Vietnam Leads ASEAN in Domain Registrations
55,944 new .vn domains were registered in Vietnam in the first half of 2015, according to the Vietnam Internet Network Information Center (VNNIC), ranking the country first among the ten ASEAN members for the number of country code top-level domains.
Over 34,500 new domains written in Vietnamese were registered, bringing the total number of domain names written in Vietnamese to 1,075,286, of which 17.8 percent were recorded as being in active use. The total number of internationalized domain names (IDNs), which are managed by the Ministry of Information and Communications, was reported as 140,266 on June 30 2015. Only 87 agents have legal capability to provide IDNs in Vietnam.
It is no wonder that the number of domain names are growing fast – Vietnam’s 36.5 million-strong population of internet users represent a burgeoning market for online retailers.
As .vn domains make use of servers in Vietnam, the shortest domestic route is used by Vietnam National Internet Exchange (VNIX) to minimize connection problems within Vietnam. In the regular event of a broken international undersea cable, your .vn website will still be online within Vietnam.
Unlike neighboring China, access to foreign search engines is not heavily restricted in-country, and your .vn website will rank highly in Google searches within Vietnam.
However, Vietnam online is not a free-for-all; Vietnamese domain names must not contain sensitive phrases deemed by the VNNIC as going against Vietnamese tradition and national security.
When your website is established, a clear strategy is needed on how to receive payment in the country, as online shoppers in Vietnam pay in a variety of ways. In 2014, 64 percent paid by cash on delivery, 37 percent used an e-wallet, and only 11 percent paid by card.
Further Support for Your Business
Dezan Shira & Associates provides accounting services to companies investing in and selling to Vietnam. The firm can help companies establish an online presence and direct office in the country and can guide them through the affiliated accounting, tax, legal and HR issues that come with doing so. To arrange a free consultation, please contact us at: email@example.com
Asia Briefing Ltd. is a subsidiary of Dezan Shira & Associates. Dezan Shira is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in China, Hong Kong, India, Vietnam, Singapore and the rest of ASEAN. For further information, please email firstname.lastname@example.org or visit www.dezshira.com.
Stay up to date with the latest business and investment trends in Asia by subscribing to our complimentary update service featuring news, commentary and regulatory insight.
Investing in Vietnam: Corporate Entities, Governance and VAT
In this issue of Vietnam Briefing Magazine, we provide readers with an understanding of the impact of Vietnam’s new Laws on Enterprises and Investment. We begin by discussing the various forms of corporate entities which foreign investors may establish in Vietnam. We then explain the corporate governance framework under the new Law on Enterprises, before showing you how Vietnam’s VAT invoice system works in practice.
In this issue of Vietnam Briefing Magazine, we provide readers with a complete understanding of Vietnam’s e-commerce industry. We begin by highlighting existing trends in the market, paying special attention to scope for foreign investment. We look at means for online sellers to receive payment in Vietnam, examine the industry’s tax and regulatory framework, and discuss how a foreign retailer can actually establish an online company in Vietnam.
Tax, Accounting, and Audit in Vietnam 2014-2015
The first edition of Tax, Accounting, and Audit in Vietnam, published in 2014, offers a comprehensive overview of the major taxes foreign investors are likely to encounter when establishing or operating a business in Vietnam, as well as other tax-relevant obligations. This concise, detailed, yet pragmatic guide is ideal for CFOs, compliance officers and heads of accounting who need to be able to navigate the complex tax and accounting landscape in Vietnam.
- Previous Article Low Latex Prices Boost Vietnam’s Rubber Exports
- Next Article Foreign Investors Remain Hesitant About Setting Up Home in Vietnam’s Real Estate Market