Behind every success of business expansion is the comprehensive knowledge of regulations, legal compliances, procedures and socio culture, among others. If you are intending to expand to Vietnam, get our free copy of e-book to learn about starting a business in Vietnam, everything you need to know from A-Z. Simply click the "download" button below.
Foreign individuals and entities are flocking in Vietnam free zones over the years, looking to form their manufacturing companies and enjoy the tax benefits for their product distribution and export. There are significant industrial zones in Vietnam, and they have emerged as a powerhouse for different industries, ranging from light to heavy. Free Zones in …
Vietnam’s textile and garment industry recorded an export turnover of US$16.18 billion between January and July of 2020 – a slight decrease due to the COVID-19 pandemic. However, in the crisis, the Vietnam textile industry still saw positive development as the country surpassed Bangladesh in 2020 and became the world’s second-largest textile and garment exporter. …
A recent Google research indicated that the coronavirus pandemic had accelerated the Vietnam digital economy. The digital economy in Vietnam expanded by 16% in 2020, amounting to US$ 14 billion. The research further estimated that the growth would continue until 2025 with an amount of US$ 52 billion. Prior to the COVID-19 episode, 3.1 hours …
The Vietnamese government put on hold the access of all global visitors on March 22, 2020. This restriction applies to all foreigners, including foreign workers holding visa exemption certificates. The newly implemented law is to help contain the spread of coronavirus. Consequently, the government suspended all global air travel by March 25, 2020, successfully shutting …
Benefiting from the China-US Trade War, Vietnam has emerged as one of the top choices for foreign investors to shift and diversify their production and supply chain from China. Multinational corporations such as Samsung, LG, Foxconn (Apple), and many Japanese manufacturers have been shifting their production from China to Vietnam. Vietnam offers a stable political …
Payroll is a complicated matter in Vietnam because there are many factors to consider: tax, insurance, and benefits. Moreover, there are differences between foreign employees and local employees regarding social security, trade union fee, and personal income tax percentages. Obligations Related to Payroll in Vietnam 1. Social security For Vietnamese employees Health insurance: 1.5% from …
On November 20, 2019, Vietnam’s National Assembly adopted the New Labor Code. The New Labor Code replaced the 2012 Labor Code starting January 1, 2021. The implementation of the new law will undoubtedly create a strong foundation for the federal government, employees, and the representative organizations of employers towards equal rights for all parties involved …
Vietnam has become a center for startup companies since 2017, almost taking on Indonesia and also Singapore. The country has a massive head start for startups in many ways because of an incredibly supportive government, a tech-savvy and even relatively young population, diverse demographics, and the capability to attract top talent. Despite the impact of …
Compliance in accounting and bookkeeping is essential when doing business in Vietnam. This is why companies, especially foreign establishments, must start prioritizing their accounting and bookkeeping compliance and corporate tax functions. Available Fiscal Periods in Vietnam The tax year in Vietnam is 12 months, and there are four fiscal periods that foreign companies can select …
A prediction from S&P Global indicates that Vietnam’s economy will rise significantly in 2021, at least 10.9%, compared to an increase of 2.91% in 2020. This forecast growth figure is more than any Asia-Pacific country. Due to its effective measures and successful control of the COVID-19 pandemic, Vietnam was the only one of the six …
Vietnam has been an excellent destination for foreign investments for individuals and organizations around the world. In addition to its annual GDP growth of 2.6% and shared borders with global economic leader China, Vietnam has many other reasons that foreign investors find appealing to set up a company on this vibrant land. Vietnam has investor-friendly …
Selling a business in Vietnam is a prevalent business practice for foreign investors to roll the money into the next profitable venture. However, before selling a business in Vietnam, there are things you must consider. In this article, Cekindo has listed out some of the important ones. Selling a Business in Vietnam 1. Know the …