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DOING BUSINESS IN VIETNAM 2023
Vietnam's economy registered a strong recovery with a GDP growth rate of 8.02% in 2022, but since the fourth quarter of 2022, headwinds have been negatively affecting Vietnam's economy. Nevertheless, the economic outlook for 2023 is still optimistic as Vietnam is expected to recover in the second half of the year, preserving its position as a rising star in the ASEAN region.
On the other hand, Vietnam continues to make a mark on the global map as an attractive and safe destination for foreign investment. Accordingly, Grant Thornton is pleased to release our annual publication of Doing Business in Vietnam 2023. In this guide, you may find information about:
• The latest update on Vietnam’s economy and expected developments in the upcoming period
• The key sectors for investment in Vietnam
• Guidance on doing business in Vietnam in terms of entity establishment, accounting and auditing standards, taxation, and labour compliance perspectives.
This guide does not cover the subject in full, however, it is intended to answer some of the important questions that may arise for investors. We hope our publication will help you learn and understand further about doing business in Vietnam. Should you require additional professional guidance, we are more than willing to provide consultancy and ascertain where we can be of assistance.
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In January-April period, processing and manufacturing industries grew 4.9 percent and 5.1 percent respectively. Electricity energy production and distribution expanded 1.9 percent and 7.6 percent. Water distribution, sewage and waste water treatment grew by 1.5 percent and 9,7 percent. Mining decreased by 16,7 percent.
SBV SEEKS TO EXTEND DEBT RESTRUCTURING TO SUPPORT ECONOMIC RECOVERY
On May 15, the SBV announced it is seeking feedback on a draft amendment to Circular 02/2023/TT-NHNN, which is designed to help mitigate the rise in non-performing loans on banks’ balance sheets and to allow banks to continue assisting customers facing financial difficulties.
MULTINATIONALS KEEN TO THRASH OUT GLOBAL TAX ARRANGEMENTS
“Samsung has been aware of the GMT since its early days, and is eager to gain insights into the Vietnamese government’s support for businesses in line with its implementation,” she said at the event, hosted by the Vietnam Association of Foreign Invested Enterprises and the Washington-based International Tax and Investment Centre (ITIC).
CONSUMER CONFIDENCE IN ECONOMIC RECOVERY REACHES FIVE-QUARTER HIGH
Vietnam's GDP expanded by a healthy 5.66 per cent in the first quarter of 2024, marking the strongest first-quarter growth since 2020. While slower than the previous quarter's 6.7 per cent growth, this momentum indicates the country is on track to achieve its 2024 economic targets.
GREEN ECONOMY, DIGITAL ECONOMY BREAKTHROUGH OF VIETNAM-CHINA TIES: PM
Addressing a Hanoi seminar with 19 Chinese groups operating in green economy and digital economy, the leader said the meeting, the first of its kind, aims to materialise high-level perceptions reached by Party General Secretary Nguyen Phu Trong and Party General Secretary and President of China Xi Jinping, who agreed to build the Vietnam-China community with a shared future.
VIETNAM’S TEXTILE SECTOR BRINGS IN $37 BILLION IN FDI
The foreign-invested enterprises play an important role in the textile and garment sector, contributing 65 per cent to the sector’s total export turnover. Major investors mainly come from South Korea, Taiwan, Hong Kong, and China. Among them, South Korea is the largest foreign investor in Vietnam’s textile and garment sector.