Vn tax vietnam doing business 2020 - Tài liệu tham khảo | Đại học Hoa Sen

MINISTRY OF PLANNING AND INVESTMENT FOREIGN INVESTMENT AGENCY DOING BUSINESS IN VIETNAM 2020
Investing in Vietnam, Engaging the world Abbreviation 3
II. Customs Duty and Procedures 52 Introduction 5 III. Land Rental Incentives 56 A. Country Profile 6
E. Human Resources and Employment 58 B. Trade and Investment 12 F. Foreign Exchange Control 65 I. Trade Agreement 13 Useful websites 68 II. Foreign Direct Investment 13 Deloitte Vietnam 71
C. Setting up an investment in Vietnam 17 Foreign Investment Agency 72 D. Taxation and Customs 25 I. Taxation 26 2
Doing business in Vietnam 2020. Investing in Vietnam, Engaging the world ABBREVIATION APA Advance Pricing Agreement FTA Free Trade Agreement APEC
Asia-Pacific Economic Cooperation GDP Gross Domestic Product ASEAN
Association of Southeast Asian GSO General Statistics Office Nations BCC Business Cooperation Contract IMF International Monetary Fund BLT Build-Lease-Transfer IRC Investment Registration Certificate BOO Build-Own-Operate IP Industrial Park BOT Build-Operate-Transfer M&A Mergers & Acquisitions BT Build-Transfer O&M Operate & Manage BTL Build-Transfer-Lease OECD Organization for Economic Cooperation and Development BTO Build-Transfer-Operate PIT Personal Income Tax CIT Corporate Income Tax PPP Public-Private Partnership CPTPP Comprehensive and Progressive RCEP Regional Comprehensive Agreement for Trans-Pacific Economic Partnership Partnership DTA
Double Taxation Avoidance SST Special Sales Tax Agreement EPE Export Processing Enterprise USD US Dol ar EPZ Export Processing Zone VAS
Vietnamese Accounting Standards ERC
Enterprise Registration Certificate VAT Value Added Tax EZ Economic Zone VND Vietnamese Dong FCWT
Foreign Contractor Withholding Tax WTO World Trade Organization FDI Foreign Direct Investment 3 4
Doing business in Vietnam 2020. Investing in Vietnam, Engaging the world INTRODUCTION
In more than 30 years of social-
a centralized to a market oriented
economy and its 96.92 million-strong Vietnam has moved from being
population, which features a large
one of the poorest nations in the world
and young workforce as well as
to a lower middle-income country
an increase in disposable income
with a number of convincing social-
in recent years. The Vietnamese
economic achievements. Joining the
Government has done an excellent job
Association of Southeast Asian Nations (ASEAN) in 1995
Economic Cooperation (APEC) in 1998 2.79 percent (2019).
and the World Trade Organisation
(WTO) in 2007; expanding gross
This guidebook was prepared by the
domestic product (GDP); improving Foreign Investment Agency of
infrastructure; and a steady increase
Vietnam in cooperation with Deloitte
in foreign direct investment (FDI)
Vietnam to provide readers with an
suggest that Vietnam has transformed
overview of the investment climate, into an attractive investment
forms of business organization, destination.
taxation, and business and accounting
practices in Vietnam. Although we do
Vietnam has been enjoying strong
our best to ensure that information economic growth. Since 1990,
contained in this book is current at
the time of writing, the rapid changes
Vietnam’s GDP per capita growth has in Vietnam mean that laws and
been among the fastest in the world,
regulations may change to reflect the
averaging 6.4 per cent a year in the
new conditions. We hope that you
2000s. Despite crisis and uncertainties
find this book useful in your endeavour
in the global environment, Vietnam’s
to expand your business in Vietnam.
economy continues to grow, with GDP
expanding by 7.02 per cent in 2019, Ministry of Planning and
and is expected to continue on this path. Investment of Vietnam Foreign Investment Agency
Overseas businesses are increasingly
attracted by the country’s move from 5 A COUNTRY PROFILE COUNTRY PROFILE
Vietnam’s economy continues its fast growth driven by free trade
agreements (FTAs) with major developed countries and increasingly
deregulated business environment. VIETNAM
Strategically located at the centre of Southeast Asia with convenient
access to commodity and cultural exchange. A stable political
A youthful and vibrant environment, and an country with digitally-savvy attractive business and well-educated workforce, environment with high incentives for a developing culture of foreign investors. entrepreneurship, and openness to new ideas. Competitive production cost compared to Fast growing economy with neighboring countries. GDP growth projected to be between 6% to 7% during 2016-2019 period. 16 FTAs with major developed markets. 6
Doing business in Vietnam 2020. Investing in Vietnam, Engaging the world COUNTRY SNAPSHOT LOCATION
POPULATION AND WORKFORCE Southeast Asia
Population: was estimated at 96.92 mil ion people
The country borders with China, Laos, Cambodia,
Ranked 15th in the list of most populated countries
Pacific Ocean and Gulf of Thailand
People of working age in employment: 48.7 mil ion
people (51.2% of total population) Unemployment rate: 2% LAND AREA 330,967 sq. km ECONOMY
Nominal GDP ( 2019): USD 261.9 billion GDP in 2019 increase by 7.02%, the highest growth since 2011 COASTLINE
GDP per capita (2019): USD 2739.82 3,260 km
5 MUNICIPALITIES & 58 PROVINCES LANGUAGE North: Hanoi – the capital Vietnamese (official language) Centre: Da Nang City
English (taught widely at school as a second language)
South: Ho Chi Minh City – the largest city BUSINESS HOURS CLIMATE AND WEATHER
Under the Vietnamese Labor Code, normal working
The climate varies from North to South with three
hours should be 8 hours/day, or 40 - 48 hours/week.
distinctive climate zones: tropical in the South (rainy
season from April to September; dry season from
October to March); monsoonal with hot and rainy
season in the Centre and North (May to September);
cold and damp in the highlands and the North
(October to March). It is also blessed with plenty of CURRENCY sun throughout the year. Vietnamese Dong (VND)
Source: General Statistics Office (GSO), Economist Intelligence Unit 7 POLITICAL STRUCTURE
Vietnam is a socialist country under the leadership of the Communist Party
of Vietnam. The 14th National Assembly of Vietnam (term 2016-2021) has 489
Assembly, which is the highest-level representative body of Vietnamese people,
has the power to exercise constitutional and legislative rights and to decide on
critical issues of the country. 8
Doing business in Vietnam 2020. Investing in Vietnam, Engaging the world GDP BY SECTOR, 2018 8.0% 7.5% Product tax (net) 7.08% 7.0% 10% Agriculture, 7.02% Forestry and 6.5% 6.81% 15% Fishery 6.68% 41% 6.0% 6.21% 5.98% Services 5.5% 34% 5.42% 5.0% 4.5% Industry & Construction 4.0% 2018 2019 RETAIL SALES (billion USD) 6.60% 250 195 168 173 154 4.09% 200 140 125 3.53% 3.54% 111 2.79% 150 2.66% 100 50 0.63% 0 2018 2019 2018 2018
MAIN EXPORT PARTNERS, 2018 (share of total) Germany 11% US 46% South Korea 16% 243 237 214 211 180173 150 162166 148 132131 Japan 18% China 40% 2018 Source: GSO 9 A COUNTRY PROFILE
REGULATORY REFORM TO IMPROVE INVESTMENT CLIMATE
The regulatory framework has been constantly revised to incorporate more
favorable regulations for businesses to invest and operate in Vietnam. Since the
new Law on Investment and the new Law on Enterprises were passed in 2014,
many other laws, decrees and circulars have been put in place to provide
guidelines for better market access.
VIETNAMESE GOVERNMENT’S EFFORTS TO IMPROVE INVESTMENT CLIMATE
- Law No. 67/2014/QH13 on Investment
- Law No. 68/2014/QH13 on Enterprises
- Decree No. 46/2014/ND-CP provides regulations on col ection of land rent and water surface rent
2014 - Circular No. 78/2014/TT-BTC guides the implementation of the Law on CIT
- Circular No. 103/2014/TT-BTC provides guidelines for fulfil ment of tax liability of foreign entities doing business
in Vietnam or earning income in Vietnam
- Decree No. 118/2015/ND-CP provides guidelines for some articles of the Law on Investment
- Decree No. 96/2015/ND-CP provides guidelines for some articles of the Law on Enterprises
- Decree No. 15/2015/ND-CP on investment in the form of public-private partnership
2015 - Circular No. 38/2015/TT-BTC on customs procedures, customs supervision and inspection, export tax, import tax, and tax administration
- Law No. 107/2016/QH13 on Export and Import Duties
- Decree No. 134/2016/ND-CP provides guidelines for the Law on Export and Import Duties
- Circular No. 83/2016/TT-BTC guides the implementation of investment incentive programs
2016 - Circular No. 130/2016/TT-BTC on guidelines on some articles of the Law on Value Added Tax, and the Law on Special Sales Tax
- Law No. 04/2017/QH14 about provision of assistance for smal and medium-sized enterprises (coming into force from January 1st, 2018)
2017 - Decree No.32/2017/ND-CP on state investment credit
- Decision No. 3610A/QD-BCT slashes 675 conditions on business and investment under state management
- Decree No. 119/2018/ND-CP on electronic invoices for sale of goods and provision of services
- Decree No. 09/2018/ND-CP on trading activities of foreign investors
- Decree No. 08/2018/ND-CP on business conditions under State management of the Ministry of Industry and 2018 Trade
- Circular No. 25/2018/TT-BTC on amendments of some articles of Circular 78/2014/TT-BTC and Circular 111/2013/TT-BTC
- Resolution No. 50/NQ-TW on the direction of completing institutions and policies, improving the quality and
efficiency of foreign investment cooperation by 2030
- Resolution 23-NQ/TW on the national industry development strategy during 2018-2030
- Amended Law on Tax Administration No. 38/2019/QH14 (effective from 1 July 2020)
- Decree No. 14/2019/ND-CP providing guidelines for the law on special sales tax
2019 - Decree No. 05/2019/ND-CP provides a legal framework for the establishment and implementation of Internal Audit
- Circular No. 48/2019/TT-BTC on the making and settlement of provisions for devaluation of inventory, losses of
financial investments, bad debts and warranty at enterprises
- Draft amended Laws on Investment/Enterprises/Securities 10
Doing business in Vietnam 2020. Investing in Vietnam, Engaging the world