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Every digital project, from the implementation of Enterprise Resource Planning (ERP) or other business software to a suite of collaboration tools, requires project management to estimate, coordinate, and control the resources of time, budget, and manpower needed to implement successfully, and achieve the business targets of the new digital system on-time and on-budget.

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.

Being a dependent unit of a foreign company to conduct a number of limited commercial promotion supporting activities permitted by Vietnam laws, a Vietnam-based representative office without carrying out any profit-making activities seems to be quite simple to manage, save cost and simplify the compliance procedures during operation, i.e. no Value Added Tax (VAT), no Corporate Income Tax (CIT), no requirement to maintain the stipulated accounting books, no independent audit required by laws, etc.

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.

Vietnam: Expenses for Intra-Group Services

Nguyen Thu Phuong and Nguyen Hung Du, of Grant Thornton Vietnam, discuss foreign direct investment in Vietnam looking specifically at the use of a direct investment capital account and the tax risks involved.

What the future could hold for education investment in Vietnam

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.

Nguyen Hung Du and Tran Nguyen Mong Van, of Grant Thornton Vietnam, discuss the stimulus solutions for Covid-19 announced by the Vietnamese government.

Valerie Teo and Nguyen Tan Tai, of Grant Thornton Vietnam, discuss the tax incentives in Vietnam in renewable energy and the issues to consider before making an investment.

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).

Nguyen Dinh Huy and Nguyen Hung Du, of Grant Thornton Vietnam, explain how businesses need to prepare for a tax audit in Vietnam, looking at the common areas likely to be challenged by the tax authorities.

The diagnostic rated the business resilience of each participating company in the Covid-19 pandemic environment, and analyzed factors of resilience along key aspects of business operations – finance, supply and demand, external factors, and digitization. The findings, based on data, not on expert opinion, were sometimes expected and sometimes surprising

Grant Thornton Vietnam, in partnership with enablecode and TRG, have released the initial report with results of the Business Pandemic Resilience Diagnostic, based on a survey conducted earlier this year. The diagnostic rated the business resilience of each participating company in the Covid-19 pandemic environment, and analyzed factors of resilience along key aspects of business operations – finance, supply and demand, external factors, and digitization.