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Vietnam

Vietnam

Vietnam

Capital City
Hanoi

Official Language (s)
Vietnamese

Language required for filings
Vietnamese

Currency
Vietnam Dong

Population
90.63 million (2014)

GDP
$509.466 billion

Corporate tax rate
22% standard rate currently;
20% standard rate from 1.1.2016 onwards

With an estimated 90.5 million inhabitants as of 2014, it is the world's 13th-most-populous country, and the eighth-most-populous Asian country. Known in the past as a huge agricultural country, which it is still a huge exporter of rice, wood, and coffee, it has since stepped out of that comfort zone. Manufacturing, information technology and high-tech industries now form a large and fast-growing part of the national economy. Though Vietnam is a relative newcomer to the oil industry, it is currently the third-largest oil producer in Southeast Asia.


Business in Vietnam

Vietnam
The agency in charge of incorporating companies and business registration is Department of Planning & Investment and the enforcement of all related legislation.
1.1 Types of Business

There are several types of businesses in Vietnam

  • Limited Liability Company
  • Joint-stock Company
  • Partnership
  • Branch
  • Representative Office

For more info visit :http://www.mpi.gov.vn/en/

1.0 Employment

Vietnam
The relationship between employers and employees in Vietnam is regulated by the Vietnam General Confederation of Labour.
1.1 Types of Employment

There are several types of employment that is recognized

  • Fixed Term Contract (12 to 36 months)
  • Non Fixed Term Contract
  • Seasonal (Less than 12 months)
1.2 Mininum Wage

Varies by region:

Region I: VND 2.7 million (US$ 128)

Region II: VND 2.4 million (US4 114)

Region III: VND 2.1 million (US$ 100)

Region IV: VND 1.9 million (US$ 90)

1.3 Annual Leave

12 working days after every 12 months of employment. This entitlement increases by one additional day of leave for every five years of employment in an enterprise or with an employer.

1.4 Social Security

Employers are required to make social insurance (SI), health insurance (HI) and unemployment insurance (UI) contributions of 15%, 3% and 1% respectively.

2.0 Taxation
Vietnam

The General Department of Taxation under the Ministry of Finance is the main agency that enforces taxation for the government.

2.1 Corporate Tax

In 2014 the corporate tax rate was set to 22%

For non resident status companies the tax would be flat at 25%

2.2 Value Added Tax

VAT in Vietnam is unique as there is no registration threshold. Companies trading or importing into Vietnam are expected to register for VAT immediately upon receiving a business licence.

The standard VAT rate is 10%. 5% reduced VAT rate on certain foodstuffs and a range of exempt goods and services as well as imports.

For more info visit :http://www.gdt.gov.vn/wps/portal/english