As the COVID-19 crisis deepens and slows global economies, what should business owners be doing...
Webinar Recap - How finance executives are navigating the financial impact of Covid-19 on businesses in Vietnam
On April 21st 2020, Mazars Vietnam, The Canadian Chamber of Commerce Vietnam and CPA Australia organized a successful webinar "How finance executives are navigating the financial impact of Covid-19 on businesses in Vietnam" attracting nearly 300 registrants.
During the webinar, attendees listened to C-level executives from large multi-national companies operating in Vietnam sharing the challenges they face and adjustments they made because of the Covid-19 pandemic.
Specifically, Ms. Ngan Ha, Finance Director of Unilever Vietnam shared practical experience about how her FMCG company pivoted to adapt to new market demands by launching Lifebouy hand sanitizers. They also prepared for the worst situation by planning to optimize the cost, budget re-forecast, and frequent updates.
Meanwhile, Ms. Winne, COO of Colliers International in Vietnam shared stories about how the real estate industry is more flexible and thus less impacted by Covid-19, while preparing for hard time by extending timelines for payments and plan for diversification.
Ms. Thuy, country CFO from Schneider Electric Vietnam mentioned several actions to manage P&L including profit & lost report and balance sheet, postpone salary increase, regularly looking at cash flow statement, P&L statement and holding weekly update meetings.
Representative of Manulife Vietnam, Mr Chun Nam Ng raised issues in insurance industry and how to deal with it such as costs monitoring, changes in customer's behaviours, high focus on development for technology and digital tools, and better management of its cash.
Lastly, Mr. Jack Nguyen, Partner from Mazars Vietnam made certain forecast for businesses and mentioned financial strategy for business after Covid-19 crisis.
Once again, Mazars Vietnam would like to thank the speakers for sharing useful information and attendees for listening and asking various Q&A to make the webinar to be a great success.
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Decree 68 on the deductibility of interest expense
On 24 June 2020, the Government issued Decree No. 68/2020/NĐ-CP ("Decree 68") amending Clause 3, Article 8 of Decree No. 20/2017/ND-CP (“Decree 20”) with regard to the deductibility of interest expenses incurred by companies having related-party transactions. Following up, on 14 July 2020, the Ministry of Finance issued Official Letter No. 2835/TCT-TTKT ("OL 2835") providing further guidance on the application of Decree 68.
Mazars in Vietnam Newsletter - Issue July 2020
We would like to bring you tax and legal updates for July 2020 with the following highlights influencing the corporate operations and payroll activities:
Tax Alert - CIT Reduction for the fiscal year 2020
On 19 June 2020, The National Assembly approved Resolution 116/2020/QH14 on the reduction of Corporate Income Tax ("CIT") for the fiscal year of 2020 for enterprises, co-operatives, public services organizations, and other organizations.