INFORMATION & COMMUNICATION
1. Overview Since the “Doi Moi” or Renovation were introduced in 1986, the Information and Communications sector has quickly affirmed its position in the soci-economic development of the whole country. Since 1993, Vietnam started to implement the “speeding up” strategy for the period of 1993-2000 with the guideline of “directly approaching the modern technology and using […]
ELECTRICITY, GAS, STREAM
Vietnam is endowed with abundant natural energy resources, including crude oil, coal, hydropower, goethermics, bio-enery and solar energy, and nuclear energy is planned for the future. The installation of this new generating capacity will require new transmission and distribution (T&D) infrastructure. Electricity Vietnam (EVN), the state-owned utility, is pursuing the dual challenge of modernizing this […]
CONSTRUCTION & ARCHITECTURE
The need for infrastructure development of an emerging economy has driven up the demand in the construction market over the last two decades, especially in the recent years. Extension of current housing spaces to accommodate rising number of people moving to big cities, along with the establishment of industrial buildings also spurs up the market […]
OPEN BUSINESS ENVIRONMENT
By adopting Economic and Politic reforms called 'Doi Moi' and 'renovation', from one of the poorest country with per capita income around USD100 in 1986, it has increased rapidly within a quarter of century to nearly USD2,052 by the end of 2015. Vietnam has transformed from a centrally-planned economy to a socialist-oriented market economy which […]
NATURAL RESOURCE
Since it began offshore oil exploration in the 1970s, Vietnam has become a net exporter of crude oil, while gas and petroleum reserves, coal reserves, and the harnessing of hydropower electricity provide other readily available sources of power. Minerals located in Vietnam include iron ore, tin, copper, lead, zinc, nickel, manganese, marble, titanium, tungsten, bauxite, […]
SUPPORTIVE GOVERNMENT POLICY
Attracting foreign direct investment (FDI) has always been a key part of Vietnam’s external economic affairs. Vietnam already has many comparative advantages and a strong investment climate, but we are working hard to become even more appealing to foreign investors. We are doing so by vigorously renovating the business and investment climate, and by recognizing […]
ECONOMIC STRENGTH
Vietnam remains one of the fastest-growing Asian economies with high GDP growth in recent years, based on the power of FDI & the private sector. Vietnam has achieved substantial progress in economic development following the declaration by the Sixth Party Congress, in 1986, of a broad economic reform package called “Doi Moi”, or “renovation” which […]
TAXATION & CUSTOMS
D.1 Corporate Income Tax (CIT) CIT rates One uniform income tax regime is applied to both foreign-owned and domestic companies. Taxpayers are subject to tax rates provided in the CIT Law. The standard CIT rate effective from 1 January 2009 is 25%. Oil and gas companies and companies involved in exploitation of precious minerals are […]
Labour recruitment by a Foreign Investment Enterprise (FIE)
Under the 2012 Labor Code, a FIE may either directly recruit Vietnamese employees or recruit via an authorized labor agency. The FIE is then required to register the list of recruited Vietnamese employees with the local labor department, and submit reports on the utilization of and changes to staff to the labor department on a […]