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Planning for coronavirus impact
Merger and acquisition remains a root but increasingly complex path to growth for many businesses, essential preparation can overcome the challenges.
The start of a new decade is a good time to reflect on my 30 years’ association with Vietnam, which began in November 1989. In 1990 Vietnam’s total foreign trade was less than US$ 5 billion and imports were limited to the value of foreign currency generated from exports, the exchange rate was VND 4,300 to US$1, Per capita income was less than US$ 200 per annum, and foreign exchange reserves were non- existent and there few or no overseas remittances back to Vietnam. There was very small foreign direct investment as the first Foreign Investment law was not promulgated until late 1988.
As we have seen in recent months Vietnam is proving to be a major beneficiary of the trade tensions between the USA and China. 2019 will be another year of 7% plus GDP growth more than 0.2% over the annual forecast and bilateral foreign trade will exceed US$ 500 billion for the first time and FDI has achieved a 10 year record high with commitments of US$ 38 billion and remitted capital exceeding US$ 20 billion.
The sector seems to be attracting a lot of attention from both private airlines and the regulators, whilst Vietnam Airlines the state owned carrier records record number of passengers and a growing fleet of aircraft.
Insights, Labour Productivity- is a breakthrough imminent?
With the increasing trends in economic integration, it is normal that overseas organizations and foreign individuals generate income from doing business in another country rather than their home countries. In Vietnam, if a foreign organization earns income in Vietnam through providing services, or selling goods together with services, or trading, its income will be subject to Vietnamese Withholding Foreign Contractor Tax (FCT).
With the increasing trends in economic integration, it is normal that overseas organizations and foreign individuals generate income from doing business in another country rather than their home countries. In Vietnam, if a foreign organization earns income in Vietnam through providing services, or selling goods together with services, or trading, its income will be subject to Vietnamese Withholding Foreign Contractor Tax (FCT).
Update on new regulations and important tax policies
Tariff War and Relocation of Global Supply Chain
On Friday the British Ambassador HE Gareth Ward addressed members of the British Business Group Vietnam on the UK’s new industrial strategy and opportunities in line with the Vietnamese Governments Industry 4.0 Strategy. I quote below
Grant Thornton Vietnam is pleased to announce the release of the results of our 18th survey - “Private Equity in Vietnam- Catching up and getting ahead”. The survey was conducted in March 2019.
In this newsletter, Grant Thornton Vietnam would like to update the important regulations and tax policies as follows: