Developing Your Sourcing Strategy for Vietnam: New Issue of Vietnam Briefing Magazine
- Deciding on Your Sourcing Partner
- Understanding Vietnam’s Sourcing Models
- Choosing the Right Sourcing Model
- Op-Ed: Vietnam as the Ideal Sourcing Destination
The newest issue of Vietnam Briefing Magazine, titled “Developing Your Sourcing Strategy for Vietnam,” is out now and available as a complimentary download in the Asia Briefing Bookstore from now through the month of July.
Rising costs throughout the Asian region, and in China particularly, are driving businesses to look elsewhere for their sourcing partners. Vietnam has emerged as a prime location for foreign companies seeking lower cost sourcing options.
The country stands out as an ideal location for sourcing for a number of reasons. Key among these are Vietnam’s plentiful supply of cheap labor, low business expenses, political stability, and growing domestic consumer market. The country also has substantial tariff, tax, and quota advantages for a number of products due to the country’s inclusion in numerous free trade agreements. Vietnam also has a number of strategically located industrial parks that investors can take advantage of.
In fact, the economy of Vietnam has been described as a “sourcing economy” since so many companies are now choosing to source their products within the country. A prime example can be seen with regards to the textiles market – 70 percent of the garment industry in Vietnam is dedicated to sourcing.
In this issue of Vietnam Briefing Magazine, we outline the various sourcing models available for foreign investors – representative offices, service companies and trading companies – and discuss how to decide which structure best suits the sourcing needs of your business. Perhaps the most important factors to consider when choosing a sourcing structure are your staffing requirements, your need for operational flexibility, and which option offers the greatest cost efficiencies. In this issue, we compare how each of these factors match up with the available sourcing platforms in order to help foreign businesses find the best option for their specific sourcing needs.
Asia Briefing Ltd. is a subsidiary of Dezan Shira & Associates. Dezan Shira is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in China, Hong Kong, India, Vietnam, Singapore and the rest of ASEAN. For further information, please email email@example.com or visit www.dezshira.com.
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An Introduction to Doing Business in Vietnam 2014 (Second Edition)
An Introduction to Doing Business in Vietnam 2014 (Second Edition) provides readers with an overview of the fundamentals of investing and conducting business in Vietnam. Compiled by Dezan Shira & Associates, a specialist foreign direct investment practice, this guide explains the basics of company establishment, annual compliance, taxation, human resources, payroll, and social insurance in the country.
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In this issue of Vietnam Briefing, we clarify the entire VAT process by taking you through an introduction as to what VAT is, who and what is liable, and how to pay it properly. We first take you through the basics of VAT in Vietnam before taking you deeper into the topic. Additionally, we provide updates on the new changes to the VAT process and explain how they will impact your business.
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In this issue of Vietnam Briefing Magazine, we introduce our readers to manufacturing in Vietnam as a key part of their business strategy within the ASEAN region and beyond. Specifically, we explain the new ASEAN Free Trade Area, outline what foreign investors can look forward to when creating their manufacturing presence in the country, and introduce the country’s key tax points.
Annual Compliance and Audit
In this issue of Vietnam Briefing, we address a number of annual compliance topics relevant to foreign investors in Vietnam. Namely, annual reporting for foreign-owned enterprises and representative offices, as well as annual tax finalization (corporate income tax and personal income tax), and annual financial statements (structure, general accounting treatments, deductible expenditures, submission).
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