-
Vietnam Minimum Wage to Increase
Apr. 6 – Vietnam’s new minimum wage will increase from VND650,000 to VND730,000 for government and state-owned company employees effective May 1, 2010. The new Vietnam minimum wage invariably affects monthly wage levels for other industries. Companies are then advised to prepare for the change accordingly since the revision will require that adjustments be made […]
-
Transport Ministry: No Restriction on FDI in Vietnam’s Airline Industry
Apr. 5 -The Vietnamese government has said that foreign investment in the country’s airlines cannot be restricted. According the Transport Ministry, existing laws do not allow the government to restrict FDI in the sector, making the Malaysian budget carrier AirAsia’s acquisition of a 30 percent stake in VietJet Air legitimate. The stake transfer in February […]
-
Vietnam, United States Sign Nuclear Energy Deal
Apr. 2 – Vietnam and the United States inked a nuclear agreement on Tuesday that could provide more business opportunities for U.S. firms looking to enter the Asian energy market. The agreement is a prelude to further negotiations on a more specific deal that will allow American firms to built nuclear power plants in Vietnam. […]
-
Foreign Currency Restrictions in Vietnam
Apr. 1 – Companies and residents in Vietnam are all subject to foreign currency restrictions placed by the government. While the Vietnamese dong is the country’s official currency, U.S. dollars are widely-used as a more stable alternative to the fluctuating domestic currency. The government has been devaluing the dong often to cap inflation and its […]
-
Clarification on Compulsory Health Insurance for Expatriates
Mar. 31- Vietnam’s Social Insurance Agency has clarified a previous regulation that mandates the country’s health insurance system be expanded to include expatriates and foreign organizations. It is now clear that Decree 69 and Circular 09 will only cover expatriates that are employed under the Vietnamese labor law as confirmed by PWC Vietnam. Expatriate employees […]
-
Complying with Vietnam Accounting Standards
By Joyce Roque Mar. 30 – Local and foreign-invested companies doing business in the country are required by law to comply with Vietnam Accounting Standards (VAS). The laws are based on International Accounting Standards, although not entirely since it is still being continually revised and changed. Fulfilling VAS requirements is a challenging task, more so […]
-
New Regulation to Deport Foreigners Without Vietnam Work Permits
Mar. 29 – Foreigners working in the country will be given until July to apply for a work permit or risk being deported based on a new draft regulation from the Ministry of Labor, War Invalids and Social Affairs. Foreign nationals who have been working in Vietnam for more than three months without a work […]
-
Danang Becomes Top Destination for IT
Mar. 26 – The major port city of Danang has become a top destination for information technology. It is attracting interest from American, Japanese and Singaporean investors because of its good infrastructure, services and incentive policies for investment in the IT industry. Last year, Danang ranked top among cities and provinces based on the Information […]
-
Filing Corporate Income Taxes in Vietnam
By Joyce Roque Mar. 25 – Companies operating in Vietnam should be aware that the Vietnamese government has delayed the schedule for quarterly payments of corporate income tax for 2010. Tax payments for the first quarter of the year has been moved to July 30, 2010 and the second quarter payment deadline is now October […]
-
Vietnam Participates in Trans-Pacific Partnership Talks
Mar. 24 – Vietnam concluded its participation as an associate member in the first round of Trans-Pacific Partnership (TPP) negotiations held last week in Melbourne, Australia. Vietnamese authorities joined the talks with their counterparts from the United States, Australia, Brunei, Chile, New Zealand, Peru, and Singapore. Vietnam was present at the TPP talks as an […]