March 10, 2015
Vietnam is located in South East Asia. After the end of many years of war in 1975, its economy is now developing very fast. In 1986, the government initiated a series of economic and political reforms, which began Vietnam's path towards integration into the world economy. By 2000, it established diplomatic relations with most nations. Vietnam's economic growth has been among the highest in the world since 2000, and in 2011 it had the highest Global Growth Generators Index among 11 major economies. Vietnam has become a leading agricultural exporter and a popular destination for foreign investment in Southeast Asia. According to a forecast by PricewaterhouseCoopers in 2008, Vietnam may be the fastest growing of emerging economies by 2020.
Vietnamese is the first language in Vietnam and compulsory for all documents submitted to the Vietnam Government. English is an active second language, which is widely spoken. The currency there is the Viet Nam Dong (VND) and it converts to about 0.000047 US Dollar.
Besides the Local banking system, there are many branches of famous foreign banks that are operating in Vietnam such as HSBC, ANZ, Standard Charter Bank, City Bank, UOB, DBS, OCBC, and more. The banking services are very good and convenient in Vietnam now.
Foreigners and expatriates who wish to work in Vietnam are required to obtain a valid visa at the Immigration Department and work permit from the Labor Department of Vietnam
Every individual who is taxed is required to declare his income to Tax Authorities of Vietnam. Employers have the responsibility to withhold tax for all employees who are employed in Vietnam on a monthly basis.
Expats moving to Vietnam can rest assure that they will have no problem in finding comfortable and affordable accommodations while there. All types of accommodations are present, from large, stand-alone houses (known as bungalows), to semi-detached and terraced houses, to apartments and condominiums or hotels for short a stay.
Please read more on Country Fact Pages located on our website. As always, our goal is to continue to make it as easy as possible for Western and European businesses to join-and succeed in the thriving Asia markets, and to expand our clients’ reach, and in turn, help to grow their operations at home.
For questions about Tiger-Consulting’s Accounting, Auditing, HR, Payroll, PEO and/or Local Bill-Pay Services in Asia, contact sales@Tiger-Consulting.net Custom quotes are free of charge.
Founder & CEO, Tiger-Consulting