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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.

Prime Minster Chinh was accompanied by a delegation of approx. 180 people from Vietnam including Minister Dung from MPI, Minister Dien from MoIT and Minister Hoan from MoA. His opening message was that Vietnam was in the process of restructuring the growth model to a green and sustainable model embracing a global and comprehensive approach.

We are pleased to present the Grant Thornton Australia and Family Business Australia and Family Business New Zealand 2021 Family Business Survey report.

VIR interviewed Claude Spiese, Senior Advisor for Digital Advisory at Grant Thornton Vietnam, and Tom O’Connor, Founder and CEO of XperX AI, to discuss trends in data analytics and AI in marketing in today’s digital world.

Kenneth M. Atkinson, Founder and Senior Board Adviser of Grant Thornton Vietnam cum vice chairman of the Vietnam Tourism Advisory Board, shared with VIR’s Thanh Van about the chances for Vietnam’s tourism industry when easing quarantine requirements and launching a pilot programme to welcome international tourists.

Ms Valerie Teo and Mr Nguyen Tan Tai of Grant Thornton Vietnam discuss different approaches to business transfer in Vietnam and considerations for international investors who may be targeting established businesses in the country.

The implementation of the UK-Vietnam Free Trade Agreement will be a boon to bilateral trade and investment between Vietnam and the United Kingdom moving forward. Kenneth Atkinson, Founder and Senior Board Adviser of Grant Thornton Vietnam, provides his insights into the wide-ranging deal.

With the Government’s effective pandemic containment measures and initiatives to stimulate domestic tourism demand, sentiment towards travel is recovering.

Nguyen Dinh Du and Do Vu Bao Khanh of Grant Thornton Vietnam look at transfer pricing audits in Vietnam, from the process to potential challenges, and discuss how taxpayers can mitigate risks.

Vietnam has gained remarkable achievements in economic development in 2020, although this was a turbulent year for the entire world. As a long-time resident of Vietnam and a dual national, I can only applaud the Government for its swift proactive measures to contain the pandemic and enable a relatively strong economic performance in 2020.

Are your firms’ existing and planned digital systems fit for purpose for your business objectives? What are the risks to your business stemming from your internal and external digital systems?

Going along with the development of science and technology and industrial revolution 4.0, the National Assembly and Government have promulgated by many policies to support the development of Information Technology (“IT”) industry in Vietnam in order to enhance the competitiveness of IT enterprises as well as the investment attraction strategy, in which the Corporate Income Tax (“CIT”) incentives policy stands out to further promote the development and application IT in Vietnam.

At the start of the New Year it is both time to reflect and look to see what we can expect in the year ahead. We are all well aware of the Government’s excellent response to unexpected Covid 19 pandemic, having one of the lowest number of cases, as a percentage of population, and one of the lowest fatalities per number of cases. I believe Vietnamese and foreigners alike are grateful to the authorities for the contact tracing and quarantine requirements, which have been instrumental in containing community spread.

His Excellency Nguyen Xuan Phuc opened the meeting with the World Bank, IFC, VCCI, Consortium members of the VBF and the Chairs of the various working groups. He welcomed all attendees and commented that Vietnam was enjoying relatively strong economic growth, some of the strongest trade flows in 2020, improved ratings by Fitch and a higher rating in the Global Competitiveness Index.

The RCEP was signed last week in Hanoi, via phone call, by 15 countries (ASEAN and 5 non-ASEAN members being Australia, China, Japan, New Zealand and South Korea). Negotiations started in 2012, and needs further ratification by each country and RCEP will not become effective until this is done by at least 6 ASEAN and 3 Non ASEAN member countries.

Vietnam has announced its ambition to be a high income country by 2045, which some may consider to be a major challenge. It is true that Vietnam has shown remarkable growth in per capita income from around US$ 100 per year at the end of the 1980’s to almost US$ 2,800 last year, but to achieve high income status we are talking about a figure of over US$ 12,000 (World Bank 2018 figures).