Other Briefings
Vietnam PM Calls for the Replacement of the Red Seal for Businesses
Vietnamese Prime Minister Nguyen Tan Dung has publicly announced that the mandatory use of corporate stamps should be amended and the government should “move towards replacing the seals with handwritten and digital signatures.” The PM made the comments during a meeting with the country’s Minister of Planning and Investment.
Key Steps for Setting Up a Business in Vietnam
Establishing a business in Vietnam is not simple, there are a number of important steps that must be taken in order to ensure proper compliance with the country’s laws. Key among these processes are the acquiring of an Investment Certificate, charter capital, and establishing the correct management structure of the company.
Vietnam Moves Closer to Implementing Single Visa Policy with Southeast Asian Countries
At the most recent meeting of the Ayeyawadi – Chao Phraya – Mekong Economic Cooperation Strategy (ACMECS) organization, tourism officials from Vietnam, Laos, Cambodia, Thailand, and Myanmar agreed on the need to urge their respective governments to ease travel restrictions and push forward on the implementation of a single visa policy for all of the countries. The meeting was held at this year’s International Travel Expo in Ho Chi Minh City (HCMC).
Vietnam Expands Scope of Foreign Contractor Tax
In a newly released circular, the Vietnam government has expanded the scope of the Foreign Contractor Tax (FCT). The FCT Circular 103/2014/TT-BTC, issued by the Ministry of Finance, replaces the previous FCT Circular 60/2012 and came into effect on October 1, 2014.
New Circular Allows Foreign Investors to Open Direct Investment Capital Accounts in Vietnam
On August 11, the State Bank of Vietnam issued a new circular to provide detailed instructions on the management of foreign currency FDI operations in the country.
Vietnam Issues Circular 78 on Corporate Income Tax Incentives and Deductions
On June 18, 2014, Vietnam’s Ministry of Finance published Circular 78, which provides additional guidance regarding Decree 218 on corporate income tax incentives and deductions. The Circular will come into effect on August 2, 2014 and will be effective for the whole 2014 tax year.
Vietnam’s 12th Draft Law of Residential Housing Expected to be Favorable Towards Foreigners
At a National Congress meeting on June 18th, many Congressmen expressed their approval towards the 12th Draft Law of Residential Housing, which proposes more opportunities for foreign organizations and individuals who wish to purchase housing in Vietnam.
Vietnam’s PM Urges Improvement of Customs Process
Vietnam’s Prime Minister, Nguyen Tan Dung, has called the country’s lengthy import-export procedures “unacceptable” and has proposed upgrading the process so that it is more in line with standards around the Asian region.
Vietnam’s Land Law Goes Into Effect, More Room for FIEs
On July 1st, 2014, Vietnam’s 2013 Land Law (revised) officially came into effect, The new law has seven more chapters and 66 more articles than the original 2003 Land Law. The new law institutionalizes the points of view and orientations contained in Resolution 11-NQ/TW of the sixth Plenum of the Party Central Committee. Although the new Land Law still does not allow foreign-invested enterprises to receive the transfer of land use rights or purchase land, it does not prohibit foreign investors from buying the capital associated with the land, for example, factories.
Vietnam Tightens Regulations on Foreign Sourced Loans
On May 15, 2014, new legislation went into effect that tightened the Vietnamese government’s control of foreign sourced loans. This legislation is of particular importance since many Vietnamese businesses tend to opt for loans from overseas financial institutions and business partners.
