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Vietnam Issues Latest Incentives For Businesses And Employees

2021-07-21
This month, the Vietnamese government unveiled several financial packages to employers and employees affected by tCovid-19 under Resolution 68/NQ-CP (Resolution 68). This is now effective and provides support policies for employers and employees facing challenges with a support package of US$1.13 billion. Dezan Shira & Associates, HR and Payroll Ho Chi Minh Office notes that there are several benefits to businesses and employees alike: we discuss them here.

Featured Business News

India Briefing

New India Income Tax Deadlines In 2021: Key Upcoming Dates

07/20/2021

We highlight key tax deadlines in India in 2021, including tax reporting dates, deadlines for audit compliance, and relevant dates for tax and finance obligations. These impact salaried taxpayers, businesses, and senior citizens. It is important to note the latest dates and avoid incompliance and penalties due to exigencies; many deadlines have been extended (since last year) by the government due to the pandemic.

China Briefing

China Releases Supporting Measures For The Three Child Policy

07/22/2021

Support measures for China’s three-child policy include tax deductions, expanding childcare services, and optimizing the leaves policy to support childcare. The moves are meant to boost births and address the country’s demographic imbalance. Businesses in China should pay attention to how these measures could affect their HR and payroll policies. Service industries, in turn, can assess new market opportunities.

Vietnam Briefing

Relocating Production Facilities: Comparing Vietnam With Its Regional Competitors

07/21/2021

Vietnam’s supply chains are constantly evolving thanks to high growth and where it fits in international trade. While Vietnam has emerged as an effective China plus location, we take a look at its peers and compare them as alternate production sites. We conclude with factors peculiar to Vietnam and what investors need to know when considering the country as a production location.

Silk Road Briefing

A Consumer Guide To Using The Digital Yuan & Digital Ruble

07/21/2021

Both China and Russia are ahead of the West in terms of developing digital currencies, while Iran has introduced the ‘Covenant‘ and other blocs such as the Eurasian Economic Union and BRICS are also discussing the development of specific digital currencies in order to trade. We examine usage and how these differ from cryptocurrencies.

China Briefing

China's New Guidelines For Electronic Labor Contracts

07/21/2021

China recently issued guidelines clarifying the legitimacy of electronic labor contracts and explaining important considerations when concluding, transferring, and preserving an electronic labor contract. It adds obligations to employers in the process of concluding the labor contract with employees, to protect the employees’ right to know and other relevant interests. It is recommended that employers keep abreast of local e-labor contract dispute cases or consult local legal professionals when signing e-labor contracts.

India Briefing

What Are The Tax Implications For Holding Cryptocurrency Assets In India?

07/20/2021

Cryptocurrency in India may attract tax liability, but the rules are still unclear as the Reserve Bank of India has not yet granted this asset class the status of a legal tender. However, in March 2020, the Indian Supreme Court permitted banks to handle cryptocurrency transactions from traders and exchanges.

The Bigger Picture

Silk Road Briefing

Can China & Russia Reposition Syria With The 'Five Seas' Strategy?

07/21/2021

Planned port, canal and maritime connections would provide new infrastructure links between West and Central Asia. Syria’s attractiveness lies within its ‘Five Seas” capability, a plan to link the Caspian, Black, Mediterranean and Red Seas with the Persian Gulf.

Russia Briefing

Russian Services Sector Exports Outstrip Imports For First Time In Four Years

07/22/2021

There are growth opportunities for foreign investors especially in transport services, related to two growth drivers, a change in Russia’s tax regime in this sector and growth in the export of transport services – with an increase in the volume of transit traffic. Rail freight from China to Europe transiting Russia doubled in 2020 and looks like doing so again this year.

Russia Briefing

Eurasian Economic Union Trade Increases 33% In January-May 2021

07/21/2021

The first five months of the year have yielded positive results for intra-Eurasian Economic Union (EAEU) trade, which has increased by 33% compared with the same period last year. The EAEU is a trade bloc that extends from the borders of the EU with Poland, Latvia and Lithuania and continues as a land mass to the borders of Western China. It includes Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia and has a GDP (PPP) of about US$5 trillion. Foreign trade with the EAEU increased by 19% over the same period and totaled US$297.4 billion.

China Briefing

Xi's APEC Speech Reveals Extent Of Health Silk Road, Regional & Global Integration Plans: Analysis & Opinion

07/19/2021

Chinese President Xi Jinping's speech at the Asia-Pacific Economic Cooperation (APEC) meeting on Friday included a four-point proposal for APEC cooperation, based on the themes of strengthening international cooperation over Covid-19, deepening regional economic integration; pursue inclusive and sustainable development; and seize opportunities for scientific and technological innovation. We examine each of these sections and provide analysis.

Our firm Dezan Shira & Associates provides legal, tax and operational advisory across Asia.
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It has been produced by Dezan Shira and Associates since 1999.

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