Financial Crime World

Vietnam Fosters Compliance Risk Assessment with IMF Expertise

Enhancing Capabilities through Remote Capacity Development Activity

April 28, 2023 - The International Monetary Fund (IMF) has recently conducted a remote capacity development activity in Vietnam to enhance the country’s compliance risk management capabilities. Led by Mr. Joshua Aslett from the IMF Fiscal Affairs Department, along with short-term experts Mr. Andy Ditchfield and Mr. Steve Howlin, the initiative took place between September 22 and December 15, 2022.

Objectives

The primary objective of the project was to apply theoretical knowledge on compliance risk management principles to the tourism sector, resulting in a comprehensive compliance improvement plan (CIP). The remote activity aimed to build upon previous CRM theory training delivered in June 2021. The IMF team worked closely with Vietnam’s General Department of Taxation (GDT) to develop practical strategies for improving tax compliance in the tourism industry.

Outcome

This capacity development initiative is expected to be followed by onsite assistance in February 2023, where the CIP will be finalized and implemented. The project underscores Vietnam’s commitment to strengthening its compliance risk assessment framework and enhancing cooperation with international organizations like the IMF.

Insights

The report provides valuable insights into Vietnam’s efforts to address compliance risks and improve tax administration, making it an essential read for policymakers, tax authorities, and industry stakeholders.

Key Takeaways

  • The remote capacity development activity contributed to enhancing Vietnam’s compliance risk management capabilities.
  • The initiative aimed to apply theoretical knowledge on compliance risk management principles to the tourism sector.
  • The IMF team worked closely with Vietnam’s General Department of Taxation to develop practical strategies for improving tax compliance in the tourism industry.
  • The project underscores Vietnam’s commitment to strengthening its compliance risk assessment framework and enhancing cooperation with international organizations like the IMF.