With the rise of the Asia Pacific region (APAC), many business leaders are keeping a close eye on Asia. It can be hard to determine which country is likely to experience massive growth, as we have seen over the past few decades. With the rapid development of China, manufacturing and supply chain costs are increasing. Naturally, this forces businesses to look elsewhere.
Vietnam is fast emerging as the next destination that will experience rapid growth similar to that of China. With China shifting away from a manufacturing based economy to a consumer based economy, many companies in China are looking to relocate due to a rise in costs. For many reasons, Vietnam is increasingly becoming an attractive prospect for investors. It’s location, large population and developing economy are perfect for businesses considering Vietnam.
Our latest insight explores 5 reasons why you should consider doing business in Vietnam. In addition, we provide some interesting facts to help you grow securely.
Check out our infographic below:
How Much is an Employer Supposed to Contribute to Payroll and Social Security Charges in Vietnam?
Employers contribute 17.5% of employee salary toward payroll tax. These taxes are administered by the General Department of Taxation. This is done through the tax ID number given to companies during the incorporation process.
What is a Typical Pay Period in Vietnam?
Companies organize payroll on a monthly basis across Vietnam.
INS Global in Vietnam
INS Global has been helping companies enter the Asian market for more than 14 years. With extensive knowledge on the region, our experts are able to provide the knowledge and skills you need to successfully enter Vietnam’s market. INS Global Vietnam provides PEO and international Employer of Record solutions, which allow your company to hire staff in Vietnam, without having to setup a costly entity.
Finally, we also provide recruitment services if you’re looking for staff in Vietnam, invoicing solutions, and payroll and tax administration. So, get in touch with INS Global today and let us simplify your expansion into Vietnam.