Other Briefings
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 […]
Government Grants 169 Licenses to Foreign Distributors in 2009
Feb. 18 – A total of 169 licenses were granted to foreign distributors in provinces and cities across the country last year with most of them investors from South Korea, China, Japan, Singapore, Italy, France and Germany. Vietnam’s distribution market only fully opened to foreign investors on Jan. 1, 2009 in fulfillment of its World […]
Exporters to the United States Required to File Pre-Notice
Feb. 2 – All maritime cargo heading to the United States are now required to file a pre-notice to U.S. customs on their shipments 24 hours prior to vessel loading. The rule was implemented since 2008 but was not strictly enforced but beginning January 26 it will be on its mandatory filing and enforcement phase. […]
Provincial Competitiveness Index 2009 Available for Download
Feb. 1 – The Vietnam Chamber of Commerce and Industry and the U.S. Agency for International Development’s Vietnam Competitiveness Initiative have recently released a report ranking the competitiveness of each province in the country in 2009. The index is useful for investors looking at entering Vietnam because it gives a comprehensive look of the country’s […]
Foreign Firms Allowed to Pick Accounting Currency Unit
Jan. 26 – Vietnam’s Ministry of Finance is now allowing foreign firms in the country to choose the currency unit they want to use for accounting purposes. Previously, accounting records were required to be maintained in Vietnamese dong. Foreign companies wanting to use another currency for their financial records needed to submit an application form […]
New Requirements for Permanent Residency in Hanoi
Jan. 19 – A new draft of the Capital Law will place stricter requirements for foreigners applying for permanent residency in Hanoi. Applicants will need to show proof of holding a legal job with a salary double the city’s average minimum in addition to maintaining temporary residency in city continuously for at least five years […]
