Vietnam news in English for foreign firms doing business in Vietnam

This week’s Vietnam news roundup covers trade remedies against Vietnamese steel tubes, import and export data for August, corporate bond issuances last month, as well as an update on registered FDI in Vietnam this year, and a planned beer company takeover, and more!

Two foreign firms warned against ads on restricted content in Vietnam

the-shiv September 15, 2024

The MIC maintains a blacklist and a whitelist of places where advertisements can and cannot be shown which is supposed to make it easier for advertisers to avoid breaking the rules. In reality, however, both lists are very short and severely limiting, making it difficult on a practical level for advertising firms to comply…

Vietnam coffee exports up 5.5 percent August over July

the-shiv September 15, 2024

Vietnam’s coffee exports climbed by 5.5 percent in August over July from US$381.2 million to US$402.2 million. Vietnam’s coffee exports for the year now stand at US$4 billion which is an increase 35.6 percent over the same period last year. That said, Vietnam has seen a decline in the volume of coffee exports of 12.1 percent year-on-year.

Vietnam Car Sales Tracker: August Update [data]

the-shiv September 15, 2024

The Vietnam Automobile Manufacturers’ Association–the VAMA–August sales report has found that vehicle sales of the group’s members decreased significantly in August over July, falling about 14 percent. That fall was mostly confined to passenger vehicles with commercial vehicles–trucks and buses–collectively rising by 2 percent…

Cross-border service providers see jump in tax payments in Vietnam year-on-year

the-shiv September 14, 2024

Cross-border service providers that do not have an office in Vietnam have been required to pay tax under Vietnam’s Foreign Contractor Tax regime since 2021. Of note, most of these firms are actually required to open local offices per the Law on Cyber Security, however, few of them have with foreign firms in local offices set to “bear stricter supervision and satisfy more requirements,” according to the Ministry of Information and Communication…

US automotive manufacturer inaugurates second Vietnam factory

the-shiv September 14, 2024

Motorcycle sales, despite a decline of 16.21 percent in 2023 compared to 2022, still far exceeded car sales. The comparison between the over 2.5 million motorcycles sold and just over 214,000 passenger cars sold underlines how deeply motorcycles are integrated into daily life…

Vietnam coal imports shrink August over July

the-shiv September 14, 2024

Vietnam’s coal imports in terms of volume fell by 23.7 percent, and in value by 18.3 percent in August over July, according to Vietnam’s General Department of Customs. Coal imports for the year, however, are still up by 32.7 percent in terms of value and 16 percent in terms of

Investing in Real Estate Projects in Vietnam for Foreign Firms 2024

the-shiv September 13, 2024

Investing in real estate projects in Vietnam offers significant opportunities for foreign firms, driven by the country’s economic growth, urbanisation, and rising demand for residential, commercial, and industrial spaces. However, navigating the market requires a thorough understanding of local regulations, investment structures, and cultural nuances.

How to Start a Real Estate Business in Vietnam in 2024

the-shiv September 13, 2024

Starting a real estate business in Vietnam presents many opportunities, as the country’s economic growth and rising incomes are fueling demand for both commercial and residential properties. However, entering the Vietnamese real estate market requires a deep understanding of the country’s business environment, real estate culture, and the regulatory landscape.

Real Estate in Vietnam: Industry Overview 2024

the-shiv September 13, 2024

Vietnam’s real estate sector has evolved rapidly over the past decade, reflecting Vietnam’s broader economic transformation and urbanisation. Foreign direct investment (FDI), infrastructure development, and a burgeoning middle class are propelling demand across residential, commercial, industrial, and hospitality sectors. Despite challenges such as regulatory complexities and market fluctuations, the outlook for real estate in Vietnam over the long term is promising as the country continues to position itself as a key player in the Southeast Asian market.

Vietnam’s Law on Housing in 2024

the-shiv September 13, 2024

The Law on Housing 2023 represents a comprehensive update to Vietnam’s housing regulations. It aims to create a more transparent, equitable, and sustainable housing sector by introducing stringent standards for development, ownership, and management.

Vietnam’s Law on Real Estate Businesses in 2024

the-shiv September 13, 2024

Vietnam’s Law on Real Estate Businesses 2023, enacted by the National Assembly of Vietnam, marks a significant update to the regulatory framework governing the real estate sector. This new law aims to address various challenges within the industry by focusing on transparency, consumer protection, and sustainable development.

Foreign Contractor Tax in Vietnam 2024

the-shiv September 13, 2024

Foreign Contractor Tax (FCT) is a tax regime in Vietnam that applies to foreign organizations and individuals (referred to as “foreign contractors”) who do not have a permanent establishment in Vietnam but earn income from providing services, supplying goods, or conducting business activities in Vietnam. The FCT combines both Value-Added Tax (VAT) and Corporate Income Tax (CIT) obligations for these foreign entities. The FCT is commonly applied to foreign contractors operating in sectors such as construction, telecommunications, digital services, and e-commerce.

Vietnam’s VN-Index down 4.64 points, foreign traders net buy US$2.9 million in stocks, Friday

the-shiv September 13, 2024

The Vietnam Stock Market Tracker provides a daily update of the latest developments in the stock market in Vietnam. This includes all of Vietnam’s most important indexes as well as the buying and selling activity of foreign traders, and the biggest gainers and losers for the day.

Vietnam C.bank distributes US$20.1 million in open market operations, Friday

the-shiv September 13, 2024

This Vietnamese Dong Tracker records the latest news and developments with respect to the local currency. It includes the current prices as well as State Bank of Vietnam monetary policy and open market operations including treasury bill issuances and interbank lending.

State Bank of Vietnam returns to buying up US dollars

the-shiv September 13, 2024

Notably, this may be problematic with Vietnam already on the US currency manipulator watchlist after meeting two of the three criteria, namely a material account surplus greater than 3 percent of GDP and a goods surplus with the US greater than US$15 billion. It has thus far, however, failed to meet the third criteria: foreign currency purchases in eight out of 12 consecutive months, worth more than 2 percent of GDP…

Vietnam footwear exports down 2.1 percent August over July

the-shiv September 13, 2024

Vietnam’s footwear exports fell by 2.1 percent in August over July from US$2.12 billion to US$2.08 billion. Footwear exports for the year, however, have reached US$14.95 billion which is an increase of 10.5 percent over the same period last year. The biggest recipients of shoes made in Vietnam in August were the United States, China, and the Netherlands.

Saigon Beer Alcohol Beverage Corporation: Vietnam Stock Overview

the-shiv September 13, 2024

Notably, Sabeco is looking to acquire a majority stake in Saigon Binh Tay Beer Corporation, commonly known as Sabibeco Group, which produces beer under the Sagota brand. If Sabeco succeeds in taking control of Sabibeco, it would overtake Heineken as the largest beer producer in Vietnam…

Foreign Investment in Education in Vietnam (Decree 86)

the-shiv September 12, 2024

Decree 86 is a key piece of legislation in Vietnam that regulates foreign investment in the education sector. Issued on June 6, 2018, this decree provides detailed guidelines on the establishment and operation of foreign-invested educational institutions and cooperation projects in Vietnam. It plays a crucial role in Vietnam’s broader effort to internationalise its education system while ensuring compliance with national educational standards and policies.

Education in Vietnam: Industry Overview 2024

the-shiv September 12, 2024

Vietnam’s education industry has experienced significant transformation and growth over the past few decades, positioning the country as a rising star in Southeast Asia. In 2024, the education sector continues to be a critical area of focus for the government as it seeks to support rapid economic growth, modernise its workforce, and integrate into the global economy. This overview outlines the key trends, challenges, and developments shaping Vietnam’s education industry in 2024.