This move was made based on the approval of Deputy Prime Minister Bui Thanh Son and aligns with the review conducted by the Secretariat of the Global Forum under the Organization for Economic Co-operation and Development (OECD).

The signing of the document means that the EU will not impose tax and non-tax defensive measures against Viet Nam, contributing to enhancing the country's international reputation and creating a favorable environment for domestic businesses.

As Viet Nam has officially become the 107th signatory of the CbC MCAA, the EU acknowledges and highly appreciates the nation's efforts in fulfilling its international commitments and has included Viet Nam in Annex II of the EU's list of non-cooperative jurisdictions for tax purposes.

The signing of the CbC MCAA in early 2025 is an appropriate step to ensure the implementation of the global minimum tax according to the planned roadmap. It also reaffirms Viet Nam's commitment to enhancing financial transparency and international economic integration.

The CbCR is a crucial tool that helps tax authorities assess transfer pricing risks and tax avoidance issues by providing detailed data on revenue, profits, income taxes paid, tangible assets, and business activities of multinational corporations in each country.

This report also helps identify enterprises subject to global minimum tax regulations, thereby supporting the implementation of the Qualified Domestic Minimum Top-up Tax (QDMTT) and the Income Inclusion Rule (IIR) in accordance with Resolution 07/2023/QH15 of the National Assembly.

With total two-way trade reaching nearly US$68.4 billion in 2024, Viet Nam recorded a trade surplus of US$35 billion with the 27 EU member states-higher than the US$28.7 billion recorded in 2023.

Viet Nam's exports to the EU made an impressive recovery in 2024, reaching nearly US$51.7 billion, an increase of US$8.08 billion compared to 2023./.