Vietnam is encouraging investment in infrastructure, developing high-quality workforce, supporting industry and agriculture.
ANT Consulting has helped a number of foreign investors in entering Vietnam market successfully. The Company will continue to assist foreign companies in taking advantage of the Vietnam’s investment encouragement policies to set up business venture and maintain the company in Vietnam.
Vietnam remains consistent policies to attract foreign investment oriented to continuous improvement of policies, enabling businesses environment to be more competitive. In the meantime, the Vietnam National Congress are passing important legislation such as the Investment Law, Business Law. The Vietnam government is reviewing the overall legal system to synchronize, avoid contradictions and overlapping. The Government will be transparent in sectors which investment is conditional and prohibited.
In particular, the Vietnam Government has reduced corporate income tax from 25% to 22% and from May 1st, 2016 this rate continue to decline to 20%. Before, the enterprise takes 537 hours per year to do the procedure in tax preparation and declaration and now this has dropped to 201 hours. In 2015 this procedure is expected to fall to 171 hours – equivalent to the average level in other ASEAN countries. The customs clearance of goods also fell to 63 hours. Procedure in social insurance fell from 335 hours to 108 hours in 2015 and is expected to only 49.5 hours. Since 2005 – 2008, the average time to establish a company in Vietnam is 32 days. Now the time was reduced to 5 days, and in 2015 reduced to 2-3 days.
In the coming time, Vietnam will implement a number of policies to encourage investment in four areas. The first is the development of infrastructure. In this field, the public-private partnership (PPP ) should be prioritized. The second area is the development of human resources, especially human resources with high quality. The third area is supporting industry. The fourth area is agriculture with the goal of increasing the value of the processing product. Vietnam is a country where the proportion of the working population in agriculture is very high. The advantage of Vietnam’s agricultural sector is also something that many international organizations have recognized.