Tri said GDT will take steps as it did when the Panama Papers leak occurred. It is necessary to check if the individuals and organizations mentioned in the Paradise Papers had business registrations in Vietnam and if they are subject to taxation. If yes, the taxation body will examine related information.

However, Tri admitted that this is a difficult work which needs cooperation of many agencies.

“At this moment, we cannot say if the names mentioned in Paradise Papers are tax evaders. We will check thoroughly and make public the results,” he said.

It is necessary to check if the individuals and organizations mentioned in the Paradise Papers had business registrations in Vietnam and if they are subject to taxation. If yes, the taxation body will examine related information.

Nguyen Tri Hieu, a banking expert, also said the papers alone were not enough to accuse them of evading tax.

The Paradise Papers show 20 names related to Vietnam. These include well-known names, including Don Di Lam, CEO of VinaCapital, Dominic Scriven, president of Dragon Capital, and Louis T. Nguyen, director of Saigon Asset Management.

According to Dinh Trong Thinh, a respected finance expert, the Paradise Papers contain information about people with offshore financial activities. 

The Paradise Papers do not confirm whether individuals named in the papers committed tax evasion, but they may have been involved in tax payment problems in many countries. 

There are two scenarios. First, individuals and institutions open accounts offshore to transfer profit abroad to avoid tax. Or they open accounts offshore to transfer their assets from illegal business, that is, laundering money.

“The information in Paradise Papers is an important source for the Vietnam taxation body to conduct a probe and discover violations,” he said.

“The taxation body just needs to ask individuals and organizations to prove their innocence by showing evidence to prove their assets have legal sources and the account opening serves their normal business transactions,” he said.

“This will take time to do, but it is feasible,” he commented.

A representative of VinaCapital said the naming of VinaCapital in Paradise Papers did not mean anything. The company said that it observes laws in all countries where it has business activities.

A representative of Dragon Capital also affirmed that Dragon Capital fulfills all tax obligations and obey the laws set by host countries.

The Paradise records were collected by the German newspaper Süddeutsche Zeitung. ICIJ is overseeing the investigation conducted by nearly 100 media organizations in 67 countries, including the New York Times and the Guardian.

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