A Comprehensive Guide on Vietnam Audit Compliance for Foreign Companies
Reading Time: 5 minutesBefore venturing into a business in Vietnam, it’s in your best interests to understand the rules guiding business audits in the country. Understanding audit rules helps you meet legal requirements and keeps your enterprise financially healthy. Here’s a comprehensive guide for foreign-owned companies to ensure Vietnam audit compliance.
Quick Guide To Conducting Vietnam Tax Inspection For Companies
Reading Time: 4 minutesWith the evolving regulatory landscape and the critical importance of compliance, understanding the nuances of the tax inspection process is paramount. In this comprehensive guide, we delve into the key aspects of conducting tax inspections in Vietnam, providing essential insights into the purpose, scope, duration, and concluding procedures of these inspections.
What Are The Key Requirements For Preparing The Annual Financial Statement In Vietnam?
Reading Time: 5 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.
Understanding VAT Tax Refund In Vietnam For Foreign Companies
Reading Time: 4 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.
Streamlining Steps to Obtaining a Vietnam Investment Registration Certificate (IRC) for Foreigners
Reading Time: 4 minutesAmid Vietnam’s rapid economic growth and increasing integration into the global market, more foreign investors, including parent companies, are drawn to this promising nation for lucrative opportunities, leading to a surge in company formations in Vietnam, particularly over the last decade. Notably, Vietnam allows 100% foreign ownership in businesses in a wide range of business sectors, except for several business sectors that are limited from accessing market by percentage of foreign-owned shares. E.g., Foreign investors who will invest in motion picture production shall make a capital contribution which may not exceed 51% of the legal capital.
Vietnam SME: The Road to Business Success
Reading Time: 5 minutesThe Vietnam SME covers micro, small, and medium-sized enterprises, classified by criteria such as field of operation, registered employees under state social insurance, and financial factors like annual revenue and capital.
These businesses, including medium-sized enterprises in Vietnam, remain vital, constituting 98% of all enterprises, contributing 40% to GDP, and supporting well over half of the country’s employment. The SME sector experienced significant growth in 2016, with an estimated 100,000 new businesses, most of which were largely propelled by government initiatives and reforms.
Understanding on How to Acquire a Vietnam Temporary Residence Card (TRC)
Reading Time: 6 minutesForeign individuals seeking to enter Vietnam for an extended period, often in conjunction with a work permit, must familiarize themselves with the Vietnam Temporary Residence Card (TRC) to facilitate their stay. This official document, issued by the Immigration Department of the Ministry of Public Security/ Immigration Office of the Police Department, serves as a crucial means of legalizing one’s stay in Vietnam. To acquire a TRC, applicants must meet specific requirements and submit the necessary documentation, thereby ensuring a smooth and uninterrupted stay in Vietnam. Let’s take a better look at how the process unfolds in its entirety.
Top Things to Consider When Buying a Business For Sale in Vietnam
Reading Time: 6 minutesIf you’re looking to buy a business in Vietnam, you have come to the right place for proper guidance on that. Due to its economic growth, young population, abundant natural resources, and strategic location, Vietnam poses as one of the most attractive locations for foreign investors in Southeast Asia.
However, buying a business in Vietnam is not a walk in the park, and involves considering many factors that would help you make the best decision. In this article, we will be sharing some of the top things that you should consider before buying a business for sale in Vietnam. These are:
Essential Guide to Tax Incentives in Vietnam for Foreign Investors
Reading Time: 5 minutesNestled in the vibrant heart of southeast Asia, Vietnam beckons foreign investors with an irresistible allure of economic dynamism, breathtaking landscapes, and a treasure trove of tax incentives. As one of the fastest-growing economies in the region, Vietnam has carved a niche for itself as a prime destination for ambitious entrepreneurs seeking to expand their global footprint.
How To Apply For Vietnam Work Visa to Do Business Successfully in Vietnam
Reading Time: 4 minutesAs one of the fastest developing countries in Asia and the world, Vietnam is a favorable place to do business, attracting both foreign investment and workers. Even in the face of the global post-COVID-19 economic slump, Vietnam’s economy continues to grow, with a GDP growth of 8.02% from 2021 to 2022 alone.
