[2023 Update] Upcoming Deadlines for Tax Reporting and Corporate Compliance in Vietnam

Vietnam has seen a remarkable rise in the number of new businesses registered in recent years. Especially, in July 2023, the entire country witnessed the establishment of 13.7 thousand new businesses with a registered capital of nearly VND 126.9 trillion. Compared to the same period last year, this represents an increase of 4.3% in the … Continued

Personal Income Tax (PIT) for Foreigners in Vietnam: Your Easy Guide

The personal tax system for foreigners living in Vietnam involves special tax rates, calculations, and procedures. These calculations and procedures can be much more difficult for you to comprehend if you do not have specialized knowledge. It means that this kind of tax system for expatriates requires expert guidance to navigate. This guide clarifies the … Continued

Regulations on Reductions and Exemptions for Personal Income Tax (PIT) in Vietnam

Vietnam has always managed to attract foreign investors because of its great geological location and its dynamic young workforce. That is why attracting foreign investors has been of key importance in Vietnam’s External Affairs Policy. It is one of the main reasons why Vietnam has various easier Tax and Compliance Laws to create a seamless … Continued

Payroll 2023: Latest Minimum Wage Increase in Vietnam

Decree No. 38/2022/NĐ-CP will impact people working in major cities such as Ho Chi Minh City and Hanoi. Essentially, it announces an approximate 6% increase in the minimum monthly wage for these urban areas, raising it to 4,680,000 VND. This new payroll regulation in Vietnam entered effect on July 1, 2022. If you are a foreign … Continued

5 Common Agreements that Every Business in Vietnam Must Know

There is an uncountable number of transactions and business activities in business, and many of them are different. When doing business in Vietnam, agreements or contracts are important to make sure that your rights are safeguarded for these transactions or activities. Read About InCorp’s Business Process Outsourcing in Vietnam An agreement, or a contract, is … Continued

Your Guide to Value-Added Tax (VAT) in Vietnam for 2023

Value-Added Tax, or VAT (Thue Gia tri Gia tang – GTGT) in Vietnam, is imposed on the value added to the goods or services at each production stage, from raw materials to manufacturing to distribution to end consumers. The VAT applies to goods and services purchased from foreign sources as well. However, there are exempted … Continued

Characteristics of Vietnam’s Workforce: High Demand Skills and Advice for Business in 2023

Vietnam’s impressively young professional workforce drives the country’s economic growth. The country is host to a booming young population of over 100 million people, out of which 51.6 million are employed. Moreover, more than 30 million Vietnamese are below the age of 35.  According to the General Statistics Office, there were 45 million people of … Continued

Tax Incentives in Vietnam: A Comprehensive Guide for Foreign Companies (2023 Update)

As Vietnam presents a more and more open economy in order to attract foreign investment, the government has created some interesting tax incentives. These include paying no taxes for a certain period of the initial establishment in the country, involving tech-based industries, and investing in underdeveloped geographical areas of the country. Understanding and applying for … Continued

Insider Tips for Foreign Employees and Employers in Vietnam

If you need skills that are in short supply in Vietnam, or when you would like to gain new ideas and technologies, your business can reap the benefits of employing talents from overseas. When it comes to employment in Vietnam, a company would like to recruit foreign employees or partners, they need to follow certain … Continued

Vietnam’s Minimum Wage to see 6% Increase from July 2022

In order to combat rising inflation rates as well as consequences of the Russia-Ukraine war such as supercharged gas prices, the Vietnamese government has issued Decree 38/2022/ND-CP for statutory minimum wage adjustments.  The Prime Minister, working alongside the Ministry of Labor, War Invalids and Social Affairs, has just announced this change during a dialogue program … Continued

Recruitment in Vietnam: Labor Market and Hiring Processes

Understanding the local labor laws is essential for recruitment in order to be compliant when you hire and pay people while doing business in Vietnam. Furthermore, understanding the market in order to know your opportunities and expected challenges ensures a more smooth integration. This article’s aim is to assist you in becoming familiar with the … Continued