By continually issuing favorable policies and incentives aimed at attracting inflows, and deciding to decrease the country’s corporate income tax levels to 20 percent from January 1, 2016, it is clear that Viet Nam’s government is intent on taking a proactive approach to foreign direct investment. Enterprises and individuals...
On August 23, 2018, Vietnam issued Decree 108/2018/ND-CP on business registration, which amended the previous Decree 78/2015/ND-CP. Decree 108 has simplified the procedures for business registration and will be in effect from October 10, 2018.
New provisions
Company stamp
A new clause has been added under Article 4, according to which enterprises...
On 8 May 2017, a new Pharmacy Decree detailing articles and measures to implement the Law on Pharmacy was promulgated by the Government and is scheduled to take effect from 01 July 2017. Published under the title Decree 54, this is the first of many decrees and circulars that...
Once an investor has set up their trading company within Viet Nam, it is important that their workers gain a strong understanding of the country’s import and export regulations and procedures. Below we lay out the key takeaways that companies must be aware of before starting their trading activities in...
Vietnam has issued Decree 09/2018/ND-CP (Decree 09) regarding conditions on the establishment of retail outlets by a foreign-invested enterprise (FIEs). Effective as of 15 January 2018, the decree aims to provide a more transparent framework for foreign investors in the retail sector.
FIEs have to meet certain conditions with regard...
In 2018, the Vietnamese government passed several new and amended laws which are going to come into effect in 2019. The laws primarily focus on wages, environmental projects, food industry, rural development, cybersecurity, and administrative procedures.
Labor
Minimum Wage
According to Decree No. 157/2018/ND-CP, the regional minimum wage in Vietnam as of January...
Viet Nam’s Ministry of Industry and Trade (MOIT) approved an agreement easing restrictions on rice exporters. Under the previous regulation, the maximum number of rice exporters was capped at 150, who were all required to meet certain standards on storage and factories. Companies holding licenses to export rice were required to...
The government has come up with an online tax refund project which will be put in place in 13 municipal tax departments and further expanded the following year. The 13 areas include Hanoi, Ho Chi Minh City, Hai Phong, Dong Nai, Binh Duong, Da Nang, Can Tho, Quang Ninh,...
In June 2018, Vietnam passed a new Competition Law, replacing the 2004 version of the law. The new law which focuses on competition restraining agreements, market dominance, economic concentration, and unfair practices, will be in effect from 1 July 2019.
Scope of the law
The new Competition Law has expanded its...
Following the relevant customs procedures when importing or exporting goods from Vietnam is one of the most vital aspects of doing business in a country where manufacturing costs are leveraged to its favor. Goods to be imported or exported are subject to the relevant customs clearance standards, which effectively...