Sept. 2 – Expatriate employees leaving the country must finalize their personal income tax requirements within 45 days after the termination of their work contracts in Vietnam according to Circular 60/2007/TT-BTC.
Failure to finalize tax requirements will be subject to the following penalties: Read the rest of this entry »
Aug. 25 – Vietnam’s Ministry of Industry and Trade and the Ministry of Information and Communications encouraged the use of digital signatures for government agencies and companies during a workshop held in Ho Chi Minh City on Tuesday.
The use of digital signature will pave the way for the development of electronic commerce in the country. “One of the solutions to ensure data security in e-transactions is the use of digital signatures,” said Tran Huu Linh, deputy head of the Department of Commerce and Information and Technology. Read the rest of this entry »
Aug. 23 – Vietnam’s first trade policy review (TPR) is set for 2012 following the requirements of its membership in the World Trade Organization.
The Ministry of Industry and Trade announced the schedule of the TPR during a seminar held in Hanoi on August 12. WTO members are all required to conduct regular TPRs and this will be a chance for Vietnam to evaluate the benefits of its membership since joining the WTO in 2007. Read the rest of this entry »
Aug. 18 – Vietnam’s currency, the dong, dropped a further 1.1 percent to VND19,320 against the U.S. dollar from VND19,425 earlier as part of government efforts to rally economic growth and increase exports, said economists.
Yesterday, the central bank let the dong’s daily reference rate slip by 2 percent to VND18,932 per dollar. “The main reason for the central bank’s move is to balance onshore foreign-exchange demand-and-supply and to support exporters,” said Prakriti Sofat, a Singapore-based economist at Barclays Capital. “Vietnam largely exports low value- added goods and typically competes on prices.” Read the rest of this entry »
Aug. 18 – The Ministry of Industry and Trade is planning on expanding the list of banned goods and services from 92 to 101.
Some of the forbidden items on the list will include sky lanterns, antiques with historical value and gold trading floors at banks. It will also ban specific dangerous chemicals and smuggled tobacco products. Read the rest of this entry »
Aug. 11 – Beginning June this year, authorities are to issue each company an Enterprise Code Number (ECN) that will be used as both its business registration code and tax code.
Following Decree No. 43, the ECN will be unique to each company and will help cut down on bureaucracy and make it easier for the government to monitor corporate activity. For representative offices, branches and business locations based in the country, they will be given a Code Number of Subsidiary Units. Read the rest of this entry »
Aug. 10 – Beginning May 1, businesses are required to provide Certificates of Free Sale (CFS) issued by exporting countries or territories that verify a product is manufactured and freely sold in the country where it is manufactured.
The CFS requirement will affect traders, state management agencies, manufacturers, organizations and individuals in Vietnam. A CFS is good for two years from the date of issue and must contain the following details: Read the rest of this entry »
Aug. 9 – Quang Ngai Province authorities in south central Vietnam are proposing plans to expand the Dung Quat Economic Zone into an industrial city by 2025.
There are plans to develop the economic zone from 10,300 hectares to 45,332 hectares; adding heavy industrial production facilities for the petroleum and chemical business in addition to resorts, deep-water seaports and other urban areas. Read the rest of this entry »
Aug. 6 – Authorities clarified regulations regarding input value added tax on housing rent for expatriate employees in an official letter released July 22.
Official Letter No. 2696/TCT-CS verifies that expatriate employees holding management positions in Vietnamese companies and working in the country with a valid labor contract shall have their housing rental included in their taxable income following the rules of personal income tax. Housing rent paid for by the local company for the expatriate employee shall not be eligible for a refund or deduction. Read the rest of this entry »
Aug. 4 – In this issue of Vietnam Briefing, we look at the process of establishing representative offices in Vietnam. As the second best performing economy in the region this year, many foreign investors are now considering building a presence in Vietnam to take advantage of the robust growth. A representative office is the simplest way to do so initially as a company tests the viability of the Vietnamese market.
We also cover related topics that include comparing representative offices with branch and wholly foreign-owned enterprises to determine which type is the most suited for your company; obtaining a foreign work permit in Vietnam; and regulations on applying as a foreign contractor. Read the rest of this entry »
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