Lưu trữ - Page 9 of 16 - 「DDC] Outsourcing Vietnamese Accounting Services・ Tax Consulting・ Legal Consulting For FDis・Setting up FDIs in Vietnam・ Auditing・ Human Resources・ Market/Goods Investigation

FDI INCREASING BACK

Total foreign investment capital registered in Vietnam by the end of August only decreased by more than 2% over the same period.

By investment field, the processing and manufacturing industry leads the way with a total investment of nearly 9.3 billion USD, accounting for 48.4% of the total registered investment capital. The field of electricity production and distribution ranked second with a total investment of nearly 5.5 billion USD (28.S7%). Real estate business, wholesale and retail recorded a total registered capital of nearly 1 million USD. 6 billion USD and over 734 million USD.

According to investment partners, Singapore leads with total investment capital of over 6.2 billion USD. Japan is second with 3.2 billion USD. Investment capital from Singapore and Japan is mainly in the form of new investment. According to the Foreign Investment Agency, Singapore’s investment capital ranks first in terms of scale due to a $3.1 billion project, which alone accounted for 50% of Singapore’s total investment in Vietnam in the past eight years. first month of the year.

By investment area, Long An leads the way with a total registered investment capital of over 3.6 billion USD, including a 3.1 billion USD power project (accounting for 85.8% of the province’s total investment capital). Ho Chi Minh City ranked second with a total registered capital of nearly 2.2 billion USD, Binh Duong attracted nearly 1.7 billion USD.

https://vnexpress.net/fdi-tang-tro-lai-4348280.html

*******************************************************************************

#setting up company in Vietnam#accounting #tax #legal consulting
#coaching#humanresources

PROCEDURE FOR APPLICATION OF APA BEFORE SUPPLYING OFFICIAL DOCUMENTS

Step 1. Taxpayers who are subject to APA have plans to apply APA, extend APA, convert APA form or accept tax authorities’ recommendations, make a dossier and send it to the General Department of Taxation. Profile components include:

Application for APA consultation using form No. 1/APA-TV.
The document describes the information for consultation as follows:
Name and address of the taxpayer expected to submit the APA dossier and the names and addresses of the parties to the related party transaction;
The proposed type of APA; the names of the countries or territories involved in the case of a bilateral or multilateral APA application;
Description of related transactions within the APA scope, related transactions outside the scope of APA (if any) and explanation of reasons for choosing transactions to apply APA as well as reasons for excluding related transactions. other results;
The size of the associated transaction value;
Expected time to apply APA;
Analysis of functions, assets and risks incurred in the course of business by taxpayers and related parties participating in transactions within the scope of APA;
The proposed method of determining market price includes the contents of comparative analysis, comparative data, calculation method, standard market price range, and material adjustments (if any);
Substantial assumptions that have a material and significant effect on the APA eligibility requirements;
General information on the scope and general operation scale of the enterprise and associated transactions of the taxpayer; information on the activities of economic groups and related parties related to the proposed transaction under the scope of application of APA;
Information summarizing the main contents of the results of tax inspections conducted at the taxpayer’s office;
APAs on similar related transactions signed or proposed with foreign tax authorities (if any);
The opinion of the relevant foreign tax authority (if any);
Official submission time, contact method;
Other issues affecting APA implementation.
Number of dossiers: 01 (set)
The time limit for settlement is 30 working days from the date of completion of document’s’ application.

Step 2. The General Department of Taxation receiving

In case the dossier is submitted directly at the tax office, the tax official shall receive and stamp the receipt of the dossier, record the time of receipt of the dossier, record the number of documents in the dossier, and record them in the tax authority’s clerk’s book.
In case the dossier is sent by post, the tax official shall stamp the date of receipt of the dossier and record it in the tax office’s correspondence book.

Step 3. The General Department of Taxation organizes a consultation meeting, based on the conclusion in the APA consultation minutes and the conditions of the tax industry, the General Department of Taxation shall send a written reply to the taxpayer about the approval or (reason) does not allow taxpayers to file a formal APA application.

*******************************************************************************

#setting up company in Vietnam#accounting #tax #legal consulting
#coaching#humanresources

WB FORECASTS VIETNAM’S ECONOMIC GROWTH AT 4.8%

In the report “Review of Vietnam’s economic situation – August 2021”, released by the World Bank (WB), Vietnam’s GDP is forecasted to grow by about 4.8% for the whole year. 2021. This forecast is 2 percentage points lower than the WB’s forecast in December 2020, taking into account the negative impact of the Covid-19 epidemic on economic activities.

Vietnam’s GDP growth will gradually move towards the pre-pandemic growth rate, at 6.5-7% from 2022 onwards. This forecast is based on the assumption that the current outbreak will be gradually controlled, creating conditions for the economy to recover in the fourth quarter.

Over the past time, Vietnam’s economy has shown very good resilience and achieved solid results in the first half of 2021 with a growth rate of 5.6%, thanks to the growth of the industrial sector. Growth drivers are investment and private consumption.

https://vietnamnet.vn/vn/kinh-doanh/dau-tu/wb-du-bao-tang-truong-kinh-te-kinh-te-viet-nam-4-8-768793.html

Why do more and more businesses register virtual ‘terrible’ capital?

According to legal experts, the reason why businesses deliberately “polish” their names with “heavenly” capital is due to the open regulations of the enterprise law.

Analysis of the “super-enterprises” claiming to have capital of up to hundreds of trillions of dong caused a stir in public opinion in the past time, most of the lawyers said that there were unusual and unbelievable signs, but that action is not illegal.

The reason is that the law does not currently stipulate how much minimum and maximum capital an enterprise must register, except for businesses operating in industries that require a minimum legal capital such as banking, insurance… Therefore, the enterprise’s self-registration of capital does not violate the Law on Enterprises and guiding documents when establishing the enterprise.

The legal regulations on enterprises encourage people to invest in business capital and self-declare information on charter capital when making business registration documents, instead of before the State had to check and verify that enterprises have enough amount of registration or not for new establishment.

According to the provisions of the Enterprise Law 2020, in cases where an enterprise does not fully contribute capital within the statutory 90 days, the enterprise is entitled to an extension of 60 days to adjust the contributed capital.

After the next 60 days, if there is no move to contribute enough capital, the enterprise must carry out procedures to cancel business registration and establish an enterprise. In the final step, if enterprises, individuals and legal entities fail to exercise their rights as permitted by law, they will be fined from 10-20 million VND.

https://vtc.vn/vi-sao-xuat-hien-ngay-cang-nhieu-doanh-nghiep-dang-ky-von-khung-ao-ar631796.html

#setting up company in Vietnam#accounting #tax #legal consulting #coaching#humanresources

Enterprises research packaging technology to increase competitiveness of Vietnamese agricultural products.

According to statistics of the Food and Agriculture Organization of the United Nations (FAO), post-harvest losses for agricultural products in developing countries are up to 20-30%. That means up to 20-30% of agricultural products are produced but do not reach consumers.

In that situation, new solutions for preservation and packaging of Vietnamese enterprises are expected to contribute to reducing costs not only for large enterprises and farm owners but also for smallholder farmers. The shelf life of many fresh fruit products has increased significantly. Thus, many kinds of fresh Vietnamese fruits and vegetables can be well exported to the EU market by sea. And the cost is greatly reduced compared to the EU market comparing with the previous period mainly exported by air.

https://vneconomy.vn/cac-doanh-nghiep-nghien-cuu-cong-nghe-dong-goi-de-tang-suc-canh-tranh-nong-san-viet.htm

Regulations of the Enterprise Law 2020 on determining the title of Chairman of the Board of Directors and the legal representative of the Company

Clause 2, Article 137 of the Enterprise Law 2020 stipulates: “2. In case a company has only one legal representative, the Chairman of the Board of Directors or the Director or General Director shall be the legal representative of the company. Unless otherwise provided for in the Charter, the Chairman of the Board of Directors is the legal representative of the company. In case a company has more than one legal representative, the Chairman of the Board of Directors and the Director or General Director are automatically the legal representative of the company.

Clauses 1 and 8, Article 157 of the Law on Enterprises in 2020 stipulates: “1. The Chairman of the Board of Directors is elected at the first meeting of that Board of Directors. This meeting is held by the member with the highest and equal number of votes or votes, the members elect according to the majority rule to choose one of them to convene a meeting of the Board of Directors. Meeting of the Board of Directors Board of Directors is conducted when three-quarters of the total number of members attend the meeting. In case a meeting convened as prescribed in this Clause does not have enough members to attend the meeting as prescribed, it shall be convened for a second time within 07 days from the intended date of the first meeting, unless otherwise specified in the company’s charter. The company stipulates another shorter period. In this case, the meeting will be conducted if more than half of the members of the Board of Directors attend the meeting.

Based on the above provisions, the identification of the Chairman of the Board of Directors and the General Director whose term of office has expired as the current legal representative of the Company is not consistent with the provisions of the Enterprise Law 2020.

Regarding the ability of the Board of Directors to act as the legal representative of the Company on behalf of the Chairman of the Board of Directors, Article 12 of the Enterprise Law 2020 stipulates: “1. The legal representative of an enterprise is an individual who represents the enterprise to exercise rights and obligations arising from transactions of the enterprise, represents the enterprise in the capacity of a requester for settlement of civil matters, plaintiffs, defendants, persons with related interests and obligations before arbitration, courts and other rights and obligations as prescribed by law. 2. Limited liability companies and joint stock companies may have one or more legal representatives. The company’s charter specifies the number and management titles and rights and obligations of each legal representative. 3. Enterprises must ensure that there is always at least one legal representative residing in Vietnam”.

Based on the above provisions, the Board of Directors cannot perform the role of the legal representative in accordance with the provisions of the Enterprise Law 2020.