HANOI (Bloomberg): The European Union is poised to remove Vietnam and Panama from its list of tax havens when EU finance ministers meet in Luxembourg next month.
Vietnam will be moved to a so-called "grey list” while Panama will be removed entirely, according to people familiar with the matter.
EU countries update the list of so-called non-cooperative jurisdictions twice a year. The function is meant to curb tax avoidance and encourage transparency. US territories Guam, Samoa and Virgin Islands, as well as Russia and Vanuatu, are among the other countries currently on the list.
Securing removal has been a top priority for Panama, its finance minister Felipe Chapman told Bloomberg in June. The country passed a bill in the summer meant to increase tax transparency and crack down on shell companies.
The Central American nation has been on the EU’s list of noncooperative jurisdictions - countries that score low on tax transparency and efforts to fight tax avoidance - since 2020, which has hurt foreign direct investment and business relations between Panama and the EU, Chapman said.
Vietnam, which is one of the fasting growing economies in southeast Asia, was added in February this year. The country will be moved to the so-called "grey list,” which is used for countries that don’t comply with international tax standards but have committed to implementing reforms. Jordan, Montenegro and Morocco, among others, are currently on that list.
EU finance ministers are due to discuss the blacklist at a scheduled meeting on Oct. 9 in Luxembourg. -- ©2026 Bloomberg
