions and lower administrative costs for businesses and workers, it is also aimed at substantially increasing tax revenue over the coming decades. Public spending is set to surge due to a combination of economic stimulus efforts and infrastructure development goals. But with the Communist Party of Vietnam capping public debt, the government must find new sources of revenue. Data from the Organization for Economic Cooperation and Development (OECD) shows Vietnam's tax-to-GDP ratio has declined in recent years, standing at 16.8% in 2023 — below the Asia-Pacific average of 19.5% and far below the OECD average of 33%. Vietnam collected a record 1.6 quadrillion dong (around $66.7 billion, €57.10 billion) in taxes in 2024, mostly from domestic sources, according to the General Department of Taxation. In the first five months of 2025, the Vietnamese authorities collected around $560 million from small businesses, a 26% year-on-year increase. Vietnam wants to become Asia's next 'tiger economy' Hanoi hopes to amass capital for mega-infrastructure projects, such as high-speed rail and expressways, which it sees as key to future growth. This year alone, it plans to boost infrastructure spending by nearly 40% to $36 billion. It must also prepare for rising social security costs as Vietnam ages rapidly. The share of over-65s will jump from 8.4% in 2020 to 20% by 2050, according to UN forecasts — yet very few retirees currently receive a livable pension. Cracking down on corruption The Communist Party wants to modernize tax collection to curb corruption, especially in notoriously corrupt revenue offices. Since 2016, its anti-graft campaign has toppled two presidents, numerous cabinet ministers, and thousands of lower-ranking officials. According to Vietnamese officials and business analysts, many high-revenue companies continue to use the lump-sum tax method, which typically results in significantly lower monthly contributions than the declaration system. They believe Vietnam's homegrown private sector needs "fair competition" and equal treatment, and that means everyone paying their share. "Both aims are laudable, but raising more revenue is tricky because tightening compliance risks political backlash," said Khac Giang Nguyen, a visiting fellow at the ISEAS–Yusof Ishak Institute in Singapore. But success will depend "less on writing new rules than on implementing them fairly, transparently and without the rent-seeking habits that have eroded public trust," he added. Small businesses bear the brunt of reform Dissent is rare in Vietnam, where the Communist Party has further tightened its grip over the past decade. But videos of distressed store owners complaining about new tax demands have gone viral in recent weeks. Since every business has to switch to the declaration system by January 2026, many will face steep tax hikes, have to pay for expensive cash registers, learn bookkeeping and accountancy, and train staff to navigate the new rules. This comes as several sectors are still recovering from the COVID-19 pandemic. They also endured months of uncertainty over whether the United States would impose a 46% tariff on Vietnamese goods. Last month, Hanoi negotiated the rate down to 20%. In addition to all this, "people in the markets are still shaken down by corrupt police," Zachary Abuza, professor at the National War College in Washington, told DW. While the government wants the private sector to drive growth, the new tax demands "appear to have the unintended consequence of putting many people out of business," he added. In July, updated laws on VAT, corporate taxes and personal income tax came into effect, requiring businesses to engage in more accounting and record-keeping. Additionally, last month, new and often complicated procedures for issuing invoices, paying VAT and sharing information with the authorities were introduced. The government has at the same time doubled the threshold for when people start paying income tax. Radio Free Asia reported in June that 80% of shops in the largest market in Vietnam's north-central Nghe An province have closed in recent months. The authorities have denied claims that tax changes are behind the closures. Hanoi officials admitted nearly 3,000 household businesses ceased operations in May and June, but said only 263 had revenues high enough to be required to adopt the new system from June.
Economic Times
a day ago
- Economic Times
IPO-bound Tata Capital's Q1 profit more than doubles to Rs 1,041 crore
Non-banking financial company Tata Capital on Monday reported more than doubling of its consolidated net profit to Rs 1,040.93 crore for the quarter ended June 2025. ADVERTISEMENT In the same quarter last year, the IPO-bound company had reported a profit of Rs 472.21 crore. Total income rose to Rs 7,691.65 crore for the quarter under review from Rs 6,557.40 crore in the April-June quarter of FY2025, Tata Capital said in a regulatory filing. Earlier this month, Tata Capital filed updated draft papers for a mega initial public offering (IPO), with people familiar with the matter pegging the issue size at USD 2 billion (Rs 17,200 crore). This would value the company at around USD 11 billion. According to the updated draft red herring prospectus (DRHP), the proposed IPO of 47.58 crore shares comprises a fresh issue of 21 crore equity shares and an offer for sale (OFS) of 26.58 crore shares. Under the OFS component, Tata Sons will offload 23 crore shares, while the International Finance Corporation (IFC) will divest 3.58 crore shares. ADVERTISEMENT Currently, Tata Sons holds an 88.6 per cent stake in Tata Capital, while IFC owns a 1.8 per cent holding. Unlock 500+ Stock Recos on App If successful, this IPO will become the largest public issue in India's financial sector. It will also mark the Tata Group's second public listing in recent years, following the debut of Tata Technologies in November 2023. The public issue is being undertaken in line with the Reserve Bank of India's (RBI) listing mandate for upper-layer NBFCs, which requires them to be listed within three years of classification. Tata Capital was designated as an upper-layer NBFC in September 2022. PTI (You can now subscribe to our ETMarkets WhatsApp channel)
