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Foreign Employees in Vietnam

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We are seeing many instances of confusion and problems occurring with the hiring and employment of foreign employees in Vietnam. The rules (although somewhat frustrating) are actually quite clear at the moment, and companies that take the time to understand and follow these will enjoy the benefits that foreign employees can provide.

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Hiding Taxes – Pitfalls and Problems for Business Owners in Vietnam

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Hiding income from corporate taxation is extremely common in Vietnam (and the world over…let’s be honest). Starting and operating a small business is hard, so the desire to hide revenues and profits from the taxman is often understandable; the desire or need to preserve cashflow, protect the business, permit growth, and build personal wealth all influence small business owners.

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Quick Guide - Vietnam Business Travel Deductions

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Business travel expenses in Vietnam are some of the more challenging to understand when it comes to the necessary procedures for tax deductibility in Vietnam. We have prepared the attachment as a simplified guide in order to claim tax deductions for employee business travel costs.

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Vietnam Tax Update July 2015

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The Ministry of Finance issued Circular 92/2015/TT-BTC (“Circular 92”) in June 2015 providing guidance on a number of Personal Income Tax (“PIT”), Value Added Tax (“VAT”) and general tax administration matters.

 

The Circular takes effect from 30 July 2015 and has retrospective application to the full 2015 tax year.

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Clearer online Guidance for company formations in Vietnam

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Vietnamese authorities have launched a website that provides very detailed guidance for forming and amending companies in Vietnam. The eRegulations website is available in English and Vietnamese, and shows clear steps for each process, places that need to be visited, examples of each document that is required, what is received, and the laws behind the requirements.

 

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Vietnam Tax Update June 2015

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On 22 June 2015, the Ministry of Finance issued Circular 96/2015/TT-BTC (“Circular 96”) providing guidance on a number Corporate Income Tax regulations and also amending certain previous regulations.

 

The changes appear to generally provide simplification and a more streamlined approach to the specified Corporate Income Tax (“CIT”) procedures. Areas covered by Circular 96 include:

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Starting a Company in Vietnam

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Seeking to start a company in Vietnam? Already operating in Vietnam, but without a local structure?

 

Talk to Domicile Corporate Services, where we can guide you on your options and processes in starting your own company in Vietnam.

Although there are some restrictions with foreign owned companies in Vietnam, most sectors are open to 100% foreign ownership, allowing investors to own and operate companies in Vietnam with certainty.

For further information, please contact Matthew Lourey on (08) 3824 7650 or email This email address is being protected from spambots. You need JavaScript enabled to view it.

Compliance Reviews: Managing Company Risk

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Business owners and managers delegate and trust crucial business information and practices to their finance and accounting staff. Most owners and managers are not experts in Vietnamese accounting, tax and payroll practices, and can only assume that everything is being completed correctly and on time unless their staff tell them otherwise. Unfortunately, not all staff are complete experts and do not always understand the commercial and risk implications of their actions.

Do you know the status of all your tax commitments?

 

Do you receive your monthly financial reports on time?

 

Are your Social Insurance and other payroll obligations up to date?

 

Do you see your month-end accounting reconciliation process every month?

If your answers to any of the above are “no” or “not sure”, then you and your business are at risk.

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Contact Info

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Please feel free to contact Domicile Corporate Services or visit us using the information below.

Vietnam Offices

Ho Chi Minh City:
Level 9, Abacus Tower
58 Nguyen Dinh Chieu, District 1 

Hanoi:
Level 13, Hanoi Towers
49 Hai Ba Trung, Hoan Kiem District

Danang:
Level 3, Indochina Riverside Tower
74 Bach Dang, Hai Chau District

Email

info@domicilecs.com

Phone

+84 (0)28 6291 5779 (HCMC)
+84 (0)24 3266 3314 (Hanoi)
+84 (0)236 366 4662 (Danang)

Always Making a Difference

We are always working with our clients to make a difference to their business.

We see successful clients as a measure of our success, and the best source of our own growth.

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