Weekly News Bulletin

Every Monday, we would like to release our Weekly News Bulletin, which includes the latest financial and business articles on macro-economic, investment, banking, and finance, that may assist enterprises in running their operations in Vietnam

News Bulletin 24 - Week 5 July, 2020

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As new cases of SARS-CoV-2 were confirmed in Da Nang and Quang Ngai after 3 months without new community transmissions, many firms in Vietnam have re-implemented pandemic prevention measures starting early this week. Highlight of business news last week was the Government issuing a resolution approving the first protocol that amends the ASEAN Trade in Goods Agreement (ATIGA).

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News Bulletin 23 - Week 4 July, 2020

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Vietnam's success in tackling the Covid-19 pandemic will help its economy recover faster than most other economies in the region, according to Oxford Economics, which specializes in global forecasts and quantitative analysis, said in a report released Wednesday.

Remarkable, last week, 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.

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News Bulletin 22 - Week 3 July, 2020

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The new wave of foreign investment continues on post Covid-19 during the first half of the year. Regarding foreign investment attraction, last week, the Law on Investment, Law on Enterprises, and Law on Public-Private Partnership (PPP) investment were revised to contribute to completing the legal framework, creating transparency and a harmonious legal framework for trading and business in Vietnam.

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News Bulletin 21 - Week 2 July, 2020

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As a result of its economic resilience and success in bringing the novel coronavirus pandemic under control, many investors are considering Vietnam as a safe investment destination after the Covid-19 pandemic. During the past week, the Vietnamese National Assembly has adopted the new Law on Investment, with new rules in favour of foreign investment, including from the US, which is expected to surge in Vietnam in the time to come.

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News Bulletin 20 - Week 1 July, 2020

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As Vietnam’s post-pandemic recovery continues, the implementation of the EVFTA is key to boosting trade relations between Vietnam and the EU and contributing to Vietnam’s ongoing efforts in global economic integration. Last week, The European Chamber of Commerce in Vietnam (EuroCham) and the Prime Minister’s Advisory Council for Administrative Procedure Reform held the conference in Ha Noi to discuss administrative reform ahead of the implementation of the EVFTA. Accordingly, administrative procedure reform is the key to unlocking the full potential of the Europe-Viet Nam Free Trade Agreement (EVFTA).

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News Bulletin 19 - Week 4 June, 2020

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Despite the continual challenges caused by Covid-19 to the country’s economy, Vietnam continues to receive encouraging news about foreign direct investments during the first two quarters of the year. Vietnam expects 2020’s GDP growth to be 4-5%. The opening of the domestic market as committed in the EU – Vietnam Free Trade Agreement (EVFTA) has also contributed to the strong penetration of foreign businesses to the domestic market recently.

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News Bulletin 18 - Week 3 June, 2020

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As Vietnam continues its post Covid-19 economic and business resumption it is attracting headlines as being the preferred destination for foreign investments in the Asia region for its successful management of the outbreak and timely rollout of stimulus policies to help businesses. Notably, in the previous week, Vietnam’s National Assembly agreed to reduce corporate income tax to 14% from 20% with a hope to better assist businesses in recovering their operations in the post pandemic market.

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News Bulletin 17 - Week 2 June, 2020

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As the Vietnam economy continues to move on post Covid-19, there are optimistic signs that Vietnam’s economy is gradually recovering and regaining its growth momentum. In other news last week, Minister of Industry and Trade Tran Tuan Anh and EU Trade Commissioner Phil Hogan reached consensus on the point of time for the EU-Vietnam Free Trade Agreement (EVFTA) to take effect during their phone call on June 8. Accordingly, both sides plan to have EVFTA take effect on August 1.

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News Bulletin 16 - Week 1 June, 2020

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As the economy awakens from its Covid-19 slowdown, the Vietnamese government and relevant organizations continue to implement policies to support businesses recover. Just last week, the government announced two additional policies to stimulate the economy - reducing several taxes and fees and formulating attractive incentives policies for new foreign investments.

Noticeably, the Standing Committee of the National Assembly has allowed the increase of the monthly tax-free threshold from July 1.

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News Bulletin 15 - Week 4 May, 2020

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While the coronavirus outbreak has put the global economy under a lockdown, the approval of The EU-Vietnam Free Trade Agreement (EVFTA) is expected to speed up Vietnam’s economic recovery while diversifying its export market. Also, last week, on May 26 2020, Prime Minister Nguyen Xuan Phuc chaired a meeting of permanent Government members in Hanoi to discuss the development of key economic zones (EZs).

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Latest Vietnam Tax and Legal Updates

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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.

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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:

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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.

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Tax Alert - July 2020

On 03 July 2020, Ministry of Information and Communications issued Circular No.13/2020/TT-BTTTT ("Circular 13") providing new regulations on determination of software production activities to be eligible for Corporate Income Tax ("CIT") incentives.

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Customs Alert - June 2020

On 09th June 2020, General Department of Customs issued Official Letter No. 3778/TCHQ-GSQL (“OL”), providing new guidelines on the verification procedure of EPEs’ capability to satisfy Customs Inspection & Supervision Conditions

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Mazars in Vietnam Newsletter - Issue June 2020

We would like to bring you tax and legal updates for June 2020 with the following highlights influencing the corporate operations and payroll activities:

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Tax Alert - June 2020

On 02 June 2020, the Standing Committee of the National Assembly issued the Resolution No. 954/2020/UBTVQH14 on the new family circumstance deductions Personal Income Tax (“PIT”) purpose.

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New guidance on Certificate of Origin submission

On 27th May 2020, the Ministry of Finance released new Circular no. 47/2020/TT-BTC (“The Circular”) which provides new guidance on the timeline for submission of Certificate of Origin (“C/O”) as well as the manner of C/O submission during the outbreak of Corona virus (COVID-19). The Circular takes effect from 23rd January 2020, and is applied to all customs declaration registered from then until further notice.

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Mazars in Vietnam Newsletter - Issue May 2020

We would like to bring you tax and legal updates for May 2020 with the following highlights influencing the corporate operations and payroll activities:

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Mazars Vietnam Newsletter - Issue April 2020

We would like to bring you tax and legal updates for April 2020 with the following highlights influencing the corporate operations:

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Covid-19 - Business Impact & Vietnam's solutions

Due to swift and complicated developments of the COVID-19 pandemic, the Vietnamese Government has imposed numerous drastic measures and restrictions on personal movement to limit interpersonal contact and minimize the spread of the virus.

Download pdf 556.64 kB

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Alert - Extension of deadline for tax payment

On 08th April 2020, the Government had released Decree 41/2020/ND-CP on extending the deadline of tax and land rental fee payment for the enterprises, individuals and business households (“Tax payers”) that are affected by COVID-19.

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Alert - Administrative violations in Labor field

On 1st March 2020, the Government of Vietnam had promulgated Decree No. 28/2020/ND-CP ("Decree 28") replacing Decree No. 95/2013/ND-CP dated 22nd August 2013 and Decree No. 88/2015/ND-CP dated 7th October 2015 on penalties for administrative violations in the field of labor, social insurance and oversea manpower supply by contract.

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Impact of COVID-19 on Entry and Work permits

Due to swift and complicated developments of the COVID-19 pandemic, the Vietnamese Government has imposed numerous drastic measures and restrictions on personal movement to limit interpersonal contact and minimize the spread of the virus.

Download pdf 1.32 MB

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Mazars Vietnam Newsletter - Issue March 2020

We would like to bring you tax and legal updates for March 2020 with the following highlights influencing the corporate operations:

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Alert - Impact of COVID-19 on Labour Relation

As businesses continue to navigate and adapt to the Covid-19 epidemic, many are asking how best to manage their labour force as businesses are inevitably slowing for most. Mazars Vietnam has compiled a list of frequently asked questions relating to labor issues below:

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Mazars Vietnam Newsletter - Issue February 2020

We would like to bring you tax and legal updates in February 2020 with the following highlights influencing the corporate operations:

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Mazars Vietnam Newsletter - Issue December 2019

We would like to bring you tax and legal updates in December 2019 with the following highlights influencing the corporate operations:

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Tax Labour Calendar 2020

For the upcoming 2020, we are delighted to offer this “Compliance Calendar 2020” in English and Vietnamese with the hope to help enterprises not missing any important deadlines. The issues include periodic requirements of tax and labour compliance as stipulated in the latest legal documents. Any non-compliance will possibly subject to administrative penalties under prescribed laws and regulations. Please kindly find the bilingual calendar in the Downloads section below and let us know if you have any questions about the deadlines or would like assistance in meeting them.

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Tax Alert - New regulations in Labour Code 2019

On 20th November 2019, the National Assembly of Vietnam has adopted the Labor Code 2019 which shall come into force as from 1st January 2021 and replace the current Labor Code 2012. Below is summary of the most notable points of this new Labor Code.

Latest Publications

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Beyond the GAAP - No.145 - June 2020

In contrast to the three previous issues, Beyond the GAAP is back to its traditional format this month, with no COVID-19 supplement. Things are getting back to normal as regards accountancy news, although it is expected that further statements will be published locally for instance on the consequences of the crisis on accounting for State-guaranteed loans in France. In this issue, Beyond the GAAP sets out the most recent agenda decisions published by the IFRS Interpretations Committee. While the final agenda decisions reached in June are unlikely to have any major impact on preparers, the ongoing discussions on reverse factoring constitute a trickier issue. However, at this stage of the due process, the Committee is not planning to amend existing IFRSs. Stakeholders have until 30 September to respond to this tentative agenda decision.

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Beyond the GAAP - No.144 - May 2020

There is no doubt that the preparation of the 2020 interim accounts will be particularly difficult this year. Properly reflecting the impact of the COVID-19 crisis in the financial statements is certain to be the main subject of concern. Once again, this month’s COVID-19 supplement summarises the current issues to be taken into account, in particular the ESMA press release for listed entities.

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Beyond the GAAP - No.143 - April 2020

As the COVID-19 epidemic continues to disrupt business, with significant impacts expected on 2020 financial statements, various stakeholders (most especially standard-setters) are working hard to respond to this unprecedented crisis (cf. issue no. 2 of our COVID-19 supplement).

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Beyond the GAAP - No.142 - March 2020

Our last editorial touched, without wanting to believe it, on the wide repercussions we could expect from the coronavirus outbreak.

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Beyond the GAAP - No.141 - February 2020

Following the announcement of the first results for 2019 in February, companies that have not yet closed their accounts need to consider the potential implications of the current coronavirus epidemic for the disclosures required in the notes on events after the reporting period in accordance with IAS 10, as some market regulators have just recalled.

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CEE View: Inbound M&A report 2019/2020

The M&A market in Central and Eastern Europe (CEE) had a robust 2019 year, displaying resilience in the face of global economic headwinds, according to new research from Mazars in association with Mergermarket. The report, Investing in CEE: Inbound M&A Report 2019/2020, offers an overview of inbound M&A activity in the CEE region throughout 2019 and looks ahead to the opportunities and challenges in the coming months.

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PIT Compliance Service Brochure

Mazars would help you with our professional payroll outsourcing services, by managing your human resources with the dedication of experienced teams. We know how key your people are to the success of your organization and how complicate it can be to follow-up and ensure the right decisions are made in a highly changing environment.

Download pdf 2.63 MB

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Beyond the GAAP - No.140 - January 2020

The year 2019 drew to a close with the publication of an exposure draft proposing significant changes to the presentation of IFRS financial statements, particularly the statement of comprehensive income. Consultations will continue in the new year, with many projects listed in the IASB’s work plan.

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Striking the balance: 2018-2019 Annual Report

Looking to 2020, we see a bright future and many exciting prospects, but we know our stakeholders operate in testing times. That is why finding and maintaining the right balance resonates more than ever. With our 2019 Yearbook, we take the opportunity to reaffirm our commitment to accompanying our clients’ development, helping them navigate the complex environments in which they operate and grow in a sustainable way.

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Beyond the GAAP - No.138 - November 2019

As 2019 draws to a close, we present our usual overview of applicable standards and interpretations, with IFRS 16 – Leases obviously being the key new standard for this year.

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Beyond the GAAP - No.137 - October 2019

As the end of the year approaches, we’ve reached the time when European enforcers publish their recommendations for year-end financial reporting.

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Mazars’ Newsletter On Accounting Standards

September saw the publication of two long-awaited decisions by the IFRS Interpretations Committee. This, therefore, seemed the ideal time to present our study of information on the impacts of initial application of IFRIC 23.

Download pdf 226.56 kB

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Beyond the GAAP - No.139 - December 2019

As the 2019 financial statements are finalised, the first-time application of IFRS 16 will have kept stakeholders on their toes right up to the last minute. This is because the IFRS Interpretations Committee did not officially clarify until 16 December how the term of certain leases should be determined.

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Doing Business guide in Vietnam 2019 - 2020

“Doing business in Vietnam 2019 - 2020” published by Mazars Vietnam is a part of our continuous attempt to create shared values along the journey of 25 years.

Download pdf 3.83 MB

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Reinsurers’ Financial Communication (Part 1)

As the role of reinsurance is continuously expanding, Mazars has analysed the latest financial disclosures of the top 10 reinsurers worldwide providing a comparative view for a better understanding of their risk profile and strategy.

Download pdf 1.18 MB

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Beyond the GAAP No.135 - Jul & Aug 2019

Following the summer break, IAS 12 – Income Taxes and IFRS 17 – Insurance Contracts are in the spotlight, with consultations on both from the IASB as well as a detailed Public Statement from ESMA, the European enforcer, on the former.

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Beyond the GAAP No.134 - June 2019

The half-yearly financial statements stand between you and your well-earned summer break, so it may be worth taking a look at the IFRS IC’s agenda decisions on IFRS 15, IFRS 16 and cryptocurrencies. After that, you could take our crossword away with you - a light-hearted edition that brings the series to a close.

CEE View: Inbound M&A report 2018/2019 - Download

Mazars is pleased to present the CEE View: Inbound M&A report 2018/2019, in collaboration with Mergermarket. This new report offers an overview of the mergers and acquisitions activity in 2018 within and into the Central & Eastern European (CEE) region, and looks ahead to the challenges and opportunities for the next couple of months.

Download pdf 6.14 MB

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CEE View: Inbound M&A report 2018/2019

Mazars is pleased to present the CEE View: Inbound M&A report 2018/2019, in collaboration with Mergermarket. This new report offers an overview of the mergers and acquisitions activity in 2018 within and into the Central & Eastern European (CEE) region, and looks ahead to the challenges and opportunities for the next couple of months.

Brochure 2019

Mazars Vietnam Brochure 2019

The new brochure of Mazars in Vietnam has been released. This brochure presents our capabilities in Vietnam.

Download pdf 4.56 MB