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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
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
As Vietnam’s business landscape rapidly expands, it becomes increasingly important for business owners and employers to navigate payroll obligations, including employee insurance. In this article, we delve into Vietnam’s employee insurance system, specifically exploring the different types of insurance commonly known as SHUI – Social, Health, and Unemployment Insurance. Read About InCorp Vietnam’s Payroll Outsourcing … Continued
Today, businesses can source talent from various locations, including outside of their own country. This has opened up opportunities for businesses to access quality work and specialized skill sets from around the world. As a prime example, offshore software development involves outsourcing development operations to a partner in a different time zone than the company’s … Continued
Keeping up to date with the latest payroll obligations is a key element in running your business operations smoothly and compliantly in Vietnam. However as with any emerging marketing, with the pains of growth comes regular updates to the legal system, including that of payroll obligations, insurance, minimum wage, and more. Latest payroll updates to … Continued
A compliance consultant in Vietnam ensures that a business adheres to governmental regulations and standards. These consultants can work in various industries, such as banking, insurance, health, or oil, but typically have specialized knowledge in a specific area. They are usually tasked with identifying compliance concerns, implementing measures to mitigate risk, training employees, and handling … Continued
Due to COVID-19, the residential market slowed down in 2021, but it will begin to pick up pace again in 2022. But in the fourth quarter of 2022, there were only 1,100 newly built apartments available for purchase, a 74% decrease from the third quarter and only 6.5% of the total supply expected in 2023. … Continued
Vietnamese tax law’s provisions are subject to yearly amendments. Therefore, tax infringements may occur if you are unaware of the changes. Operating a successful business in Vietnam requires maintaining a seamless operation while avoiding government audits, inspections, and fines. This is heavily dependent on having competent tax professionals who are up to date with the … Continued
With one of the world’s youngest employee demographics and a rise in qualified skills and education infrastructure Vietnam is firmly placing itself as a viable location for business expansion out of usual spots like China. Due to the fact that there is still a lack of skills needed, especially for high-tech industries, there remains plenty … Continued
This article has been updated to reflect the 2022 annual tax return, known in Vietnam as “Tax Finalization” for complete accuracy. In this article, we will refer to Annual Tax Return as Tax Finalization. If you are still confused and wonder how to go about this time-consuming task of navigating and understanding Vietnam’s annual tax … Continued
Running a business in Vietnam can be expensive, primarily when operating a small or medium company. Therefore, more and more enterprises in Vietnam have outsourced their human resource, payroll, and other administrative tasks to a Professional Employer Organization (PEO) or employer of record in Vietnam. What is a PEO in Vietnam, then? PEO in Vietnam … Continued
In an effort to create an attractive business environment for foreign investors and reduce the complexity of Vietnam’s policy of digitalization, the Vietnamese government took a huge step towards becoming one of the most prominent and emerging global business hubs. One of these policies is by making some accounting features digitalized for ease of processing … Continued
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