Foreign exchange risk

Can Vietnam could take advantage of new foreign investment strategies? Over the past few decades, many companies worldwide have come to China, seeking a place to set up production bases and do business as they were lured by the country’s low labour costs and enormous domestic consumer market,    … [Read more...] about Working group established to promote foreign investment in Vietnam

Hanoi (VNA) - Foreign markets such as Japan, Germany, and Taiwan (China) have moved to welcome Vietnamese workers yet again, according to the foreign labour management department at the Ministry of Labour, War Invalids and Social Affairs. From late August to early September, the department will issue permits to over 200 trainee nurses to work and study in Japan under the two countries’ Economic Partnership Agreement (EPA). They were scheduled to head to Japan last May, but their departure was delayed due to the COVID-19 pandemic. Meanwhile, the German Embassy in Vietnam was recently allowed to grant visas to Vietnamese citizens taking up apprenticeships in the European country. The German side earlier granted visas to Vietnamese trainee nurses. Taiwan (China) has already welcomed a number of Vietnamese workers who were granted visas prior to the pandemic. The ministry requested that employers provide full information to workers on incentives and exchanges with foreign … [Read more...] about Foreign markets to reopen door for Vietnamese workers

Renowned for being one of the lowest tax rate jurisdictions, and for its conductive business environment, Hong Kong is a place in which multinational corporations (MNCs) tend to allocate more profits in order to lower the overall group effective tax rate. The Hong Kong Inland Revenue Department (IRD) definitely welcomes this. However, with the adoption of Automatic Exchange of Information (AEOI), tax filings submitted to the IRD may be shared with other tax authorities. As such, the transfer pricing policies of MNCs must balance the interests of all relevant tax authorities, not limited to the IRD. Henry Kwong, Tax Partner of Cheng & Cheng Taxation Services said "MNCs should not overlook the importance of Hong Kong in their Transfer Pricing Policy, from both a compliance and tax planning perspective." … [Read more...] about Hong Kong Codification of Transfer Pricing Law by Cheng & Cheng Taxation Services

From early 2019 to early 2020, HCM City Police received complaints from 119 people denouncing the Raon Vietnam Company and Khanh Asset Company which are both managed by Kim Bumjae; accusing the companies of defrauding them of VND81.5 billion (USD3.5 million) through currency trading multi-level marketing companies. Police investigations showed that in 2015, general director of Korean financial firm IDS Holdings, Kim Sung Hun, asked Kim Bumjae to help open a branch of his foreign exchange firm in Vietnam and become its representative. Uner Kim Sung Hun's instruction, the branch would try to raise investment in Vietnam and transfer them to South Korea for the parent company to invest in its foreign exchange business. Kim Bumjae set up nine companies and a multi-level marketing system to illegally collect investment and promised to investors that their money would be sent to invest abroad. He also organised classes sharing business experiences in order to gain investors' trust. … [Read more...] about South Korean man arrested for swindling HCM City investors

Initial investigations show that between March 2019 and June 2020, the Investigation Police Agency under HCM City’s Police Department received 119 letters from individuals denouncing Raon Vietnam Co., Ltd and Khanh Asset Co., Ltd. for appropriating nearly 82 billion VND (3.5 million USD). … [Read more...] about Korean man arrested for swindling $3.5 million from investors