Vietnam Allows Foreign Investors to Establish Logistics Firms

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Foreign logistics firms Vietnam

By: Dezan Shira & Associates
Editor: Koushan Das

Following Decree No.163/ND-CP, foreign investors will now be allowed to set up logistics services companies from February 20, 2018, in Vietnam. The establishment of new companies will be subjected to conditions on ownership and services. The services under the decree have been divided into 16 types such as cargo handling services, container warehousing services, and cargo agency services. 

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Vietnamese SMEs to Join ASEAN Goods Self-Certification

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By: Dezan Shira & Associates
Editor: Koushan Das

Vietnam’s Ministry of Industry and Trade (MoIT) has made changes to the pilot implementation of self-certification of goods origin as per the ASEAN Trade in Goods Agreement (ATIGA). This will be applicable for Laos, the Philippines, Indonesia, and Thailand. Earlier, only enterprises with an export turnover of US$ 10 million could conduct self-certification of goods origin. But now, even small- or medium-sized enterprise (SME) or larger firms will be able to do so. These changes, already in effect from December 2017 are expected to boost Vietnamese exports to ASEAN markets, further increasing their regional integration.

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Expanding Investments in Dong Nai

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Dong Nai

By: Dezan Shira & Associates
Editor: Koushan Das

In the last few years, Dong Nai province, in the center of the Southern Key Economic zone, has seen a growing interest from foreign investors. With a gross regional domestic product (GRDP) of eight percent, high per capita income, and growing trade surplus, Dong Nai’s economy will continue to expand in 2018 and be a priority for foreign investors.

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Vietnam to Implement Multiple FTA Tariff Cuts in 2018

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By: Dezan Shira & Associates
Editor: Koushan Das

Vietnam’s Ministry of Finance has announced 10 draft decrees on preferential tariff rates for 2018-2020 related to its 10 Free Trade Agreements (FTAs). Most of the goods will enjoy a zero percent import tariff in effect from January 1, 2018, in line with the country’s commitments within the FTAs framework, while others will go through a gradual reduction until 2022. With reduced tariffs leading to a reduction in import tax revenues, the government aims to offset it by an increase in domestic tax collection. 

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Vietnam: New Laws to be in Effect in 2018

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By: Dezan Shira & Associates
Editor: Koushan Das

In 2017, the Vietnamese government passed numerous laws which are going to come into effect in 2018. The laws primarily focus on sectors such as banking, agriculture, trade, and tourism. Most of the laws aim at improving the investment climate and reducing complexities in doing business in the country. 

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Vietnam’s New Payroll Obligations in 2018

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By: Dezan Shira & Associates
Editor: Koushan Das

Vietnam has revised the minimum wage caps and social security contributions, most of which will be in effect from January 2018. Foreign and domestic firms will be required to adjust to the changes to ensure compliance with the new laws. These changes are going to impact the payroll and net take home salary for employees. Revisions have been made in minimum wages, salary caps for unemployment insurance, and social insurance for foreign workers.

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Vietnam: Construction Rules to be Relaxed

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By: Dezan Shira & Associates
Editor: Koushan Das

Vietnam’s Ministry of Construction is going to introduce changes in construction regulations to create favourable conditions for construction and real estate businesses. The Ministry of Construction has proposed a new law to revise the Law on Construction 2014, the Law on Housing 2014, the Law on Real Estate Business 2014, and the Law on Urban Planning 2009. Changes in the laws would streamline and reduce the time-consuming and unnecessary administrative procedures leading to an open business environment.

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Vietnam to Reduced Import Tariffs on Automobiles from ASEAN from 2018

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By: Dezan Shira & Associates
Editor: Koushan Das

ASEAN member states have achieved remarkable progress in the last few years in reducing intra-regional tariffs and creating one of the largest common markets in the world through their Free Trade Agreement. In particular, import taxes on automobiles have seen huge reductions from 50 percent in 2015 to 30 percent in 2017. From 2018, this will be reduced further to zero percent for Completely Built Units (CBU), posing a major challenge for domestic manufacturers, who are already facing intense competition from neighboring countries such as Thailand and Indonesia. A CBU unit is a vehicle completely manufactured in one country, which is then imported as a whole unit.

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Planting the Seed: A Guide to Opportunities in Vietnamese Agriculture

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By: Loan Quach

Vietnam has progressed to become the world’s fifth largest exporter of agro-food commodities including aquatic products, rice, coffee, tea, cashews, black pepper, rubber, and cassava according to a World Bank report released in 2016. However, while increasing its stature as a global exporter, the quality of growth in the sector overall remains low. In order to improve it and, in turn, enhance the country’s economic competitive capacity, the Ministry of Agriculture plans to introduce incentives such as tax exemptions or land use fee cuts to attract private investments, especially from overseas investors. At the forefront of this drive are hi-tech agriculture and clean agriculture which will be the two focus fields targeted to start the modernization and diversification of Vietnam’s agriculture sector.

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Vietnam: FDI Strategy for 2018-2023

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By: Dezan Shira & Associates
Editor: Koushan Das

Vietnam’s Ministry of Planning and Investment, with the assistance of the World Bank, is currently drafting a new FDI strategy for 2018-2023 focusing on priority sectors and quality of investments, rather than quantity. The new draft aims to increase foreign investment in high-tech industries, rather than labor-intensive sectors. Manufacturing, services, agriculture, and travel are the four major sectors in focus in the draft.

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