Other Briefings
Vietnam Regulatory Brief: Tax, Customs, and Bankruptcy
Of the many laws and regulations which came into effect at the beginning of 2015, Vietnam Briefing has selected three with significant relevance to foreign investors in the country or who are interested in entering. Wide-scale tax reforms have been implemented, along with changes to customs and bankruptcy procedures.
Hanoi Reduces Application Time for Business Registration Certificates
Vietnam’s capital, Hanoi, has implemented a plan to reduce the time needed to obtain a Business Registration Certificate to within three days of receiving the application, instead of the previous 10 days. Although this change will only initially apply to Vietnamese enterprises, the definition of Vietnamese enterprises was changed recently to allow them to have foreign ownership. Hanoi is the first city in the country to implement this program.
State Bank of Vietnam Issues New Regulations for 2015
The State Bank of Vietnam (SBV) has issued a number of regulations for 2015. These new laws, which seek to help the country achieve its economic growth targets in 2015, touch on areas such as foreign currency loans, reducing bad debts, and money laundering.
Transferring Capital and Profit Into and Out of Vietnam
Foreign exchange control is a paramount concern of all foreign investors entering into Vietnam, as regulations on capital inflows and outflows have a great influence on operations and profit. These transactions include transferring capital into and out of the country, opening and using bank accounts, borrowing foreign loans and paying foreign debts, dealing with currency exchanges, government reporting, and handling violations.
Vietnam PM Calls for the Replacement of the Red Seal for Businesses
Vietnamese Prime Minister Nguyen Tan Dung has publicly announced that the mandatory use of corporate stamps should be amended and the government should “move towards replacing the seals with handwritten and digital signatures.” The PM made the comments during a meeting with the country’s Minister of Planning and Investment.
Key Steps for Setting Up a Business in Vietnam
Establishing a business in Vietnam is not simple, there are a number of important steps that must be taken in order to ensure proper compliance with the country’s laws. Key among these processes are the acquiring of an Investment Certificate, charter capital, and establishing the correct management structure of the company.
Vietnam Moves Closer to Implementing Single Visa Policy with Southeast Asian Countries
At the most recent meeting of the Ayeyawadi – Chao Phraya – Mekong Economic Cooperation Strategy (ACMECS) organization, tourism officials from Vietnam, Laos, Cambodia, Thailand, and Myanmar agreed on the need to urge their respective governments to ease travel restrictions and push forward on the implementation of a single visa policy for all of the countries. The meeting was held at this year’s International Travel Expo in Ho Chi Minh City (HCMC).
Vietnam Expands Scope of Foreign Contractor Tax
In a newly released circular, the Vietnam government has expanded the scope of the Foreign Contractor Tax (FCT). The FCT Circular 103/2014/TT-BTC, issued by the Ministry of Finance, replaces the previous FCT Circular 60/2012 and came into effect on October 1, 2014.
New Circular Allows Foreign Investors to Open Direct Investment Capital Accounts in Vietnam
On August 11, the State Bank of Vietnam issued a new circular to provide detailed instructions on the management of foreign currency FDI operations in the country.
Vietnam Issues Circular 78 on Corporate Income Tax Incentives and Deductions
On June 18, 2014, Vietnam’s Ministry of Finance published Circular 78, which provides additional guidance regarding Decree 218 on corporate income tax incentives and deductions. The Circular will come into effect on August 2, 2014 and will be effective for the whole 2014 tax year.
