An Introduction to Doing Business in Vietnam 2022

An Introduction to Doing Enterprise in Vietnam 2022, the most recent publication from Dezan Shira & Associates, is out now and obtainable for complimentary obtain by the Asia Briefing Publication Retailer.

Vietnam persevered by a tough 2021 because the COVID-19 pandemic took a big toll on its economic system and other people. The nation went by a strict lockdown in the course of the 12 months, which lasted nearly 5 months, forcing companies to halt manufacturing and disrupting world provide chains.

Residents, significantly in industrial hub Ho Chi Minh Metropolis and the southern provinces, have been pressured to remain at dwelling and solely exit for emergencies. The outcome was that Vietnam’s GDP suffered a pointy decline by 6.17 p.c in Q3 – the primary time its economic system recorded damaging development since 2000. This was a pointy distinction to 2020 when Vietnam managed to maintain the pandemic at bay and with financial actions largely working in regular capability. However the Delta COVID variant incapacitated conventional methods of containment.

However, issues are wanting up. Financial exercise resumed in October as Vietnam opted for a ‘dwelling with the pandemic’ strategy. Authorities authorities additionally introduced a phased plan to reopen the economic system to make sure pandemic prevention insurance policies are according to mandates from well being authorities. Vietnam’s Ministry of Planning and Funding (MPI) has focused an annual common GDP development price of 6.5-7 p.c throughout the 2021-2025 interval.

Whereas the nation suffered setbacks, AmCham has famous that Vietnam’s function in world provide chains is barely anticipated to develop. The enterprise chamber additionally famous that Vietnam stays a lovely funding vacation spot, together with for additional relocations out of China. As with final 12 months, Vietnam’s market fundamentals stay robust, and its economic system seems resilient to beat the current disruption to manufacturing as a result of pandemic.

Vietnam has already totally vaccinated greater than 50 p.c of its inhabitants. International traders stay bullish on Vietnam’s long-term prospects. Companies stay assured although there are challenges concerning a scarcity of labor pressure, border restrictions, and compliance points. Designed to introduce the basics of investing in Vietnam, this publication is compiled by the specialists at Dezan Shira & Associates, a specialist follow offering company institution, enterprise advisory, tax advisory and compliance, accounting, payroll, due diligence, and financial evaluation companies to multinationals investing in rising Asia.

Doing Enterprise in Vietnam 2022 covers the next:

• Particular Version – Pandemic Administration Measures and Fiscal Insurance policies Benefiting Enterprise in 2022
• The right way to Set Up in Vietnam
• Tax, Audit, and Accounting
• Human Assets and Payroll

Inside these chapters, we talk about a variety of various matters that have an effect on doing enterprise in Vietnam, together with market entry concerns, funding fashions, key taxes and incentives for overseas corporations, in addition to upcoming accounting modifications. Particular focus can also be given to Vietnam’s reopening measures and financial insurance policies for the brand new 12 months.