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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.
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European Commission Ends its Anti-Subsidy Probe into Vietnam Polyester Staple Fibre
The European Commission (EC) anti-subsidy probe into polyester staple fibre (PSF) imported from Vietnam, India, and China has been ended in favor of Vietnam. Vietnam will thus not be subject to any legal action from the EC. The news is expected to result in increased fibre exports from these countries to Europe.
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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.
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Vietnam’s Growing Tech Capabilities Attract Foreign Investment
While Vietnam may be more well-known for its sizeable garment manufacturing capabilities, investors may be surprised to learn of the country’s growing technical expertise. High tech companies are starting to flow into the country as they seek to take advantage of the low-cost, young, fast learning, and rapidly expanding workforce. Making Vietnam even more attractive to foreign investors, the country’s government is providing a range of financial incentives to businesses engaged in high-tech activities, these include tax holidays and significant reductions in Corporate Income Tax.
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Businesses in Vietnam Must Prepare for March 1st Change in Phone Area Codes
On March 1, Vietnam will begin switching the area codes and prefixes of phones throughout the country, both landlines and mobile phones will see their numbers changed. The new area codes will be applied to 59 out of Vietnam’s 63 provinces, excluding the provinces of Ha Giang, Vinh Phuc, Phu Tho and Hoa Binh.
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Samsung Requests Tax Exemption for its Samsung CE Complex in Vietnam
In a sign of the company's increasing influence in Vietnam, Samsung has submitted a proposal to Prime Minister Nguyen Tan Dung requesting preferential tax treatment for its new Samsung CE Complex, a manufacturing facility located in Ho Chi Minh City's Saigon Hi-Tech Park.
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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.
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Tan Cang-Hiep Phuoc Seaport Set to Grow Trade in Southern Vietnam
The Tan Cang-Hiep Phuoc seaport, located alongside the Saigon Premier Container Terminal, commenced operations in December with the arrival of its first container ship, Saigon Bridge. Among its many benefits, the Tan Cang-Hiep Phuoc shipping lanes have shortened the waterway by nearly 30 km, saving two hours in transportation time and halving fuel costs. Tan Cang-Hiep Phuoc has been strategically located in order to facilitate the connection of the entire southern area of Vietnam. The port will speed up the circulation of goods, saving time and reducing the transportation costs of enterprises located in the area, particularly for those in nearby industrial parks, such as Long Hau Industrial Park.
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Vietnam Updates Visa Categories, Expands Visa-Free Access
Vietnam's Law on Entry, Exit, Transit, and Residence of Foreigners in Vietnam came into effect on January 1, 2015, doubling the number of visa categories to 20. Of particular note, foreigners are no longer permitted to change their visa category once inside Vietnam. Therefore, the option of arriving on a tourist visa, applying for a work permit and changing visa categories is no longer available.
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Vietnam to Launch National Foreign Investment Information System
Vietnam’s Ministry of Planning and Investment (MPI) will officially launch a new national foreign investment information system on January 1, 2015, intended to create a comprehensive database of public information on foreign-invested enterprises in Vietnam.