Jun. 18 – Authorities have extended the deadline for 2009 personal income tax (PIT) finalization from May 31 to July 31, 2010.
Official Letter 7209/BTC-TCT is the second deadline extension announced for the year. Personal income tax in Vietnam is computed on the average monthly taxable income (divided by 6) and monthly tax rates. Read the rest of this entry »
Jun. 9 – In an effort to increase transparency and modernize the economy, the Vietnamese government announced plans to reduce 256 administrative procedures on Monday.
The reform is the keystone of Project 30, a sweeping four-year overhaul of government administration that aims to simplify Vietnam’s 24 ministries and 63 provinces.
Included in the reform are 20 tax procedures allowing businesses to use their own invoices printed in accordance with government regulations. Under the new reform, only newly established businesses and small companies are required to use special invoices issued by the finance ministry. Read the rest of this entry »
Jun. 2 – Deputies of Vietnam’s National Assembly debated and discussed the new Law on Environmental Protection Tax on Monday as the government tries to find a way to mitigate the negative environmental externalities the country is experiencing as a result of its rapid economic development and modernization.
The new environmental legislation is an attempt by the government to counter the escalating pollution levels in the water, soil, and air with the first national tax on the commodities that cause pollution. The government is hoping that the robust legal framework will simultaneously deter harmful behavior towards the environment while also raising funds to help mitigate the negative effects caused by the inevitable consumption of energy resources. Read the rest of this entry »
May 27 – French retail bank leader Crédit Agricole estimates in a recent report that Vietnam’s central bank may allow the country’s benchmark interest rate to rise to 10 percent in an effort to combat inflation and promote healthy economic growth.
Inflation in the country has hovered above 9 percent over the past three months and Crédit Agricole believes that it will keep going up as the year progresses. Read the rest of this entry »
May 25 – Quang Nam Province authorities in central Vietnam have revoked a proposed US$4.15 billion luxury resort project after American investors were not able to meet requirements.
American joint venture, the Dragon Beach Group, failed to submit the necessary paperwork and mandatory deposit needed to finalize the 400 hectare project licensed to the company in September 2009. Read the rest of this entry »
May 20 – The Vietnamese government issued Decree No 43/2010/ND-CP as part of efforts to streamline the business registration process in the country, applicable starting June 1.
According to the new decree, companies will soon be issued an enterprise code number that combines its business registration code and tax code number into one. As for branches, representative offices and business locations will be issued a code number of subsidiary units. Moreover, the decree now allows company names to use the Vietnamese alphabet and the letters F, J, W and Z. Read the rest of this entry »
May 14 – The Vietnam Association of Financial Investors (VAFI) is proposing that stricter listing requirements for companies wanting to enter the Hanoi and Ho Chi Minh City stock exchange be written on the draft amendment of the Law on Securities.
The organization suggests that companies that want to list shares on the HCM City Stock Exchange must have a minimum charter capital of about US$6.3 million with a ratio of net profits-to-charter capital of at least 20 percent for three consecutive years before listing. Read the rest of this entry »
Apr. 26 – New bidding regulations will favor local contractors and materials for state-sponsored projects and programs.
International tenders for goods and equipment will only be allowed if local bids are not able to meet required standards, if the required materials are unavailable in the country, or if official development assistance (ODA) requires that foreign contractors must be considered according to Directive 494/CT-TTg. Read the rest of this entry »
Apr. 15 – In this issue of Vietnam Briefing magazine we tackle the legal aspects of managing human resources in the country.
Many foreign investors move operations to Vietnam to take advantage of its large, skilled and inexpensive labor force. As the economy expands further and more business enters the country, it will increasingly become an important part of corporate strategy to find ways to effectively motivate staff while also complying with local labor laws. The magazine covers various topics under recruitment and hiring including salary, mandatory benefits, labor contract, work permits, working hours, bonuses, trade unions and insurance.
We will also look at the ongoing urban renewal of Hanoi and Ho Chi Minh city as its expands the scope of its area to accommodate more local and foreign investment. Read the rest of this entry »
HANOI, Apr.8 – Local authorities will soon conduct more labor inspections in Hanoi’s industrial parks after a series of worker strikes.
In March, 60 Vietnamese workers from Endo Stainless Steel went on strike demanding more pay, subsidies and decreased working hours. “We will launch many inspections of enterprises following signals that workers’ interests have been violated at Endo Stainless Steel Vietnam,” Ngo Chi Hung, vice head of Hanoi Industrial Park and Processing Zone Authority, which manages 18 industrial parks, told Vietnam Investment Review. Read the rest of this entry »
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