We are honored to accompany and support our customers in their successful business operation in Vietnam. Today, at Asia Business Consulting, we have awarded the Enterprise Registration Certificate and the Investment Registration Certificate to World Trippin Productions company, an enterprise with 100% capital of investors from Canada, engaging in software development and information technology. We hope that the company will have a head start and prosper in their new journey. The love and trust of our customers is our greatest pride and success!

A work permit is a document issued by a competent authority in Vietnam to a foreigner, allowing foreigners to work legally in Vietnam when they meet certain conditions as prescribed by law. Foreign workers who are granted a work permit are considered to work legally and are protected their legitimate rights and interests in labor relations.

Decree No.126/2020/NĐ-CP on the elaboration of the law on tax administration issued by The Government which has come into force since December 05th, 2020, has a lot of changes in comparison to the older regulations of the same problems. 

Most of the regulations are changed to facilitate the business process, helping corporates to conduct business more smoothly. 

Import and export activities in the period from the beginning of 2016 to the third quarter of 2020 achieved positive and encouraging results such as high and continuous growth of export; high efficient work of developing and expanding export markets, diversifying export products, controlling import and surplus restraint.

The United Kingdom - Viet Nam Free Trade Agreement (UKVFTA) was signed on December 29, 2020. The UKVFTA Agreement is a proceeding step of the Vietnam - UK trade relationship when the EU - Vietnam Free Trade Agreement (EVFTA) was no longer applied to the UK after December 31, 2020 because of Brexit. With basic commitments based on EVFTA but was adjusted to be more suitable for the two countries, UKVFTA officially took effect from 23:00 on December 31, 2020, promising to bring many benefits to both sides.

In the context of the Covid-19 epidemic affecting all aspects of the economy, the world in general and Vietnam in particular have been constantly facing difficulties that caused a decline in foreign investment. However, in 2020, Vietnam still saw bright spots in attracting FDI investment.

According to the report of the Ministry of Planning and Investment, as of November 20, 2020, the total newly registered capital, adjusted and contributed capital, and purchased shares of foreign investors reached 26.43 billion USD, equivalent to 83.1% over the same period in 2019. The realized capital of direct foreign investment projects was estimated at 17.2 billion USD, equivalent to 97.6% over the same period in 2019. Among them, there were 2,313 new projects granted investment registration certificate, decreased by 33.5% over the same period in 2019, the total registered capital reached 13.6 billion USD, down 7.6% over the same period in 2019.

On October 19, 2002, the Government issued Decree 126/2020 / ND-CP guiding the Law on Tax Administration including many new regulations, such as significant changes in temporary payment of corporate income tax.

Previously, in Clause 6, Article 4 of Decree No. 91/2014 / ND-CP and Article 17 of Circular 151/2014 / TT-BTC, the provisional payment is provided that, in the case the total of four provisional payments is lower than 20% or more of the payable corporate income tax according to the settlement, the enterprise must pay the interest on late payment for the difference of 20% or more between the temporarily paid amount and the settlement amount, calculated from the day after the last day of the deadline for fourth quarter tax payment, to the date of actual payment of the insufficient tax amount compared with the settlement amount.

The EU-Vietnam Free Trade Agreement taking effect from August 2020 has created many opportunities for market opening in Vietnam for European businesses in general and Italian businesses in particular.

Ms. Hoang Thu Huyen, Founder and CEO of Asia Business Consulting, a key speaker of the webinar will share technical insights on “The rules to know to export to Vietnam - Operational and bureaucratic functioning”.

This webinar is complimentary, but registration is required following the link below:

·         Register here: https://bit.ly/2KpsXGk

·         Date: Tuesday, December 15th, 2020

·         Time: 16h Vietnam time - 17h HK/Singapore/Shanghai - 10h Italy

·         Language: Italian and English

We look forward to your participation.

#vietnam#asiabizconsult#exporttovietnam#evfta

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Please contact us for any further concerns related to the topic of this article.

About Us

Asia Business Consulting is a boutique consulting firm specializing in corporate establishment, legal and business advisory, tax and payroll compliance, HR administration, market research to multinationals investing in Vietnam.

For further information or to contact the firm, please email This email address is being protected from spambots. You need JavaScript enabled to view it. or download the company brochure. You can stay up to date with the latest business and investment news in Vietnam by subscribing to our newsletters.

On October 19th, 2020, the Government issued Decree 128/2020/ND-CP prescribing the sanctioning of administrative violations in the customs field, with the noteworthy contents regarding the revision of cases that do not violate administrative regulations in the Customs sector, and the increase in certain violations’ fine level.

On October 15th 2020, the Government issued Decree 122/2020/ND-CP regulating inter-agency coordination in settlement of procedures for registration of establishment of enterprises, branches and representative offices, declaration of labor use, grant of identification numbers of units participating in social insurance, and registration for use of invoices of enterprises.

Some remarkable contents include the process of coordination between relevant agencies and certain new business registration forms.Accordingly, business registration agencies are the focal point to receive dossiers and return results, the inter-agency coordination shall be performed by means of mutual connection to share data between information systems. Therefore, businesses do not have to go to each particular state agency on labor, social insurance and tax to carry out the compulsory administrative procedures as before, which can save time, minimize errors when filling  information and promptly update changes during the business's operation process. 

Only those state agencies mentioned below are subject to this Decree:

1. Provincial business registration authority as prescribed in the Law on Enterprises and guiding documents;
2. Labor authority according to the provisions of the Labor Code;
3. Social insurance agencies under the Law on Social Insurance
4. Tax authorities in accordance with the Law on Tax Administration.

The process of coordination takes place as follows: 

1. The business registration agency shall receive the application for business registration and checking its validity
   1. The business registration shall share information with the tax authority. 
   2. The tax authority shall provide information regarding the identification numbers of enterprises, branches, representative offices, and decentralization powers to managing tax offices. 
   3. The business registration agencies shall issue the Certificate of Registration and inform about managing tax offices as well.
   4. After granting the Certificate of Registration, the business registration agency shall share with social insurance agencies the statutory information and changes if there is a change in the contents. 
   5. When enterprises pay social insurance premiums, social insurance agencies shall share information on the number of employees who pay social insurance premiums with business registration agencies in order to perform the state management of enterprises after establishment registration.
   6. The business registration agency shall share relevant information with the Labor, War Invalids and Social Affairs Division or Labor, War Invalids and Social Affairs Department where the enterprise, branch or representative office is located and with the Ministry of Labor, Invalids and Social Affairs to serve the state management of labor.

Under the provisions of this Decree, the new application forms for enterprise registration will include the contents specified in the Law on Enterprises and the declaration of the employment status, the declaration of social insurance premiums’ payment method, and registration for use of invoices. Enterprises and business registration agencies use the registration form and the notice of operation registration issued together with this Decree instead of the previous documents, specifically as follows:

“The application forms for enterprise registration, notice of registration of branch, representative office/business location promulgated together with this Decree shall replace Appendices I-1 to I- 5 and Appendix II-11 issued together with the Circular No. 02/2019/TT-BKHDT dated January 8th, 2019 of the Minister of Planning and Investment amending and supplementing a number of articles of Circular No. 20/2015/TT-BKHDT dated December 1st, 2015 of the Minister of Planning and Investment providing guidance on enterprise registration.”

Moreover, enterprises, branches or representative offices when performing administrative procedures at the state agencies in charge of labor, social insurance and tax shall provide their name and identification number instead of Copies of the Certificate of Business registration, Certificate of registration of branch operation, representative office and related documents as before.

This Decree takes effect on October 15th, 2020.

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Please contact us for any further concerns related to the topic of this article.

About Us

Asia Business Consulting is a boutique consulting firm specializing in corporate establishment, legal and business advisory, tax and payroll compliance, HR administration, market research to multinationals investing in Vietnam.

For further information or to contact the firm, please email This email address is being protected from spambots. You need JavaScript enabled to view it. or download the company brochure. You can stay up to date with the latest business and investment news in Vietnam by subscribing to our newsletters.