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Vietnam has developed as a strong and vibrant economy and is projected to become one of the twenty largest global economies by 2050. According to recent World Bank and IMF statistics, Vietnam achieved GDP growth in 2018 of 7.1% (6.8% in 2017) with government debt to GDP of 57.5% in 2018 (58.2% in 2017). This remarkable growth story is supported by Vietnam’s continued willingness to embrace global trade through its membership into the World Trade Organisation
The Vietnamese government has taken numerous precautionary measures in response to the COVID-19 outbreak. Recently, the Prime Minister has issued Directive 11 dated 4 March setting out measures to help address difficulties faced by businesses.
The COVID-19 outbreak has been declared a public health emergency of international concern by the World Health Organization, causing huge impact on people's lives, families and communities. How can you prepare your organisation and respond?
The National Assembly has recently promulgated the Amended Law on Immigration and Residence of Foreigners in Vietnam through Law No. 51/2019/QH14 dated 25 November 2019 which will come into effect on 01 July 2020 (“Amended Immigration Law”). Some important changes are discussed here.
A new Labour Code No. 45/2019/QH14 was recently passed by the National Assembly on 20 November 2019 and will come into effect on 1 January 2021 (“New Labour Code”). There are some fundamental changes with respect to overtime, retirement ages, workers’ representative organisations, dialogue at the workplace, collective bargaining, labour contracting, labour discipline, and employment of foreigners.
November 2019 Technical Update Tax and Legal 1. Corporate Income Tax (“CIT”) (i). Tax loss of an independent-accounting branch accumulated prior to the conversion into a dependent-accounting branch is not allowed to carry forward According to the Official Letter No. 11243/BTC- TCT dated 24 September 2019 issued by the Ministry of Finance, the prevailing tax regulations only allow loss inheritance in case of enterprise transformation, split
In managing the COVID-19 outbreak, have you considered these? ❑ Establish a crisis management structure with the ability to make fast decisions ❑ Review existing policies, procedures and response plans ❑ Determine trigger points or severity levels to activate appropriate organisational plans ❑ Identify critical business functions that may be impacted and develop recovery strategies ❑ Determine and evaluate your organisation's exposure le
Submission of year-end customs finalization reports via Customs’ system 1 The General Department of Customs has just affirmed in a ruling issued on 17 February that the year-end finalization reports applicable to manufacturing companies, which import materials under duty exemption for production of goods for exportation, must be submitted via the GDC’s information management system. Paper finalization reports can be submitted to Customs only
www.pwc.com/vn PwC Vietnam NewsBrief At a glance... The Government released Decree 22/2020/ND-CP on 24 February 2020 amending the rules on business license fees. Decree 22 took effect on 25 February. New Decree 22/2020 on business license fees 3 March 2020 PwC 2 In details Some notable changes are highlighted below: New cases exempted from business license fees i. Business license fee is exempted in the first year of
Under the Securities Law 2019, regarding a public joint stock company (the target company), those entities who fall into tender offer triggering circumstances do not have to conduct a tender offer in some specific circumstances. In particular: Circumstance 1: Purchasing of newly issued shares, which results in the ownership reaching the tender offer triggering limits, in accordance with the issuance plan approved by the target company’s General Shareholder Meeting. Circumstance 2: Rece