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From the BBGV
Dear BBGV Members,
Last month on the 9th & 10th, BBGV welcomed our colleague chambers from Cambodia, Indonesia, Malaysia, Philippines, Singapore and Thailand to attend the bi-annual BiSEA (Britian in South East Asia) conference in HCMC. The two-day conference was highly informative where participating chambers gave updates on their country's economic and trade situations and shared best practices of "How to be a Better Business Group'. Our guests enjoyed their time in HCMC and had a chance to visit the city and meet with BBGV members during the Celebration of the Queen's 85th Birthday on the evening of the 9th. Please visit our Photo galleries to see pictures of the BiSEA conference and the Queen's 85th Birthday celebration.
For those who are booking airline tickets for the summer, we have a good news for you: BBGV has recently signed a partnership contract with Qatar Airways whereby BBGV members are offered competitive corporate fares (up to nearly 8% discount on marketing selling fare), 5-star services on board and at airport, and convenient connections to more than 25 destinations in Europe, especially to the UK – London Heathrow (4 flights per week) and Manchester (4 flights per week). This applies to BBGV cardholders only. For more information on bookings and rates, please contact Ms. Lien, Qatar Airways representative at lmai@vn.qatarairways.com or phone (04) 3933 67 67.
Another good news for those flying from/to the UK – Vietnam Airlines will launch their direct air services to London on December 8, 2011 with two flights from Hanoi and two flights from HCMC per week. Tickets are now on sales at Vietnam Airlines' booking offices. Please click here for more information about airfares.
Upcoming Charity events: BBGV's Fun Run for Charity, which is scheduled on Sunday 2nd October, will be postponed. Unfortunately, due to matters out of our control we have to postpone the Fun Run until later in the year, more information to follow.
We would like to thank Allied Pickfords for sponsoring our July e-newsletter. Our BBGV e-newsletter is sent out at the beginning of each month to BBGV members and friends. Please note: we are currently having two slots available for advertising. More information please contact Ms. Chi at membership@bbgv.org.
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| We welcome new BBGV Members |
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Individuals: UKBTI: Mr Ross Campbell; LIMCHAROEN HUGHES & GLANVILLE: Mr Christian Glanville
Corporate members: MCKINSEY & COMPANY: Mr Marco Breu, Ms Ha Thanh Tu; LIFE RESORTS MANAGEMENT COMPANY: Mr Masayuki Kobayashi, Mr Chris Duffy, Ms Le Uyen
Additional members: TEBODIN: Ms Kha Que Phuong; VINACAPITAL: Mr Tim Mullett; BAKER & MCKENZIE: Mr Nguyen Thanh Vinh; PRICEWATERHOUSECOOPERS: Ms Veera Maenpaa; PROFESSIONAL PORTFOLIO INTERNATIONAL LTD: Mr Jason Marsh; CARAVELLE HOTEL: Linton Borthwick
Changing Members:
THE ASSOCIATION OF CHARTERED CERTIFIED ACCOUNTANTS (ACCA): Ms Tran Duy Cung My replaces Ms Dang Thi Mai Trang; TEBODIN: Mr Ronald De Vries replaces Mr Marcin Szczelkun; JONATHAN CHARLES FINE FURNITURE: Mr Russ Barnes replaces Mr. Thomas William Shapland; MÖVENPICK HOTEL SAIGON: Mr Bennet Chang replaces Ms Emelyn Mauhay ; WINDSOR PLAZA HOTEL: Mr Stephen Warren replaces Mr Victor Truong; INTERNATIONAL SOS VIETNAM LTD : Dr Tine Neethling replaces Mr Demien Cupitt; GIDE LOYRETTE NOUEL A.A.R.P.I: Richard Black replaces Ms Rebecca Finn; Mr Can Nguyen replaces Mr Emmanuel Boeriswyl
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| MEMBERS' News |
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Submitted by Standard Chartered Bank (Vietnam) LtdSince February, the government and the State Bank of Vietnam have implemented a number of policies to maintain price and exchange rate stability, including higher interest rates and a more stringent loan growth target at 20% for 2011. While headline inflation, on a year-on-year basis, is likely to rise further between now and Q3, the FX market has reacted favourably to the government policies. The commercial USD-VND exchange rate has been trading at the mid-section of the permitted trading band in recent weeks, instead of the ceiling. The IMF reported that the country has added around USD 0.9bn to its foreign exchange reserve in the first five months of the year.
Submitted by Harvey NashHarvey Nash, the global outsourcing and professional recruitment group and a lead sponsor to ICT Vietnam Summit 2011, announces plans to expand its presence in Vietnam. Harvey Nash plans to focus its global growth by opening an Asia Pacific gateway in Vietnam. The team in Vietnam will become the centre of the push into Asia both for the technology and professional recruitment business; China, Hong Kong and Singapore will be the focus during 2011/12.
Submitted by Ernst & YoungIn this issue we update guidelines on Corporate Income Tax, Double Tax Agreement, Invoices, value Added Tax, Tax reform strategy for the period from 2011 to 2020, as well as regulations on Import - Export Duty and Customs in Vietnam for your reference.
Submitted by PWCThe ability to claim a foreign tax credit ("FTC") is permitted under current Vietnam regulations, subject to supporting documents being available. In practice, the Vietnam tax authorities have imposed stringent and difficult documentation requirements meaning that claiming a FTC has proven difficult. To help our clients manage the FTC claim, PwC wrote to the General Department of Taxation ("GDT") to find a solution and received a response by way of Official Letter 2013/TCT-TNCN dated 14 June 2011.
Submitted by Standard Chartered Bank (Vietnam) Ltd.
- Inflation fight is the main focus; interest rates are likely to remain high in H2-2011
- Austerity measures are leading to slowing activity in the banking sector and the real economy
- We have pushed back our call for VND devaluation to 2012 from Q3-2011 previously
- We are mildly bullish on the government bond-market outlook in H2-2011 on robust domestic demand
Submitted by CB Richard EllisAt the annual International Property Awards, the world's most prestigious competition dedicated to identifying the best real estate professionals across the globe, Mr. David Simister, Chairman of CBRE Thailand, Vietnam and Cambodia has collected a total of 10 awards for CBRE Thailand and Vietnam for its excellent services in 2011.
Submitted by Ernst & Young
In his Budget speech in March, the chancellor of the exchequer, George Osborne announced that he would see to introduce a Statutory Residence Test ("SRT"), and would also reform some of the non-domicile taxation rules, for 6 April 2012. Both will have a major impact for employers with UK inbound and outbound populations as well as the employees themselves.
Submitted by KPMGWith the increasing trend for M&A, the term transfer of business may commonly and widely been used in daily business life around the world. Vietnam is no exception – we can easily find this term in everyday business life, in legal and commercial documents, in public media, etc. So, let's examine closely what is a transfer of business. Decree 108 implementing the Law on Investment provides that, amongst other forms of green-field investment (e.g. new investment in new company set up), investors are allowed to make investment in other forms such as capital contribution, purchase stocks, consolidate, and acquire business.
Submitted by KPMGWhilst the M&A industry is still very much in the development stage in Vietnam, the banking sector is generally the first sector in an economy to experience significant M&A activity. Vietnam has been no exception with a total of 15 closed M&A deals during the period from 2008 to 2010, equating to approximately 30% of disclosed deal values for the entire economy. This article reviews the banking sector M&A activity to date, the current state and what our expectations are of future trends.
Submitted by Santa Fe
We are pleased to announce that Santa Fe has entered into an agreement to acquire Interdean, Europe's leading moving and relocation services company. Headquartered in London, Interdean offers relocation and move management services from a total of 48 offices with 1,200 employees in 35 countries across Western and Eastern Europe, Russia and Central Asia. The addition of Interdean to the Santa Fe Group marks an important milestone and will greatly benefit our customers and trade partners. The collective company will offer professional moving, relocation, and records management services through 120 offices in 50 countries. Our 3,150 dedicated professionals are currently servicing approximately 100,000 relocations each year.
Submitted by PwCCertificate of Merit from the Prime Minister awarded to PwC Vietnam, Grant Thornton Vietnam and BDO Vietnam
PwC Vietnam has been awarded the Certificate of Merit from the Prime Minister on the occasion of 20 years of independent auditing profession in Vietnam (1991-2011). PwC Vietnam is the only firm of the Big 4 and the only auditing firm to win two individual awards on this occasion. In addition, Mr. Ian Samuel Lydall is the only foreigner to receive the individual certificate.
PwC Vietnam - PwC Ranked as a Business Consulting Leader worldwide by IDC MarketScape
IDC, the leading consulting research and analytics firm, has rated PwC as a worldwide business consulting leader in a new series of reports examining current capabilities and future ability to meet customer needs. Worldwide, PwC has been ranked with the strongest positioning in terms of strategy and is also judged by IDC to be growing faster than the overall market.
PwC Vietnam - The 1st firm in Vietnam to be approved as the Recognised Employer for CPA Australia
PwC Vietnam has been awarded CPA Australia's Recognised Employer - knowledge level (the highest level from CPA Australia) for the period from 12 April 2011 to 12 April 2014. We are also proud to note that we are the first firm in Vietnam to obtain this status. CPA Australia recognises our strong ongoing commitment to learning and development of our staff by supporting their professional development.
Renaissance International School Saigon held its first graduation for students who have completed their IB Diploma programme on Friday 8th June at the school's theatre. This was followed by a Graduation Dinner hosted by the BOD for 100 guests at the Saigon Sheraton Hotel. The graduates have received acceptance offers from prestigious universities in the UK, USA, Australia, the Netherlands, Spain, Singapore and Hong Kong, many with significant scholarships.
For its next intake of IB students for August 2011, the Board of Directors of RISS is pleased to announce scholarships to the value of US$17,800, over two years, for qualifying students. For further details, please check the school website: www.rissaigon.edu.vn
Australian International School - Middle and senior school is relocating July 2011 to District 2 & AIS is opening its second early childhood campus at XI Riverview in Thao Dien January 2012.
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