The working session was co-chaired by Deputy Director of the Department of Taxation of Vietnam Dang Ngoc Minh and Deputy Assistant Secretary of the US Department of the Treasury Rebecca Burch. It took place on the sidelines of the SelectUSA Investment Summit 2025 in Maryland from May 11-14.

The agreement was signed in Washington, D.C. on July 7, 2015. Following the signing, Vietnam completed all necessary procedures for ratification in accordance with its 2016 Law on International Treaties. However, since a major tax reform in the US in 2017, the agreement has not yet been ratified by the US side, and therefore has not entered into force.

Currently, countries around the world, including Vietnam and the US, are engaged in negotiations related to Pillar 1 and Pillar 2 of the OECD/G20’s global tax reform initiative on Base Erosion and Profit Shifting (BEPS), aimed at preventing tax avoidance by multinational corporations. The US has requested that countries with existing double taxation avoidance agreements, including Vietnam, revise and update their documents.

During the May 13 meeting, both sides clarified their respective positions on the draft protocol proposed by the US Department of Treasury. They agreed that relevant agencies from both countries would continue to review and revise the agreement to submit it to the appropriate authorities for approval.

The implementation of the Vietnam-US Double Taxation Avoidance Agreement is expected to establish a legal framework that encourages and protects businesses from both countries when conducting trade or investment activities in the other’s territory.

According to the Foreign Investment Agency of Vietnam, as of April 30, 2025, the US had 1,447 valid projects in Vietnam with a total registered capital of over US$11.94 billion, ranking 10th out of 143 countries and territories investing in the country.

American investors have poured capital into 18 out of 21 economic sectors, with accommodation and food services, manufacturing and processing industries taking the lead, followed by water supply and waste treatment, real estate business activities, and transportation and warehousing.

Meanwhile, Vietnamese investors have launched 252 projects in the US, with a total capital investment of US$1.36 billion. These projects are mainly in the fields of scientific, and technological services, real estate business, and manufacturing and processing industries.

Vietnamese businesses eye investment opportunities at SelectUSA Summit 2025

VOV.VN - More than 100 Vietnamese businesses are taking part in the SelectUSA Investment Summit 2025 in Maryland from May 11 to 14, aiming to expand cooperation and explore a wealth of investment opportunities in the United States.