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Globally our report shows that despite talk of a slowdown in global economic growth and the more challenging economic environment, more than half the 10,000 businesses surveyed in our IBR reported revenue growth in excess of 5% in the first half of 2019. In Vietnam more than 70% of the firms interviewed have seen revenue grow by more than 5% in the last 12 months.

IFRS News Q3 2019

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.

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Family owned business

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).

With high economic growth and a stable political environment, Vietnam has become an attractive destination for Private Equity (PE) funds. In addition to some well-established Vietnam-based PE firms, such as Mekong Capital, VinaCapital, and Vietnam Investments Group, there are a growing number of offshore PE firms looking for investment opportunities in Vietnam. What PE funds can bring to Vietnam businesses are not only about providing capital, but also about other aspects of operation, including corporate governance, business ideas, relationship and experience.

Chairman's Insights Vietnam's productivity

Danang has been one of the most successful cities in Vietnam, in developing and growing a tourism industry and is looking at how to successfully develop the City from now to 2035. Tourism currently contributes 23% of GDP and in the first quarter of 2018 Danang has seen its foreign visitor arrivals increase 69% yoy.

Whilst corporate tax avoidance continues to grab headlines, some of the biggest reforms are in fact occurring within indirect tax.

The gender diversity issue has been on the business agenda for many years now, yet a third of businesses still have no women at a senior management level. Somewhere there is a disconnect.

We will provide information on what we know about the process of leaving the EU and we will share insights into what we think may happen next and what issues organisations should consider in planning for the future. Our advisers are here to help you achieve your ambitions in an uncertain and unstable world.

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