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Moc Bai Economic Zone and Border Gate to have Bright Future
Vietnam’s Moc Bai Economic Zone and Border Gate (the Zone) is expected to become an international trade center in the near future. The Zone will serve to promote cooperation and development between Vietnam and Cambodia, as well as the other countries in the ASEAN region.
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Personal Income Tax Withholding in Vietnam
In Vietnam, Personal Income Tax (PIT) declaration and payment is carried out on a withholding basis. Employers are required to collect taxes on employee income for both foreign and local Vietnamese employees, and ensure the timely submission of employees’ tax declarations.
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Vietnam’s Thriving Tourism Trade
Vietnam saw over 7.57 million international visitors in 2013, convincingly beating its target of 7.2 million for the year. The figures released by the Vietnam National Administration of Tourism (VNAT) represented a rise of 10.6 percent from the 2012 year (6.85 million). Revenues generated from tourism in 2013 came to US$9.4 million.
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Vietnam’s VAT Law for the Financial Sector
In this article, we examine the VAT implications for a number of goods and services listed under the Financial category in Vietnam's VAT law.
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Further Guidance on the Finalization of Personal Income Tax (PIT)
Official Dispatch No.230/TCT-TNCN dated January 17th 2012 issued by The General Department of Taxation provides further guidance on 2011 PIT finalization.
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Vietnam’s Middle Class the Fastest Growing in Southeast Asia
HANOI – In a recent survey by the Boston Consulting Group (BCG), Vietnam was found to have the fastest growing middle class in Southeast Asia. By 2020, the country is expected to have 30 million middle class and rich consumers. Vietnam’s per capita income is expected to increase to US$3,000 by 2020 from its current […]
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Vietnam Consumer Confidence on the Rise
The last half of 2013 saw a marked increase in consumer confidence throughout Vietnam. The country is experiencing cautious optimism as positive economic numbers start to be reported.
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HSBC Forecasts Continued Growth for Vietnamese Exports
Hanoi – A recent forecast by economists at the Hong Kong and Shanghai Banking Corporation (HSBC) states that export-oriented businesses have a bright future ahead of them. In the coming years, Vietnam may emerge as one of the countries benefiting the most from improved Western demand largely thanks to its export-dependent economy in which overseas shipment of […]
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New Issue of Asia Briefing: Payroll Processing Across Asia
In Asia Briefing Magazine’s first issue of 2014, we provide a country-by-country introduction to how payroll and social insurance systems work in China, Hong Kong, Vietnam, India and Singapore. We also compare three distinct models companies use to manage their payroll across various countries with external vendors, and explain the differences among three main models: country-by-country, managed, and integrated models while highlighting some benefits and drawbacks of each.
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Vietnam Predicted to See Rise in IPOs for 2014 as Equitization Continues
Hanoi – A number of companies in Vietnam are expected to opt for initial public offerings (IPO) in 2014. In particular, many state-owned companies are expected to issue IPOs due to the Vietnamese government’s continuing push for equitization in its economy. The Hanoi Exchange expects the country’s equity market to have a strong year, which […]