Other Briefings
Vietnam Currency Devalues, Drops to Record-Low
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 […]
Banned Goods and Services List to Expand
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 […]
New Enterprise Code Number to Serve as Registration and Tax Code
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 […]
Dung Quat Economic Zone to Expand into an Industrial City by 2025
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 […]
Vietnam Clarifies Housing Rent Tax for Expatriate Employees
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 […]
New Issue of Vietnam Briefing: Establishing Representative Offices in Vietnam
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 […]
Vietnam Approves Cau Treo Border Economic Zone Development in Ha Tinh Province
Aug. 4 – The government has just approved development plans for the Cau Treo Border Gate Economic Zone in central Vietnam’s Ha Tinh Province that will last until 2025. In February, the zone was allowed to exempt goods from import tariffs – specifically materials, equipment and unfinished products imported for production and installation in the […]
Revised Labor Code to Bring Reform
Jul. 28 – Vietnam is due to submit a draft of the revised labor code for approval by the National Assembly next year that is expected to bring major changes. Vietnam’s labor code is due for an overhaul despite amendments made in 2002, 2006 and 2007. The current version has not made changes to reflect […]
Campaign to Simplify Administrative Procedures in Implementation Stage
Jul. 27 – The government campaign to simplify 258 priority administrative procedures is now in its implementation phase after being adopted last month. The Advisory Council for Administrative Procedure Reform Secretariat is currently collecting feedback on the simplification plans. The campaign is under resolution number 25 that follows the principle “one document amends all” with […]
Vietnam Sets Rules for Foreign Investment in Science and Technology Industry
Jul. 22 – A new decree will now require science, technology, research and training cooperation deals involving foreign investors to have a written agreement or memorandum of understanding. Decree No 80/2010/ND-CP, issued on July 14, says that authorities must be informed when an agreement takes effect within 15 days from the date of execution.
