ONE-STOP SERVICES FOR FOREIGN – INVESTED ENTERPRISES IN VIETNAM
Concerns of Foreign Enterprises Investing in Vietnam
Vietnam, with its fast economic growth and stable political environment, is increasingly becoming an attractive destination for foreign enterprises. Factors such as low labor costs, government support for foreign investment projects, and an extensive international trade network make Vietnam an ideal choice for businesses seeking market expansion.
However, foreign enterprises investing in Vietnam often face a series of complex challenges. First and foremost, businesses must familiarize themselves with the local legal system, from company formation regulations, tax management, to accounting and labor requirements. Vietnam’s legal system is constantly evolving, requiring businesses to regularly update their knowledge to ensure compliance. Additionally, differences in business culture and language can present significant obstacles. Therefore, to operate smoothly, foreign enterprises need the support of trusted partners who specialize in providing services to foreign-invested businesses and have in-depth knowledge of Vietnamese law.
One of the crucial initial steps when a foreign business decides to invest in Vietnam is completing the legal procedures related to business licensing. Obtaining a license not only requires a solid understanding of legal regulations but also knowledge of administrative processes, document requirements, and processing times by relevant authorities. Without this knowledge, businesses may encounter unforeseen legal risks or experience delays in their operations.
After establishing a company, accounting and taxation become two critical areas for every business. In Vietnam, accounting and tax regulations are strictly defined and subject to changes over time, requiring businesses to continuously stay updated to avoid compliance risks. Any mistakes in compliance can lead to serious legal consequences, from financial penalties to a damaged reputation in the market.
Moreover, foreign-invested enterprises must comply with labor regulations, from contract signing, social insurance contributions, to managing employee wages and benefits. These issues, if not properly handled, can lead to labor disputes and negatively impact the business’s operations.
Vina Bookkeeping’s (“VBK”) One-Stop Solutions for Foreign-Invested Enterprises in Vietnam
Understanding the difficulties and challenges that foreign businesses face when investing in Vietnam, VBK, with its deep expertise in foreign-invested enterprises, provides comprehensive services to ensure that foreign-invested businesses not only fully comply with the law but also operate efficiently and grow sustainably. VBK’s services include:
Company Incorporation/Company Formation Services
VBK supports foreign enterprises from the very first step of the formation process, including preparing documents, submitting business registration applications, and liaising with authorities to ensure a smooth and quick licensing process. We offer a full package of services, including advice on the type of enterprise, shareholding structure, and related legal issues.
Accounting Services
VBK provides accounting services in accordance with Vietnamese Accounting Standards (VAS) and International Financial Reporting Standards (IFRS), supporting businesses in the preparation and management of accounting books, as well as monthly and annual financial reporting. We also assist in preparing consolidated financial statements for the parent company abroad. VBK is committed to strictly adhering to monthly reporting deadlines and directly explaining matters to the parent company or foreign partners when necessary.
Tax Compliance and Consulting Services
VBK offers comprehensive tax compliance solutions (VAT, CIT, PIT, and foreign contractor tax) and tax strategy consulting to optimize costs. We not only ensure that businesses fully comply with tax regulations but also provide effective solutions to minimize tax burdens and optimize profits. Our services include preparing monthly, quarterly, and annual tax reports, and representing clients in resolving tax-related issues with authorities.
HR Services
VBK supports foreign-invested enterprises in managing HR, including labor contracts, work permits, payroll preparation, company labor regulations, and advice on labor laws. We ensure that all HR-related procedures are carried out legally and efficiently, allowing businesses to focus on core operations.
Payroll Services
Payroll management is a crucial factor in retaining employees and maintaining work efficiency. VBK provides professional, confidential payroll services, ensuring accuracy in salary payments, social insurance, and other benefits. We help businesses manage payroll effectively while ensuring compliance with labor and tax regulations.
Corporate Secretarial Services
VBK assists businesses in managing daily administrative procedures, including maintaining company records, organizing board meetings and shareholder meetings, preparing necessary minutes, and reports. Our corporate secretarial services ensure strict compliance with corporate governance regulations.
Consulting Services
With an experienced team of experts, VBK offers business, accounting, tax, labor, and business license consulting services. We always listen to our clients’ needs and provide suitable consulting solutions to help businesses optimize operations and achieve sustainable growth in the Vietnamese market.
One-Stop Solutions for Foreign-Invested Enterprises in Vietnam
Benefits of Vina Bookkeeping’s Comprehensive Services for Clients
Using Vina Bookkeeping’s comprehensive services brings many practical benefits to foreign businesses in Vietnam:
- Minimizing Legal Risks: VBK is committed to helping clients fully comply with legal regulations on accounting, tax, and labor, thus helping businesses avoid potential legal risks.
- Saving Time and Costs: By allowing VBK to manage administrative and legal tasks, businesses can focus fully on developing their business and increasing profitability.
- Optimizing Business Operations: VBK’s consulting and accounting services help businesses manage finances effectively, implement optimal growth strategies, and improve operational efficiency.
Vina Bookkeeping’s Service Standards Commitment to Clients
Our service quality meets international standards, and we are committed to client satisfaction.
- Hospitality: We wholeheartedly serve our clients following the Japanese spirit of Omotenashi, ensuring the clients’ interests are always our highest priority.
- PDCA: Applying the PDCA cycle in planning, execution, monitoring, and reporting to clients.
- Business Communication: We apply the Japanese working principle of Horenso, which includes Reporting – Communication – Consultation within the company and when providing services to clients.
- Improvement: Always listening to client feedback and improving service quality to meet and exceed client expectations.
About VINA BOOKKEEPING
In Vietnam, VINA BOOKKEEPING (“VBK”) is one of the leading mid-sized consulting and accounting firms.
VBK specializes in providing services to foreign-invested enterprises (“FDI Clients”) in Vietnam. Currently, 100% of our clients are foreign enterprises from more than 22 countries, including multinational corporations and publicly listed companies in the U.S. and Japan.
We provide comprehensive, one-stop services for FDI clients, including market entry consulting, investment licensing/company formation, corporate secretarial services, accounting, tax, human resources, payroll, and business consulting. Our service quality meets international standards, and we are committed to client satisfaction.
In Vietnam, VBK currently has three offices located in Ho Chi Minh City, Hanoi, and Nha Trang, with more than 60 professional staff, including 7 senior managers holding ASEAN Chartered Accountant licenses.
VBK – Your Trusted Partner in Vietnam.
Contact us : info@vbk.com.vn
