Sept. 15 – According to the information provided by the Ministry of Finance (MoF), domestic merchants providing petrol to manufacturers at open economic and cross-border industrial zones will be subject to temporary import and re-export laws.
All fuel-trading activities between traders and producers will be to operate in accordance with General Department of Customs procedures. Continue Reading
By Francesca Grassi
Sept. 14 – The State Bank of Vietnam (SBV) has recently elaborated a (third) “Draft Decree” regulating foreign shares in Vietnamese commercial banks: if the new guidelines receive the placet of the government, Decree 69/07 ND-CP (dated April 20, 2007) on foreign investors’ acquisition of shares in Vietnamese institutions will be superseded and current legislation on credit institutions and on enterprises will inevitably be shattered.
In particular, the SBV Draft Decree introduces debatable core “novelties” affecting regulations on:
By Francesca Grassi
Sept. 7 – On June 17 of this year, the Vietnamese government issued Decree n.46/2011/ND-CP (effective from August 1, 2011) amending and supplementing Decree n.34/2008/ND-CP dated March 25, 2008 on the employment and administration of foreigners working in Vietnam.
The new legislation aims at improving the ineffective implementation of foreign labor regulations with strong regard to the working permit requisite.
In fact, the newly called “expats” (foreigners) are entitled to work in Vietnam if they meet all profile requirements listed in Article 3 paragraphs 1, 2, 3 and 4. Namely, the individual is a minimum 18 years of age; in good health; holds a manager, director or expert position; and has no criminal record for national security offense. Continue Reading
By Bich Lien
Aug. 25 – On August 4, 2011, Vietnam’s Ministry of Finance promulgated Circular No.113/2011/TT-BTC amending and supplementing the guidance of the PIT Law mentioned in the Circular No.62/2009/TT-BTC dated March 27, 2009, Circular No.02/2010/TT-BTC dated January 11, 2010, and Circular No.12/2011/TT-BTC dated January 26, 2011.
Accordingly, organizations and individuals who pay commission to goods sale agents, salaries, wages, remuneration or other sums of money to individuals performing services with total income of VND1,000,000 or more each time shall deduct PIT before paying incomes to these individuals (in previous regulations, performing services with total income of VND 500,000 or more each time will be subject to such PIT deductions) as per below tariff: Continue Reading
Aug. 24 – According to the Ministry of Planning and Investment (MPI), the government has developed a new strategy on attracting foreign direct investment (FDI). Instead of just attracting a huge number of various investors, the new strategy is to tie on quality investors. The MPI aims to “create a breakthrough in the number of FDI projects and the investment quality.” So the focus will be on the quality investors and sustainability. Continue Reading
Aug. 22 – In the first seven months of this year, Vietnam, with 43 cities and provinces, attracted 651 additional foreign direct investment projects.
The top cities and provinces are:
Hai Duong (northern province)
Aug. 17 – Continuing growth in bilateral trade between India and Vietnam is reinforcing the importance of these two emerging economies to each other.
In 2010, bilateral trade grew 34 percent year-on-year to US$2.06 billion, with a similar pattern emerging in 2011. For the first half of 2011, bilateral trade came to US$1.8 billion, a 39.2 percent increase over the same period in 2010.
India’s involvement in trade with Vietnam has grown exponentially in the last decade as evidenced, most recently, by a more than 136 percent increase in exports from Vietnam to India in 2010 over 2009. Key Vietnamese exports include steel, coffee, rubber and electronic items. Continue Reading
Aug. 5 – Vietnam’s Ministry of Industry and Trade recently announced that the country will be spending US$48.8 billion to help boost electricity generation capacity to meet the growing domestic demand.
The majority of the funds will be put towards the construction of new plants and power-transmission systems, the ministry said in a statement. Vietnam will also seek FDI and official development aid, as well as commercial loans for the projects. Continue Reading
Jul. 22 – The U.S. Department of Commerce launched a report on its National Export Strategy on June 28, 2011 that included Vietnam among a list of key focus markets.
According to the report for U.S. Congress, the key markets of Vietnam, Colombia, Indonesia, Saudi Arabia and Turkey all have large populations, high growth, favorable business environments, and many potential opportunities. Continue Reading
Jul. 13 – Vietnam’s Ministry of Finance has issued Circular No. 91/2011/TT-BTC dated June 20, 2011, amending import tax rates for certain goods in the Preferential Import Tariff.
Beginning August 4, 2011, import tax rates increase for some items in the Preferential Import Tariff according to the list of taxable goods issued together with Circular No. 184/2010/TT-BTC by the Ministry of Finance. Continue Reading
Dezan Shira & Associates provide a range of services for companies looking to undertake foreign direct investment into Asia, These include corporate establishment, accounting, tax, payroll, audit and due diligence. To learn more about the firm, please contact one of our specialists at vietnam@dezshira.com, download our corporate brochure or visit at us www.dezshira.com
