Foreigners earning incomes from providing services in Vietnam, what are their tax liabilities? Income earned by foreigners from rendering services in Vietnam is taxed in Vietnam regardless of their residence status. However, the tax implications are different depending on various factors that are specified in this article to help the foreigners to comply with the tax regulations in Vietnam as well as mitigate the risks of additional tax, penalties and interests on late tax payment. Regulation on residence status in Vietnam According to the current tax regulation, an individual is regarded as a Vietnamese tax resident if: Being present in Vietnam for a period of 183 days or more within one western calendar year or 12 consecutive months from the date of first arrival in Vietnam; or Having a registered place of “permanent residence” in Vietnam; or Having a rented house (including hotels, guesthouses, motels, offices) with a lease term of 183 days or more in a tax year. In … [Read more...] about Foreigners earning incomes from providing services in Vietnam, what are their tax liabilities?
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Mr. Bao Nguyen, Vietnam country director of GoBear. Inequality and exclusion are two of the most pressing challenges facing policy makers today. Economic development will not be wholesome if we do not truly address the problem of exclusion. Providing opportunities to every individual to use their potential for improving their well-being is essential for developing prosperous and stable communities. And it is now accepted wisdom that a key ingredient of inclusive growth is financial inclusion. For a cash-based economy like Việt Nam, however, financial inclusion still has a long way to go. Most transactions are in cash and a majority of adults still do not have any formal financial products. As a result, the unbanked population, of approximately 49.5 million according to World Bank data, does not have access to other products like personal loans or credit cards due to the lack of formal credit history. GoBear, the Singapore-based financial comparison platform, is pushing hard to … [Read more...] about Financial comparison platform GoBear pushes for financial inclusion in VN
If the inflation factor was excluded the growth would be at 8.8%, a little bit higher than the same period last year (8.76%). The retail sales of goods reached VND2,4 trillion (US$10.2 billion) in the first nine months of this year, occupying 75.2% of the total sales and up 12% over the same period last year. The accommodation and food services, which accounted for 12.3% of total sales, recorded a value of VND396 trillion (US$16.9 billion) during the period, a year-on-year rise of 8.4%. The travel services brought in VND30.3 trillion (nearly US$1.3 billion), making up 0.9% of the total value and is up 16.9% over the corresponding period last year. The sales of other services during the first nine months reached VND375.7 trillion (over US$16.05 billion), a hike of 9.7% in comparison to the same period last year, contributing 11.6% to the total value. In September alone, the total value of retail sales and consumer services was estimated at VND374.8 trillion (US$16.01 billion), up 1.3% … [Read more...] about Retail and consumer services rise 11.3% in first nine months
Adrian Chng, GoBear CEO: Fintech primed to boost financial services sector in Vietnam Vietnam is setting records. Notably, at the end of last year, it was named one of the world’s Top 20 internet users with 64 million connected people and in January this year, Vietnam claimed the title of the world’s fastest growing wealth hub, clocking in 210 per cent wealth growth between 2007 and 2017. This is the reason that Forbes declared the country ‘every keen investor’s must-watch’ for 2018. Besides, It means that Vietnam sits at the beautiful intersection where personal finance meets inevitable innovation. In the last five years alone, Vietnam has experienced the entry of over 40 new fintech players, such as online payment platforms Mobivi and Momo, as well as the country’s first fully digital bank Timo. One of these is financial products comparison platform GoBear, one of Asia’s fastest growing startups that has recently undergone leadership … [Read more...] about Fintech primed to boost financial services sector in Vietnam
GoBear Vietnam, the free-to-use metasearch engine for banking and insurance products, has recently launched three new secured loan comparison products, including home loan, home equity loan, and car loan. This increases the total number of comparison products on the platform to eight, with five of them released in 2018. Bao Nguyen, GoBear Vietnam Country director The user-oriented platform of GoBear neither aggregates nor sells products, it simply offers consumers a free comparison process based on their financial needs. VIR discusses with Bao Nguyen, GoBear Vietnam country director the company’s new products plan and his vision for financial inclusion. GoBear Vietnam has just launched three new products at the same time. What is the roadmap for new products for the rest of this year? By the end of 2018, we look forward to adding more products to our platform. Next will be life insurance. Different from other types of general insurance, consumers often find it quite … [Read more...] about GoBear Vietnam launches new financial comparison services