MINISTRY OF PLANNING AND INVESTMENT FOREIGN INVESTMENT AGENCY · According to the Foreign...

DOING BUSINESS IN VIETNAM 2019Investing in Vietnam, Engaging the world

MINISTRY OF PLANNING AND INVESTMENT

FOREIGN INVESTMENT AGENCY

II. Customs Duty and Procedures

E. Human Resources and Employment

F. Foreign Exchange Control

Useful websites

Abbreviation

A. Country Profile

Introduction

B. Trade and Investment

I. Trade Agreement

II. Foreign Direct Investment

C. Setting up an investment in Vietnam

3

5

6

12

13

13

17

52

58

65

68

Deloitte Vietnam 71

Foreign Investment Agency 72

III. Land Rental Incentives 56

D. Taxation and Customs

I. Taxation

25

26

Doing business in Vietnam 2019. 2 Investing in Vietnam, Engaging the world

3

APA

BOT

EZ

FDI

DTA

CIT

EPZ

ASEAN

BLT

BTL

CPTPP

ERC

APEC

BCC

BOO

BTO

EPE

BT

FCWT

Advance Pricing Agreement

Build-Operate-Transfer

Economic Zone

Foreign Direct Investment

Double Taxation Avoidance

Agreement

Corporate Income Tax

Export Processing Zone

Association of Southeast Asian

Nations

Build-Lease-Transfer

Build-Transfer-Lease

Comprehensive and Progressive

Partnership

Enterprise Registration Certificate

Asia-Pacific Economic Cooperation

Business Cooperation Contract

Build-Own-Operate

Build-Transfer-Operate

Export Processing Enterprise

Build-Transfer

Foreign Contractor Withholding Tax

GSO

IRC

OECD

RCEP

VAS

IMF

IP

PIT

O&M

VND

FTA

M&A

VAT

WTO

SST

PPP

USD

GDP

Investment Registration

Certificate

Organization for Economic

Cooperation and Development

Regional Comprehensive

Economic Partnership

Vietnamese Accounting Standards

International Monetary Fund

Industrial Park

Personal Income Tax

Operate & Manage

Vietnamese Dong

Free Trade Agreement

Mergers and Acquisitions

Value Added Tax

World Trade Organization

Special Sales Tax

Public-Private Partnership

US Dollar

Gross Domestic Product

General Statistics Office

ABBREVIATION

Agreement for Trans-Pacific

5

INTRODUCTION

In more than 30 years of social-

Vietnam has moved from being

one of the poorest nations in the world

to a lower middle-income country

with a number of convincing social-

economic achievements. Joining the

Association of Southeast Asian Nations

(ASEAN) in 1995

Economic Cooperation (APEC) in 1998

and the World Trade Organisation

(WTO) in 2007; expanding gross

domestic product (GDP); improving

infrastructure; and a steady increase

in foreign direct investment (FDI)

suggest that Vietnam has transformed

into an attractive investment

destination.

Vietnam has been enjoying strong

economic growth. Since 1990,

Vietnam’s GDP per capita growth has

been among the fastest in the world,

averaging 6.4 per cent a year in the

2000s. Despite crisis and uncertainties

in the global environment, Vietnam’s

economy continues to grow, with GDP

expanding by 7.08 per cent in 2018

is expected to continue on this path.

Overseas businesses are increasingly

attracted by the country’s move from

a centralized to a market- oriented

economy and its 95 million-strong

population, which features a large

and young workforce as well as

an increase in disposable income

in recent years. The Vietnamese

Government has done an excellent job

3.5 percent (2018)

This guidebook was prepared by the

Foreign Investment Agency of

Vietnam in cooperation with Deloitte

Vietnam to provide readers with an

overview of the investment climate,

forms of business organization,

taxation, and business and accounting

ing practices in Vietnam. Although

we do our best to ensure that

information contained in this book is

current at the time of writing, the

rapid changes in Vietnam mean that

laws and regulations may change to

reflect the new conditions. We hope that you find this book useful in your endeavour to expand your business

in Vietnam.

Ministry of Planning and

Investment of Vietnam

Foreign Investment Agency

A COUNTRY PROFILE

VIETNAM

Strategically located at the centre of Southeast Asia with convenient

access to commodity and cultural exchange.

COUNTRY PROFILEVietnam’s economy continues its fast growth driven by free trade agreements (FTAs) with major developed countries and increasingly deregulated business environment.

Competitive production

cost compared to

neighboring countries.

16 FTAs with major

developed markets.

A youthful and vibrant

country with digitally-savvy

and well-educated workforce,

a developing culture of

entrepreneurship, and

openness to new ideas.

A stable political environment, and an attractive business environment with high incentives for foreign investors.


Fast growing economy with GDP growth projected to be

between 6% to 7% during 2016-2018 period.

7

COUNTRY SNAPSHOT

LOCATION POPULATION AND WORKFORCEPopulation: Over 95 million people

Ranked 15th in the list of most populated countries

People of working age in employment: 48.7 million

people (50.2% of total population)

Unemployment rate: 2%

ECONOMYNominal GDP ( 2018): USD 245.2 billion

GDP in 2018 was estimated to increase by 7.08%,the highest growth since 2011

GDP per capita (2018): USD 2,540

LANGUAGE

BUSINESS HOURSUnder the Vietnamese Labor Code, normal working hours should be 8 hours/day, or 40 - 48 hours/week.

CURRENCY Vietnamese Dong (VND)

LAND AREA 330,967 sq. km

COASTLINE3,260 km

5 MUNICIPALITIES & 58 PROVINCES North: Hanoi – the capital

Centre: Da Nang City

South: Ho Chi Minh City – the largest city

CLIMATE AND WEATHERThe climate varies from North to South with three

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

sun throughout the year.

Southeast Asia

The country borders with China, Laos, Cambodia,

Pacific Ocean and Gulf of Thailand

Vietnamese (official language)English (taught widely at school as a second language)

Source: General Statistics Office (GSO), Economist Intelligence Unit

POLITICAL STRUCTUREVietnam 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.


9

MAIN EXPORT PARTNERS, 2018(share of total)

RETAIL SALES

GDP BY SECTOR, 2018

2018

(billion USD)

8.0%

7.5%

7.0%

6.5%

6.0%

5.5%

5.0%

4.5%

4.0%

Source: GSO

Industry &Construction

Agriculture,Forestry and

Fishery

Product tax (net)

Services

2018

2018

2018

2018

Japan 18%

South Korea 16%

Germany 11%

US 46%

China 40%

7.08%

6.60%

132131

150148162166

180173

214 211

243 237

111125

140154

168 173195

4.09%

2.66%

0.63%

6.21%

5.42%

5.98%

6.68%6.81%

3.53% 3.54%

15%

10%

34%

41%

0

50

100

150

200

250

A COUNTRY PROFILE

REGULATORY REFORM TO IMPROVE INVESTMENT CLIMATE

VIETNAMESE GOVERNMENT’S EFFORTS TO IMPROVE INVESTMENT CLIMATE

2014

2015

2016

2017

2018

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.

- Law No. 67/2014/QH13 on Investment- Law No. 68/2014/QH13 on Enterprises- Decree No. 46/2014/ND-CP provides regulations on collection of land rent and water surface rent- Circular No. 78/2014/TT-BTC guides the implementation of the Law on CIT- Circular No. 103/2014/TT-BTC provides guidelines for fulfillment 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- 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- 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 small and medium-sized enterprises (coming into force from January 1st, 2018)- 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 Trade- Circular No. 25/2018/TT-BTC on amendments of some articles of Circular 78/2014/TT-BTC and Circular 111/2013/TT-BTC

2019

- Resolution No. 50/NQ-TW on the direction of completing institutions and policies, improving the quality and efficiency of FDI 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- 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


11

RESTRUCTURING AND EQUITISING STATE-OWNED ENTERPRISESThe Vietnamese Government upholds its commitments to economic reform. The

equitisation of state-owned enterprises (SOEs) in recent years is an example

economy forward. The 2016-2020 roadmap for the equitisation of SOEs has been

outlined in Decision No. 58/2016/QD-TTg.

2011 2012 2013 2014 2015 2016 2017 2018

1426

73

175

220

55

45

23

NUMBER OF EQUITISEDSOES DURING 2011-2018

Source: Vietnam Government Report on the equitisation of SOEs (2011-2018)

TRADE ANDINVESTMENT

12

13

According to the Foreign Investment

Agency under the Ministry of Planning

and Investment, foreign direct capital

in 2018 totaled USD 35.46 billion . For

the sixth year in a row, the country saw

increased year-on-year growth in FDI

projects, with 26.5% growth through

277 projects. Higher FDI disbursement

throughout the years implies the

improvement in investors’ confidencein the economic outlook and their

commitment to establish long-term

investments in Vietnam.

Vietnam is one of the only few countries

in the region that allows 100% foreign

ownership for most sectors. 375 SOEs

will be partially or wholly divested

during 2017 -2020 period.

Vietnam has been actively engaging

in a number of free trade agreements

to help accelerate the country’s

integration into global economy in

recent years. Key trade pacts include:

ASEAN Economic Community

(launched in December 2015)

Comprehensive and

Progressive Agreement for Trans-

(signed on March 8th, 2018)

Regional Comprehensive

Economic Partnership (RCEP)

(on-going negotiation)

Free trade agreements signed as an

ASEAN member country

- ASEAN - Japan

- ASEAN - South Korea

- ASEAN - India

- ASEAN - China

- ASEAN - Hong Kong

- ASEAN - Australia - New Zealand

Bilateral agreements

- Vietnam - Chile

- Vietnam - South Korea

- Vietnam - Japan

- Vietnam - Israel (in negotiation)

2018)

- Vietnam - Eurasian Economic Union

FTA (concluded negotiation)

- Vietnam - European Free Trade

Association (on-going negotiation)

Vietnam has established diplomatic

relations with 185 countries, expanded

commercial and investment relations

with more than 220 markets and signed

more than 80 Double Tax Avoidance

Agreements.

I. TRADE AGREEMENT

II. FOREIGN DIRECT INVESTMENT

B TRADE AND INVESTMENT

Vietnam has become an attractive

investment destination for various

sectors, from manufacturing,

real estate, energy, retail, and

construction, to arts, tourism,

entertainment, and other services.

Manufacturing: With advantages

in a number of areas such as

competitive labor cost, raw

materials resources, lower

barriers to trade, and many

designated investment incentives,

the manufacturing sector remains

2018, accounting for around 47

Real Estate: The investment in real

estate sector accounted for 19 per

2018. Ho

Chi Minh City stands out as the hub

to attract most of the large-scale real

estate projects.

Other sectors: Green energy,

science & technology, wholesales,

and infrastructure development are

entering a booming period, as the

Government has given these sectors

priorities for development through

incentives and encouragement to

attract investors. Investment in these

sectors is expected to increase in the

years to come.

INVESTMENT INDUSTRIES

20162015 2017 2018

40,000

30,000

20,000

10,000

0

Mill

ion

USD

Registered FDI Disbursed FDI

REGISTERED AND DISBURSED FDI (2015-2018)

Manufacturing Real Estate

Professional activities,science and technology

Wholesale, Retail & Repair

Others

FDI BY SECTOR (2018)


24,115

26,891

35,602

14,50015,800

17,700

35,466

19.100

47%

18%

6%

10%

19%

15

MAIN EXPORT PARTNERS,

Foreign investors usually select

densely populated cities with modern

infrastructure and agglomerated

convenience (e.g. Hanoi, Ho Chi

Minh City, Da Nang) to implement

service-related projects. Whereas,

manufacturing and processing

investment projects are often located at

TOP 10 FOREIGN INVESTORS BY REGISTERED CAPITAL (AS OF AUGUST, 2019)

6000

5000

4000

3000

2000

1000

0

Inve

smen

t Cap

ital

(mill

ion

USD

)

HongKong

Republic

of Korea

Singapore

China

Japan

Taiw

an

British

Virginlsla

nds

Thaila

nd

Cayman Is

lands

Samoa

326 INDUSTRIAL PARKS 3 HI-TECH PARKS– Hoa Lac Hi-tech Park

– Saigon Hi-tech Park

– Da Nang Hi-tech Park

industrial parks (IPs)/economic zones

(EZs) where the infrastructure and

transportation are specialized, and

special investment incentives are

given. FDI capital invested at IPs and

EZs accounted for roughly

80% of total registered capital in

manufacturing sector.

17 COASTAL ECONOMIC ZONES

Source: Foreign Investment Agency

B TRADE AND INVESTMENT

Since July 2015, the new Laws on Enterprises and Investment have relaxed foreign

h of mergers and

acquisitions (M&A) transactions. Vietnam’s M&A market is expected to reach a total

deal value of USD 20 billion for the 2015-2018 period. The most active industries for

M&A are retail, consumer goods, real estate, and banking.

CROSS-BORDER MERGERS & ACQUISITIONS

Source: Vietnam Foreign Investment Agency


In the first seven months of 2018, however, the following sectors accounted for the highestvalue of M&A deals in Vietnam.

Leading M&A sectors in the first sevenmonths of 2018

The total value of deals

Processing and manufacturing

Retail and wholesale

Construction

Science and technology

US$ 1.2 billion

US$ 1.06 billion

US$ 702.5 million

US$ 620.6 million

17

SETTING UP AN INVESTMENT IN

VIETNAM

C SETTING UP AN INVESTMENT IN VIETNAM

A limited liability company is a legal

entity established by capital contribution

which is treated as equity (or charter

capital) from its members. A limited

liability company is not allowed to issue

shares. The total number of members in

a limited liability company is restricted to

50 (applied to form of a limited liability

company with more than two members).

Members of a limited liability company

the limited liability company within the

capital contributed – or undertaken to be

contributed - to the company.

A limited liability company may be

established by foreign investors either in

one of the two following forms:

i. A 100% foreign-owned enterprise

(where all members are foreign

investors); or

ii. A joint-venture enterprise with at

least one Vietnamese investor.

OTHER FORMS OF INVESTMENT(i.e. participating in contractual business

forms or purchasing stakes of an existing

enterprise)

ESTABLISHING A NEW BUSINESS ENTITY

INVESTMENT VIA M&A

Some main corporate

forms of doing business

in Vietnam include: (1)

Limited-liability company

with one or more members;

(2) Joint-stock company; (3)

Partnership; (4) Business

Cooperation Contract; and

(5) Public-Private

Partnership Contract.

LIMITED LIABILITY COMPANY

Limited Liability Company Established

by capital contribution

Members areliable for the nancial

obligations withinthe capital contributed

Maximum of50 members

Not allowedto issueshares


19

A partnership may be established between two

individual managing partners. The managing

partners have unlimited liability for all

obligations of the partnership. Besides managing

partners, a partnership may have contributing

obligations of the partnership up to the value

of their contributed capital.

JOINT STOCK COMPANY

PARTNERSHIP

BUSINESS COOPERATION CONTRACT

Join

t Sto

ck

Company

Established by its founding

shareholders on the basis of their subscription of

shares

At least three shareholders

(with no maximum number of

shareholders)

Managingpartners have

unlimited liability forall obligations of the

partnership

Contributingpartners only liable

obligations of the partnership up to their

contributedcapital

Partnership

Busin

ess

Coop

eratio

n Contract

Signed between foreign investors and Vietnamese investors

without the creation of a new legal entity

BCC’s parties hold unlimited liability for the

of the BCC

A joint stock company is a legal entity established

by its founding shareholders on the basis of their

subscription of shares of the joint stock company.

The charter capital of a joint stock company is

divided into shares and each founding shareholder

holds a number of shares corresponding to their

subscribed and paid-up shares in the joint stock

company.

A joint stock company is required to have at least

three shareholders (with no maximum number of

shareholders). A joint stock company may take

the form of either (i) 100% foreign-owned; or (ii) a

joint venture between foreign and domestic

investors.

A Business Cooperation Contract (BCC) is normally

signed between foreign investors and Vietnamese

investors in order to carry out certain business

activities.

BCC is executed without the creation of a new legal

entity. Instead, parties to a BCC shall establish a

co-ordination board to implement and oversee the

BCC. The investors to a BCC mutually agree on

allocation of responsibilities and sharing of

profits/losses arising from a BCC. BCC’s parties hold unlimited liability for the financial obligations of the BCC.


PUBLIC-PRIVATE PARTNERSHIP

Publ

ic-Pr

ivate Partnership

Comprise BOT, BT, BTO, BOO, BTL, BLT, O&M

Contracts

Set upon the basis of a contract

between relevant government authorities and project

companies to perform certain regulated infrastructure

works and publicservices

A Public-Private Partnership (PPP) contract is

an investment form set up on the basis of a

contract between relevant government

authorities and project companies to perform

certain regulated infrastructure works and

public services, e.g. transportation system,

water supply system, power plants, educational

and healthcare-related infrastructure, etc.

PPP Contracts comprise Build-Operate-Transfer

(BOT), Build-Transfer (BT), Build-Transfer-

Operate (BTO), Build-Own-Operate (BOO),

Build-Transfer-Lease (BTL), Build–Lease-

Transfer (BLT) and Operate-Manage (O&M)

Contracts.

After signing PPP contracts with an authorized

state agency, foreign investors must establish a

project company in the form of a limited

liability company or a joint stock company.

PPP contracts clearly set out the rights and

obligations of foreign investors to such contracts.

20

21

MERGERS AND ACQUISITIONS

Capital contribution, sale/purchase

of shares or contributed

capital in Vietnamese enterprises

without directly participating in

the enterprise management and

administration

Sale/purchase of other valuable

papers in Vietnamese dong

permitted to issue within Vietnam’s

territory by organizational residents

Capital contribution, transfer of

contributed capital in securities

investment funds and fund

management enterprises in accordance

with the laws on securities

Sale/purchase of bonds and other

types of stocks in the Vietnamese

securities market

The legal framework for M&A is set out under the Law on Enterprise and Law on

Investment and their guiding documents, which cover conditions, procedures

and tax consequences of such activities.

The Competition Law also has an effect on M&A activities. Where a merger or acquisition may result in a legal entity with a market share accounting for 30%

to 50% of the relevant market, the legal representative of such entity must notify

the competition management body before the merger/acquisition is implemented,

unless the law provides otherwise. A merger or acquisition that results in a new

entity with its market share accounting for more than 50% of the relevant

market is prohibited, unless otherwise stipulated in the Competition Law.

Other investment forms

All indirect investment activities of foreign investors in Vietnam must be

conducted in Vietnamese Dong via an indirectly-invested capital account opened

at a permitted bank. Balances in indirectly-invested capital accounts of foreign

investors cannot be converted into time deposits, or saving deposits at credit

institutions and foreign bank branches.

Below are examples of frequently-conducted indirect investment activities in

Vietnam.


In order to legally carry out business activities in Vietnam, foreign investors

must register their investment with the appropriate licensing authorities. Under

the new Law on Investment and Law on Enterprises, foreign investors now go

through two steps:

(*) The timeline for setting-up projects prioritized by national or provincial Government shall be shortened.

(**) Please note that IRC is required only for investments by foreign investors or deemed-to-be foreign investors (i.e. companies with more than 51% of charter capital held by foreign ownership).

SETTING UP A NEW BUSINESSPROCEDURES FOR COMPANY SET-UP

PROCEDURES FOR NEW COMPANY SET-UP

Step 1

Location Selection

PublicNotification

PROCEDURES FOR BRANCH, REPRESENTATIVE OFFICE SET-UP

Step 1 Step 2 Step 3 Step 4

Location Selection

RO/Branch License Application

Seal/Tax ID Registration

5-7 days5-7 days7 days

PublicNotification

ERC Application

IRC Application

15 days 3 days 5-7 days

Step 2 Step 3


23

As part of the set-up procedures, various types of documents will be required

depending on the type of company/business activities that is being set up, etc.

All legal documents issued by overseas authorities must be translated into

Vietnamese and must be validated by the Vietnamese Embassy in the home

country of the investor.

RELEVANT LICENSING AUTHORITIES

CERTIFICATE

Projects located INSIDE

industrial zones, export

processing zones, high-tech

zones & economic zones

Projects located OUTSIDE

industrial zones, export

processing zones, high-tech

zones & economic zones

Provincial Management Board

of Industrial/ Economic Zones

Provincial Department of

Planning and Investment

Provincial Department of

Planning and Investment

IRC ERC

LIQUIDATION AND CLOSING BUSINESSThe termination, liquidation, or dissolution, of an enterprise shall occur in the

following circumstances:

The operation period in the

company’s charter expires

without a decision on extension

Failure to maintain minimum

required number of members

for 6 consecutive months

without business conversion

The dissolution is decided by

owners/ general partners/ board of

members/ shareholders

Business Registration


The company shall be dissolved only when all debts and liabilities are settled

and the company is not involved in any dispute at a court or arbitration body.

The liquidation procedures generally take about 6 - 12 months, which normally

Step 1

Step 2

Step 3

Business Registration Authority

Tax Authority

Business

AuthorityRegistration

National

Registration Portal

Business

Tax Authority

Employees

5 days

7 days

2-3 months

from approval date

from debt clearance date

NOTIFICATION OF DISSOLUTION DECISION

SUBMIT DISSOLUTION DOSSIERS & RETURN IRC/ERC

TAX FINALISATION / TAX AUDIT & TAX CODE CANCELLATION


25

D TAXATION AND CUSTOMS

TAXATION AND CUSTOMS

D


I. TAXATION

Corporate Income Tax (CIT);

Personal Income Tax (PIT);

Value Added Tax (VAT);

Foreign Contractor Withholding Tax (FCWT); and

Other taxes (i.e. Special Sales Tax, Import & Export Duties, Natural

Resources Tax, Property Tax, Environment Protection Tax, Business

License Duty & Registration Fee).

All taxes are levied at the national level. There are no local taxes.

Please refer to the following pages for your further reading.

i.

ii.

iii.

iv.

v.

The Vietnamese tax system is comprised of the following:

Type of Tax

Corporate Income Tax 28

34

39

44

51

51

Personal Income Tax

Value Added Tax

Foreign Contractor Withholding Tax

Other Taxes

Special Sales Tax

Page

Environment Protection Tax 52

27


NO. TAX TYPE/ TIME LIMIT MONTHLY QUARTERLY FINALIZATION

20th day of the following

month

30th day of

the following

quarter

90th day from

or calendar

year-end date

1 Corporate Income Tax N/A (provisional

payment only)

2 Personal Income Tax (*) (calendar year)

3 Value Added Tax (**) N/A

4 Foreign Contractor

Withholding Tax

5 Compulsory Social/

Health/ Unemployment

Insurance

6 Stamp Duty Upon occurrence

7 Export Duty Upon occurrence

8 Import Duty Upon occurrence

50

shall be applicable.

12-month operation within a

50 billion or less, otherwise the

monthly basis or quarterly basis.

TAX COMPLIANCE TIMELINE

10th day following the payment day; or 20th of the month following the payment month if registering to file FCWT on a monthly basis

The last day of the month

CORPORATE INCOME TAX (CIT)

TAXPAYERS

TAX CALCULATION

CIT PAYABLE = TAX RATE X ASSESSABLE INCOME

Tax Rates

1 2Vietnam-

incorporated enterprises

Branches/AgentsServiceestablishment

Plants/Construction sites Others

Assessable Income

Total Revenue

Deductible Expenses

Other Income

Carried Loss

Foreignenterprises with orwithout Permanent

Establishment (PE)

1. (Total revenue – Deductible expenses) is considered an income from main business activities.

Such income is entitled to CIT incentives, if any.

2. Normally, other forms of income are not entitled to CIT incentives, and thus, shall be subject to

the standard CIT rate of 20 per cent. Other income includes gains from foreign exchange revaluation,

income from disposal of fixed assets, interest income, ect. not related to main business.

From 1 January 2016, the standard CIT rate is 20 per cent. The CIT rate for enterprises operating in

exploration and mining of petroleum, gas, and other rare and precious natural resources shall

range from 32 per cent to 50 per cent, depending on the project locations and conditions.


29


TAX INCENTIVES COMMENCEMENT RULE

BY LOCATION

ACTIVITIES

CIT INCENTIVES

PREFERENTIAL TAX RATE TAX HOLIDAY

With especiallly difficultsocio-economic conditions

� Economic Zones

� High-tech Zones, including

concentrated information

technology parks established

under the Prime Minister’s

decision

10% for 15 years � 4 years of tax exemption;

and

� 50% reduction for the next

9 years

� With difficult socio-economicconditions

17% for 10 years � 2 years of tax exemption;

and


4 years

Not applicable � 2 years of tax exemption;

and


4 years

Preferential tax rateGenerally, preferential tax rate is applicable from the first revenue-generation year; except high-tech enterprises or projects.

Tax holidayGenerally, tax holiday is available from the first profit-making year or the fourth revenue-generation year, where applicable, except high-tech enterprises.

� Industrial Parks (which are notlocated in the favorablesocio-economic locations)

BY SECTORThe current incentive scheme is applicable for sectors that are prioritized for

investment under the Government’s development policies.

ACTIVITIES (for example)

CIT INCENTIVES


� High-tech enterprises (including

science and technology enterprises);

research, application, and incubation of

hi- technology projects

� Environmental protection

� Investment for infrastructure

� Supporting industries

development (water plant,

power, road, port, etc.)

� Software production

10% for 15 years � 4 years of tax

exemption; and

� 50% reduction for

the next 9 years

� Socialised projects in regions with 10% for whole project’s

duration

� 4 years of tax

exemption; and

� 50% reduction for the

next 9 years

� Socialised project not located in

economic regions

10% for whole project’s

duration

� 4 years of tax

exemption; and

� 50% reduction for the

next 5 years

� Farming, husbandry, processing of

production of plant varieties, animal

regions; forestry in difficult regions;

breeds; production of salt; preservation

of agriculture products, aquaculture

products and foods, etc.


duration

� Tax exemption and

reduction under

incentives for location

(if applicable)

difficult/especially difficultsocio-economic conditions


31


BY BUSINESS SCALEInvestment incentives are granted to large projects manufacturing projects

(excluding those in product manufacture subject to special sales tax or those in

mineral resources exploitation) having either:

1. Total capital of VND 6,000 billion or more, disbursed within 3 years since being

licensed with:

- Minimum annual revenue of VND 10,000 billion by the 4th year of revenue

generation at the latest; or

- Regularly employing more than 3,000 employees by the 4th year of operation at

the latest.

2. Total capital of VND 12,000 billion or more, disbursed within 5 years since being

licensed and using technologies being evaluated under the Law on Hi-technology,

and the Law on Science and Technology.

ACTIVITIES (for example)

CIT INCENTIVES


� Farming, husbandry, processing of

agriculture and aquaculture products


duration

17% for 10 years

ACTIVITIES

CIT INCENTIVES


� VND 6,000 billion capital project (1) 10% for 15 years � 4 years of tax

exemption; and

� 50% reduction in tax

for the next 9 years� VND 12,000 billion capital project (2)

� Manufacturing of steel, energy savingproducts, machinery and equipmentserving agriculture, forestry, fisheries andsalt production, traditional crafts, etc.

DEDUCTIBLE EXPENSES

An expense might be deductible for CIT purpose if the following conditions are met:

In addition, payments above VND 20

million must be supported by bank

payment vouchers (or deemed as

made via bank) to be deductible.

NON-DEDUCTIBLE EXPENSES

cap of one-month average monthly salary;

� Costs of raw materials, supplies,

fuel, power and goods exceeding the

reasonable consumption levels as

stipulated by the Government;

� Interest on loans from non-economic

and non-credit organizations exceeding

1.5 times of the interest rate announced

by the State Bank of Vietnam;

� Interest expenses exceeding 20%

EBITDA for enterprises having related-

party transactions;

� Interests on loans corresponding to

the portion of charter capital not yet

contributed in accordance with registered

contribution schedule;

� Periodical accrued expenses not paid or

not fully paid at the end of the period;

losses, inventory devaluation,

bad debts, product warranties or

Actually incurred and

relevant to the company’s

business activities

Payments above VND 20

by bank payment vouchers

or deemed as made via

banks

Supported by proper

documents1

3

2

4million must be supported

Not in the list ofnon-deductible expenses

Below are notable examples of

non-deductible expenses:

• Depreciation expenses of fixed assets not in accordance with

prevailing regulations, i.e. (i) not for

business purpose; (ii) not supported

by proper documentation; and (iii)

exceeding the regulated depreciation

rates;

� Labor expenses recorded but not

actually paid or not stipulated with

clear conditions and amounts under

labor contracts, collective labor

agreements or company’s financial policies;


33


construction works, vocational risks

not in accordance with the prevailing

regulations;

� Unrealized foreign exchange losses

due to the year-end revaluation of foreign

currency items other than account

payables;

� Overhead costs allocated to the

Permanent Establishment (PE) by foreign

companies exceeding the amount

determined based on the revenue-based

allocation ratio;

� Contributions to voluntary pension

funds and purchase of voluntary pension

insurance, life insurance for employees

exceeding VND 3 million/person/month;

payment interests, etc.;

� Donations other than certain donation

contributions for education, health care,

natural disaster or building charitable

homes, etc.;

� Certain expenses related to the issuance,

purchase and sale of shares.

LOSSESTax loss is carried forward within

a maximum period of 5 years after

the loss-making year. The tax loss

generated from January 2009

must be carried forward consecutively

even during the tax exemption period.

Carry-back of tax loss is not allowed.

Losses from incentive business

income from non- incentive

activities. Losses from the transfer

of real estate, investment projects,

rights to participate in investment

projects (except for mineral

exploitation and exploration

from other business activities.

TAX DECLARATION AND PAYMENTEnterprises are not required to

submit the quarterly CIT declaration

returns. However, provisional

payments are still compulsory and

will be calculated and settled based

on best estimation. In case the

the sum of provisional CIT payments

is more than 20 per cent of the CIT

excess of 20 per cent shall be subject

to late tax payment interest.

prepared and submitted to the tax

authorities within 90 days from the

tax liabilities arising from the tax

payments made quarterly shall

be settled within 90 days from the

end of fiscal year.The standard tax year is the calendar

year. However, enterprises are able to

adopt a tax year, i.e. fiscal year, which is different from the calendar year upon notification to tax authorities.

TAX RESIDENCYAn individual is a tax resident if he/she

meets one of the following conditions:

�

�

�

Note: An individual having registered address

or rented house over 183 days but residing less than

183 days in Vietnam may still be a tax resident if being

unable to prove residency of another country.

TAXPAYER TAX RESIDENT TAX NON-RESIDENT

Taxable

income

Worldwide income Vietnam-sourced income

Tax rate on

employment

income

Progressive rate (5~35%) Flat rate (20%)

Tax calculation Assessable Income = Taxable Income

- Deductions

Assessable Income = Taxable

Income

Deduction Personal deduction

Dependent deduction

Compulsory and (capped) voluntary

insurance contribution

Charitable or humanitarian donation

No deduction is claimed

Tax relief Foreign tax credit is allowed on the foreign-

sourced income

Tax treaty exemption may be applicable if conditions are met

PERSONAL INCOME TAX (PIT) OVERVIEW

House lease contract of 183 days or more

Permanent/Temporary

residence card

Present in Vietnam for 183 days or

more

Residing in Vietnam for 183 days or

more in 12 consecutive months from

the first arrival date or in a calendar year;

Having a registered permanent

residence in Vietnam as recorded by

a temporary/permanent residence

card;

Having rented a house in Vietnam

with a term of 183 days or more

within a tax year.


35


TAX YEAR

EMPLOYMENT INCOMEEmployment income includes

salaries and wages, and all forms of

Tax residents are subject to PIT in

Vietnam on their world-wide income

regardless of where such income is

paid, earned or charged. Worldwide

employment income is subject to tax at

progressive tax rates ranging from 5

per cent to 35 per cent depending on

income level.

Individuals who do not satisfy any of

the above condition are classified as non-residents and subject to tax only

on Vietnam-sourced income. The rate

applicable to tax non-residents’

Vietnam- sourced employment income

is currently fixed at 20 per cent. Both residents and non-residents are

also subject to PIT in Vietnam on

incomes of non-employment nature

which are taxed at different flat rates.

remuneration and fringe benefits whether in cash or in kind. However,

certain income items are not subject to

tax, typically:

• Once-off relocation allowances for example, paid to foreigners first time comes to work in Vietnam; or Vietnamese

citizens residing overseas return to

work in Vietnam;

� Transportation allowance: from

home to work and vice versa under the

Company’s policy;

� Wedding and funeral allowances

under the Company’s policy and being

capped at one-month average monthly

salary;

� Airfare in kind one round trip per

year for employee to travel back to

home country;

� Tuition fee in kind for children to

study from nursery to high school level

at host country;

� Insurance premium: voluntary

non-accumulative insurance for health

& death;

� Membership/ healthcare/ entertainment

in kind & non-identified beneficiary;� Supports for cure of fatal diseases to

employees (and close family members);

� Per-diem: Fully exempted if paid

under the Company’s policy;

� Housing allowance: In excess of 15

per cent of total taxable income;

The Vietnamese standard PIT reporting

period is the calendar year. For foreign

individual, the fist tax year will be the 12-consecutive-month-period from the

first arrival date in Vietnam in case the individual is present in Vietnam for

less than 183 days during the first calendar year. From the second year,

the tax year will be the calendar year.

NON-EMPLOYMENT INCOME Non-employment income includes

income from business, capital

investment, inheritance, gifts,

prize winnings, transfer of capital,

transfer of real estate, sale of shares/

securities, royalties, franchising,

copyrights, etc. which are subject to

TAX DEDUCTIONSTax residents of Vietnam are entitled to

the following deductions from taxable

income:

� A personal deduction of VND 9 million

per month;

spouse, children and other eligible

persons including parents in the amount

of VND 3.6 million per dependent per

month (provided that certain conditions

are met);

� Eligible charitable or humanitarian

donations;

� Compulsory social insurance,

health insurance and unemployment

insurance paid by employees; and

� Contribution to private pension

fund made by the employer and the

employee capped at VND 1 million

per month pursuant to the Ministry

of Finance’s guidance.

TAX RELIEFFOREIGN TAX CREDIT

A tax resident is entitled to claim

for Foreign Tax Credit (i.e. the

amount of tax paid overseas

according to overseas regulations)

against their Vietnamese PIT on the

foreign-sourced income; however, the

creditable amount shall not exceed the

Vietnamese PIT payable according to

income arising overseas.

TAX TREATY RELIEF

A tax non-resident may enjoy PIT

exemption in Vietnam via tax treaty

application if certain conditions

under the treaty are met. To enjoy

are required.

MONTHLY ASSESSABLE

INCOME (million VND)

TAX RATE

RESIDENTSNON-

RESIDENTS

Up to 5 5%

20%

Over 5 to 10 10%

Over 10 to 18 15%

Over 18 to 32 20%

Over 32 to 52 25%

Over 52 to 80 30%

Over 80 35%

TAX RATES

Employment Income

� Uniform allowance in cash below

VND 5 million/year or in kind;

� Overtime in excess of the normal rate.


NON-EMPLOYMENT INCOME

TAX RATE

Business Income

1% - 5% on revenue

*Depending on type

of business

5%

Capital transfer

20% on net gains for

tax resident; 0.1% on

sales proceeds for

non-resident

Securities / JSC share

transfer

0.1% on sales

proceeds

2% on sales proceeds

Income from winning

prizes (in excess of

VND 10 million)

10%

Income from copyright

(in excess of VND 10

million)

5%

Income from royalty/

franchising (in excess

of VND 10 million)

5%

Income from gifts /

inheritances

(in excess of VND 10

million)

10%

Non-Employment Income(applicable to both residents & non-residents)

Capital investment,i.e. interest, dividends

(except for bankinterest)

Real estate transfer

37

TAX DECLARATION AND PAYMENT

TYPE OF INCOME DEADLINE

Employment income received

from Vietnamese employers

′s return)

20th day of the following month


from Vietnamese employers

′s return)

30th day of the following quarter


via Company′s return)

Non-employment income10th day from the date of

arising income

Monthly

Quarterly

TAX FINALIZATION

Each individual taxpayer must register for a personal tax code prior to the time

limit for his first PIT filing. In case the employer makes tax registration for

employees earning income from salaries or wages and tax registration for

employees’ dependents, the registration deadline shall be within 10 working days before the submission of annual PIT finalization return.

Tax residents are required to file the PIT finalization return and settle outstanding

PIT liabilities within 90 days from the end of the tax year.

Residents foreign expatriates terminating their Vietnam assignment must file PIT finalization dossiers prior to their departure dates (or within 45 days from departure dates in case of authorization following a recent specific guidance)


VALUE ADDED TAX (VAT)

SCOPE OF APPLICATIONVAT is imposed on goods and services used for production, trading and

consumption in Vietnam (including those purchased from overseas

organizations and individuals).


TAX RATESThere are three types of VAT treatment: non-taxable items; items not required to

declare VAT and taxable items (at 0 per cent, 5 per cent and 10 per cent VAT rate).Below are some notable cases:

NON-TAXABLE

� Land use rights;

� Insurance related to human;

� Loan, credit services;

� Education and vocational training according to prevailing regulations;

� Medical services;

� Temporarily imported goods;

� Intellectual property rights, software (except exported software);

� Unprocessed or semi-processed products of cultivation, agriculture, aquaculture; animal

� Imported goods/services for humanitarian aid;

� Machinery and equipment not locally produced, imported for some specific purpose;

� Capital transfer transactions between non-tariff zones and overseas;

� Exported products directly processed from main materials being natural resources and/ orminerals whose total value plus energy cost makes up at least 51% of the prime cost.

breeding stock, seedlings, salt products, etc.;

39

DECLARATION NOT REQUIRED

� Project transfer;

� Transfer of assets within a company and dependent units;

� Capital contribution by assets;

� Commission for some agent services.

TAXABLE

Export goods and services;

International transportation;

Aviation and maritime services provided either directly for

foreign entities or through agents

Standard VAT rate, applicable to goods and services other

than those mentioned above

0%

5%

10%

� Compensation, financial income;

Clean water, pesticide, services for digging, embanking,dredging of canals, agricultural machinery and equipment,sugar and by-products, medical equipment, teaching aids,artistic, sports activities, etc.

40


TAX CALCULATION CREDIT METHODThe credit method is adopted by

enterprises maintaining complete

books of accounts, invoices and

documents in accordance with

relevant regulations, including:

� Enterprises with annual revenue

subject to VAT of more than VND 1 billion;

� Enterprises in other cases who

voluntarily register for VAT declaration

under credit method.

VAT calculation under credit method:

VAT

PAYABLE

OF WHICH Output VAT shall be equal to the total VAT on goods or services sold as stated

Input VAT shall be:

OUTPUT

VAT

INPUT

VAT

GOODS/SERVICES LOCALLY

PURCHASED

IMPORTED GOODS

PAYMENTS ON BEHALF OF FOREIGN

CONTRACTORS

VAT invoice

VAT payment receipt

(*) Non-cash payment voucher

Customs returns

(*) Non-cash payment vouchers are only required for payments of VND 20 million or more (inclusive of VAT).

For general business activities, VAT

liabilities must be paid to local tax

authorities where general business

activities take place while for

imported goods, VAT liabilities will

be collected by customs authorities

upon importation.There are two methods for VAT

declaration: Credit method and

Direct method.� Credit method: VAT liabilities are

calculated by offsetting input VAT with output VAT;

� Direct method: VAT liabilities for

specific goods and services are calculated by using the deemed VAT

rates.

in the VAT invoice.

- VAT amount as recorded in all VAT invoices for the purchase of goods or services;

- VAT amount stated on receipts for VAT payment on imported goods;

- VAT amount stated on receipts for VAT payment on behalf of foreign

contractors.

In order to claim deductible input VAT, taxpayers must obtain the following

documents for each type of goods/services purchased:

41

DIRECT METHODThe direct method is adopted in the following cases:

� Enterprises with annual revenue subject to VAT of less than VND 1 billion

unless they voluntarily register for credit method;

� Enterprises not maintaining proper books of accounts and foreign

organizations/ individuals carrying out business activities not regulated under the Law on Investment;

� Business individuals and households;

� Enterprises engaging in trading in gold, silver and precious stones.VAT calculation under direct method:

VAT PAYABLE REVENUE VAT RATE

OF WHICH, THE

APPLICABLE VAT RATES

SHALL BE:

VAT OUTPUT CORRESPONDING INPUT

Non-taxable Nil Not eligible for credit

Declaration not required Nil May be credited

Taxable (0%) Nil May be credited

Taxable (5%, 10%) Yes May be credited

In case the credit method is applied, taxpayers should note the following principles

regarding credits:

If goods/services/fixed assets are used for the production/trading of both taxable good/services and non-taxable goods/services, then only the input VAT of

goods/services/fixed assets used for the production/trading of taxable goods may be used for credit. Taxpayers must separate the credit-eligible input VAT from non-credit-eligible

inputs. Otherwise, the input VAT shall be credited based on the ratio of the revenue of goods/services subject to VAT and not required for VAT declaration

to the total revenue from sales of goods/services.

� 1% Distribution; supply of goods� 5% Services; construction excluding supply of materials� 3% Manufacturing; transportation; services attached to the supplyof goods; construction, including supply of materials� 2% Other cases



For those enterprises engaging in the business of gold, silver and precious

stones, VAT payable shall be calculated as 10% of the added value. The value added of gold, silver, and precious stones equals their selling price minus their

purchase price which are recorded by proper VAT invoices or payment receipts/

vouchers.

TAX DECLARATION AND PAYMENT

TAX REFUNDFrom 1 July 2016, taxpayers can only claim VAT refund from tax authorities in

the following common cases:

� New projects of taxpayers who adopt the VAT-deduction method that are in the

pre-operation investment period, and with a total accumulated input VAT

exceeding VND 300 million (some exceptions may apply);

local sales) with an amount exceeding VND 300f

million (but capped at 10% of export

revenue), except:

goods imported then re-exported;

Customs Law.

From 1 February 2018 146/2017/ND-CP in addition to the above, business establishments importing and then exporting goods into

VAT exceeding VND 300 million are re-allowed to enjoy VAT refund.E-InvoiceCurrently, taxpayers can choose between paper invoices or e-invoices.However, e-invoices must be used for all enterprises from 01 November 2020.

Monthly VAT declaration shall be applied in most cases and is to be filed by the 20th day of the following month.

Quarterly VAT declaration is applicable to taxpayers with total turnover from

sales of goods/ services of the preceding year not exceeding VND 50 billion. The deadline for quarterly VAT filing is by the 30th of the following quarter.

Where the taxpayer are eligible for quarterly VAT declaration wish to instead file VAT monthly, they shall submit a notification to tax authorities not later than the deadline for VAT declaration in the first month of the tax year.

VAT finalization is not required.

43

IMPORTANT NOTEThere is no dividend withholding tax in Vietnam on corporate shareholders.

TAX DECLARATIONThere are three methods for FCWT declaration including: (i) Deemed method; (ii) Hybrid method; and (iii) Declaration method.

FOREIGN CONTRACTOR WITHHOLDING TAX (FCWT)

TAXPAYERSFCWT is applicable to foreign organizations/individuals who conduct

business or earn income in Vietnam on the basis of a contract/agreement

with (i) a Vietnamese party (as a main foreign contractor); or (ii) another

foreign contractor to implement part of the contractual scope of works (as a

foreign sub-contractor). FCWT is a tax collection mechanism that normally

comprises both CIT and VAT, but may also include PIT for payments to foreign

individuals.

SCOPE OF APPLICATION

SUBJECT TO FCWT NOT SUBJECT TO FCWT

ServicesServices provided or consumed

inside Vietnam

Services provided and consumed

outside Vietnam

Goods

Supply of goods accompanied by

services

Supply of goods in which the delivery

point is inside Vietnam

Supply of goods not accompanied by

services and the delivery point

is overseas or outside border gate of

Vietnam

OthersRoyalties

Trademarks

Penalty/compensation

Income from transportation activities

Security transfer

Construction & installation

Interest

While the Deemed method can be applied by foreign contractors without any

specific conditions (and is the most common method, which can be applied), the Hybrid method and Declaration method require foreign contractors to satisfy the



following conditions:

� Maintaining a contract duration of 183 days or more;

� Applying the Vietnamese Accounting System.

NO. CRITERIA DEEMED METHOD DECLARATION METHOD HYBRID METHOD

1 Filing

responsibility

� Vietnamese Party � Foreign Contractor � Foreign Contractor

2 Compliance

timeline

VAT declaration � 10 days from

payment date; or

� Monthly

� Monthly � Monthly

CIT declaration � 10 days from

payment date; or

� Monthly

� Quarterly � 10 days from

payment date; or

� Monthly

Finalization � 45 days from contract termination date

�

�

90 days from the end of

45 days from contract

termination date

� 45 days from

contract termination

date, applied for CIT

3 Tax calculation

VAT

CIT

� VAT = Taxable

income x deemed

rate

� CIT = Taxable

income x deemed

rate

� VAT = Output VAT –

Input VAT

� CIT = Taxable income x

CIT rate

� VAT = Output VAT –

Input VAT

� CIT = Taxable

income x deemed

rate

4 Auditing � No � Not compulsory � Not compulsory

5 Revenue/

� Tax liability would

be withheld before

remittance

� No detailed

requirement

requirements to

before remittance

45

ACTIVITIES VAT RATE CIT RATE

Exempt 1%

Services 5% 5%

Supply of goods attached to services where the value is separated:

Goods portion

Services portion

Exempt (for goods)

5% (for services)

1% (for goods)

5% (for services)

Supply of goods and some

services where value is not

separated (*)

3% 2%

3% or 5% 2%

Exempt 5%

Income from royalties Risk of being taxed at 5% 10%

Other cases where value is not

separated

TAX RATESIn case of the deemed method, the following rates shall be applied for some

notable cases:

Supply of goods in Vietnam or

associated with services

rendered in Vietnam (including

in-country export- import,

distribution of goods in Vietnam

or delivery of goods where the

seller bears risk relating to the

goods in Vietnam)

Construction

Loan interest

Highest rate applicable Highest rate applicable



DOUBLE TAXATION AVOIDANCE AGREEMENT

Vietnamese tax is withheld, or

alternatively, after tax has been

withheld, in which case, the applicant

would be seeking a tax refund.As of August 2019, Vietnam has signed

DTA agreements with 80 countries and

territories around the world. The table below contains the withholding tax

rates that apply to dividend, interest

and royalty payments by Vietnamese

companies to non-residents under

a number of countries.

Vietnam has a solid tax treaty

network, with most treaties following

the OECD - model treaty. Treaties generally provide for relief from

double taxation on all types of

income, limit the taxation by one

country of companies’ residents in the

other and protect companies’

residents in one country from

discriminatory taxation in the other. Vietnam’s treaties generally contain

OECD-compliant exchange ofinformation provisions.Tax relief under Double Taxation

Avoidance Agreement (DTA)application is not automatically

granted. Instead, foreign taxpayers are required to submit certain

notification dossiers to Vietnamese tax authorities within 15 days prior to the tax payment deadline.Notification dossiers normally include tax residence confirmation, which must be translated into the Vietnamese

language and notarized, along with various Vietnamese Government

forms. In the case the statutory deadline above is missed, taxpayers

can still retain their right to claim tax

treaty benefits as long as the notification

is submitted within 3 year from the

tax payment due date.The documentation can be submitted

before the payment is made and

47

WITHHOLDING TAX RATES UNDER VIETNAM’S TAX TREATIES

Treaty Partner Dividends

Algeria (*)

Australia

Estonia

Austria

15 15 15

10 10 10

5/10/15 10 7.5/10

Azerbaijan 10 10 10

Bangladesh 15 15 15

Belarus 15 10 15

Belgium (*) 5/10/15 10 5/10/15

Brunei Darussalam 10 10 10

Bulgaria 15 10 15

Cambodia 10 10 10

Canada 5/10/15 10 7.5/10

China 10 10 10

Cuba 5/10/15 10 10

Czech Republic 10 10 10

Denmark 5/10/15 10 5/15

5/10 10 7.5/10

Egypt (*) 15 15 15

Finland 5/10/15 10 10

France 7/10/15 0 10

Germany 5/10/15 10 7.5/10

Hong Kong 10 10 7/10

Hungary 10 10 10

Iceland 10/15 10 10

India (*) 10 10 10

Indonesia 15 15 15

Iran 10 10 8/10

Ireland 5/10 10 5/7.5/10/15

Israel 10 10

Japan 10 10 10

5/7.5/15

Italy 5/10/15 10 7.5/10

Interest Royalties





5/15 10 10/15

Korea (North) 10 10 10

Korea (South) 10 10 5/15

Kuwait 10/15 15 20

Laos 10 10 10

Latvia 5/10 10 7.5/10

Luxembourg 5/10/15 10 10

Macedonia (*) (**) (**) (**)

Malaysia 10 10 10

Malta 5/15 10 5/7.5/10/15

Mongolia 10 10 10

Myanmar 10 10 10

Morocco 10 10 10

Mozambique 10 10 10

Netherlands 5/10/15 10 5/10/15

New Zealand 5/15 10 10

Norway 5/10/15 10 10

Oman 5/10/15 10 10

Panama

Pakistan

Palestine

5/7/12.5 10 10

15 15 15

10 10 10

Philippines 10/15 15 15

Poland 10/15 10 10/15

Portugal (*) 5/10/15 10 7.5/10

Qatar 5/12.5 10 5/7.5/10

Romania 15 10 15

Russia 10/15 10 15

San Marino 10/15 10/15 10/15

Saudi Arabia 5/12.5 10 7.5/10

Serbia 10/15 10 10

Interest Royalties

Kazakhstan

49



Seychelles 10 10 10

Singapore 5/7/12.5 10 5/10

Slovakia 5/10 10 5/7.5/10/15

Spain 7/10/15 10 10

Sri Lanka 10 10 15

Sweden 5/10/15 10 5/15

Switzerland 7/10/15 10 10

Taiwan 15 10 15

Thailand 15 10/15 15

Tunisia 10 10 10

Turkey 5 10 10

United Arab Emirates 5/15 10 10

Ukraine 10 10 10

United Kingdom 7/10/15 10 10

United States (*) 5/15 10 5/10

15 10 15

Venezuela

Uzbekistan

5/10 10 10

Interest Royalties

Notes: (*) These DTAs and the protocols for DTAs have been not yet in force.

(**) The content of some new DTAs were not available at the time this Investment Guide was prepared.



OTHER TAXES

SPECIAL SALES TAXSpecial Sales Tax (SST) taxpayers include producers and importers of goods and

providers of services that are subject to SST. SST rates are presented in the table below:

GOODS/SERVICES TAX RATES (%)

Cigarettes, other products derived from tobacco plants

� From 1 January 2016 to 31 December 2018

� From 1 January 2019

70

75

Spirit/Wine

a) Spirit/Wine with ABV ≥ 20° � From 1 January 2018

b) Spirit/Wine with ABV < 20° � From 1 January 2018

65

35

Beer

� From 1 January 2018 65

Automobiles having fewer than 24 seats 5~150

Motorcycles with cylinder capacity above 125cm3 20

Aircraft/Yacht 30

Gasoline 7~10

Playing cards 40

Votive papers 70

Dancing club business 40

Massage, karaoke business, betting business 30

Casino business, electronic casino game business 35

Golf course business 20

Lottery business 15

51

II. CUSTOMS DUTY AND PROCEDURES

EXPORT DUTYExports are the factor that drives the growth of the Vietnamese economy; therefore,

most of common goods are not subject to export duty. Export duty is applicable to only

the duty rates ranging up to 40 per cent.

IMPORT DUTYImport duty is generally applied to goods physically crossing or “considered as crossing”

duty rates, which

are determined based on HS codes and the origins of the goods. Goods originating

categorized as follow:

GOODS UNITTAX RATE (VND/

UNIT)

Liter/kg 300-1,000

ton 10,000-20,000

kg 4,000

kg 40,000

kg 500

kg 1,000

kg 1,000

kg 1,000

ENVIRONMENT PROTECTION TAXEnvironment protection taxpayers are organizations, households and individuals producing and/or importing goods that are subject to the

environment protection tax. The tax rates are presented in the table below:

REGISTRATION FEEOrganizations and individuals having properties subject to registration fee

must pay the registration fee when registering the ownership and usage rights

previously called registration tax.

Petrol, oil and grease

Coal

HCFC solution

Taxable plastic bags

Herbicides restricted from use

Termiticides restricted from use

Forest product preservatives restricted from use

Storehouse disinfectants restricted from use



IMPORT DUTY RATE

Special preferential

rates

MFN rates

Ordinary rates

of Origin (“C/O”) accompanying the imported goods.

es, including not only

domestic customs regulations but also guidance issued by the World Customs Organization

DUTIABLE VALUEThe dutiable value is determined by six

valuation methods in accordance with

the WTO Valuation Agreement, in which

transaction value (i.e. the price paid or

payable for the imported goods, and where

appropriate, adjusted for certain dutiable

priority. Only when the transaction value is

methods for customs valuation be used.Besides import duty, imported goods

might also be subject to import VAT, SST

and environment protection tax – all are

declared and paid at the importation

stage.

construction materials (which cannot

be produced locally) imported to form

Imports from countries that have an FTA with Vietnam. For example:

Korea, Japan, China, Chile, India, the ASEAN members, New Zealand,

Russia, and the EU.

Imports from countries that maintain the Most Favored Nation (MFN)

status with Vietnam. The MFN rates are in accordance with Vietnam’s WTO

commitments and are applicable to goods imported from other member

countries of the WTO.

Imports from countries that neither maintain the MFN status with

Vietnam nor have an FTA with Vietnam. Ordinary rates are generally 50%

higher than MFN rates.

EXEMPTIONImport duty exemption might be

applicable for certain cases including

but not limited to the followings:

� Raw materials, supplies and

components imported for the

processing of goods for export and

finished products for use in the processed goods;

� Materials, supplies, components

imported for the manufacturing of

goods for export;

� Machinery & equipment, specialized

means of transportation and

53

areas or encouraged sectors);� Certain imports serving petroleum-

related activities;

� Goods temporarily imported within a

purposes. Import duty exemption is also applicable

to import transactions of an Export

Processing Enterprise (EPE). An EPE is

considered as an EPE, a company must

commit to export all of its products. All of the purchases in relation to the

manufacture/processing of exported

assets) are exempted from import duty

& import VAT.

REFUNDA refund of import duties might be

granted in certain cases, including but not

limited to the followings:

� Goods for which import duties have been

paid but which are not actually physically

imported;

� Imported raw materials that are

not used and must be re-exported;

� Imported materials serving the

production of products to be sold in the

domestic market, but actually used for the production of products to be

exported (either exported abroad or

into the Export Processing Zone (EPZ)).

PRIORITY ENTERPRISE STATUSBusinesses that are granted priority

enterprise status are entitled to various

privileges, waivers or exceptions of

customs administrative requirements,

including:

� Waiver of certain document

requirements during customs clearance,

customs inspection, etc.;� Exemption from the requirement of

customs audit at customs offices � The customs authority may conduct

post-clearance audit at the enterprise′s office only once every three years, on

the basis of risk management, except for

signs of violations of the legislation on

customs.To apply for priority enterprise scheme,

taxpayers must meet several conditions,

some of which are as follows:

• Full compliance: No tax offence in twoconsecutive years before the application. � Annual export/import turnover: At

least USD 100 million in total; or USD 40 million for goods manufactured in

Vietnam; or USD 30 million for exported agriculture and sea foods manufactured

or grown in Vietnam.Once accredited with priority enterprise status, the status is valid for three years.



CUSTOMS AUDIT

TYPICAL RISKSMANUFACTURING/PROCESSING FOR

EXPORTEPE

TRADING & DISTRIBUTION

Inventory reconciliation

Customs valuation

Certificate of Origin

N/A

N/A N/A

N/A

N/A

The above risks might be exposed before, during, or after the customs declaration

are carried out. Typically, a customs audit shall be conducted if there is any signal that there may be acts of taxpayers that violate legal requirements, or in

accordance with a specific inspection plan of the customs authorities. The audit might be performed either at the customs authority offices or at the taxpayer′s premises.

For different business models, different typical customs risks might be triggered.

55

III. LAND RENTAL INCENTIVES

PROJECT CONDITIONLAND RENTAL EXEMPTION PERIOD

1. PROJECT ENJOYING EXEMPTION OF LAND RENTAL FEE FOR WHOLE RENTAL PERIOD

The whole rental

period

2. PROJECT ENJOYING EXEMPTION OF LAND RENTAL FEE FOR DEFINITE PERIOD

Up to 3 years in

the fundamental

construction period

3 years

7 years

Specially encouraged sectors; or

Specially difficult socio-economic condition locations; or

Encouraged sectors in difficult socio-economic locations

11 years

15 years

Land rental incentives are mostly governed by the Land Law 2013, andimplementing regulations (including Decree No. 46/2014/ND-CP, Decree No. 123/2017/ND-CP, List of encouraged field & sectors in Decree No. 118/2015/ND-CP and other specific regulations).

� Project invest in specially encouraged investment sectors and in specially difficult socio-economic condition locations� Mega-projects having total capital of at least VND 6,000 billion(*) in specially encouraged investment sectors

After this 03-year-exemption time, subject to certain conditions, the investment project could enjoy the land rental fee exemption for further period as below:

During the fundamental construction period of projects approved

by the competent authorities.

� Project invest in encouraged investment sectors

� Project invest in:

� Project invest in:

� Project invest in difficult socio-economic condition locations

� Labor-intensive projects in rural areas using at least 500 labors(*)


in encouraged investment sectors

� Mega-projects having total capital of at least VND6,000 billion(**)


in specially encouraged investment sectors

� Mega-projects having total capital of at least VND6,000 billion(**)

in encouraged investment sectors

Specially encouraged sectors in difficult socio-economic locations; or

Encouraged sectors in specially difficult socio-economic locations



3. OTHER SPECIFIC PROJECTS

� Projects located in economic zones and hi-tech zones

Government or the

Prime Minister (***)

The Prime Ministerrequested Minister

Ministers ministerial

Governmental agencies and Presidents of the People’s Committees of

provinces

shall consider and

decide to grant the

land rent exemption

(*) Labor-intensive projects located in the rural areas using at least 500 full-time employees signing labor contract of more than one year since official operation (excluding those doing commercial housing business, or those manufacturing products subject to special sales tax (except automotive) or those exploiting mineral resources).

(**) Mega-projects (excluding those doing commercial housing business, or those manufacturing products subject to special sales tax (except automotive) or those exploiting mineral resources), having total capital of VND 6,000 billion or more, disbursed within 3 years since being licensed.(***) Of note, the land rental fee exemption period for the projects located in economic zones and hi-tech zones could be 11 years, 13 years, 15 years, 17 years, 19 years or the whole rental period, which is regulated separately by Decree No. 35/2017/ND-CP dated 03 April 2017 of the Government (effective from 20 June 2017).

57

HUMAN RESOURCES AND EMPLOYMENT

58

E HUMAN RESOURCES AND EMPLOYMENT

Vietnam is well-known for a disciplined, hard-working, and fast-learning population. Traditions emphasizing learning and respect for authority, as well as low wages and a high adult literacy rate, are often cited by investors as among the most attractive aspects of the country’s investment environment.

EMPLOYEES’ RIGHTS AND REMUNERATION

The legal framework for employment

relationships are currently set out

under the Labor Code, which was

enacted in 2012. The stated aims of

the Labor Code and relevant guiding

regulations are to create social

equality, to improve protection for

employees and employers, and to meet

the country’s demand for regional and

international integration.

Workers generally must be at least

15 years old (except for apprentices

working in approved trade training

centers, who must be at least 13).

An employee may be employed in any

geographical location not prohibited

by law. An individual may be hired

directly by an enterprise or via an

employment service organization.

directly in the local market. All

enterprises must report biannually to

the provincial department of labor on

their employment levels and projected

employment needs.

HUMAN RESOURCES AND EMPLOYMENT

The wage and salary minimum pay

rates schedules are applied, which vary

by region. Regulations apply to overtime, leave and working week.

59

WORKING TIME

OF WHICH

WAGES AND BENEFITS

� Region I includes urban Hanoi,

Hai Phong, Ho Chi Minh City,

Dong Nai, Binh Duong and Ba Ria

– Vung Tau

� Region II includes rural Hanoi,

Hai Phong, Ho Chi Minh City and

Weekly hours:40 – 48

Daily break:

1 hour

Daily hours:8

Overtime:

200 hours/year(300 hours in special cases)

Overtime payment must be at least

150% of regular wages on normal

work days, at least 200% on weekends

and at least 300% on public holidays

and paid leave days.

medium- sized cities and towns

� Region III includes small-sized cities and towns

� Region IV includes the

remaining less developed areas

of Vietnam

VND 3,250,000

VND 3,710,000

VND 4,180,000

VND 2,920,000

Region IV

Region III

Region II

Region I

According to No. 157/2018/NĐ-CP, the region-based minimum monthly wages applied from 1 January 2019 are as follows:



SOCIAL INSURANCE (SI), HEALTH INSURANCE (HI) AND UNEMPLOYMENT INSURANCE (UI)

The Vietnamese compulsory SIHIUI scheme is applicable to Vietnamese national

3 months

or above.Foreign employees, however, shall only be subject to the mandatory Vietnamese

HI scheme in the same manner as Vietnamese national employees. Currently,

the SIHIUI contributions for eligible employees are based on the following

prescribed rates:

1 July 2019, the common minimum salary being the basis for

the SIHI contribution is VND 1,490,000. The SIHI contribution then is computed at the lower of the contracted gross income or 20 times the monthly common

minimum salary, currently capped at VND 29,800,000. The cap of UI is 20 times

of the common regional salary, e.g. VND 83,600,000 for Region I.

TYPE OF INSURANCE

SI

HI

UI

TOTAL

8%

1.5%

1%

10.5%

17.5%

3%

1%

21.5%

25.5%

4.5%

2%

32%

EMPLOYEE

CONTRIBUTION

EMPLOYER

CONTRIBUTIONTOTAL

61


TERMINATION OF EMPLOYMENT

Pursuant to the current Labor Code, a labor

contract is terminated in the following cases:

1.2.

3.

4.

5.

6.

The labor contract expires. The work stated in the labor

contract has been completed. Both parties agree to terminate the

labor contract. The employee fully meets the

requirements on the time of the

social insurance contributions and

the retirement age (60 for males and 55 for females). The employee is sentenced to

imprisonment or death, or is

prohibited from performing the

job stated in the labor contract

under a legally effective judgment or ruling a court.The employee dies or is declared

7.

8.

9.

10.

by a court as to have lost civil act

capacity, be missing or dead.The individual employer dies or is

declared by a court to have lost

civil act capacity, be missing or

dead; the institutional employer

terminates operation. The employee is dismissed on

disciplinary grounds. The employee unilaterally

terminates the labor contract. The employer unilaterally

terminates the labor contract; the

employer lays off the employee due to structural or technological

changes or economic reasons,

merger, consolidation or division

of the enterprise or cooperative.

The Labor Code also specifies certain cases where employer and employee may unilaterally terminate the labor contract, for example: employee’s failure

to perform the contracted work; reduction in employer’s business scale due to

force majeure events; employee’s inability to continue working due to illness,

accidents or breach of discipline; etc.


In case of unilateral termination, the employer is required to give 3 days’

under 12 months; 30 45 days’ for an

apply to employees dismissed on disciplinary grounds.

EMPLOYMENT TERMINATION ALLOWANCE

Severance allowanceExcept for cases of dismissal on disciplinary grounds, the employee with

working period of 12 months or above shall be entitled to severance allowance

upon termination of a labor contract at the rate of half of one month’s salary for

each working year.

Job-loss allowance

allowance” instead of “severance allowance” from the employer if the employee

has been employed for at least 12

each year of service and not less than two full months’ pay in total.

� Calculation of severance and job-loss allowance

OF WHICH

� Salary basis is the average of the

monthly salary under the labor

contract within the six consecutive

months preceding the time of

contract termination.� Time basis is the total actual

working time of the employee

minus the time of UI contribution

and the time of being paid with

severance allowance from the

employer measured by the

number of years.

Severance

allowanceTime basis Salary basis 1/2

Job-loss

allowanceTime basis Salary basis

63

company

company,


For employees being recruited after 1 January 2009 and having fully contributed to

the compulsory UI scheme, the State Unemployment Agency shall be responsible

for paying severance/job-loss allowance which is also referred to as unemployment

allowance to these employees upon termination of labor contract.

EMPLOYMENT OF FOREIGNERS

To be employed in Vietnam, foreigners must meet the following requirements:

� Be at least 18 years old;

� Be in good health condition necessary to satisfy the job requirements;

� Be in possession of high technical skills or considerable professional experience in

production operation/management;

� Be a manager, an executive director or an expert; and

� Have no criminal convictions, civil record or pending criminal proceedings in

Vietnam or abroad.

Foreigners must obtain a valid

work permit from the local Labor

Department before working in

Vietnam, except for some special

cases, including “foreigners entering

Vietnam to hold the positions of

experts, managers, chief executive

under 30 days and an accumulated

working period of under 90 days

per year” as per the recently issued

regulations. This new provision opens

up new opportunities for expatriates

working in Vietnam for a short-term

duration (i.e. less than 90 days) to

be exempted from work permit

application. Yet, in order to enjoy such

exemption, the foreign experts must

hold a Bachelor degree or above, and

WORK PERMIT & VISA APPLICATION

possess at least 3 years of working

experience in relevant positions. The maximum term of a work permit

is 2 years. Renewal of a work permit

is required prior to its expiry if the

foreign employee is still under the

assignment term. In addition, a business visa is

statutorily required prior to a

foreigner’s entry into Vietnam. Upon

the expiry of the initial business visa

(normally 3 months), applying for

either visa extension or a temporary

residency card (TRC) is required. Since

the duration for visa extension is only

less than 12 months, the TRC with a

current limited period of up to 3 years

should be considered in case of long-term

assignment.


FOREIGN EXCHANGE CONTROL

65

F SFOREIGN EXCHANGE CONTROL

Foreign currency capital for indirect foreign investment must be exchanged

currency for remittance abroad.

similar forms (e.g. conversion/adjustment of prices of goods/services or value of contracts and agreements) are not allowed to be conducted in foreign currency. However, foreigners working in Vietnam shall still be allowed to receive

salaries, bonuses and allowances in foreign currency and may deposit these

earnings in interest-bearing foreign currency accounts in Vietnam. Also, the restrictions on foreign currency earnings, payments and exchange transactions

do not apply to companies operating in EPZs.

Residents and non-residents may

purchase, transfer and take foreign

currency out of Vietnam for the

purpose of payment and money

transfer with respect to current

transactions. The cap on foreign

currency that may be brought out

of Vietnam by individuals is USD

5,000 (or the equivalent in another

currency) and VND 15 million in local

currency. Individuals must provide

supporting documents as requested

by the credit organizations. It is not

necessary to present documentation

to the Vietnamese authorities that

Foreign currency trading on the

foreign currency interbank market is

permitted.


Foreign investors may purchase

foreign currency at prescribed banks

in Vietnam without a permit from the

State Bank. Ordinary foreign currency

accounts may be used to service current

account transactions and regulatory

approval is not required. However, a

special, separate foreign currency bank

account is needed to conduct certain

term loan repayments; and foreign

currency withdrawals and deposits.

Another special account, known as

a foreign currency deposit account,

may be opened to receive foreign loan

capital, repay foreign loans or at the

bank account can be used for this

purpose, but permission is required

from the State Bank.

engage in BOT projects with special

requirements.

Nonresident indirect (portfolio) investors must open indirect capital

accounts in Vietnamese dong at

authorized banks for all transactions

related to the implementation of their

investment in the country. Resident

organizations and individuals may

although this is subject to meeting

requirements imposed by the State

Bank.

67

F SFOREIGN EXCHANGE CONTROL

USEFUL WEBSITES

• Ministry of Planning and Investment: http://www.mpi.gov.vn

� Foreign Investment Agency – Ministry of Planning and Investment

� Ministry of Industry and Trade: http://www.moit.gov.vn

� Ministry of Finance: http://www.mof.gov.vn

� State Bank of Vietnam: http://www.sbv.gov.vn

� Vietnam Chamber of Commerce and Industry: http://www.vcci.com.vn

� General Department of Taxation: http://www.gdt.gov.vn/wps/portal

� General Department of Customs: http://www.customs.gov.vn

� State Securities Commission of Vietnam: http://www.ssc.gov.vn

http://www.gso.gov.vn



This publication contains general information obtained or derived from a variety of publicly available

sources and was assembled in September 2019 based on the law enforceable at the time. None of the

Foreign Investment Agency of Vietnam, Deloitte Touche Tohmatsu Limited and its member firms, or

their related entities (collectively, the “Deloitte network”) is, by means of this publication, rendering

professional advice or services. Before making any decision or taking any action that may affect your

finance or your business, you should consult a qualified professional adviser. No entity in the Foreign

Investment Agency of Vietnam, or Deloitte network shall be responsible for any loss whatsoever

sustained by any person who relies on this publication. By reading this without any of response to

Foreign Investment Agency of Vietnam or Deloitte, we hereby assume that you agree with all the

information and provisions set forth above.

Deloitte Vietnam delivers high quality services by combining the best localand international experts to help clients succeed.

ContactsHanoi Office

Visit us at www.deloitte.com/vnEmail: [email protected]

Ho Chi Minh City Office

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© 2019 Deloitte Vietnam. All rights reserved. Deloitte refers to one or more of Deloitte Touche Tohmatsu

Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related

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Foreign Investment Agency (FIA)Ministry of Planning and Investment of Vietnam

� Administration Office� Statistics and General information Division� Foreign Investment Division� Outward Investment Division� Investment Promotion Division

Investment Promotion Center

- Northern Vietnam


- Central Vietnam


- Southern Vietnam

Foreign Investment Agency (FIA), an organization belonging to the Ministry of Planning and Investment of Vietnam, is commissioned to advise to the Minister of Planning and Investment to implement state management function related to foreign direct investment activities in Vietnam and Vietnam direct investment activities abroad.

Divisions under Foreign Investment Agency include:

Address: 6B Hoang Dieu, Ba Dinh District, Hanoi, VietnamTel: +84 80 48461 Fax: +84 24 3734 3769Email: [email protected] Website: http://fia.mpi.gov.vn

65 Van Mieu, Hanoi

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Fax: +84 24 3843 7927

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Website: http://ipcn.mpi.gov.vn

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Tel: +84 236 3797 669/~689/738/699

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Website: http://centralinvest.mpi.gov.vn

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