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The National Assembly of Vietnam adopted the Labour Code 45/2019/QH14 (“New Labour Code 2019”) on 20 November 2019, and which will be effective from 1 January 2021. After many rounds of negotiations, the updated New Labour Code 2019 seeks to harmonise int
On October 19, 2019, the National Assembly of Vietnam approved amendments to the Law on Entry, Exit, Transit, and Residence of Foreigners in Vietnam (“Law”). The amended Law was formally issued on 25 November 2019 (Law 51/2019/QH14 on amending and supplem
Employment and labour compliance in Vietnam is an area that can cause confusion and uncertainty to foreign investors entering and operating in Vietnam. In this article we cover the key steps, practical processes and procedures which companies need to foll
Vietnamese Labour Laws are drafted with a core concept of protecting employees, and the ability to cease employment relationships in Vietnam is not always straight forward (or even permissible) in many cases. However, employers and employees can follow th
The taxation compliance obligations of a company in Vietnam are time consuming and complicated, especially in comparison to more developed countries.
Vietnam continues to refine and amend it economic and administrative procedures and structures to meet ongoing global commitments for integration, and to progress the advancement of the domestic economy. The Law on Investment 2014 and Law on Enterprise 20
On 8 August 2019, the Ministry of Finance issued Circular 48/2019/TT-BTC (Circular 48)providing guidance on the accounting and tax treatment of provisions for devaluation of inventories, losses on investments, doubtful debts and warranties for products, s
On 6 September 2019 significant changes come into effect regarding Capital Accounts and capital flows for foreign investors in Vietnam, including transitional arrangements for certain existing investors. This Client Alert looks at the changes, and details
Criminal Checks (also known as Police Checks, Police Clearances or Criminal Record Certificates) are required documents in Vietnam for a number of purposes, including for most Work Permit applications. This document looks at process and requirements in de
On 4 May 2019, the Ministry of Labour, War invalids and Social Affairs (“MOLISA”) issued Decision 632/QD-LDTBXH announcing amended and supplemented administrative procedures regarding employment under the management of MOLISA.
Foreign Direct Investment represents one of the main drivers for growth in Vietnam, and contributes to making the country the fastest growing in Southeast Asia. Foreign Investors, as they expand into Vietnam, need to be aware of the hidden risks and “smal
The General Department of Taxation and the Ho Chi Minh City Department of Taxation have recently issued alerts highlighting common infringements that they have identified when undertaking reviews of enterprises in Vietnam. The findings are focussed on a n
The liquidation process for a Vietnamese Company is time-consuming, costly, and has significant tax exposures. Care needs to be taken to understand and prepare before investors seek to wind up their company in Vietnam.
Entrepreneurs, and those in the start-up community, are often conflicted as to when do they need to incur costs and incorporate/establish a formal entity for their endeavour. In Vietnam, this decision is further compounded by the high establishment costs,
The accounting, tax and compliance function in Vietnam is one which presents significant challenges in Vietnam, and more so to foreign invested businesses. Six specific challenges that investors face in respect of these are detailed below, looking at the
The Vietnamese Government released Decree 143/2018/ND-CP (“Decree 143”) on 15 October 2018, providing the long awaited guidance for the implementation of Social Insurance obligations for foreign employees working in Vietnam.
Service Contracts are a mechanism commonly used by Vietnamese entities to formalise and document arrangements with individuals, without the need to enter into formal employment agreements.
The Vietnam Government released its Decree covering E-invoices in Vietnam on 12 September 2018. Decree 119/2018/ND-CP (“Decree 119”) on Regulations for Electronic Invoices when Selling Goods or Providing Services, sets out instructions which compel enterp
When foreign enterprises seek to establish a commercial presence in Vietnam, the most common approach used is to establish a foreign owned company in Vietnam as the appropriate vehicle. Usually this is the correct (or, often, the only) choice. However, re
At Acclime, we help foreign investors register their own company in Vietnam. Our corporate establishment and licensing services are designed around simple and practical advice, with clear processes from start to finish. We guide investors through the gove
