Other Briefings
Tightening Monetary Policies Threaten Vietnamese SMEs
The Vietnamese government’s monetary policy seems to have been stuck in a dilemma. While raising interest rates and restricting lending amounts seem to be the common ways to exacerbate the high inflation rate, the reduction in loan issuance is directly hurting the business operation and development of the country’s small and medium sized enterprises.
New Issue of Vietnam Briefing: Tax and Foreign Exchange Control
Tax finalization is compulsory for foreign invested enterprises in Vietnam, so we look a little deeper into the procedures for corporate income tax and personal income tax, including documentation, deductible expenses, carrying losses forward, and allocation between headquarters and subsidiaries.
Vietnam’s DongA Bank Seeks Foreign Investors
Mar. 17 – Vietnam’s DongA Commercial Joint Stock Bank is seeking more foreign investors to participate in its capital raising program. The bank announced on Wednesday that it plans to sell 15 percent of its stake to foreign investors during the fourth quarter of 2011, but did not name any possible buyers. As DongA looks […]
Vietnam to Cut Import Duties to 15 Percent
Vietnam’s Finance Ministry plans to cut import duties to 15 percent in April. Currently, the tariff on refined sugar is 40 percent, while raw sugar is taxed at 25 percent.
State Bank of Vietnam Devalues Dong By 9.3% Against U.S. Dollar
Feb. 15 – The State Bank of Vietnam decided to lower the Vietnamese dong by 9.3 percent to VND20,693 to a U.S. dollar. The decision came into effect February 11. Dr. Tran Hoang Ngan, member of the national advisory council for monetary and financial policies, said the decision will help reduce the psychological need to […]
Vietnam Amends VAT Regulations for SMEs
Jan. 25 – Vietnam’s government recently approved a proposal to extend the declaration time of value added tax (VAT) for small and medium enterprises (SMEs) and family businesses, removing cumbersome elements of the country’s tax code for emerging entrepreneurs. Under Resolution 68/NQ-CP, which takes effect this month, SMEs will only need to declare VAT every […]
Vietnam Lowers Import Duties on Petroleum Products
Jan. 19 – Vietnam’s Ministry of Finance lowered import duties for petroleum products from January 14 onwards, according to the ministry’s web site. The import tax for gasoline was cut to 0 percent from 6 percent, and the tax on diesel was decreased to 0 percent from 2 percent. The tax on kerosene was reduced […]
New Rules and Regulations Effective Jan. 1 in Vietnam
Jan. 10 – Beginning January 1, 2011, several new rules have come into effect. Minimum wage increase Minimum wages at both local and foreign firms in Vietnam have increased by VND100,000 and VND370,000 per month, respectively. Depending on region, with urban areas having a higher minimum wage, local companies are required to pay a monthly […]
Banks Accept 15 Percent Ceiling on Deposit Interest Rates
Dec. 22 — Twelve commercial banks in Hanoi entered an agreement with the State Bank of Vietnam’s Hanoi branch and the Vietnam Banking Association (VNBA) to cap deposit interest rates at 15 percent. The agreement, which takes effect immediately, was struck after news broke that Techcombank and SeABank were offering interest rates as high as […]
Vietnam Decreases Import Tax on Liquefied Petroleum Gas
Dec. 21 – Vietnam decreased its import tariff on liquefied petroleum gas (LPG) on Friday from 5 percent to 2 percent. A circular from the Finance Ministry said the move was aimed at stabilizing gas prices after a period of sharp fluctuations.
