COVID-19 has resulted in an inevitable global shutdown frustrating businesses, investors, supply chains and Human Resource (HR) functions. What started out as limited business disruption due to the low number of cases has now affected most if not all businesses. While Vietnam has controlled the pandemic relatively well, the government on March 31 issued Directive No. […]
In part two of this three-part series, we outline practical recommendations on how ROs can enhance their current tax documentation as well as mitigate future potential tax risks when shutting down. Travelling expenses for employees Costs of business trips are almost unavoidable for ROs operating in Vietnam due to the need to send their employees […]
The COVID-19 has caused significant business disruption to businesses and offices alike throughout the country. Not only Vietnam but the issue has impacted businesses across the world, where the outbreak has meant the avoidance of gatherings in public, the closure of entertainment centers, movie theaters, bars, clubs as well as tourist sites. The situation continues […]
The Vietnamese government introduced Resolution 119/NQ-CP (Resolution 119) in December 2019 to address increasing cases of origin fraud and illegal transshipment. Origin fraud or transshipment is when exports from one country, such as China, are minimally processed or altered during a brief stop in a third country, such as Vietnam, and then re-exported as a product originating from […]
The Vietnamese government released Decree No 22/2022/ND-CP (Decree 22) amending the rules on business license tax (BLT). The regulations went into effect on February 25, 2020. BLT is an indirect tax imposed on entities that conduct business activities in Vietnam and are paid by the enterprises themselves on an annual basis. All companies, organizations or individuals (including […]
A Representative Office (RO) offers a simple and low-cost option for companies seeking to gain a better understanding of the Vietnamese market. As such, this option is among the most common for first-time entrants to the Vietnamese market and often precedes a larger presence within the country. Due to the limited scope of operations, the mandatory tax […]
The US recently slimmed down its list of developing and least developed countries, thus removing Vietnam from receiving preferential trade benefits. The move, however, was not directed specifically at Vietnam but included several countries such as China, Hong Kong, India, Indonesia, Malaysia, Thailand, and Singapore among others. The move will allow the US a reduced […]
The COVID-19 outbreak has triggered the world’s largest ever work-from-home experiment as businesses are called to consider how to effectively utilize their employees while also minimizing physical contact. That issue has now begun to impact businesses across the world, where the infectious nature of the outbreak means the avoidance of gathering in public, which includes staff working […]
Export Processing Enterprises (EPEs) are a popular investment vehicle for foreign investors in Vietnam. This is particularly true as Vietnam has emerged as a China plus one destination for foreign companies outsourcing operations to reduce costs and improve market share. The recent novel coronavirus COVID-19 outbreak in China has accentuated this issue, impacting businesses not only in Vietnam but […]
The Vietnamese Law on Accounting governs the principles for accounting, audits, and organizational structure, for businesses to stay compliant in Vietnam. The tax year in Vietnam is determined according to the calendar year, and a Vietnamese-based auditing company must conduct the audit. The financial reports should then be submitted to the local tax authority, Ministry of Finance, and […]
IR Global, the world’s largest exclusive network of advisory firms is delighted to introduce Le Quoc Chen of ANNAM IP & LAW. Le Quoc has joined IR as our exclusive IP – Trademark & Copyright and IP – Patents Member in Vietnam. Welcome to ANNAM IP & LAW – one of the most professional Intellectual Property & Law […]
The Vietnamese government has a plan to restructure its economy through privatizing SOEs by equitizing and divesting state capital in more than 400 enterprises by 2020. To incentivize FDI in the SOEs, the government has been making several regulation changes, creating exciting opportunities for foreign investors. On August 15, the Prime Minister issued Decision No. 26/2019/QD-TTg, approving […]