INVESTING

IN VIETNAM
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Content
CHAPTER 1 VIETNAM A BRIEF OUTLINE 1
1.1 Geography 2
1.2 Climate 2
1.3 Population and Religion 3
1.4 Language 3
1.5 Government 3
1.6 Infrastructure 4
CHAPTER 2 INVESTMENT OPPORTUNITIES 5
2.1 Vietnam Economy Overview 6
2.1.1 Economic Growth 6
2.1.2 Inflation 7
2.1.3 Economic Structure 7
2.1.4 Labour force 8
2.2 Vietnam's Accession to WTO 8
2.2.1 Goods schedule, Services Schedule and Vietnam's further liberalised market 8
2.2.2 Regulatory reform 8
CHAPTER 3 INVESTMENT CLIMATE FOR FOREIGN DIRECT INVESTMENT 9
3.1 Investment Climate 10
3.2 Investment forms 11
3.3 Encouraged investment sectors 12
3.4 Investment incentives 13
3.5 Investment procedures 13
3.5.1 Licensing process 13
3.5.2 Licensing authorities 14
3.5.3 Cost and time frame of licensing procedures 14
3.5.4 Post-licensing procedures 14
CHAPTER 4 - TAXATION 15
4.1 Overview 16
4.2 Corporate Income Tax 16
4.2.1 Taxable Income 16
4.2.2 Deductions 16
4.2.3 Tax Rates 17
4.2.4 Tax Incentives 17
4.2.5 Tax Year 17
4.2.6 Losses Carry Forward 17
4.3 Value Added Tax 17
4.4 Special Sales Tax 17
4.5 Personal Income Tax 17
4.6 Import Duties 18
4.7 Foreign Contractor Tax 18
4.8 Relief from Tax 18
CHAPTER 5 BANKING AND FOREIGN EXCHANGE CONTROL 19
5.1 Banking account 20
5.1.1 Direct investment 20
5.1.2 Indirect investment 20
5.2 Foreign Exchange Control 20
5.3 Rate of Exchange 21
5.4 The Use Of Foreign Currencies 21
5.5 Capital Transactions of Foreign Investors into Vietnam 22
5.6 Offshore Borrowing 22
5.7 Profit Remittance Regulations 22
CHAPTER 6 ACCOUNTING AND REPORTING 23
6.1 Accounting Requirements 24
6.1.1 Vietnamese Accounting System 24
6.1.2 Fiscal year 24
6.1.3 Accounting Staff 24
6.2 Auditing Requirements 24
CHAPTER 7 EMPLOYMENT 25
7.1 Recruitment 26
7.2 Labour contract 26
7.2.1 Notice of Termination 26
7.2.2 Working Hours 26
7.2.3 Wage Rates 26
7.2.4 Annual Leave 27
7.2.5 Severance allowance 27
7.3 Other issues 27
7.3.1 Trade Unions 27
7.3.2 Statutory Insurance 27
7.3.3 Visa/Temporary Residence Card 28
7.3.4 Work Permits 28
CHAPTER 8 LAND 29
8.1 Land used by foreign invested enterprises 30
8.1.1 Lease land from the State or other permitted lessors 30
8.1.2 Obtain the LUR by the way of receipt of capital contribution 31
8.2 LUR lease contract 31
8.3 LUR Transfer 32
8.4 LUR Mortgage 32
CHAPTER 9- INTELLECTUAL PROPERTY 33
9.1 Protection of intellectual property 34
9.1.1 Types of Intellectual Property Right to be protected in Vietnam 34
9.1.2 Duration of protection for some IPRs 34
9.2 Registration of IPRs in Vietnam 35
ABOUT KPMG IN VIETNAM 36
Chapter 1
Vietnam
A Brief Outline
1.1 Geography
Vietnam is located in the centre of
Southeast Asia with a land area of
approximately 330,363 sq km. It
borders China to the north, Laos
and Cambodia to the west, the
East Sea and Pacific Ocean to the
east and south.
Hanoi is the capital city, and Ho Chi
Minh City is the largest commercial
centre.
Vietnam has a beautiful long sea
coast of 3,444 km, which is an
ideal condition for development
of maritime industry, trade and
tourism in particular and for its
emergence as a shipping centre for
the South East Asia and the world
in general.
Vietnam is predominantly a
mountainous country, with
mountains and forests covering
three quarters of the land area. Its
two main cultivated areas are the
Red River Delta (15,000 sq km) in
the north and the Mekong River
Delta (40,000 sq km) in the south.
Diverse geographical structure
together with hills, highlands
and coastal areas are suitable for
comprehensive economic zones.
1.2 Climate
Vietnam is located in the tropical
monsoon zone and has all the
typical climatic features of warm
weather, high humidity and
abundant seasonal rainfall.
There are considerable variations
in climate and rainfall patterns
throughout the country. The
Northern region experiences a
more temperate climate with four
distinct seasons: spring (from
February to April); a hot and humid
summer (from May to July);
autumn (from August to October)
and a cold and humid winter (from
November to January). In the
south, where the climate is more
tropical, there are only two major
seasons: a rainy season from May
to October and a dry season from
November to April.
The Socialist Republic of Vietnam is a South East Asian
country with a unique and rich history. After launching
a political and economic renewal campaign (Doi Moi) in
1986, the country began to open its doors to the worlds
economy, heralding a new era of transformation and
challenges. Today Vietnam is seen as an emerging market
belonging to the most dynamic economies of the world.
2
1.3 Population and
Religion
Vietnams total population is
more than 87 million in 2010 with
the average annual population
growth rate of 1.1%, including
males accounting for 49.4%
and females accounting for
50.6%. The average population
density is 260 people per square
kilometre. Approximately 70%
of the population reside in rural
areas. Hanoi, Ho Chi Minh City,
Hai Phong, Can Tho and Da Nang
constitute 16% of the population.
About 60% of the population is
under the age of 25.
The population consists of 54
ethnic groups, of which 88% is
Viet (Kinh) and the remaining 12%
is ethnic minorities such as the
Tay, Thai, Hoa (Chinese), Khmer,
Hmong and others.
Literacy rate for the population
aged 15 years and over is 94% in
2009. Currently, the Government
has given priority to developing
quality training and education
system.
Major religions are Buddhism,
Confucianism, Taoism and
Christianity.
1.4 Language
The national language is
Vietnamese, which is widely
spoken throughout the country by
all ethnic groups. English is the
most popular foreign language
and widely spoken in some urban
areas. English study is obligatory
in most schools. Other common
foreign languages are French,
Chinese and Japanese.
1.5 Government
Vietnam is a one party state
where the Politburo and Central
Committee of the Communist
Party of Vietnam decide major
policy issues, which are then
implemented by the Government.
Constitutional and legislative
powers are vested in the National
Assembly, which is the highest
organ of state power. The National
Assembly has the power to
approve and revise the Constitution
and Laws, make important
3
decisions on national matters
(policies on internal and foreign
affairs, socio-economic factors,
political factors, security factors,
operations of state bodies), and
supervise all operations of state
bodies.
The President, as Head of State,
represents The Socialist Republic
of Vietnam on internal and foreign
affairs.
The Government is the highest
administrative state body of The
Socialist Republic of Vietnam, and
responsible for executing and
managing political, economic,
cultural, social, national defence,
security and foreign affairs of the
state bodies.
Ministries are responsible for the
execution of state power in the
certain industry or sector.
Peoples Committee (province,
district, and commune) governs
management affairs within its
administrative location, manages,
directs, operates daily activities of
local state bodies and executes
policies of the relevant Peoples
Council and higher state bodies.
The Judiciary is comprised of
the Supreme Peoples Court,
headed by the Chief Justice, who
is accountable to the National
Assembly. Provincial and district
Peoples Courts execute juridical
power on criminal, civil, economic,
labour and administrative issues.
Peoples Procuracy (province,
district) checks the law
obedience of all state authorities,
organisations and individuals.
Peoples Procuracy also executes
the power of prosecutor in
accordance with the law.
1.6 Infrastructure
The Vietnamese Government
has recognised the importance
of having efficient infrastructure
for economic development.
Accordingly, there have been
various programs to upgrade
and expand the existing
infrastructure. The main transport
and communication networks
in Vietnam are road, railways,
shipping lines and airlines.
The main national road is Highway
No. 1A, stretching from the border
with China in the north through
Ho Chi Minh City and down to
Mekong Delta Provinces in the
south. Construction has just been
completed on the Ho Chi Minh
City to Phnom Penh section of the
Trans-Asia highway. Construction
works has also progressed on the
1,690km Ho Chi Minh Highway. This
runs inland parallel to the current
Highway No. 1A, and follows the
wartime Ho Chi Minh Trail for most
of its length. A number of the
highways linking key economic
regions have been upgraded.
Vietnam has about 3,200km of
railway lines, 60% of which are in
the northern provinces. Vietnams
main key cities in the world by
airline networks.
Sea transport remains an important
aspect of trade both domestically
and internationally. The major ports
are located in Hai Phong, Da Nang
and Ho Chi Minh City. A number
of ports have been upgraded and
many others are scheduled to be
upgraded.
4
Chapter 2
Investment
Opportunities
5
2.1 Vietnam
Economy Overview
Vietnam is one of the fastest-
growing economies in the past
years in Asia and weathered the
crisis quite well with signs of
recovery observed in 2009. In
1986 Vietnam's Communist Party
adopted "economic renovation"
(Doi Moi) policy, which laid the
foundation for a market-based
system to replace the planned
economy model. In addition,
its accession into WTO and
establishment of securities market
along with equalitisation of state
owned sector has created huge
opportunities ever for foreign
investors to exposure their
business in Vietnam market.
Furthermore, the positive prospect
for economic growth, dynamic,
young and low cost labour force
and increasing role of private
sector will also contribute to the
Source: The Economist Intelligence Unit
flood of foreign capital and flourish
presence of foreign enterprises in
Vietnam.
2.1.1 Economic growth
Vietnam economy is one of the
highest growths in the South-East
Asia, second after China globally in
period of 1991-2007 and at present
its prospect remains positive
despite the persisting difficulties.
Vietnams real GDP achieved
average growth rate of 7.34%
in period of 2005-2009 before it
declined to 5.3% in 2009 due to
the global financial crisis which
started in 2008.
Vietnams long-term economic
growth prospects remain positive.
According to economists, growth will
accelerate to a rate of 6.6% - 7.2%
in the period 2012-14. The countrys
economic growth will be underpinned
by rises in consumption, investment
and exports.
GDP, GDP growth, Inflation
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2.1.2 Inflation
Keeping inflation under control
while still boosting economic
growth and ensuring the
macroeconomic stability is one
of major challenges of Vietnam
Government in coming period.
Consumer price index (CPI) in
period of 2004-2006 was kept
single digit before rocketing to the
record of 23.1% in 2008 due to the
effects of global financial crash and
internal imbalances. The drop in the
worlds food and fuel prices after
the crisis has resulted in a slower
pace of CPI of 7% in 2009. In 2011,
the economy is again under great
inflation pressure and the year end
inflation rate is expected at about
19%, despite strict policies of the
Government.
Given the Governments
determination in controlling
inflation, CPI in coming years is
expected to gradually decline.
However, increase of global fuel
price, continued increase of
outstanding loans, and domestic
demand pressures will remain
challenges to the CPI.
2.1.3 Economic structure
Economic sector observes a boom
in number and rising role of private
sector in the economy. Number of
private enterprises has risen since
the Enterprise Law was passed in
2000. The changes in Enterprise
Law and Investment Law in 2005
also created new opportunities for
foreign investors in Vietnam via
establishing partnership with local
private firms.
The establishment of Vietnam
stock exchange in 2000 and the
Governments policy of privatising
State Owned Enterprises opened
room for foreign investors to invest
in Vietnam market.
Economic structure is shifting
from agriculture to industry-service
with industry and service output
accounting for approximate of 77%
GDP since 2001. This transition
results in wealth growth and
rising consumption which create
opportunities for foreign investors
in expanding business in Vietnam,
especially in domestic retail
market.
7
2.1.4 Labour force
Labour force is one of Vietnams
competitive advantages and
accounts for an important part
of its sustaining future growth.
Vietnam is famous for its young,
hard working, highly literate and
easy-to-train labour force. In 2010,
Vietnams work force is around
46 million with about 1.5 million
people being added to labour
force every year. However, training
conducted by professional experts
for employees is crucial to improve
its capability in order to meet the
investors requirement.
2.2 Vietnams
Accession to WTO
As an inevitable progress of
Vietnams immersion into the
global market since the Doi
Moi reform, the country started
negotiations in early 1995 to
discuss its accession to the
worlds largest economic body, the
WTO. For eleven years, Vietnam
had demonstrated continued
efforts in achieving high GDP
growth, liberalising its market
and transforming its regulatory
environment. The nation officially
became the WTO's 150th member
on 11 January 2007.
WTO accession has brought
about opportunities and positive
challenges for Vietnams economic
development and further reform
the economy to become an
attractive investment destination
in the past few years, especially
in terms of the more open
market and improving regulatory
environment.
2.2.1 Goods schedule,
Services Schedule and
Vietnams further liberalised
market
Vietnams WTO accession
agreement on goods commitments
(Goods Schedule) requires
for most cases a 5-10 percent
reduction in tariffs for imported
goods by 2012, including textiles,
aquiculture products; automobile,
automotive spare parts, and
consumer goods among others.
In retail sector, after 1 January
2009, foreign companies can
wholly own and operate retail
companies with very few
restrictions on products. The
successful and rapid expansion of
large retail groups, such as Espace
Bourbon Group, Parkson, and
Metro Cash and Carry in Vietnam
for the past years are among the
most convincing examples of
the more open Vietnam market
to date thanks to Vietnams WTO
commitment.
On the other hand, Vietnams
commitment on services,
(Services Schedule) describes in
which services it is giving access
to foreign service providers and
any additional conditions, including
limits on foreign ownership in
the service sectors. The WTO
services schedule is quite specific
on timeframes for increased
participation of foreign investors.
2.2.2 Regulatory reform
Prior to joining WTO, Vietnam
revamped much of its legal system,
making revisions of major legal
frameworks, specifically Labour
Code, Land Law, Civil Code, Law
on Securities, Law on Competition,
Enterprise Law and Investment Law,
in order to make the investment
environment more transparent. As
a matter of fact, WTO accession
with the challenges associating with
MNCs market entries has helped to
revolve Vietnams legal environment
to be more transparent and more
conform to international standards in
all aspects.
8
Chapter 3
Investment Climate
For Foreign Direct
Investment
9
3.1 Investment
Climate
Vietnam has emerged as one of
the most attractive destinations
for foreign investments. Foreign
investors are beginning to regard
Vietnam as a key strategic
investment location to achieve
cost-effectiveness of their global
supply chains. Already over half
of the US Fortune 100 companies
have establishments in Vietnam.
Vietnam is becoming more
attractive with its continuing tax
incentives, low-cost labour, and
long coastline with increasingly
modern and sophisticated port
infrastructure.
Vietnam Government has made
considerable effort in recent years
towards improving the countrys
business and investment climate
by issuing positive legislative
measures. These legislative
changes, combined with Vietnams
accession to the World Trade
Organisation (WTO) in January
2007, have significantly paved the
way for increased foreign direct
investment (FDI) in the country.
In 2007, Vietnams FDI increased
to more than US$21 billion from
US$12 billion in 2006. The countrys
FDI hit a record in 2008, trebling
2007s figure, reaching almost
US$72 billion. Due to the global
financial crisis, FDI registered in
2009 and 2010 was decreased, yet
the disbursement, both in terms
Source: General Statistics Office of Vietnam, Ministry of Planning and Investment
Foreign Direct Investment
10
3.2 Investment Forms
Foreign investors shall carry out the following forms of investment in Vietnam:
Direct Investment Indirect Investment
Establish economic organisations such as
shareholding companies or limited liability
companies;
Invest in the contractual forms of: Business
Cooperation Contract (BCC), Build Operate
Transfer (BOT), Build Transfer Operate (BTO),
and Build Transfer (BT) Agreements;
Purchase shares or contribute capital in order
to participate in management of business
entities;
Invest by way of mergers and acquisitions
Purchase of shares, share certificates, bonds
and other valuable papers traded on the stock
exchanges;
By way of securities investment funds
Investing through other intermediary financial
institutions
The forms of commercial presence that foreign investors can set up in Vietnam are presented as follows:
Representative Office;
Branch
Wholly foreign invested enterprise
Joint venture with Vietnamese partner(s).
of value and percentage, improved
compared to that of 2007, which
shows the retained confidence
of foreign investors in Vietnam
market.
The role of the private sector
and foreign investors in the
economy has been increasingly
emphasised. Business forum
meetings and dialogues are
frequently held between the
Government and the private
sector and foreign investors.
Those are great opportunities for
businesses, especially the foreign
sector raise their voice over the
important legislative issues, for
example: investment impediments
imposed by Vietnamese law and
regulation as well as by improper
implementation.
There have been certain positive
trends in the attraction of FDI
into Vietnam. Most notably,
together with the lift of ban
on foreign investment in retail
distribution sector, FDI into
Vietnam is now directed not only
at export processing industries,
but has also diversified and shifted
fundamentally into highly value-
added services, high technology
and energy-saving industries
sectors.
The integration into the worlds
largest economic organisation,
in general, has liberalised
further the countrys trade
regime, renovated the regulatory
environment to foster a safe and
attractive investment environment
simultaneously.
11
3.3 Encouraged
investment sectors
The Government of Vietnam
is seeking to attract increased
investment across a wide array of
sectors. According to the Law on
Investment, the following sectors
are encouraged:
Production of new materials
and of new energy;
manufacture of products
of high-technology, of bio-
technology and of information
technology; mechanical
production.
Breeding, growing and
processing agricultural, forestry
and aquaculture products; salt
production; creation of man-
made varieties, new plant and
animal varieties.
Use of high technology
and advanced techniques;
protection of the ecological
environment; research,
development and creation of
high-technology.
Labour intensive industries.
Construction and development
of infrastructure facilities and
important industrial projects
with a large scale.
Professional development of
education, training, health,
sports, physical education and
ethnic cultures.
Development of traditional
crafts and industries.
Also, foreign investors are
encouraged to invest in specific
areas:
Areas with difficult socio-
economic conditions; areas
with specially difficult socio-
economic conditions.
High-tech zones and economic
zones.
12
3.4 Investment
incentives
Under the current laws of Vietnam,
there are various investment
preferences and incentives to
investors who have investment
projects in the preferential
investment sectors and/or areas as
follows:
Corporate Income Tax (CIT)
exemption and CIT reduction
from the first profit making
year.
A preferential CIT rate of 10%
to 20%.
Import duty exemption
on the importation of
equipment, materials, means
of transportation and other
goods for implementation of
investment projects in Vietnam
in accordance with the Law on
Export and Import Duties;.
Land rental exemption or
reduction.
Accelerated depreciation of
fixed assets.
Losses carry forward.
3.5 Investment
procedures
3.5.1 Licensing process
Foreign investors who invest in
Vietnam for the first time must
apply for an investment certificate
with the licensing authorities. The
investment certificate for a foreign
investment project in Vietnam
can be granted by either of the
following processes:
Registration of an investment
certificate application; or
Appraisal of an investment
certificate application.
Generally, the registration process
only applies to projects with
investment capital less than three
hundred billion dong (approximately
USD 16 million) and does not
belong to the list of business
sectors in which investment is
conditional or prohibited. Under the
registration process, the application
documentation is simpler and the
time frame for issuing an investment
certificate is shorter (within 15
working days upon the authoritys
receipt of complete application).
For projects that do not qualify for
registration, the appraisal process
will apply (e.g projects with
investment capital more than three
hundred billion dong and/or projects
belong to the list of business sectors
in which investment is conditional).
Accordingly, the application
documentations required are more
sophisticated, the time frame for
issuing the investment certificate is
prolonged (legally, up to 30 working
days upon the authoritys receipt of
complete application and may be
further delayed). In appraisal cases,
the authority reserves the right to
reject the project.
13
3.5.2 Licensing authorities
Under the Law on Investment,
with the exception of important
national projects in specific sectors
(such as construction and operation
sea ports, air ports, casinos,
universities and other projects) and
certain investment projects with
investment capital from VND1.5
trillion (approximately USD75
million) or more which must be
approved by the Prime Minister,
the authority for approving foreign
investment is generally given
to the Peoples Committee (PC)
of the province/city where the
foreign invested enterprise (FIE) is
proposed to be located.
If the FIE is located in a special-
purpose zone/area (Export
Processing Zone, Industrial
Zone, Special Economic Zone,
or High Tech Zone) the licensing
authority will be the Zones Board
of Management who has full
rights and obligation to grant an
Investment Certificate to the FIE.
3.5.3 Costs and time
frame of licensing
procedures
There will be no government
fees for the assessment of
the application documents and
issuance of the investment
certificate.
According to the current
regulations, depending on whether
appraisal or registration is required,
the licensing authority will have 30
or 15 working days respectively
to approve or reject the project.
The new Law on Investment
explicitly provides that in all
cases, the time frame for approval
must not exceed forty five (45)
days. However, delays should be
expected in practice.
3.5.4 Post-licensing
procedures
After the investment certificate
is issued to the FIE, there are a
number of statutory post-licensing
procedures that the FIE needs to
complete before it can commence
commercial operations stipulated
by the laws of Vietnam.
14
Taxation
Chapter 4
15
4.1 Overview
The Vietnamese taxation system
has undergone many (and
expected to continue) major
transformations that includes major
changes in: Corporate Income
Tax, Value Added Tax, Foreign
Contractor Tax and Law on Personal
Income Tax. The changes generally
occur frequently and although with
good intention, the enforcement
mechanism as well as the ruling
process is often limited in capacity.
The main categories of tax
imposed in Vietnam are as follows:
Corporate Income Tax
Value Added Tax
Personal Income Tax
Foreign Contractor Tax
Special Sales Tax
Import and Export Duties
4.2 Corporate
Income Tax
The Corporate Income Tax (CIT)
Law applies to all domestic and
foreign entities that invest in
Vietnam. The CIT Law expands
the taxpayer pool to include all
foreign enterprises having income
from Vietnam regardless they have
a permanent establishment in
Vietnam or not.
4.2.1 Taxable Income
Taxable income is defined as
income derived from production,
operation, and other sources from
all business sectors and industries.
4.2.2 Deductions
In general, deductible expenses
for corporate income tax purposes
are reasonable expenses incurred
related to income-producing
activities of the business with
supporting legal documentation.
16
4.2.3 Tax Rates
The corporate tax rates are
classified into three categories as
follows:
4.2.4 Tax Incentives
Preferential tax treatments such as
tax exemption, tax reduction, and
preferential rates (10% and 20%)
are limited to:
Encouraged sectors such
as: healthcare, education,
high-tech, infrastructure
development, and software;
Encouraged special economic
zones or areas with difficult
socio-economic conditions.
The taxpayer must self-assess the
applicable incentives in accordance
with the current tax regulations.
4.2.5 Tax Year
Corporate taxpayer can elect to
adopt calendar or fiscal year ending
on a quarter of a calendar year as
the basis for the tax year.
imposed on a selected number of
goods and services, either at the
stage of production, provision of
services or import. Export products
are exempted from SST. The tax
is calculated based on the selling
price at the place of production
excluding this tax and VAT, or CIF
price plus import duty with respect
to import products.
4.5 Personal
Income Tax
Both foreigners working in Vietnam
and Vietnamese citizens are
subject to PIT.
For tax resident, a progressive
taxing system, where the marginal
rate range from 5% to 35%, is
applied on the worldwide income.
For non-tax resident, a flat rate
of 20% is applied on the income
derived from Vietnam.
In general, a tax resident is a
person:
Present in Vietnam for at least
183 days; or
Having a regular resident
location in Vietnam; or
Cannot be a tax resident
of another country (subject
to applicable double tax
agreement).
A tax resident is allowed VND 4M
as a personal deduction from his/her
employment or business income and
VND 1.6M per dependant as qualified
dependant deduction.
4.2.6 Losses Carry Foward
Tax losses are allowed to carry
forward for a period of (5)
consecutive years. Tax loss must
carry forward and offset against
the first year making profit (i.e.
the taxpayer cannot elect to skip
offsetting loss in the profitable
year)
4.3 Value Added Tax
The VAT system in Vietnam
applies to goods and services
used for production, business
and consumption in Vietnam. Two
methods can be used to calculate
VAT payable/refund. Taxpayers
meeting the requirements can apply
the credit method. VAT payable/
refund under the credit method is
the difference between VAT Output
(VAT collected for sales) and VAT
Input (VAT paid for purchases).
Taxpayer not qualified for the
credit method can apply the direct
method. Under the direct method,
taxpayer will pay VAT by applying
a deem rate on the added value of
the transaction. Corporate taxpayer
is required to file and pay VAT on
a monthly basis. The standard
VAT rate is 10%, but the rates are
classified into four groups: exempt,
0%, 5%, and 10%.
4.4 Special Sales
Tax
Special Sales Tax (SST) is
Standard Tax Rate 25%
Preferential Tax
Rates
20% or 10%
Other Tax Rates
(e.g. oil & gas
operations;
natural resources
industry)
32% - 50%
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4.6 Import Duties
All goods entering Vietnam are
generally subject to import duty.
Import duty rates vary depending
on the nature of goods involved
and origin of the goods. There are
three import duty rates applicable
(ordinary, preferential and
especially preferential), based on
the trading relationship between
Vietnam and the exporting country.
A partial or full exemption from
import duty may be granted on
application. Raw materials and
components imported into Vietnam
for the manufacture of goods for
export are usually exempt from
import duty provided that the goods
are exported within 275 days.
Enterprises with foreign-invested
capital and parties to a BCC in
specially encouraged projects are
exempt from import duty in respect
of certain imported goods which
form part of their fixed assets.
4.7 Foreign
Contractor Tax
Foreign organisations and
individuals carrying on permitted
businesses in Vietnam without
a legal entity are subject to
Foreign Contractors Tax (FCT)
comprising VAT and CIT. Applicable
taxation rates will vary depending
on whether a foreign contractor
registers to use the Vietnamese
Accounting System (VAS). The
standard FCT rate is 10% but
different rates can apply depending
on the transactions and taxpayers
filing status.
4.8 Relief from Tax
As of June 2011, Vietnam has
signed DTAs with more than 60
countries, out of which 50 DTAs
are currently in force. Generally,
these DTAs follow the basic
principles contained in the OECD
Model Convention.
For a country which has a DTA
with Vietnam, a foreign tax credit is
also available to resident taxpayers
in respect of foreign taxes paid.
Generally, provisions of DTAs
prevail over the domestic tax laws.
The amount of credit given is the
lower of the tax suffered in the
foreign country or Vietnamese CIT
attributable to the foreign income.
There is no provision in Vietnamese
tax law allowing excess foreign tax
credits to be carried forward.
The application of a DTA clause is
not automatic. An official approval
for tax relief must be obtained
from the tax authorities.
18
Chapter 5
Banking And
Foreign Exchange
Control
19
5.1 Bank account
5.1.1 Direct investment
Foreign invested enterprises
and foreign parties to business
co-operation contract must open
a foreign currency account at
an authorised credit institution
to undertake the following
transactions:
Receipt of charter capital
contributions, receipt of other
capital and receipt of foreign
loan
Disbursement outside Vietnam
of principle, interest and fees
on a foreign medium or long-
term loan.
Disbursement outside Vietnam
of capital, profit and other legal
revenue of a foreign investor.
Other revenue and
disbursement transactions
relating to foreign direct
investment activities.
Of note, all transfer of capital for
a direct investment project in
Vietnam and to overseas must be
conducted via a capital account
in foreign currency opened at an
authorised credit institution.
Foreign invested enterprises may
open current accounts/transaction
accounts in foreign currency and
Vietnamese Dong at authorised
banks in Vietnam for their business
transactions.
In addition, foreign invested
enterprises may be permitted to
open offshore foreign currency
bank accounts subject to approval
granted by the State Bank of
Vietnam (SBV).
5.1.2 Indirect investment
Non-resident foreign investor must
open a capital Vietnamese Dong
account at an authorised credit
institution to conduct indirect
investment in Vietnam. Investment
capital in a foreign currency must
be converted to Vietnamese Dong
before the indirect investment is
carried out.
An indirect investment capital
Vietnamese Dong account shall be
used to implement the following
transaction:
Receipt from a sale of foreign
currency to an authorised
credit institution;
Receipt of salary, bonus and
other lawful items of income
by a non-resident being a
foreign investor;
Receipt from the assignment
of capital contribution and
shareholding, from the sale of
securities, dividends and other
items of revenue arising from
indirect investment activities;
Disbursement being a capital
contribution, purchase of
shareholding, purchase of
securities or payment of other
expenses relating to indirect
investment activities;
Disbursement for purchase
of foreign currency at an
authorised credit institution in
order to remit it overseas;
Disbursement being payment
of other expenses arising in
Vietnam;
Other revenue and
disbursement transactions
relating to indirect investment
in Vietnam.
5.2 Foreign
Exchange Control
Generally speaking, the inflow of
foreign currencies into Vietnam
is less constrained by the SBV
compared to the outflow, which
has been restricted to certain
transactions such as payment for
imports of goods and services,
repayment of loans contracted
abroad and payment of interest
accrued thereon.
Only banks, non-bank credit
institutions and other authorised
institutions are eligible to provide
foreign exchange services.
20
5.3 Rate of
Exchanges
The inter-bank average exchange
rate against the United States
Dollar (USD) is announced by the
SBV. Credit institutions authorised
to engage in foreign exchange
activity shall determine their own
buying and selling rate within a 1%
difference of the average exchange
rate as stipulated by law. In the
context of continued devaluation
pressure of Vietnam Dong (VND),
the inter-bank average exchange
rate shall be adjusted by SBV more
regularly to reflect market demand
and supply; hence improve the
liquidity of currency market. For all
other foreign currencies, the credit
institutions authorised to engage
in foreign exchange activity shall
determine their own buying and
selling rate.
5.4 The Use of
Foreign Currencies
The VND is the countrys official
currency, and may be chosen as a
mean of payment and remittance.
However, other currencies such as
USD may also be nominated as a
mean of payment and remittance
in certain situations (hereby called
current transactions). Payment and
remittance of money for current
transactions comprises:
Payment and remittance of
money relating to import and
export of goods and services
Short term commercial credit
loans and bank loans
Income generated from direct
and indirect investments
Money transfers when the
decrease of direct investment
capital is permitted
Payments of interest on and
instalment repayments of
principal of foreign loans
One-way payments for
consumption purposes
Other similar transactions.
Source: The Economist Intelligence Unit
Exchange rate VND:USD (end-period)
21
Residents and non-residents
shall be responsible to present
supporting documents in
accordance with regulations of
credit institutions when the former
purchase, remit or carry foreign
currency overseas in service of
current transactions and shall be
legally liable for the authenticity of
all types of documents which they
present to the credit institutions.
In order to buy foreign currencies
from banks to settle current
transactions and other permitted
transactions, individuals and
enterprises must submit relevant
documents to prove their real
demand for foreign currencies for
such transactions. Based on the
customers demand and the banks
foreign currency capability, the
banks will decide the amount of
foreign currency to be provided to
customers.
If VND is used to pay current
transactions, both residents and
non-residents shall be permitted to
remit it via a VND bank account.
5.5 Capital
Transactions of
Foreign Investors
into Vietnam
Generally, capital transaction
means a transaction for the
purpose of transferring capital
between a resident and a non-
resident in the following sectors:
Foreign direct investment
Investment in valuable papers
Borrowing a foreign loan and
repayment of a foreign loan
Providing and recovery of a
foreign loan.
5.6 Offshore
Borrowing
In theory, legal entities and
individuals residing in Vietnam
shall be permitted to borrow and
repay foreign loans as long as
they comply with the conditions
on borrowing and repayment of
foreign loans as stipulated by the
State Bank of Vietnam (SBV).
On repayment, residents shall
be entitled to purchase foreign
currency at authorised credit
institutions on presentation of
proper documents for repayment
of principal, interest and fees
relating to the foreign loan.
5.7 Profit
Remittance
Regulations
Lawful revenue in VND derived
from Foreign Direct Investment as
well as Foreign Indirect Investment
shall be permitted to be converted
into foreign currency for the
remittance abroad via authorised
credit institutions. There is no profit
remittance tax.
Prior to remitting profits abroad,
residents shall notify the tax office
directly managing the enterprise
in which such foreign economic
organisation or individual has
invested capital. Enterprises can
expect that this may initiate a
tax audit, further questioning or
investigations.
22
Chapter 6
Accounting
And Reporting
23
6.1 Accounting
Requirements
6.1.1 Vietnamese
accounting system
Enterprises with foreign-owned
capital, foreign parties to business
co-operation contracts and foreign
contractors having resident base
in Vietnam (collectively FIEs), are
required to adopt the Vietnamese
Accounting System (VAS),
Vietnamese Accounting Standards
and their interpretive guidance
(VAS)
The requirements of VAS include:
The use of Vietnamese
language or both Vietnamese
language and another widely
used language approved by
the Ministry of Finance in
the preparation of accounting
records.
Vietnam Dong as the currency
unit in accounting. Only in
limited cases can FIEs use
a foreign currency as
the currency unit in their
accounting records.
VAS chart of accounts must be
complied with.
All reports must be printed on
a monthly basis
Numerous reports must be
produced as specified in the
VAS regulations.
6.1.2 Fiscal year
The fiscal year applicable to FIEs
in Vietnam is normally the 12
months, commencing on 1 January
and ending on 31 December of
each calendar year. FIEs may
apply to the local tax authority
for permission to adopt its own
12-month fiscal year, commencing
from the first day of a quarter
and ending on the last day of the
previous quarter in the following
year.
Where the first fiscal year is of
shorter duration than 90 days, it
shall be permitted to add such
period to the following fiscal year in
order to make up 1 one fiscal year
provided the first fiscal year must
be shorter than 15 consecutive
months.
6.1.3 Accounting Staff
The enterprise is required to
employ a Chief Accountant who
must satisfy the criteria and
conditions stipulated by the Law
on Accounting. A foreigner may
be appointed to act as the Chief
Accountant of the enterprise,
provided that he/she must has a
certificate of accounting expertise
or an accounting/auditing certificate
issued by a foreign organisation
recognised by the MOF; or an
accounting/auditing professional
practising certificate issued by
the MOF; or a Chief Accountant
certificate obtained after having
passed the chief accountant's
training course as prescribed in
regulations of the MOF.
6.2 Auditing
Requirements
The annual financial statements
of FIEs have to be audited
once a year in accordance with
Vietnamese regulations. The
audit must be carried out by an
independent auditing company
that is permitted to operate in
Vietnam. The enterprise is legally
responsible for providing timely
and sufficient information, as well
as explanations to the auditor.
24
Chapter 7
Employment
25
7.1 Recruitment
Under the Labour Code, a FIE may
either directly recruit Vietnamese
employees or recruit via an
authorised labour agency. The FIE
is then required to register the
list of recruited employees with
the local labour department, and
submit reports on the utilisation of
and changes to staff to the labour
department on a periodic basis.
7.2 Labour contract
According to Vietnamese Labour
Code, labour contracts signed
by and between employer and
employee must be made in one of
the following forms:
(i) Labour contract with indefinite
term;
(ii) Labour contract with definite
term; and
(iii) Labour contract for seasonal
jobs or specific jobs with a term
of fewer than 12 months.
An employer will be entitled to
sign a maximum two subsequent
definite labour contract with
an employee. After that, if that
employee continues to work for
the employer, an indefinite labour
contract must be signed.
7.2.1 Notice for
Termination
Employers shall be entitled to
unilaterally terminate the labour
contracts in the following cases:
The labourers regularly fail to
finish the contractual jobs;
The labourers are disciplinarily
dismissed; and
The labourers got sick and have
undergone medical treatment
for a long time;
Enterprises have to downscale
production and cut jobs due to
natural calamities, fires or other
force majeure reasons;
The enterprises terminate their
operation
When unilaterally terminating the
labour contracts with indefinite
term, definite term or the labour
contract under 12 months for
seasonal or specific jobs, except
for the case of the labourers are
disciplinarily dismissed , employers
must inform the employees in
advance at least 45 days, 30 days
or three days respectively.
7.2.2 Working Hours
Normal working hours are eight
hours per day (or 48 hours per
week based on a six-day working
week). Enterprises are entitled to
schedule the working hours daily
or weekly but must notify the
employees in advance. For heavy,
noxious or dangerous jobs, work
hours per day shall be shortened
by one or two hours.
Overtime hours shall not exceed
four hours per day or 200 hours
per year. In case a company would
like the overtime granted more
than 200 hours a year, it must
seek the approval from the local
Department of Labour, Invalid and
Social Affair (DOLISA). However,
any approval is still in the cap of
300 hours a year.
7.2.3 Wage Rates
The wage costs in Vietnam are
generally low, however the cost
of PIT and other mandatory
contributions such as social security
and health insurance, as mentioned
below, may significantly increase
total labour costs.
In respect of expatriates, these
costs depend on the residency
status and the remuneration
structure of the expatriate. There
are other administrative costs
associated with the employment
of expatriate staff such as work
permits, residency registration,
insurance, etc.
The minimum wages of
Vietnamese employees working for
FIEs or other foreign organisations
will vary depending on different
zone classifications set forth by the
government.
26
7.2.4 Annual Leave
In addition to having fully paid
days off on public holidays, an
employee is entitled to a fully paid
annual leave of 12 days with one
additional day for every five years
of service. Employees working in
certain areas, of a certain age, or
who have been with an enterprise
for a certain time, may be eligible
for greater periods.
7.2.5 Severance allowance
Under current labour regulations,
when an employee who has been
regularly employed by an employer
for twelve (12) months or more is
terminated their employment, they
are entitled to receive a severance
allowance from the employer at
half of one month salary plus wage
allowances (if any) for each year of
employment
1
.
The period of employment
service used as the basis for
the calculation of the severance
allowance will be the total length
of various labour contracts
signed between the Company
and each employee, including
probation period and verbally-
concluded contracts. Odd lengths
of employment period will be
calculated as follows
2
:
Period of under one month will
not be counted;
Period of over one month but
less than six months will be
counted as 6 months; and
Period of from six full months
but less than 12 months will be
counted as a full year.
From the 1st January 2009, the
new Law on Social Insurance has
introduces the unemployment
insurance scheme to replace for
severance payment, therefore,
the severance allowance is only
calculated until 31 December of
2008.
Contributed
By
SI
HI UI
2011
2012-
2013
2014
Onwards
Employee 6% 7% 8% 1.5% 1%
Employer 16% 17% 18% 3% 1%
Total 22% 24% 26% 4.5% 2%
7.3 Other Issues
7.3.1 Trade Unions
Within six months after an
enterprise commences operation,
trade unions shall be organised
to represent and protect the
legitimate rights and interests of
individual labourers and labour
collectives.
All acts of obstructing the setting
up and operation of trade unions at
enterprises are strictly forbidden.
7.3.2 Statutory Insurance
Under current regulations,
both the employer and the
Vietnamese employee are
required to make statutory
Social Insurance (SI),
Health Insurance (HI) and
Unemployment Insurance (UI)
contributions.
Expatriates contractually
employed by the local entity for
3 (three) months and more are
required to make statutory HI
contribution only.
Income for statutory SI, HI and
UI contributions is based on
the salary and wages stated in
the employment contract and is
capped at 20 (twenty) times of
the statutory minimum monthly
salary (which is normally lower
than the above mentioned
minimum salary).
Statutory SI, HI and UI
contributions should be
deducted, withheld and paid
to the local social insurance
authority on a monthly basis by
the employer.
The rates for statutory SI, HI
and UI contributions are as
below:

1
Article 42.1 of Labour Code
2
Circular No.21/2003/TT-BLDTBXH dated 22/09/2003, amended by Circular No.17/2009/TT-BLDTBXH
dated 26/05/2009
27
7.3.3 Visa/Temporary
Residence Card
To visit Vietnam, foreigners are
required visas which must be
obtained in advance from an
overseas Vietnamese embassy or
consulate. Visas are only issued on
entry to the country in exceptional
circumstances, such as for funerals
of relatives, for visits to seriously ill
relatives, urgent technical support
for programs, projects or departure
from a country that does not
have a Vietnamese consulate or
diplomatic representative.
Citizens of the following countries
do not require a Vietnamese
entry visa for stays of specified
periods, ranging from 15 to 30
days: Denmark, Finland, Norway,
Sweden; Russia; Japan, Korea
(South); Laos, Indonesia, Malaysia,
Singapore, Thailand, Philippines,
and Cambodia. Moreover, those
entering Vietnam with diplomatic,
official and special passports enjoy
entry visa exemption for up to 90
days in accordance with bilateral
treaties.
Foreigners who temporarily reside
in Vietnam for more than 1 (one)
year are able to apply for the
temporary residence cards which
will be issued by the Immigration
Department of Department of
Public Security (DOPS). The
duration of each temporary
residence card will be from 1 (one)
to 3 (three) years. A foreigner
who has the temporary residence
card shall be exempted from
applying for a visa when entering
and leaving Vietnam during the
period of validity of the temporary
residence card.
7.3.4 Work Permits
Foreigners working for business
entities and organisations in
Vietnam must obtain a work
permit, except the specific cases
as stipulated by the current laws of
Vietnam.
To apply for work permit, an
application dossier must be
submitted to the local DOLISA
where the company locates it
head office for approval. It takes
10 business days to process the
application for issuance of the
work permit. The work permit is
valid for up to 36 months and may
be extended under the specific
circumstances stipulated by the
current regulations of Vietnam.
In the case of being entitled to
exemption from application for
work permits, the foreigners are
still required to make notification to
the local DOLISA for administrative
management purpose.
28
Chapter 8
Land
29
8.1 Land used by
foreign invested
enterprises
In Vietnam, land belongs to all
people with the State being the
representative owner. As such,
private ownership of land is not
permitted but the ownership
deriving from land use right
(LUR) is recognised. LUR is
evidenced by a LUR Certificate
(LUR Certificate) which set out
the term and purpose of the land
use.
Issues in relation to the use of land
are mostly governed by the Land
Law and its guiding regulations.
In addition, the Civil Code as the
principal source of law also covers
issues relating to land.
The prevailing law does not allow
foreign invested enterprises
(FIEs) to purchase the LUR
while the domestic enterprises
are allowed to do so. In Vietnam,
foreign investors could obtain the
LUR by the way of either (i) leasing
land from the State or other
permitted lessors or (ii) Receipt
of capital contribution in the form
of value of the LUR from the
Vietnamese parties to joint venture
companies (JVC).
8.1.1 Lease land from the
State or other permitted
lessors
In case leasing land directly from
the State, the FIE can choose
to pay land rental either annual
payment or lump-sum payment
method. Under the annual payment
method, the FIE only has right
to use the land, transfer assets
attached to the land but not
permitted to transfer, sub-lease or
mortgage the LUR. Whereas, with
the lump-sum payment method,
the FIE is entitled to transferring,
sub-leasing, contributing,
mortgaging and guaranteeing LUR
and assets attached to the land.
In case of lease land from other
permitted lessors rather than the
State, the FIE may lease land
form the following organisations
or individuals provided that the
lessors satisfy some conditions
stipulated by the laws :
Vietnamese economic
organisations;
Overseas Vietnamese; or
An existing FIE which leases
land from the State and
develops infrastructure facilities
on land provided that this
existing FIE has paid land
rental for the entire lease term.
30
8.2 LUR lease
contract
The current law provides that the
lease term shall be determined
based on the term of investment
projects, but not exceed fifty
(50) years. In some special
circumstances, the term may be
extended up to seventy (70) years.
Upon the expiration, the lease term
may be extended if the lessee
wishes to continue using the land.
To lease the LUR, the lessee and
the lessor must made a contract.
The LUR lease contract must be
in written form and notarized by
the State notary public. In the case
of contracts of lease of LUR of
family households and individuals,
certification may be effected by
either the State notary public or
the People's Committee of the
commune, ward or township
where the land is situated. In
addition, application dossier for
LUR lease must be submitted to
the LUR Registration Office for
approval.
8.1.2 Obtain the LUR
by the way of receipt of
capital contribution
Under the current regulations,
the Vietnamese party to a JVC
is permitted to make capital
contribution in the form of value
of the LUR if it is in any of the
following circumstances:
It has obtained the land under
the allocation regime and fully
paid the land use fee; or
It has obtained the land under
the lease regime and fully paid
the land rental for the entire
lease term or for the majority
of the term and the remaining
prepaid term is of at least 5
years.
Upon the issuance of the
Investment Certificate, the JVC
shall be issued the LUR Certificate
as the result of the capital
contribution.
31
8.3 LUR Transfer
As mentioned above, the LUR
owner paid land rentals in lump-
sum for the whole lease terms
shall be entitled to transfer LUR
and assets attached to the land to
others.
Similar to the case of lease of LUR,
contract for transfer of LUR must
be in written form, notarised by the
State notary public and registered
at the LUR Registration Office for
approval.
The transferor shall be taxed on
the income derive from the LUR
transfer and the transferee shall be
required to pay LUR transfer fee.
8.4 LUR Mortgage
The current laws permit the LUR
owners to mortgage a part or
whole of their LURs and assets
attached to the land at credit
institutions licensed to operate in
Vietnam.
To be eligible for executing this
right, it should be noted again
that the land users are required
to pay land rentals in lump-sum in
advance for the whole lease terms.
The mortgage of LUR and assets
attached to the land is currently
listed into secured transactions
and is required to be registered at
the Land Use Right Registration
Offices at provincial-level, district-
level or communal People
Committees.
32
Chapter 9
Intellectual
property
33
9.1 Protection of
intellectual property
9.1.1 Types of Intellectual
Property Right to be
protected in Vietnam
Under the Law on Intellectual
Property, Intellectual Property
Rights (IPRs) means right of an
organisation or individual (either
Vietnamese of foreign organisation/
individual who satisfy the
conditions stipulated by the laws)
to intellectual assets comprising
copyright and copyright related
rights, industrial property rights and
rights to plant varieties. Intellectual
property is protected under the
prevailing Vietnamese laws include:
Copyright in literary, artistic,
and scientific works; and
copyright-related rights
in performances, sound
recordings, video recordings,
broadcasting programs,
satellite signals carrying
encrypted programs.
Industrial property including
inventions, industrial designs,
layout-designs of semi-
conductor integrated circuits,
business secrets, trademarks,
trade names, and geographical
indications.
Rights to plant varieties
including reproductive and
harvested materials.
9.1.2 Duration of
protection for some IPRs
a) Patent
Patent means a technical solution
in the form of a product or process
which is intended to solve a
problem by application of natural
laws. The patent shall be protected
within 20 years from the date of
application.
b) Copyright
Copyright means rights of an
organisation or individual to
works which such organisation or
individual created or owns. Work
means a creation of the mind in
the literary, artistic or scientific
sector, expressed in any mode or
form.
Copyright shall comprise moral
rights and economic rights. The
copyright shall enjoy the following
terms of protection:
(i) Copyrights to cinematographic
works, photographic works,
applied art works and
anonymous works shall have
a term of protection of 75
years from the date of first
publication. If a cinematographic
work, photographic work,
applied art work has not been
published within 25 years from
the date of its formulation, the
term of protection shall be 100
years calculated from the date
of its formulation.
34
(ii) Copyright to any work which
is not subject to the above list
(i) shall be protected during its
authors life plus 50 years after
his/her death. In the case of a
work of joint authors, the term
of protection shall expire in the
50 years after the death of the
last surviving co-author.
c) Trade name
Trade name means the designation
of an organisation or individual
used in business activities in order
to distinguish the business entity
bearing such trade name from
other business entities in the same
business sector and area. The
protection of trade name is the
entire duration of use.
d) Mark
Mark means any sign used to
distinguish goods or services
of different organisations or
individuals. A certificate of
registered mark shall be valid from
the grant date until the end of 10
years after the filing date and may
be renewed for many consecutive
terms, each of 10 years.
e) Industrial design patent
Industrial design means the
outward appearance of a product
embodied in three dimensional
configurations, lines, colours or
a combination of such elements.
An industrial design patent shall
be valid from the grant date until
the end of 5 years after the filing
date and may be renewed for two
consecutive terms, each of 5 years.
Under the prevailing laws, each
type of intellectual properties
which to be protected under the
laws of Vietnam, must satisfy the
appropriate conditions provided by
the laws.
9.2 Registration of
IPRs in Vietnam
To be protected against IPRs
infringement, the IPR holders are
required to register their IPRs with
the competent authority, except for
copyright.
Copyrights shall be protected
under the principle of automatic
protection. This means that the
copyrights shall arise at the
moment when a work is created
and expressed in a certain material
form regardless its content, quality
or form and whether or not is
has been published or registered.
However, to protect their works
effectively, authors or copyright
owners still register the works at
the Department of Copyright of
the Ministry of Culture, Sports and
Tourism.
For other IPRs, the holders are
only protected by the law when
they have submitted registration
dossiers to appropriate licensing
authorities. In Vietnam, the Ministry
of Science and Technology shall be
responsible before the Government
to carry out State administration
of Industrial Property, the Ministry
of Culture and Sports and Tourism
shall, within the scope of its
duties and powers, carry out State
administration of copyright and
related rights and the Ministry of
Agriculture and Rural Development
shall be responsible to plant
varieties.
35
KPMG is the largest professional service firm in Vietnam. Partners in the
Firm have been active in Vietnam since the country opened its doors
to foreign investors in the 1990s and the Vietnam member firm was
incorporated in 1994.
KPMG has active offices in Hanoi, Ho Chi Minh City and Phnom Penh.
With more than 800 professional employees in Vietnam, KPMG is
proud of its ability to deliver international standard professional services
encompassing:
Audit
Tax
Advisory
Market Entry
KPMG is recognised by the Ministry of Finance (MOF) and Vietnam
Association of Certified Public Accountants (VACPA) as Vietnams largest
Audit and Advisory firm in the terms of revenue, Partner numbers and
overall human resources.
KPMG Vietnam was awarded Vietnam Tax Firm of the Year 2010 by
International Tax Review.
As a leader in the professional services industry, KPMG is an active
participant in the reform programme, and regularly advises the
Government and international organisations in support of Vietnams
reform and integration programme.
As you focus on building an organisation that is fit for the future, KPMG's
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About KPMG
KPMG in Vietnam
36
Contact us
For more information about investing in Vietnam,
please contact the following KPMG professionals
Warrick Cleine
CEO - Vietnam and Cambodia
Managing Partner - Tax
T: +84 8 3821 9266
E: warrickcleine@kpmg.com.vn
Nguyen Cong Ai
Partner
Tax & Corporate Services
T: +84 8 3821 9266
E: acnguyen@kpmg.com.vn
KPMG Limited
Ho Chi Minh City
10th Floor, Sun Wah Tower
115 Nguyen Hue Street
District 1, Vietnam
Tel: +84 8 3821 9266
Fax: +84 8 3821 9267
e-Mail: kpmghcmc@kpmg.com.vn
Hanoi
16th Floor, Pacific Place
83B Ly Thuong Kiet Street
Hoan Kiem District, Vietnam
Tel: +84 4 3946 1600
Fax: +84 4 3946 1601
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