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The Vietnamese Government formally released Resolution 954/2020/UBTVQH14 on 2 June 2020 to implement reductions in Personal Income Tax for Vietnamese taxpayers for the 2020 tax year, as part of the effort to stimulate the economy.
On November 20, 2019, the National Assembly adopted the Labour Code No. 45/2019/QH14 (“Labour Code 2019”). The Labour Code 2019 will come into effect on 1 January 2021.
The repatriation of profits through dividend payments is an important element to any foreign investment in Vietnam. The good news is that the process is not overly complicated, provided that the appropriate ongoing compliance procedures are undertaken by
Vietnam Briefing outlines a financial assistance package that has been issued by the government for businesses and employees affected by COVID-19.
In this Q&A with Trent Davies, our International Business Advisory Manager, Vietnam Briefing focuses on the HR challenges caused by COVID-19.
From 1 July 2020, the laws surrounding the issuing of Temporary Residence Cards (TRC) for small investors in Vietnam change significantly. Foreign investors who currently hold (or are planning to hold) a TRC based upon their individual investment into a V
Vietnam has taken drastic measures in 2020 to limit the exposure and spread of Covid-19, limiting immigration and travel rights for foreign individuals entering the country, in order to maintain control.
By: Matthew Lourey, Managing Partner, Domicile Corporate Services
As Vietnam integrates more into the global economy, it faces three labor challenges according to the 2019 Total Workforce Index.
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
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
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 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.
On 12 March 2018, the Vietnam Government issued Decree 41/2018/ND-CP concerning penalties for Accounting Administration Infringements. The new Decree is effective from 1 May 2018, and replaces Decree 105/2013/ND-CP.
At the present time, foreign individuals working in Vietnam are only subject to compulsory government Health Insurance and Personal Income Tax on their salary. However, changes from 1 January 2018 will result in Social Insurance becoming compulsory for mo
Corporate groups setting up their Vietnam operations often (incorrectly) assume that they can centralise all their accounting and finance function for their Vietnamese entity into the headquarters finance function. Whilst there are some opportunities, cau
As globalisation advances, Vietnam is increasingly recognised as an attractive and feasible destination for foreign investors to expand or establish operations.
Foreign investment into Vietnam is a key driver for the Vietnamese economy – representing around 40% of the economic output, and accounting for greater than 70% of the country’s exports.
