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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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VIỆT NAM TARGETS FULL MOBILE BROADBAND COVERAGE ON HIGHWAYS, INDUSTRIAL ZONES BY 2025
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FOOTWEAR EXPORTS SEEN REACHING US$27 BILLION THIS YEAR
This optimistic forecast reflects the industry’s efforts to expand and diversify its markets. Lefaso indicated that Vietnam’s footwear sector will concentrate on traditional markets like the U.S. and the European Union, alongside markets with free trade agreements to maximize opportunities.
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2025 PIVOTAL FOR STOCK MARKET UPGRADE EFFORT
The Ministry of Finance (MoF) is expected to soon publish the entire content of the draft circular amending and supplementing four circulars on transactions, registration, depository, and clearing, as well as operations of securities companies and information disclosure. This move, along with feedback and explanations, aims to meet the criteria for upgrading Vietnam’s stock market.
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VIETNAM INTENSIFIES E-COMMERCE TAX SCRUTINY
The department plans to offer guidance for and hold direct dialogues with e-commerce taxpayers to ensure compliance. Efforts will also include updating the e-commerce database, conducting risk analysis, and leveraging artificial intelligence (AI) to manage data and issue alerts.