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Annual Tax Finalization in Vietnam
Jan. 11 – At the end of the year, in addition to completing corporate income tax (CIT) finalization, enterprises must complete personal income tax (PIT) on behalf of their employees. Following the finalization process at the end of the fiscal year, or when terminating the investment project in Vietnam, foreign investors are allowed to remit […]
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New Issue of Vietnam Briefing: 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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Vietnam Set to Lower Corporate Income Tax
Vietnam’s Ministry of Finance has announced it will be making changes to the Law on Corporate Income Tax, to be revised by the National Assembly in 2013.
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Vietnam Changes the Law Governing Personal Income Tax
On November 22, 2012, the Vietnamese National Assembly promulgated Law No. 26/2012/QH13, amending and supplementing a number of articles within the Law on Personal Income Tax – including increasing personal income tax thresholds.
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Ho Chi Minh City’s Export Turnover Reaches US$30 Billion in 2012
Dec. 18 – According to the Municipal Department of Industry and Trade, Ho Chi Minh City’s total export turnover during 2012 reached US$30.35 billion, representing a year-on-year increase of 7.36 percent. The Department’s Deputy Director, Huynh Khanh Hiep, further highlighted that the foreign invested sector registered an export value of US$8.8 billion, an increase of […]
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Minimum Wages in Vietnam to Increase from January 2013
Dec. 13 – The Vietnamese government recently released Decree 103/2012/ND-CP, which stipulates the new regional minimum wages for employees working for all types of enterprises. This will replace the prior Decree 70/2011/ND-CP, which has been in effect since August 2011. These minimum wages will form the basis from which enterprises and employees will agree on […]
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A Positive Signal for Investing Enterprises
By Nguyen Huyen My Dec. 7 – On the sidelines of the Vietnamese Business Forum on December 3 in Hanoi, the Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Dr. Vu Tien Loc said that to encourage investment in the market, it is necessary to create a fair, transparent business environment and the […]
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Vietnam-Myanmar Bilateral Trade to Exceed US$500 Million by 2015
Vietnam’s President Truong Tan Sang’s three-day visit to Myanmar has opened up new opportunities for cooperation between the two countries. Dec. 5 – During talks between Myanmar’s President Thein Sein and visiting Vietnamese President Truong Tan Sang in Naypyitaw on November 29, the two countries reached an agreement to bring their bilateral trade to US$500 […]
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Vietnam-Thailand to Boost Bilateral Trade
Bilateral trade to grow at 20 percent annually Dec. 4 – Vietnam and Thailand, both members of ASEAN, have agreed to boost bilateral trade and improve political and economic links, according to news reports issued by both countries. The two nations have long maintained strong strategic and diplomatic relations, however the new agreements provide better […]
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Vietnam’s Key Compliance Requirements
Nov. 29 – There are a number of legally-mandated requirements with which FIEs in Vietnam must comply, failure of which will jeopardize the ability of the FIE to continue operating in Vietnam. These procedures and requirements may be different from what the FIEs are accustomed to in their home countries. Investors should therefore be sure […]