For the third time this year, the country’s central bank, the State Bank of Vietnam (SBV) has devalued Vietnam’s currency, the dong. The recent move comes as the country seeks a way to maintain its export competitiveness, particularly after the recent devaluations of the Chinese yuan and continuing worries about a U.S. Federal Reserve rate increase.
Vietnam’s Ministry of Finance has announced that certain automobiles, depending on their engine displacement values, will receive a special consumption tax (SCT) rebate beginning July 1, 2016. However, other cars will see a higher tax compared to their current levels.
In this Vietnam Regulatory Brief, we look at some of the important regulatory changes taking place in Vietnam during the month of July, including a U.S.-Vietnam double tax agreement, a VAT update, and online payment of import-export duties.
55,944 new .vn domains were registered in Vietnam in the first half of 2015, according to the Vietnam Internet Network Information Center (VNNIC), ranking the country first among the ten ASEAN members for the number of country code top-level domains.
The Ministry of Planning and Investment’s Foreign Investment Agency (FIA), has revealed that 213 education projects have received foreign direct investment, reaching a total of US$822 million registered capital up to May 20, 2015.