03 Apr: Accurate understanding of internal audit's function as third line of defence
Commenting on the current state of internal audit in Vietnam, PwC Vietnam partner Hoang Hung said, "Internal audit is mainly implemented in large-scale companies with complex and risky operations... In fact, this function is not being carried out systematically and internal auditors are not yet familiar with the latest internal audit requirements and practices."
20 Mar: Xavier Potier highlights importance of risk-based internal auditing
As the banking industry moves towards Basel II and seeks foreign capital for growth, it is high time that Vietnamese banks adopted the risk-based method for internal auditing. Xavier Potier, director of Risk Assurance Services at PwC Vietnam, shared his thoughts on the issue with Vietnam Investment Review.
15 Mar: Joseph Vu talks new transfer pricing decree on VITV
"Decree 20 is a huge milestone in Vietnam's transfer pricing administration. It's also very timely in that it aligns with Vietnam’s economic landscape, development and investment trends", Tax - Transfer Pricing Director Joseph Vu said in an interview with VITV channel. Watch to find out more about the new Decree No. 20 “Providing tax administration applicable to enterprises having controlled transactions”.
12 Mar: New transfer pricing decree: a step closer to international standards
In late February 2017, the Vietnamese government released the new transfer pricing Decree No. 20 ‘Providing tax administration applicable to enterprises having controlled transactions’, which will take effect from May 2017. According to Tax partner Nguyen Huong Giang, Decree 20 represents the most important development of the transfer pricing regime in Vietnam for the last 10 years, as it demonstrates Vietnam’s commitment to align with the global tax framework (BEPS) on transparency and anti-avoidance.
24 Feb: Shareholders should have a greater say when selecting an independent auditor
As the season of annual general meetings nears, Dau tu Chung khoan newspaper interviewed Assurance partner Tran Hong Kien on the role of auditors in ensuring the transparency of financial reports. Kien emphasised the need for shareholders to have a greater say when their company selects an independent auditor as this is key to improving the quality of financial reports and thus, the protection of shareholders' rights.
22 Feb: Bank restructuring and settling bad debts: We need to be more critical
The State Bank of Vietnam is drafting a special law to boost bank restructuring and settle bad debts, which would remove all the obstacles in the existing legal regulations. In a recent interview on Vietnam Investment Review, partner of Business Restructuring Services Dao Thi Thien Huong shared her thoughts on the restructuring of banks and settlement of bad debts in Vietnam, and provided ideas and recommendations to speed up this process.
13 Feb: IFRS 15 - What should Vietnamese businesses be aware of?
IFRS 15 will become effective for the annual period beginning on or after 1 January 2018. According to Assurance Partner Tran Hong Kien, while IFRS 15 is not compulsory for businesses in Vietnam, getting to know IFRS 15 will help local entities familiarise with additional areas being considered by the Vietnamese authorities in future guidance of revenue recognition in Vietnam.
10 Feb: The need to professionalise family businesses
Many family businesses in Vietnam have thrived to become leading private business groups and contributed significantly to the economy. However, family businesses are facing challenges in professionalising their operations while implementing a succession plan. PwC Vietnam partner Hoang Duc Hung joined an in-depth interview with Dien dan Doanh nghiep newspaper on this matter.
06 Jan: Dinh Thi Quynh Van shares her views on 2017 business outlook
In an article published on the New Year issue of Vietnam Economic Times, General Director Dinh Thi Quynh Van wrote about the 2017 outlook for Vietnamese businesses. Drawing on the latest APEC CEO Survey results and her observations at the APEC CEO Summit in Peru late last year, Quynh Van pointed out the main issues facing local market players in a global economy marked by competition and protectionism. She also gave her advice on how regulators and businesses could work together to rise above the challenges and succeed.
20 Dec: Nguyen Hoang Nam on bank restructuring: five-year review & prospects to come
"It is obvious that the bank restructuring process will be carried out more thoroughly in the next phase, building on the positive outcomes of previous efforts. However, we should be more vigorous in carrying out proposed restructuring solutions to effectively solve the remaining challenges", Assurance partner Nguyen Hoang Nam wrote on Vietnam Investment Review.
16 Dec: Dinh Thi Quynh Van discusses FTAs on Vietnam Financial Times' talk show
General Director Dinh Thi Quynh Van was a guest in the inaugural episode of Vietnam Financial Times' online talk show "Tai chinh va Cuoc song". She was joined by Mr. Nguyen Van Phung - Head of the Large Taxpayers Office under the General Department of Taxation. The two tax experts shared their views on the impacts of tariff cuts under current and prospective free trade agreements (FTAs), and laid out some recommendations for businesses and the tax sector to reap the most benefits from FTAs.
28 Nov: Cyber security Director Robert Trong Tran discusses cyber crime in banking
Cyber crime is a growing concern for society at large and the banking sector in particular, as evident in the increasing frequency of attacks on personal bank accounts in Vietnam recently. With an aim to explore this issue and the cyber security measures of Vietnamese organisations, Vietnam Financial Times has conducted an interview with PwC Vietnam's Cyber security Director Robert Trong Tran.
15 Nov: Time to strike
Director of Deals/Strategy Nguyen Luong Hien shared his insights on Vietnam Economic Times regarding Vietnam's growing start-up scene and investment prospects. He stated that it's now the time to get involved in this ecosystem, as tech start-ups are poised to grow fast thanks to the relentless efforts from the government and other important stakeholders. Read to find out more.
04 Nov: Joseph Vu discusses draft transfer pricing decree on Vietnam Financial Times
Director of Tax - Transfer Pricing Joseph Vu was recently interviewed by the Vietnam Financial Times (Thời báo Tài chính Việt Nam) on the Ministry of Finance's draft transfer pricing decree. He shared his thoughts about how the transfer pricing decree will create a more solid legal basis for transfer pricing administration and be in line with the changes in the transparency and anti-tax avoidance efforts. Read to find out more.
07 Oct: Nguyen Luong Hien discusses fintech landscape in Vietnam Financial services tech startups (fintech) have become the rising stars of Vietnam's startup community, especially after Standard Chartered and Goldman Sachs invested in local fintech MoMo. Nguyen Luong Hien, Director of PwC Vietnam’s Deals Strategy Services, talked to Dau tu Chung khoan about the prospects and challenges when investing in fintech in Vietnam.
21 Sep: PwC Legal Partner Nasir Dao - PKM Abdul discusses Vietnam's M&A scene (VITV)
Merger and acquisition (M&A) activities have been quite exciting in the past few years, resulting in increased investment from both domestic and foreign companies. PwC Legal Vietnam partner Nasir Dao - PKM Abdul recently joined an interview with VITV channel to discuss the current M&A scene, future M&A prospects as well as measures to ensure successful deals.
16 Sep: Coordinated defense against cybercriminals
The cyber incidents that have taken place since the beginning of 2016 could have been prevented if threat intelligence had been actively shared between organisations. Robert Trong Tran, Director of Cybersecurity Services penned an article on Vietnam Economic Times about the importance of sharing threat intelligence in the global war against cybercriminals.
15 Aug: Robert Trong Tran discusses current state of cyber security (VITV)
Recent cyber attacks on Vietnamese organisations and several studies have indicated that Vietnam is a rising hot spot for cyber crime. Cyber Security Director Robert Trong Tran was recently interviewed by VITV on the current state of cyber security and steps that all organisations in general and banks in particular should take to prepare for potential future attacks.
04 Aug: Robert Trong Tran: Vietnamese organisations increasingly vulnerable to hackers
Vietnam is a rising hot spot for cyber-criminals, as business and financial transactions are becoming increasingly reliant on the Internet. The Vietnam Airlines cyber incident in late July 2016 was another warning shot, reminding us that we can never neglect cybersecurity. Robert Trong Tran, Director of Cyber Security Services at PwC Vietnam, talked to VIR about the rising threat of cybercrimes for Vietnamese organisations in the near future.
27 Jul: Dinh Thi Quynh Van comments on late tax payment (VITV)
In the latest edition of VITV's Finance - Tax programme, our General Director Dinh Thi Quynh Van discussed measures to relieve the financial burdens of late tax payment on both businesses and the State budget. These include the reduction of late payment interest to 0.03% per day since 1 July 2016 and tax debt forgiveness for companies on the verge of bankruptcy.
09 Jul: PwC Vietnam supports VCCI's 2016 Sustainable Business Ranking in Vietnam (VTV2)
In a programme titled "Businesses and Sustainable Development" on VTV2, our General Director Dinh Thi Quynh Van shared insights into global trends in sustainable development as well as the Corporate Sustainability Index (CSI). The CSI, with an initial set of sustainability indicators, has recently been introduced by the Vietnam Chamber of Commerce and Industry (VCCI) as a tool to rank the most sustainable companies and to promote sustainable development in Vietnam.
30 May: Putting Vietnam’s banks on the map
Although the local banking sector might be one step behind its regional peers, the formation of the ASEAN Economic Community has set the local industry on a definite path of committed changes that should prepare it for any upcoming challenges. Nguyen Hoang Nam, deputy general director of Assurance Services at PwC Vietnam, writes about how Vietnam can increase its visibility on the regional banking map.
15 May: Xavier Potier discusses internal audit on Vietnam Securities Review
Internal audit can help businesses protect themselves against risks. However, its importance is very often undermined by Vietnamese companies. That is set to change with a number of new laws and decrees governing internal audit. Our Risk Assurance Director Xavier Potier joined an interview with Vietnam Securities Review to share his views on the Ministry of Finance's draft decree on internal audit, and its potential impacts on internal audit operations in Vietnam's listed companies.
23 Apr: Robert Trong Tran discusses cybersecurity on HanoiTV
Our Cybersecurity Senior Manager Robert Trong Tran shared his insight into the rising threats of cybercrime across the world and in Vietnam, and examined the potential consequences on businesses, such as disruption and loss of customer trust. He urged Vietnamese companies to spend more attention and resources on strengthening their cybersecurity, giving concrete advice on how to do so.
04 Apr: Stephen Gaskill & Nguyen Luong Hien examine FTA implications for textile sector
In an article on Vietnam Investment Review 4 April, our Deputy General Director Stephen Gaskill and Associate Director of Strategy-Deals Nguyen Luong Hien dissected the implications of free trade agreements (FTAs) like TPP and EVFTA on Vietnam's textile sector. They shed light on the current state of the sector and urgent tasks that local manufacturers need to tackle to overcome the hurdles and reap the benefits brought about by these modern FTAs.
30 Mar: Ivan Pham underlines role of internal audit in listed companies
Our Risk Consulting Director - Ivan Pham joined and spoke at the workshop "The role of Internal Audit in listed companies" organised by Ho Chi Minh Stock Exchange (HOSE), Smart Train Training Centre and PwC Vietnam. As an expert in risk and forensics consulting with many years of experience, Ivan Pham noticed the trend of Vietnam businesses paying high attention to internal audit in recent years. He also emphasised the role of internal audit in detecting errors or fraud and improving the weaknesses of the management system.
28 Mar: Nguyen Hoang Nam comments on bad debt trading on VITV
The State Bank of Vietnam's draft decree on bad debt trading was the focus of a recent Banking Magazine episode on VITV. In this episode, our Assurance Partner Nguyen Hoang Nam argued for the establishment of a bad debt trading floor and increased responsibilities of asset management companies. He also pointed out the need for transparent guidelines in the bad debt market, so that buyers and sellers can meet and trade most effectively.
26 Mar: Nguyen Hoang Nam discusses Circular 200/2014/TT-BTC on VITV
Our Assurance Partner Nguyen Hoang Nam was interviewed by VITV on the practical issues surrounding Circular No. 200/2014/TT-BTC, which provides guidance on the Vietnamese Corporate Accounting System. He commented on the difficulties that enterprises face when implementing the circular, and how it could be revised to be on par with international standards. Hear what Nam and other experts from the MoF, SSC, VACPA as well as other audit firms have to say about this topic.
21 Mar: PwC beefs up security for rising threat of cybercrime
According to PwC's Global State of Information Security® Survey 2016, around 45% of boards now have a cybersecurity strategy. Corporate cybercrime has seen double-digit growth over the last 5 years. Our Senior Manager in Cyber Security services - Robert Trong Tran gave insights into the survey results and introduced the dedicated cybersecurity team at PwC Vietnam. Read more on Vietnam Investment Review.
22 December 2015: PwC Vietnam commends tax administration reforms, suggests further amendments
A PwC Vietnam’s representative highly valued the Government’s, the Ministry of Finance’s, the General Department of Taxation and The Social Welfare Vietnam’s effort in promoting the reforms of tax administration procedures. However, to be able to accomplish the goals of Resolution 19/NQ-CP (2015), PwC Vietnam recommended studying an appropriate amount of value added tax which will lead to reduction in time, cost and effort for businesses.
17 September 2015: 'Circular 202: The significant impact' by Pham Thi Xuan Mai in The Saigon Times
On December 22, 2014, the Ministry of Finance issues Circular No. 202/2014/TT-BTC on the making of consolidated financial statements. According to the Circular, each independent enterprise shall include a certain number of items in its own financial statement. This Circular will be effective from 5 February 2015 and will apply for financial year starting from 1 January 2015. Read the article by our Assurance Director, Pham Thi Xuan Mai to get insightful knowledge about the significant documents issued recently.
9 August 2015: VITV interview with Dinh Thi Quynh Van on human resources topics
This program is a series of talk show with the involvement of different educational institutes and businesses discussing different aspects of Vietnam's current human resources quality and management situation. In this episode, Quynh Van shared some information about recruitment information at PwC Vietnam such as the number of fresh graduate recruitment each year, recruitment criteria and majors.
6 August 2015: Ong Tiong Hooi on VTV4 - BizLine program discussing M&A trends in Vietnam
Our Partner of Transaction Services Ong Tiong Hooi was featured in an interview on VTV4 - BizLine program on Saturday, 8 August. In the discussion Tiong Hooi shared his insights into the M&A trends since the beginning of the year, benefits and trade-offs, impact of law and policy updates, etc. The 30-minute program covered his studio talk together with some short theme-supporting clips.
16 July 2015: Nguyen Viet Thinh on SCTV8 - VITV: Epicenter Programme
Our Consulting Director, Nguyen Viet Thinh was in an interview with VITV yesterday sharing his expertise about how the sustainable development reports are critical to businesses. During the interview he discussed 4 benefits for a business to develop sustainability reporting, 3 obstacles for Vietnamese business to overcome and several recommendations from PwC Vietnam.
7 July 2015: 'Changing face of insurance' - Nguyen Hoang Nam in the Vietnam Economic Times
Our Assurance partner, Nguyen Hoang Nam continued his series on Vietnam's insurance market in the Vietnam Economic Times this month. In this article, Nam mentioned the recent PwC report called “Insurance 2020 and Beyond: Necessity is the Mother of Reinvention” which concluded that the pace of change in the global insurance industry is occurring more rapidly than could have been envisaged and the industry is at a pivotal juncture as it grapples with changing customer behaviour, new technologies, and new distribution and business models.
19 June 2015: Vu Thi Le Lan on Investment Review for her participation in TV show "CEO - Key to Success"
Our People & Change Associate Director, Vu Thi Le Lan participated in a direct debate with the contestants (CEOs from Kinh Ðô Corporation and Ba Cây Chổi JSC) on one of the most popular game shows "CEO - Chia Khoa Thanh Cong" (CEO - Key to Success). During the show, Lan shared her view on how to resolve conflicts between current and newly recruited employees. The program was also featured on Investment Review. The article further addressed the issue of SMEs recruiting new talent while retaining long term employees.
12 June 2015: 'In finer fettle' by Stephen Gaskill and Nguyen Luong Hien on Vietnam Economic Times
The Vietnam's healthcare sector, while catering to basic needs, must move to the next level and provide top quality care at all facilities - Stephen Gaskill and Nguyen Luong Hien shared. In this article, both authors said that the Vietnam's healthcare system is facing tremendous challenges such as overcrowded hospitals and poor quality of care. Also, they discuss about new opportunities foreseen in this healthcare sector, for instance, new hospitals, healthcare products, evolution of regulations relating to importing or domestic production of pharmaceutical products as well as the new opportunity in relation to the private health insurance sector. Read the print article on Vietnam Economic Times to have an insightful of the challenges and new opportunities that the Vietnam's health sector is facing.
25 May 2015: 'Paving the way for insurance growth' by Nguyen Hoang Nam on Vietnam Investment Review
The liberalisation of Vietnam’s insurance market began on December 18, 1993 with Decree No100/CP issued by the prime minister. Since then, the country’s insurance sector has recorded extraordinary growth. According to our Assurance partner, Nguyen Hoang Nam, the insurance market in Vietnam is still seen as a promising market in both the medium and long term despite a number of challenges that insurance players in the market are facing. Read what he has to say about life and non-life insurance segments in Vietnam.
24 April 2015: Jimmy Sng discussed IT Security on Dau tu and VIR
Following a suite of recent activities and media presence in cooperation between PwC Vietnam Technology Services team and Jimmy Sng - PwC Singapore partner, leader of the Cybersecurity Consulting in South East Asia, Jimmy continues discussing IT Security topic with advice on actions companies should take to protect themselves from increasing cybercrime.
09 April 2015: Pham Thi Xuan Mai on The Saigon Times "Circular 200: It is not just about accounting"
Our Assurance Director, Pham Thi Xuan Mai contributed an article on in The Saigon Times about the new Circular 200 which provides guidance on Vietnamese Corporate Accounting System. Issued on 22 December 2014 by the Ministry of Finance, the circular is to replace Decision 15 and Circular 244. According to Mai, it will remarkably affect enterprises' financial reports and other financial indices of interest to business owners, investors and financial analysts.
23 March 2015: Nguyen Viet Thinh joined SSC's conference and discussed draft Decree to amend and supplement Decree 58/2012/NĐ-CP
Nguyet Viet Thinh, our Advisory Director shared his opinions in the conference organised by State Securities Commission of Vietnam (SSC) on 20 March 2015 in HCMC. The conference gathered expert views of a number of specialists from different sectors to discuss the draft Decree 58/2012/NĐ-CP which provides guidelines for implementation of a number of Articles of the Law on Securities and the Amended Law on Securities. The conference focused on the requirements to IPO by foreign invested institutes and other listing requirements.
11 February 2015: Vietnam is projected to become world’s 22nd largest economy by 2050: PwC
Vietnam is projected to become the 22nd largest economy in purchasing power parity (PPP) terms in 2050 according to PwC. The Southeast Asian country, along with Nigeria and the Philippines, are the “notable risers” in the global GDP rankings in the long term, reflecting relatively high projected average growth rates of around 4.5-5.5 percent per annum over the period to 2050.
4 February 2015: Vietnam, a steady star in the ASEAN region by Nguyen Luong Hien, Associate Director, Deals - Strategy and Stephen Gaskill, Partner – Advisory, PwC Vietnam
Among the ASEAN economies, Vietnam is one to watch in the near term. Despite global economic uncertainty, foreign investors remain optimistic about the ASEAN region’s prospects; and within ASEAN, Vietnam has proven an attractive destination for direct investment (FDI) in recent years because of its strong growth and young population. As more foreign manufacturers move their manufacturing hubs to Vietnam because of affordable labour costs compared to Thailand or China, this is a window of opportunity for the country to attract a bigger slice of the global manufacturing pie. To keep the momentum going, economic, banking and state-owned enterprise (SOE) reforms will be needed to instill greater confidence among both local and overseas investors.
5 January 2015: For safety and growth
Nguyen Hoang Nam, Assurance Partner shared his views on the Circular 36/2014/TT-NHNN issue on Vietnam Economic Times. According to Nam, Circular 36 is seen to meet the market expectations in order to strengthen the quality of banking operation through setting and monitoring important prudential ratios applicable for banking operation.
15 December 2014: Ease of customs boosted by new laws
As the new Law on Customs will become effective on January 1, 2015, the Ministry of Finance and the General Department of Customs are drafting circulars. Article by Nguyen Hong Son, PwC Vietnam's customs specialist on Vietnam Investment Review.
4 November 2014: Tax agents' role not to be disregarded
Our General Director - Dinh Thi Quynh Van, along with Madam Nguyen Thi Cuc - Chairwoman of Vietnam Tax Consultants' Association (VTCA), was featured on Thoi Bao Tai Chinh (Financial Times) to comment on the importance of tax agents.
12 September 2014: Matt Gulbis is featured in “World Transfer Pricing 2015”
In the latest International Tax Review’s supplement 'World Transfer Pricing 2015', PwC Vietnam is listed in the Tier 1 group of the leading firms in the transfer pricing area. The publication also quoted Richard Irwin, Tax partner and highlighted our Transfer Pricing director, Matt Gulbis's leading role in the growth of the firm's transfer pricing practice.
8 September 2014: Metro Cash & Carry withdrew from Vietnam
In an interview with Dau Tu newspaper, our General Director, Dinh Thi Quynh Van shared her expert view about a topical issue: Metro Cash & Carry withdrew from Vietnam - Who does the tax liability belong to? Read the article to find the answer...
18 August 2014: PwC poised for further growth in Vietnam
After 20 years of building partnership and creating value for its clients and government institutions, with a wide range of quality services, PwC is a success story in Vietnam and well prepared for further achievements in this key emerging market for the firm.
14 August 2014: PwC Vietnam - A 20 years journey
Over the past 20 years, PwC has grown into one of the biggest professional service firms in Vietnam making significant contributions to the development of Vietnam’s independent auditing and tax consulting service industries.
February 2014: Formal APA regs released (Bloomberg)
The Ministry of Finance (MoF) recently released Circular 201/2013/TT-BTC (Circular 201) providing formal guidance on the APA programme, including the APA framework, governance, process, roles, responsibilities and mutual expectations for taxpayers and the Vietnamese authorities in applying for, negotiating and executing APAs. Read more.
30 September 2013: Innovation brings in opportunities
"Innovation" has been a word mentioned by many in the current economic context. But where to start and how to manage risks from innovation? Michael Thomas Szczepnski, Director of Advisory Services of PwC Vietnam, has talked with the Saigon Financial Investment about this.
30 July 2013: Vietnamese firms need time to list on foreign bourses
Vietnamese companies generally need around 2 to 3 years to prepare for an overseas listing, given the differences between international and Vietnamese accounting standards, as well as the high standards required for corporate governance and internal controls, Tony Dang Quoc Tuan, Capital Market Services Leader of PwC Vietnam, tells Vietweek.
8 July 2013: BIDV upgrades IT system (Saigon Times Daily, Banking Times)
PwC assisted in investigating and assessing the current status of the core IT system of BIDV for meeting the bank’s business strategies at present and in future, as well as the requirements from BIDV Board of Management. Read more...
1 July 2013: PwC urges firms to embrace ERM(Vietnam Investment Review)
PwC Vietnam's advisory director Edward Chien writes that it is high time local enterprises took Enterprise Risk Management (ERM) seriously to become more risk resilient. Read more...
June 2013: Actively involved(Vietnam Economic Times)
With her greatest asset - an extensive understanding of and experience in Vietnam's business environment, Ms. Dinh Thi Quynh Van, General Director of PwC Vietnam, has played an important role in the country's tax consulting industry.
April 2013: PwC Vietnam honoured with Prime Minister’s Certificate of Merit for its Achievements in Building & Developing Tax Consulting Service Market in Vietnam (Read more here: Vietnam Investment Review, Vietnam Investment Review Online, Dau Tu, Vietnam Business Forum, VnEconomy)
PwC Vietnam and Ms. Dinh Thi Quynh Van, General Director of PwC Vietnam, were honoured to receive the Prime Minister’s Certificate of Merit for their achievements in building and developing tax consulting service market in Vietnam over the past 5 years, from 2008 to 2012. The Certificates of Merit were presented at the Second Term meeting of the Vietnam Tax Consultants’ Association (VTCA) held on 26 April 2013 at the office of the Ministry of Finance in Hanoi.