On May 25th 2020, Mr. Jean-Marc Deschamps, Managing Partner at Mazars Vietnam, was featured in an article "Utilisation of EVFTA requires strict clarity" on Vietnam Investment Review to offer his opinion on the impact of EVFTA to the movement trend of foreign direct and indirect investment flow into Vietnam and the opportunities which EVFTA brings to the business in the coming time.
According to Mr. Deschamps: "The obvious benefit of the trade deal between the EU and Vietnam will be the elimination of virtually all tariffs by both sides during the next 10 years. While the EVFTA will bring opportunities, there are also challenges that Vietnam needs to be prepared for. New entrants into the Vietnamese market will require local companies to raise the quality of their products and services to remain competitive. Local companies that do not restructure or innovate will be left behind and lose their market share. European companies will also be looking for more skilled workers and managers, whereas these human resources are still lacking in Vietnam.
While we are now an international firm, Mazars’ origin started in France, so we are very excited about Vietnam’s trade deal with Europe. We already serve many Europe-based clients in Vietnam, and we look forward to serving even more when new European investors enter the Vietnamese market. We believe the ratification of the EVFTA and the inevitable increase in European investment in Vietnam will open many opportunities for Mazars. We are confident and well-positioned to assist our current clients in Europe that will be entering the Vietnamese market for the first time."
Read full article here
Jean Marc Deschamps Managing Partner - Ho Chi Minh City
On 18 June 2021, the Ministry of Finance issued Circular 45/2021/TT-BTC (“Circular 45”) providing guidance on the implementation of Article 41 of Decree 126/2020/ND-CP (“Decree 126”) dated 19 October 2020 of the Government on the application of the Advance Pricing Agreement (“APA”) on tax administration for companies having transactions with their related parties.