For international trade, you could state in the contracts that purchasers or the trade partners will pay in advance in full or deposit a certain amount and pay the rest through L/Cs. Vietnamese with a monthly income of less than five million dong (around US$300) are not subject to income tax while those who earn more shall be taxed at a progressive rate. For companies that are granted investment promotional privileges, the rate will be 10%, 15% or 20% with a tax break for two to four years and a reduction to half the normal tax rate for three to nine years. Wittaya Supatanakul was the general manager for Bangkok Bank’s Ho Chi Minh City branch before becoming the adviser on the bank’s Vietnam strategy. read more

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