Other Briefings
Employers Allowed to Use Customized Personal Tax Receipts
Apr. 7 – The Ministry of Finance announced last month that companies may use their own customized personal income tax receipts to issue to employees. Prior to Circular 37, employers had to get pre-printed PIT receipt books from local tax authorities. Employers will be allowed to print their own receipts if they meet the following […]
Circular Clarifies Tax Deferral Scheme for SMEs
Apr. 6 – A circular issued by the Ministry of Finance last month clarified details of the extension of 2010 corporate income tax payment for small and medium enterprises. Following the previously issued Decision 12, small and medium enterprises will be allowed CIT payment deferral based on their total capital or annual average number of […]
Vietnam Minimum Wage to Increase
Apr. 6 – Vietnam’s new minimum wage will increase from VND650,000 to VND730,000 for government and state-owned company employees effective May 1, 2010. The new Vietnam minimum wage invariably affects monthly wage levels for other industries. Companies are then advised to prepare for the change accordingly since the revision will require that adjustments be made […]
Clarification on Compulsory Health Insurance for Expatriates
Mar. 31- Vietnam’s Social Insurance Agency has clarified a previous regulation that mandates the country’s health insurance system be expanded to include expatriates and foreign organizations. It is now clear that Decree 69 and Circular 09 will only cover expatriates that are employed under the Vietnamese labor law as confirmed by PWC Vietnam. Expatriate employees […]
New Regulation to Deport Foreigners Without Vietnam Work Permits
Mar. 29 – Foreigners working in the country will be given until July to apply for a work permit or risk being deported based on a new draft regulation from the Ministry of Labor, War Invalids and Social Affairs. Foreign nationals who have been working in Vietnam for more than three months without a work […]
Maximizing Import Duty Exemptions in Vietnam
By Joyce Roque Mar. 17 – Foreign investors in Vietnam may need to import components of their business not readily available in the local market. Import duty rates regularly change so it is best to always keep abreast with the latest rates. Authorities however prefer businesses that do not import majority of their manufacturing needs […]
Obtaining a Work Permit in Vietnam
By Joyce Roque Mar. 15 – Obtaining a work permit in a foreign country is considered a cumbersome and tricky process that involves compiling and verifying pertinent documents to submit to authorities. In Vietnam, work permits are valid for a maximum of three years depending on the contract. Last year, there were 16,811 foreign employees […]
Government to Simplify 258 Administrative Formalities
Mar. 9 – The government may soon simplify 256 administrative formalities after a review showed that it could cut costs by more than over VND6,000 billion annually or about US$312 million. Project 30 studied administrative formalities in 2007-2010 in consultation with related ministries, agencies and the Administrative Reform Consultative Council. It recommends simplifying procedures to […]
EU Begins Free-Trade Talks with Vietnam
Mar. 3 – The European Union and Vietnam have announced that they will formally be opening free-trade negotiations as Europe continues to strengthen their economic ties with a rapidly-growing Vietnam. The free-trade announcement comes following a meeting between EU Trade Commissioner Karel De Gucht and Vietnamese Prime Minister Nguyen Tan Dung in Hanoi on Tuesday.
Circular Adjusts Regulations on Forex Interest Rates
Feb. 20 – The State Bank of Vietnam has issued a circular setting the maximum interest rate applicable to U.S. dollar deposits of economic entities with credit institutions and adjusting the average inter-bank exchange rate. Circular No. 03/2010/TT-NHNN in particular states: From February 11, 2010, the maximum interest rate applicable to U.S. dollar deposits of […]
