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Economy & Trade

US Commerce Department Delays Decision on Vietnam's Market Economy Status Due to IT Disruptions

07/26/2024

The US Commerce Department has delayed its decision on upgrading Vietnam to market economy status to August 2 due to IT disruptions caused by CrowdStrike software issues.

How Will the 2024 US Presidential Election Outcome Shape US-Vietnam Relations?

07/26/2024

We discuss how the US election outcome could shape future US-Vietnam relations based on the previous track record of the candidates.

Prospects for Environmental Technology Investors in Vietnam

07/19/2024

Vietnam's commitment to sustainable development and achieving net-zero (carbon emission) goals offers significant opportunities for environmental technology innovation and foreign investment.

EuroCham Vietnam’s Business Confidence Index for Q2 2024

07/18/2024

EuroCham's Q2 2024 BCI report shows European businesses in Vietnam are generally optimistic, yet underscores the necessity for enhanced policy and regulatory reforms to improve the business environment.

Vietnam's Economic Performance in H1 2024: Key Indicators and Growth Forecast

07/15/2024

Vietnam's strong economic performance in the first half of 2024 has led the General Statistics Office (GSO) to project a 6-6.5 percent growth rate for the year, meeting the government's target.

Vietnam-South Korea Trade and Investment

07/12/2024

Vietnam and South Korea are poised to continue to complement their respective economic and industrial strengths and expand their cooperation in frontier sectors.

Tax & Accounting

Tax Audits for Representative Offices in Vietnam

07/23/2024

We discuss the key points of tax audits for Representative Offices in Vietnam, considering that these entities rely entirely on their parent companies without the ability to generate profits or enter into contracts independently.

Vietnam Tax Codes: An Explainer

07/16/2024

Vietnam’s tax codes identify taxpayers and determine tax liability. Here, we outline how to acquire them and explain their importance.

Vietnam’s Draft CIT Law: Changes to Incentives and Tax Liability

07/11/2024

Vietnam's draft Corporate Income Tax (CIT) Law proposes changes to incentive eligibility, taxation on capital transfers by foreign investors, and aims to address limitations hindering integration with international best tax practices.

Vietnam Government Extends 2% VAT Reduction on Specific Goods and Services till End of 2024

07/01/2024

The Vietnam government issued Decree 72/2024 on June 30 to extend the 2% VAT reduction on specific goods and services till the end of 2024.

Vietnam Considers Raising Excise Tax for Alcohol, Sweetened Beverages, Tobacco

06/26/2024

We discuss the Ministry of Finance's proposal to hike the Vietnam excise tax rates for alcohol, sugary drinks, and tobacco products and how this policy shift could impact consumer facing businesses.

Vietnam Government Extends Tax and Land Rental Payment Deadlines in 2024

06/20/2024

The Government has issued Decree No. 64/2024/ND-CP, granting tax payment extensions for eligible businesses and organizations.

Legal & Regulatory

Eco-Industrial Parks in Vietnam: Implementation and Key Goals

07/10/2024

The Vietnam government is considering a policy to facilitate the development of large eco-industrial parks and update preferential policies to encourage green investments. We discuss the proposed policy recommendations, pilot projects, and key goals.

How to Set Up a Representative Office in Vietnam

07/09/2024

A Representative Office (RO) is one of the simplest ways companies can set up in Vietnam, albeit with a limited scope of operation. In this article, we discuss the step-by-step process of establishing an RO in Vietnam, and relevant regulatory guidelines.

Vietnam Notifies Decree 80/2024/ND-CP on Direct Power Purchase Agreements: Key Details

07/04/2024

Decree 80/2024/ND-CP on Direct Power Purchase Agreements (DPPA) is part of Vietnam’s broader strategy to promote environmental sustainability and enhance the competitiveness of its retail electricity market.

Vietnam Considers E-Invoicing for Livestream Sales: Advisory for Businesses

07/03/2024

Vietnam wants to update existing regulation to ensure e-invoicing for livestream sales and strengthen tax scrutiny in the e-commerce sector.

Vietnam’s 2024 Law on Credit Institutions

06/12/2024

The 2024 Law on Credit Institutions, in effect from July 1, will improve the security of Vietnam's credit institutions by strengthening risk prevention measures, increasing oversight of credit entities, and deterring cross-ownership and undue influence in the sector.

Vietnam Defines E-Money for the First Time, Excludes Virtual Currencies from its Scope

06/03/2024

In effect from July 1, 2024, Decree 52 defines e-money in Vietnam as "the equivalent value in VND stored electronically," based on prepaid money deposited with banks or provided to payment service organizations and excludes virtual currencies like bitcoin.

Industries

FDI, Export Targets to Propel Sustainability Adoption in Vietnam’s Garment and Textile Sector

07/23/2024

The stakes are high for Vietnam's garment and textile sector as key exports markets and competing producer markets intensify their push for green targets, influencing brand appeal to consumers and sourcing decisions by global fashion retailers.

Apple’s Production Strategy in Vietnam

06/25/2024

Apple's significant investments in production and the expansion of its local supplier base in Vietnam will influence the country’s economic development, positioning it prominently in the region’s high-tech manufacturing sector. Here is Apple's updated Vietnam supplier list for 2024.

Foreign Technology Firms in Vietnam: Tax Payments Highlight Growing Commercial Presence

06/24/2024

We discuss the presence of leading technology ('Big Tech') firms in Vietnam who have become major taxpayers in the country, as they steadily expand commercial operations and tap into the rapidly growing digital economy.

Vietnam's Agrifood Export Potential: Key Guidelines for Trade Businesses

06/11/2024

We discuss Vietnam's expanding agrifood export market potential and offer practical advice for trade businesses to thrive globally.

Vietnam's Packaging Industry: Investment Outlook

06/05/2024

Vietnam's packaging industry is booming, with a projected 15-20% growth rate and over 14,000 enterprises. Despite challenges, the sector is innovating and focusing on sustainability.

The Laboratory Market in Vietnam: Current Trends and Future Prospects

06/04/2024

The laboratory market in Vietnam is growing rapidly due to rising investment, healthcare awareness, and industrial testing requirements.

HR & Payroll

Vietnam Labor Market Report for H1 2024

07/26/2024

The Vietnam labor market showed positive trends in H1 2024, with increased employment opportunities and salary growth. Additionally, the proportion of Vietnamese workers holding degrees or certificates rose to 28.1 percent in the second quarter of 2024.

Vietnam’s New Minimum Wage Effective from July 1, 2024

06/28/2024

Vietnam's new minimum wage, effective July 1, 2024, will impact various social insurance items calculated based on the statutory pay rate.

HCMC Announces Labor and Employment Strategy Through 2025: Key Goals

06/18/2024

HCMC's labor and employment strategy for 2023-2025, with a vision to 2030, has identified eight areas for human resource development, highlighting key priority skill development roles and anticipated technology disruptors that may attract foreign investors in the education and skills development sector.

Applying for a Vietnam Work Permit: Guidelines for Foreigners and Employers

05/13/2024

Vietnam has amended certain provisions regarding hiring foreign workers and the issuance of work permits. We provide the details.

Vietnam Advisory on Swapping of Working Days Around April 30 and May 1, 2024 Holidays

04/16/2024

Vietnam's labor authority MOLISA has proposed a swap of workdays for the 2024 Reunification Day and International Workers' Day holiday.

Judicial Record Card in Vietnam: Guide to Obtaining a Police Clearance Check

04/12/2024

A criminal record check certificate (Judicial Record Card) is required for foreign employees when they apply for a work permit in Vietnam.

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The BRICS is Expanding, Should The United States Be Concerned?

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