Tax policy respone to Covid-19 in some ASEAN countries, as well as solutions for Vietnam when it returns to its new normal

Abstract

The Covid-19 pandemic began in Wuhan (China) at the end of 2019 and has since spread to 215 countries worldwide. Every day, thousands of new Covid cases are reported, along with thousands of deaths, and there is no sign of a slowing down. The Covid-19 pandemic has been said to have affected all countries comprehensively and deeply, and it is still evolving and becoming more complicated. The global economy has entered a deep recession. Vietnam is a country with a high level of economic openness and international integration, but it has also been severely impacted by the Covid-19 pandemic. Our country was launched as a success story in controlling the epidemic from the beginning; however, Covid-19 continues to have a significant impact on socioeconomic fields as well as production chains. Export, import, aviation, tourism, accommodation services, food and beverage, health care, education, labor, and employment, for example, are all directly impacted, while many businesses go bankrupt, dissolve, suspend operations, or downsize, to name but a few. The Covid-19 pandemic has comprehensively and deeply affected all around the world with the complicated and unpredictable happenings and pushed the world into a double crisis of health and economy. In terms of economy, most countries fell into a serious recession and global trade declined sharply, including Vietnam. In Vietnam, we have had some successes in controlling and preventing the coronavirus epidemic since the beginning, but the economy is still stagnant due to the negative effects of Covid-19. And the good news is that, after 9 months of efforts to control two outbreaks (in March and July), Vietnam's economy has begun to show clear signs of recovery. Although growth is still positive, there is a slight increase in the rate of growth compared to the same period of years from 2011 to 2020. As a result, more targeted solutions and more effective tax policies are now required to assist residents and businesses in gradually stabilizing their finances and expanding their business scale. production as well as business assistance to assist them in getting through this difficult period Only after the pandemic is over will Vietnam have the foundation and motivation to recover and develop its economy.