Why You Should Start an E-commerce Business in Vietnam
Reading Time: 4 minutesVietnam has always had a reputation for being one of the most vibrant and culturally grounded countries in the world. It’s a nation with a storied history and is continuously flocked by tourists every single year. But what many people don’t realize is that Vietnam is also a country with great economic potential, particularly in the world of e-commerce. This makes starting an online business in Vietnam such an appealing endeavor for so many. In fact, the Vietnam E-Commerce Association estimates that the total value of the country’s e-commerce industry will reach $23 billion by 2025.
How to Open a Company in Vietnam
Reading Time: 6 minutesHave you thought about opening a business abroad? Vietnam is one of the most up-and-coming countries in the world and well worth considering. It’s also a tech hub, but how to open a company in Vietnam?
Essential Know-How for Complying with Vietnam Accounting Standards
Reading Time: 6 minutesWherever you have your business incorporated, you must follow all the rules and legislation involved as it applies to taxation and accounting.
All international and local businesses in Vietnam must legally adhere to the Vietnamese Accounting Standards (VAS) in documenting fiscal transactions.
The Ministry of Finance developed the Vietnamese Accounting Standards and provides financial statement preparation, reporting, and bookkeeping guidelines. These guidelines are also industry-specific, with unique regulations for asset management, securities, and insurance businesses.
By 2025, International Financial Reporting Standards (IFRS) will replace Vietnamese Accounting Standards applied for large enterprises activities in Vietnam.
Staying Compliant: Unravel the Revised Personal Income Tax in Vietnam for 2024
Reading Time: 8 minutesWe are at the forefront of regulatory updates as we embark on an insightful journey into the revised landscape of personal income tax in Vietnam for the year 2024. In this article, we will unravel what the changes bring, providing you with a comprehensive understanding of the adjustments and ensuring you stay not only informed but also compliant in this evolving fiscal environment. Here, we will look into the details to navigate the nuances of the updated personal income tax in Vietnam and its revised framework.
Understanding VAT Tax Refund In Vietnam For Foreign Companies
Reading Time: 6 minutesVietnam has emerged as an attractive destination for foreign companies seeking new opportunities and markets. As you navigate the complexities of doing business in this vibrant country, one key aspect you need to be well-versed in is value-added tax (VAT) and the potential for VAT tax refunds.
Understanding Business Registration Certificate in Vietnam
Reading Time: 5 minutesThe numerous investment prospects in Vietnam are as perennial as the grass in the business world. And this is especially true for investors and aspiring entrepreneurs looking to do business in Southeast Asia. As a result, the business registration certificate in Vietnam is a must for all to understand.
Your Guide on How To Get A Vietnamese Work Permit as a Foreigner
Reading Time: 5 minutesAs a foreigner, one of the main requirements for you to work in Vietnam is a work permit. Obtaining a Vietnamese work permit is neither straightforward nor quick. If you are chanced to secure a job in Vietnam, then you will be faced with the need for a work permit.
Essentials in Opening a Bank Account in Vietnam
Reading Time: 6 minutes Among the first problems when relocating or visiting any country is managing finances. So, open bank account in Vietnam is essential when planning on studying, touring, living, investing, or working in the country. And this is especially true when planning to reside in Vietnam for a year or so.
Overcoming Business Challenges in Vietnam
Reading Time: 4 minutesVietnam has emerged as one of the most attractive investment destinations in Asia and globally. The country’s transition from a centrally planned economy to a market-driven one, as highlighted by the World Bank, has fueled its dynamic growth. Between 2002 and 2021, Vietnam’s GDP per capita increased 3.6 times, reaching around $3,700. The economy continued to thrive in 2022, with an 8.0 percent growth rate, surpassing the pre-pandemic average of 7.1 percent. Contributing factors include stable politics, favorable economic policies, and a young, vibrant population, 55.5% of whom are under the age of 35, presenting future opportunities for businesses targeting their evolving consumption habits.
E-Commerce Accounting in Vietnam: Key Differences and Best Practices
Reading Time: 5 minutesUnderstanding the differences in financial reporting is crucial for businesses operating in Vietnam, particularly when it comes to audited financial statements. These documents serve as a cornerstone for financial transparency and accountability, offering a reliable snapshot of a company’s financial health to stakeholders. This article delves into the essential components of an audited financial statement in Vietnam, covering the independent auditor’s opinion, the specific requirements for various businesses, annual audit compliance for foreign-owned enterprises (FOEs), fiscal year guidelines for FOEs, and annual compliance expectations for representative offices.