Our collection of resources based on what we have learned on the ground
Resources
Q&A
What are some of the emerging economic trends that can be seen in recent years i...
- December 2016
- Free Access
A significant economic trend that can be seen in Vietnam is GDP growth. Despite uncertainty in the global economy, it reached 6.7 percent in 2015, had a forecast of 6.2 percent growth in 2016 and for 2017 is expected to improve slightly with a ...
Q&A
What is the current situation of the Vietnamese job market?
- December 2016
- Members Access
To sustain the transition from a rural to an urban, manufacturing, and service-based formal economy, skilled workers play a crucial role. The number of skilled workers has increased over the years, thanks to significant investment in education,...
Q&A
What is the main advantage that attracts FDI in Vietnam?
- December 2016
- Free Access
Vietnam has a favorable business climate, and cost advantages with labor costs being relatively inexpensive compared to other Asian countries, such as China. Recently a number of foreign MNC’s, in industries from services to manufacturing, have...
Q&A
Which contract structures are permitted in Vietnam?
- December 2016
- Members Access
According to Chapter 3, Article 15 of the Vietnamese Labor Code, the contract structures that are permitted and should be used to form the basis for cost and compliance comparisons are seasonal or work-specific contracts, indefinite-term contracts, d...
Q&A
How do employers select optimal contract terms in Vietnam?
- December 2016
- Members Access
Seasonal contracts (under one year) are usually reserved for seasonal or task specific employment, however it is important to note that these are not allowed to contain a probationary period. Definite term contracts (12 to 36 months) are used by empl...
Q&A
How long are probationary periods in Vietnam?
- December 2016
- Members Access
Probationary periods are proportional to the educational level required by the position and range from six to 60 days. Employers can use them only once and they must be converted into standard contracts of one or more years, if both parties wish to c...
Q&A
What are some of the post-employment financial obligations in Vietnam?
- December 2016
- Members Access
If a labor contract is terminated, employees may be entitled to severance payment; the nature of which depends on the salary of the employee, the amount of time spent in the current position, and the amount of time the employee has been covered under...
Q&A
What government bodies in Vietnam deal with the creation and approval of account...
- November 2016
- Free Access
Vietnam’s Law on Accounting, passed in 2003, delegated a significant portion of the responsibilities pertaining to accounting and bookkeeping regulations to the Ministry of Finance. Serving under the Ministry of Finance is the Department ...
Q&A
As of 2016, where must companies operating in Vietnam file their annual financia...
- November 2016
- Free Access
Enterprises operating in Vietnam are required to file annual financial statements 90 days after the close of the annual accounting period. As of 2016, it is necessary for annual finalization to be submitted to three Vietnamese government office...
Q&A
How long should an enterprise operating in Vietnam retain relevant documentation...
- November 2016
- Members Access
Enterprises operating in Vietnam are required to retain certain documentation for periods of five or ten years, while other documentation must be retained indefinitely. The government of Vietnam requires that a company retain all documents used...
Q&A
In what areas do Vietnamese Accounting Standards (VAS) deviate from Internationa...
- November 2016
- Members Access
Vietnamese Accounting Standards (VAS) differ from International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) through out of date standards, ineffective implementation, and issues regarding translation. The I...
Q&A
When will the Accounting Law of 2015 go into effect, and what impact will it hav...
- November 2016
- Members Access
The Accounting Law of 2015 was passed on November 30, 2015, and is set to go into effect on January 1, 2017. This law will act as an update to the Law on Accounting of 2003, and although the changes to the law are not substantial, changes have ...
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