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Last November, Vietnam legalised rules regarding the introduction of global minimum tax (GMT). It is set at 15 per cent in Vietnam for enterprises considered as constituent entities of multinational corporations (MNCs) with consolidated revenue from €750 million (around $815 mil- lion) in two of four consecutive years.
Do Vu Bao Khanh of Grant Thornton Vietnam explains that Vietnam’s intention to implement the OECD global minimum this year will have repercussions for multinational enterprises investing there and for the country’s tax policy.
Grant Thornton Vietnam is pleased to release Grant Thornton International's Women in Business Report 2024, marking 20 years of surveying on women senior management in mid-market companies globally.
In the face of globalisation, groups of companies operating internationally often find themselves with complex corporate structures. Therefore, intra-group restructuring may need to take place to improve administrative, operational, and economic efficiency.
As Vietnam develops a thriving software industry, Nguyen Thu Phuong and Vu Hong Ngoc of Grant Thornton explain how enterprises involved in software production intended for export can successfully claim VAT refunds.
Grant Thornton is conducting its 2023 survey on the investment outlook of the private equity sector. The survey is aimed at decision makers involved in investment activities such as corporates, advisory firms and private equity houses in addition to academics and experts across various sectors of the economy.
ELP in Vietnam: ‘Caring plays an essential role in teamwork and cooperation’
As online learning remains popular even with the easing of the pandemic, Dam Bao Ngoc and Lac Boi Tho of Grant Thornton look at the legal, regulatory, and tax-related requirements for overseas educational businesses providing such services in Vietnam.
A representative office of a foreign trading business in Vietnam is a dependent unit of the foreign business and could provide an important step in understanding the local market before officially expanding the business in Vietnam. At a first glance, it seems to be quite a simple business model to establish, run, and manage, with minimum costs. However, in practice, is this assumption actually valid?
“From a policy implementation perspective, at the moment, the key factor is that we have seen the foreign contractors start paying tax under the newly launched portal and the procedures are convenient for them. Hence, we believe that the tax revenue from this source will increase, in line with the growth of the Vietnamese economy and cross-border transactions.” said Mr Hoang Viet Dung, Tax Director at Grant Thornton Vietnam.
It seems that the majority of Vietnamese enterprises are still focusing on business growth and financial success rather than taking a more appropriate look at Environmental, Social, and Governance (ESG) criteria
Grant Thornton Vietnam is pleased to issue the updated 2022 edition of ‘Doing Business in Vietnam’. We hope you find this guide is useful and helpful in understanding how to do business in Vietnam.
Whilst much has been spoken in the past on the need to improve institutions and the business environment, in order to attract and retain foreign direct investment, progress has been slow. However, it would seem that the Government is now paying more attention to this problem.
Whilst there are rightfully questions over Vietnam’s projected growth targets for 2022, in the light of the headwinds caused by rising inflation and the unfortunate Russia Ukraine situation. Mr. Kenneth Atkinson think Vietnam can remain confident in a GDP growth circa 6% and sustain economic growth in the face of building head winds
The Vietnam economy grew at 2.58% in 2021, well below the Government’s target, due largely to the huge disruptions to manufacturing and other economic activities, due to the rampant Covid outbreak and the lockdown restrictions imposed by the Government, some of which continue at the start of 2022.
Grant Thornton Vietnam is pleased to introduce the latest edition of ‘Doing Business in Vietnam’ updated in 2021.