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Key Steps for Setting Up a Business in Vietnam
Establishing a business in Vietnam is not simple, there are a number of important steps that must be taken in order to ensure proper compliance with the country’s laws. Key among these processes are the acquiring of an Investment Certificate, charter capital, and establishing the correct management structure of the company.
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Vietnam Likely to Relax Foreign Equity Limits for Market Status Upgrade
In a bid to attract more foreign investment, Vietnam is lobbying to have its market status at New York based index provider MSCI inc. upgraded from frontier-market to emerging-market status.
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Vietnam to Raise Special Consumption Tax on Cigarettes, Beer, and Spirits
Vietnam’s National Assembly Standing Committee (NASC) has announced that the special consumption tax (SCT) on cigarettes, beer, and spirits (a “sin tax”) will be raised on January 1, 2016. SCT is a form of excise tax that applies to the production or importation of specific goods and to certain services.
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A Guide to Understanding HR Trends in Vietnam
Once a company has gone through all the legal procedures required for the establishment of their business in Vietnam, the next big hurdle is the process of actually hiring the staff that will be needed and dealing with the associated payroll obligations. Hiring, and the associated legal obligations that go along with it, can be a confusing process. It is therefore strongly recommended that businesses take a careful look at all relevant regulation and engage a professional where appropriate to ensure proper compliance with all laws.
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Social Security in Vietnam: Understanding Your Obligations
One of the key obligations that an employer has in Vietnam is the payment of social security. In order to ensure smooth operations while in the country, it is crucial that foreign companies ensure that they fully understand the legal framework which provides for the rights and obligations of employers and employees with respect to social security.
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Vietnam: A Guide to HR in Asia’s Next Growth Market – New Issue of Vietnam Briefing Magazine
In this issue of Vietnam Briefing Magazine, we attempt to clarify HR and payroll processes in Vietnam. We first take you through the current trends affecting the HR landscape and then we delve into the process of hiring and paying your employees. We next look at what specific obligations an employer has to their employees. Additionally, we guide you through the often complex system of visas, work permits, and temporary residence cards. Finally, we highlight the benefits of outsourcing your payroll to a “pan-Asia” vendor.
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Longest Expressway in Vietnam Opens Between Hanoi and Lao Cai
Last Sunday, in Lao Cai’s Bao Thang District, Vietnamese government officials announced the opening of a 245 kilometer expressway. The expressway, which is the longest in Vietnam, stretches from Hanoi’s Noi Bai through the provinces of Vinh Phuc, Phu Tho, and Yen Bai finally ending in Lao Cai. Now that the road is open to traffic, the travel time between Hanoi and Lao Cai has been cut in half.
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Vietnam to Host 9th Vietnam-EU FTA Talks
On September 22-26th, Vietnam’s coastal city of Da Nang will host the 9th round of Vietnam-EU free trade agreement (FTA) negotiations. It is hoped that the conclusion of the FTA agreement will allow Vietnam to further penetrate the EU market, as well as attracting further foreign direct investment into the Southeast Asian country.
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Increasing Mobile Internet Use in Vietnam to Open Up New Market Areas
According to the recent Global Connected Consumer Study 2014, has revealed startling information about Vietnamese internet habits. Of particular note, smart phone penetration has been increasing rapidly – this has the potential to open up new market areas, such as mobile banking.
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TPP to Drive Competition in Vietnam’s Beer Market
Vietnam’s domestic beer industry is preparing itself for fierce competition from foreign competition flowing in after the signing of the Trans Pacific Partnership (TPP), a U.S. led free trade agreement. Under the TPP, Vietnam will reduce its imported beer tax from 35 percent to zero percent.