Starting from July 1st, biometric information such as fingerprints and facial recognition will be required to finalise transactions of VNΔ10 million (US$391) or more, according to Decision No 2345 by the State Bank of Viet Nam (SBV).
Vietnam has officially extended the reduction of value-added tax (VAT) from 10 percent to 8 percent until December 31, 2024. This extension is detailed in Decree 94/2023/ND-CP, in line with Resolution No. 110/2023/QH15. Additionally, the Vietnamese government issued Decree 72/2024 on June 30, 2024, under Resolution 142/2024/QH15, providing implementation guidelines. The decree took effect on July 1, 2024, and will remain in force until the end of the year.
Asia Business Consulting is proud to announce that our General Director, Ms. Hoang Thu Huyen, has been appointed as the President of the Asia Pacific region of the Worldwide Independent Lawyers League (WILL) for a six-month term from July to December 2024. This prestigious appointment is a testament to Ms. Huyen's exceptional leadership and her significant contributions to the legal and business consulting fields.
On June 30, 2024, the Vietnamese Government issued two critical decrees: Decree 73/2024/ND-CP, which addresses the adjustment of the base salary, and Decree 74/2024/ND-CP, which focuses on the new minimum wage rates. Both decrees became effective on July 1, 2024.
As Vietnam's economy continues to thrive and its stunning landscapes attract global attention, an increasing number of foreigners are considering Vietnam as their long-term residence. However, navigating the legal aspects of an extended stay can be complex. This comprehensive guide aims to simplify the process by outlining the various visa options available for individuals planning to stay long-term in Vietnam.
Following two years marked by the challenges of COVID-19 and an associated economic slowdown, Vietnam demonstrated resilience and robust recovery in 2022, achieving a GDP growth rate of 8%. In 2023, the economy continued its positive trajectory with a GDP growth rate of 5.1%, and projections indicate further expansion to between 6% and 6.5% in 2024. This positions Vietnam as one of the fastest-growing economies in Southeast Asia.
Over the past three decades, Vietnam has consistently recorded annual GDP growth rates ranging from 5.3% to 7.8%, transitioning the country from extreme poverty to a lower middle-income status. A significant driver of this economic transformation has been international trade, which contributes to 70-80% of Vietnam's GDP.
Vietnam has actively pursued and established trade agreements with numerous global partners, bolstering its confidence in sustaining economic growth and fostering expanded trade relations in the years to come.
Hoang Thu Huyen, General Director of Asia Business Consulting, and Lisa Achziger, an assistant within the company, attended the ICHAM Business Thursdays - Meet and Greet 2024. This event, organized by the European Chambers in Hanoi and hosted by the Italian Chamber of Commerce in Vietnam, was the first Business Thursday event of 2024.
Every foreigner working and living in Vietnam is dealing with work permits. Typically, a work permit is necessary for employment exceeding three months and with a maximum stay of 2 years. Vietnam's recent work permit changes create a more balanced system and aims to attract workers from abroad, while including opportunities for domestic workers as well.
Last week UBS, the leading investment bank headquartered in the Switzerland, held their OneASEAN Conference in Singapore with three days of fast-moving panels and speakers on a broad range of topics facing business and investment in Southeast Asia.
Hoang Thu Huyen, General Director of Asia Business Consulting, and Lisa Achziger, an assistantwithin the company, received an invitation from Ralph Anselm Guzman Dorsey, the distinguishedTrade Counsellor representing the Dominican Republic. The meeting was set at the Dominican Embassy in Hanoi, and the objective was to discuss potential collaborations between Vietnamand the Dominican Republic, with Asia Business Consulting as the intermediary.
