Vietnam Newsbriefs

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    A periodic summary of new rulings and other legal documents relating to legal, tax and investment developments in Vietnam.

    To sign up for our email alerts on regulatory & tax changes, please contact Richard J Irwin, Partner - Tax and Legal Services

     

    Tax incentives for business expansion in 2009 - 2013

    15/04/16

    On 7 April 2016, the Ministry of Finance (“MoF”) issued Official letter (“OL”) 4769 to all provincial tax departments providing guidance on regular investment activities.

    Law on Export and Import duties approved

    11/04/16

    The National Assembly has approved Law on export and import duties as part of its program to enhance Vietnam’s integration into the global market. The new law will come into effect on 1 September 2016.

    Amended tax law approved

    07/04/16

    The National Assembly has just approved an amended law on value added tax, special sales tax and tax administration. The new law will come into effect on 1 July 2016.

    New regulations on foreign loans

    03/04/16

    The State Bank of Vietnam has issued Circular 03/2016 /TT-NHNNon foreign loans. The new Circular will take effect from 15 April, and replace Circulars 09/2004/TT-NHNN and 25/2014/TT-NHNN, thereby consolidating the regulations on this issue.

    Conditions applicable to foreign investment published on MPI’s website

    23/02/16

    The Foreign Investment Agency of theMinistry of Planning and Investment has recently published the investment conditions which apply to foreign investors on its website at https://dautunuocngoai.gov.vn/fdi/nganhnghedautu

    New decree on representative offices and branches of foreign companies

    04/02/16

    The Government issued Decree No. 07/2016/ND-CP on 25 January which comes into effect on 10 March replacing Decree No.72/2006/NDCP on representative offices (“RO”) and branches of foreign companies in Vietnam.

    Circular No. 53/2016/TT- BTC amending and supplementing some articles of Circular No. 200/2014/TT-BTC - Guidance on corporate accounting

    24/03/16

    On 21 March 2016, the Ministry of Finance (“MOF”) issued Circular No. 53/2016/TT-BTC (“Circular 53”), which amends some articles of Circular No. 200/2014/TT-BTC (“Circular 200”) dated 22 December 2014 providing guidance on the Vietnamese Corporate Accounting System.

    PwC study: FinTechis reshaping Financial services

    18/03/16

    PwC’s Global FinTechsurvey show that 83% of traditional financial services (FS) firms believe part of their business is at risk of being lost to FinTechcompanies, reaching a staggering 95% in the case of banks.

    March

    • 18 Mar - New Circular guiding taxation of upstream oil and gas activities English / Vietnamese

    February

    January

    • 22 Jan - Update on Vietnam Social Security Scheme for expatriate employees English / Vietnamese
    • 21 Jan - New Circular on Special Sales Tax English / Vietnamese
    • 18 Jan - New regulations on labour contracts and disciplinary matters English / Vietnamese
    • 16 Jan - Accounting Law 2015 English / Vietnamese
    • 13 Jan - Key changes to the compulsory state social insurance scheme from 2016 English / Vietnamese
    • 11 Jan - New export tariff and preferential import tariff effective 1 January 2016 English / Vietnamese
    • 11 Jan - Annual Corporate Income Tax return must be accompanied by audited financial statements English / Vietnamese
    • 8 Jan - Circular 155/2015/TT-BTC regarding information disclosure on securities markets English / Vietnamese

    December

    • 28 Dec - 2015 Final Personal Income Tax Return English / Vietnamese
    • 15 Dec - Representative office annual operations report English / Vietnamese
    • 13 Dec - 2015 year end tax compliance English / Vietnamese
    • 8 Dec - Decree guiding the Law on Investment English
    • 4 Dec - Submission of Finalization report for export production scheme English / Vietnamese
    • 2 Dec - Establishment of Transfer Pricing Audit Divisions in Ho Chi Minh City, Binh Duong and Dong Nai English

    November

    October

    • 30 Oct - New guidance on use of company seals English
    • 29 Oct - New Circular on Natural Resource Tax English / Vietnamese
    • 27 Oct - Enforcement of Collection of Trade Union Fees English
    • 23 Oct - Value Added Tax (VAT) for staff welfare expenses English / Vietnamese
    • 23 Oct - Official letter of Ministry of Finance responding to questions relating to Circular 200/2014/TTBTC English / Vietnamese
    • 20 Oct - New approaches taken in tax audits in Vietnam - involvement of State AuditorEnglish

    September

    • 25 Sep - First decree guiding the new Law on Enterprises issued English / Vietnamese
    • 17 Sep - New letter from the Ministry of Finance regarding applicable accounting regime for life insurance companies and reinsurance companies in 2015 English / Vietnamese
    • 9 Sep - FX rate applicable to transactions in foreign currency English / Vietnamese

    August

    • 12 Aug - Duty/VAT waiver on actual materials in stock of Export Processing Enterprises English / Vietnamese
    • 12 Aug - Foreign Contractor Tax treatment of goods supplied to domestic market from bonded warehouse English / Vietnamese
    • 5 Aug - New Rules on Retiring Employees and Probationary Periods English / Vietnamese
    • 3 Aug - Financial year end 30 June tax compliance English

    July

    • 27 Jul - PwC Legal NewsBrief_Guidance for implementation of the new Law on Investment and Law on Enterprises English
    • 24 Jul - Important Changes on Personal Income Tax (“PIT”) English / Vietnamese
    • 13 Jul - PwC Forensic Newsletter - July 2015 English / Vietnamese
    • 8 Jul - PwC Legal NewsBrief_New regulations on foreign ownership of public companies English
    • 2 Jul - Guidance on the accounting system applicable to life insurance companies and reinsurance companies - Circular 199 English / Vietnamese
    • 2 Jul - Tax treatment in respect of the payment of the right to use intellectual property English / Vietnamese
    • 1 Jul - PwC Legal NewsBrief_Enterprise data confirmation English

    June

    May

    April

    • 21 Apr - New circular guiding customs valuation English / Vietnamese
    • 21 Apr - New circular guiding customs procedures English / Vietnamese
    • 6 Apr - PwC Saratoga Metric of the Month - April 2015 English / Vietnamese
    • 2 Apr - Special Preferential Import Tariffs to implement ASEAN – Japan and Vietnam – Japan Agreements during 2015 – 2019 English / Vietnamese

    March

    February

    • 27 Feb - Decree 12 guiding the new amended tax law English / Vietnamese
    • 6 Feb - New Circular providing guidance on Vietnamese Corporate Accounting System English / Vietnamese
    • 3 Feb - Saratoga Metric of the Month - Feb 2015 English / Vietnamese

    January

    • 23 December 2014 - Ease of customs boosted by new laws English
    • 17 December 2014 - Representative office annual operations report English / Vietnamese
    • 15 December 2014 - Personal Income Tax (“PIT”) for employees of foreign contractors working in Vietnam English / Vietnamese
    • 10 December 2014 - New regulation on the import of mobile phones English / Vietnamese
    • 8 December 2014 - 2014 year end tax compliance English / Vietnamese
    • 4 December 2014 - 2014 Final Personal Income Tax (“PIT”)Return English / Vietnamese
    • 4 December 2014 - New law on residential housing - relaxation of rules for foreigners buying properties in Vietnam English
    • 2 December 2014 - PwC Saratoga: Metric of the Month - December 2014 English /Vietnamese
    • 1 December 2014 - Finance for Non-Financial Professionals, 2 day workshop – 27th and 28th January, 2015 in the Novotel Hotel, Ho Chi Minh City English
    • 1 December 2014 - Payment for share/equity acquisition English / Vietnamese
    • 28 November 2014 - Major new laws passed by National Assembly - New laws on investment and on enterprises English
    • 27 November 2014 - What sets top performing HR teams apart?English / Vietnamese
    • 26 November 2014 - Two new tax laws! English / Vietnamese
    • 25 November 2014 - New regulations on registration of operating offices of oil and gas subcontractors in Ba Ria Vung Tau Province English / Vietnamese
    • 21 November 2014 - Investments in Asia Pacific will continue to climb English / Vietnamese
    • 18 November 2014 - Minimum salaries increased from 1 January 2015 English / Vietnamese
    • 17 November 2014 - Import license for fertilizer products English / Vietnamese
    • 13 November 2014 - PwC former Global Managing Partner Jermyn Brooks talks at Eurocham Business Luncheon English
    • 12 November 2014 - Consumption norm adjustments for exported goods English /Vietnamese
    • 28 October 2014 - Circular 151 guiding Decree 91 on various tax issues English / Vietnamese
    • 10 October 2014 - A&P cap to be abolished English
    • 9 October 2014 - Decree 91 amending various tax decrees English / Vietnamese
    • 7 October 2014 - Forensics - Conflicts of Interest English
    • 3 October 2014 - Global State of Information Security Survey 2015 English / Vietnamese
    • 30 September 2014 - Circular 25 Foreign Loan Registration English / Vietnamese
    • 17 September 2014 - Further changes proposed to the draft Law on Investment English
    • 4 September 2014 - New customs law English / Vietnamese
    • 4 September 2014 - Simplification of tax filing procedures English / Vietnamese
    • 29 August 2014 - Resolution 63 proposing tax measures to address financial difficulties faced by enterprises English / Vietnamese
    • 27 August 2014 - Customs update: Import requirements for used machinery, equipment and production lines English / Vietnamese
    • 21 August 2014 - Decree 75 on Vietnamese employees working for foreign entities in VietnamEnglish / Vietnamese
    • 19 August 2014 - New Foreign Contractor Tax regulations – significant extensions in scopeEnglish / Vietnamese
    • 14 August 2014 - Revised TP Declaration Form English / Vietnamese
    • 1 August 2014 - Managing Vietnam Personal Income Tax of frequent business travellersEnglish / Vietnamese
    • 31 July 2014 - New Law On Bankruptcy English / Vietnamese
    • July 2014 - PwC launches Human Capital Benchmarking study English / Vietnamese
    • 25 July 2014 - New Land Law English / Vietnamese
    • July 2014 - Leading change English / Vietnamese
    • 14 July 2014 - Circular 78 on Corporate Income Tax (CIT) English / Vietnamese
    • 9 July 2014 - America dominates the world top 100 most valuable companies English /Vietnamese
    • 13 June 2014 - New measures targeting foreign sourced loans English / Vietnamese
    • June 2014 - Talent Adaptability - Global economy misses out on $150bn due to talent mismatch English / Vietnamese
    • 6 June 2014 - World Cup home advantage boost for Brazil, but England face battle in ‘Group of Death’, says PwC report English
    • 4 June 2014 - Personal income tax (PIT) applicable to airfares provided to employees working on a rotation basis: English / Vietnamese
    • 26 May 2014 - Circular 39/2014 on invoicing regulations: English / Vietnamese
    • 23 May 2014 - Tax relief for victims of recent riots: English / Vietnamese
    • 6 March 2014 - New Decree on invoicing: English / Vietnamese
    • 4 March 2014 - PwC People Services: English / Vietnamese
    • 20 February 2014 - Circular 219 on Value Added Tax (VAT): English / Vietnamese
    • 14 February 2014 - Guidance on 2013 Personal Income Tax (PIT) Finalisation: English /Vietnamese
    • 15 January 2014 - An update on work permit issuance in Ho Chi Minh City: English /Vietnamese
    • 14 January 2014 - Circular 201/2013 guiding the application of the Advanced Pricing Arrangement in tax administration: English / Vietnamese
    • 3 January 2014 - Circular 205/2013 on implementation of Double Tax Agreements: English /Vietnamese
    • 3 January 2014 - Decree guiding implementation of the Law on Advertising: English /Vietnamese
    • 3 January 2014 - Decree 209 on Value Added Tax: English / Vietnamese
    • 3 January 2014 - Decree 218 on Corporate Income Tax: English / Vietnamese
    • 20 December 2013 - Registration of Value Added Tax (VAT) declaration method for 2014:English / Vietnamese
    • 20 December 2013 - Notification of bank accounts to the tax authorities: English / Vietnamese
    • 18 December 2013 - 2013 year end tax compliance: English / Vietnamese
    • 13 December 2013 - Amended regulations on tax administration and penalties: English /Vietnamese
    • 13 December 2013 - Amended Decree on Industrial Zones (IZ) and Export Processing Zones (EPZ): English / Vietnamese
    • 12 December 2013 - Minimum salaries increased from January 2014: English / Vietnamese
    • 6 December 2013 - New Decree on financing of Trade Unions issued: English / Vietnamese
    • 5 December 2013 - Representative Office Annual Operations Report: English / Vietnamese
    • 4 November 2013 - Draft Circular on implementation of Double Tax Agreements (“DTA”) introduces ani-treaty shopping rules: English / Vietnamese
    • 1 November 2013 - Vietnamese tax authorities significantly increase transfer pricing enforcement activity: English / Vietnamese
    • 31 Octobber 2013 - Voluntary pension scheme: English / Vietnamese
    • 15 Octobber 2013 - New regulations on customs procedures: English / Vietnamese
    • October 2013 - PwC Strategy and Operations Consulting: English
    • 17 September 2013 - New Decree on foreigners working in Vietnam: English / Vietnamese
    • 12 September 2013 - New Circular on Personal Income Taxes (PIT): English / Vietnamese
    • 23 August 2013 - Draft Advance Pricing Arrangement Circular: English / Vietnamese
    • 11 July 2013 - Re-registration of foreign-invested enterprises: English / Vietnamese
    • 8 July 2013 - Creating future leaders: English / Vietnamese
    • 4 July 2013 - New basic salary effective from 1 July 2013: English / Vietnamese
    • 2 July 2013 - New Decree on Personal Income Tax: English / Vietnamese
    • 24 June 2013 - New laws on Corporate Income Tax (CIT) and Value Added Tax (VAT):English  / Vietnamese
    • 12 June 2013 - New decree on labour outsourcing: English / Vietnamese
    • 10 June 2013 - Depreciation of buildings without ownership certificate: English / Vietnamese
    • 10 June 2013 - People and change - Compensation and benefits: English / Vietnamese
    • 7 June 2013 - New Value Added Tax regulations: English / Vietnamese
    • 3 June 2013 - Talent war threatens banks' bottom line: English / Vietnamese
    • 30 May 2013 - Using foreign currency in Vietnam - a clear restricted scope: English /Vietnamese
    • 28 May 2013 - Personal Income Tax debt enforcement: English / Vietnamese
    • 27 May 2013 - New Decrees guiding the 2012 Labour Code: English / Vietnamese
    • 23 May 2013 - New Circular on depreciation of fixed assets: English / Vietnamese
    • 14 May 2013 - New Circular 08 - Retail activities - more information on Economic Needs Test:English / Vietnamese
    • 7 May 2013 - PwC Vietnam receives Prime Minister's Certificate of Merit for tax consulting:English / Vietnamese
    • 26 April 2013 - New Circular on unemployment insurance: English / Vietnamese
    • 5 April 2013 - The need for environmental and social governance in stock exchanges: English
    • 3 April 2013 - New Circular 13 on enterprise registration: English / Vietnamese
    • 27 March 2013 - Delivering better business results through talent: English / Vietnamese
    • 27 February 2013 - Fiscal stimulus measures for 2013: English / Vietnamese
    • 4 February 2013 - E-commerce - a largely untapped opportunity in Vietnam: English /Vietnamese
    • 23 January 2013 - 2012 Personal Income Tax (“PIT”) Finalisation: English / Vietnamese
    • 16 January 2013 - Draft decrees guiding new Law on Trade Unions and new Labour Code:English / Vietnamese
    • 16 January 2013 - Fiscal stimulus measures for 2013: English / Vietnamese
    • 9 January 2013 - Amended Law on Tax Administration effective from 1 July 2013: English /Vietnamese
    • 9 January 2013 - PIT treatment of airfares and accommodation for certain non-resident employees: English / Vietnamese
    • 8 January 2013 - Finance Function - Are you the business partner that your organisation is looking for? English / Vietnamese
    • 4 January 2013 - Capturing value through effective integration of people: English /Vietnamese
    • 25 December 2012 - Conversion of Corporate Income Tax ("CIT") incentives: English /Vietnamese
    • 21 December 2012 - Foreign contractor withholding tax update: English / Vietnamese
    • 19 December 2012 - VAT exemption for interest paid to non-banks: English / Vietnamese
    • 10 December 2012 - New regional minimum salaries from January 2013: English /Vietnamese
    • 05 December 2012 - Representative Office Annual Operations Report: English / Vietnamese
    • 22 November 2012 - Personal Income Tax changes in 2013: English / Vietnamese
    • 22 November 2012 - Foreign Contractor Withholding Tax collection: English / Vietnamese
    • 15 November 2012 - New rules on accounting for retrenchment allowance provisions and foreign exchange differences: English / Vietnamese
    • 5 November 2012 - South East Asia – Investment Opportunities, Tax & Other Incentives:English
    • 30 October 2012 - A further 3-month payment deferral for June 2012 Value Added Tax:English / Vietnamese
    • 18 October 2012 - Tightened tax control on enterprises: English / Vietnamese
    • 15 October 2012 - Import-export rights of foreign traders that do not have a permanent establishment in Vietnam: English / Vietnamese
    • 10 October 2012 - Is HR working for your business? English / Vietnamese
    • 9 October 2012 - Update on Value Added Tax (“VAT”) on interest paid to non-banks: English /Vietnamese
    • 21 September 2012 - Stock/shares awarded to Vietnamese employees: English / Vietnamese
    • 20 September 2012 - Guidance on fiscal stimulus measures: English / Vietnamese
    • 19 September 2012 - Temporary suspension on importation of used machinery, equipment and technology lines: English / Vietnamese
    • 17 September 2012 - Important changes proposed to the Double Taxation Agreement between Vietnam and Singapore: English / Vietnamese
    • 11 September 2012 - How are you managing the rising costs of people? English / Vietnamese
    • 6 September 2012 - Personal Income Tax exemption under Double Taxation AgreementEnglish / Vietnamese
    • 5 September 2012 - Law on anti-money laundering: English / Vietnamese
    • 31 August 2012 - Restrictions on the goods which can be purchased by foreign-owned export processing enterprises: English / Vietnamese
    • 21 August 2012 - Foreign tax credit for PIT purposes: English / Vietnamese
    • 20 August 2012 - Stricter controls over foreigners working in Vietnam: English / Vietnamese
    • 14 August 2012 - Update on Value Added Tax invoices quoting foreign currency: English /Vietnamese
    • 7 August 2012 - New law on prices: English / Vietnamese
    • 7 August 2012 - New circular on Corporate Income Tax: English / Vietnamese
    • 12 July 2012 - Allowances for overseas business trip: English / Vietnamese
    • 10 July 2012 - Draft Decree guiding the Investment Law: English / Vietnamese
    • 9 July 2012 - Interpretation of permanent establishment for VAT zero-rating purposes: EnglishVietnamese
    • 5 July 2012 - Value Added Tax on interest paid to foreign lenders: English / Vietnamese
    • 4 July 2012 - Tax code registration for contractors: English / Vietnamese
    • 25 June 2012 - Tax cuts and proposal for more changes in 2013: English / Vietnamese
    • 20 June 2012 - New laws: English / Vietnamese
    • 12 June 2012 - Contractor licences and management of foreign contractors in Vietnam:English / Vietnamese
    • 31 May 2012 - Legal update on draft new foreign exchange regulations: English / Vietnamese
    • 30 May 2012 - New Circular on Foreign Contractor Withholding Tax: English / Vietnamese
    • 28 May 2012 - Further update on tax incentives for SMEs: English / Vietnamese
    • 17 May 2012 - Registration of tax code for Foreign Contractor Withholding Tax purposes:English / Vietnamese
    • 15 May 2012 - Tax incentives for SMEs: English / Vietnamese
    • 13 April 2012 - Common minimum salary from 1 May 2012: English / Vietnamese
    • 13 April 2012 - Tax implications of VAT invoices denominated in foreign currency: English /Vietnamese
    • 10 April 2012 - Proposed changes of the Law on Personal Income Tax: English / Vietnamese
    • 29 March 2012 - Additional requirement on CIT payment deferral: English / Vietnamese
    • 29 March 2012 - Changes to granting and taking security: English / Vietnamese
    • 16 March 2012 - New circular on VAT: English / Vietnamese
    • 17 February 2012 - VAT on lending by non-banks: English / Vietnamese
    • 17 February 2012 - Environment protection tax: English / Vietnamese
    • 16 February 2012 - Export duty exemption for construction materials taken from domestic market into non-tariff zone: English / Vietnamese
    • 7 February 2012 - Corporate Income Tax and transfer pricing annual compliance: English /Vietnamese
    • 3 February 2012 - VAT refund for foreign visitors: English / Vietnamese
    • 3 February 2012 - Additional CIT payment deferral: English / Vietnamese
    • 1 February 2012 - Guidance on 2011 PIT finalisation: English / Vietnamese
    • 1 February 2012 - Some legal updates on Vietnamese market entry by foreigners: English /Vietnamese
    • 31 January 2012 - New customs tariff for 2012: English / Vietnamese
    • 12 January 2012 - New decrees on SST, VAT and CIT: English / Vietnamese