COMPULSORY INSURANCES IN VIETNAM
WHAT YOU NEED TO KNOW

VIVA là công ty tư vấn doanh nghiệp được tín nhiệm bởi hàng ngàn khách hàng danh tiếng từ năm 2006. Chúng tôi liên tục nỗ lực tạo ra giá trị gia tăng cho khách hàng bằng cách cung cấp các dịch vụ may đo và độc quyền liên quan đến việc gia nhập thị trường và tuân thủ kinh doanh, giúp giữ tín nhiệm doanh nghiệp theo cách tối ưu, xuyên suốt trong kinh doanh tại Việt Nam.

VIVA is a business consulting company, specializes in business compliance procedures according to local business laws and regulations since 2006. We are dedicated to creating added value for clients by offfering exclusive and tailored services related to market entry and business compliances, keep their good standing in optimal manner whenever they do business in Vietnam.

Compulsory insurance for foreigners in Vietnam

In accordance with the Law on Social Insurance (SI), which went into force in early 2018, the employers and employees have to contribute compulsory insurance and trade union as follows:

The payersSocial insuranceHealth insuranceUnemployment insuranceTrade Union feeTotal
Employee8%1.5%1%10.5%
Employer17.5%3%1%2%23.5%

TOTAL: 34% ON THE SALARY AND WAGES

  • For the employer: 23,5%
  • For the employee: 10,5%

 

 

The cap of the salary used as the basis for social insurance contribution is: 29.800.000VND. It means, in case the salary exceeds the cap, the maximum contribution amount will be: 34% x 29.800.000VND only.

Besides the compulsory insurance, you shall declare and pay PIT 20% on local incomes for non-resident expats and pay progressive tax rates from 5% to 35% depending on income levels for resident expats and local employees. The representative office only has to pay PIT.

Foreign workers in Vietnam with a work permit, or a practice certificate or license also going have to contribute health insurance and social insurance. The basis for social insurance contribution will be broadened to include salaries, allowances and other supplementary amounts.

ABOUT VIVA BUSINESS CONSULTING

Who we are?

  • VIVA is a business consulting company, specializes in business compliance procedures according to local business laws and regulations since 2006. VIVA has been continuously trusted by thousands of well-known clients since 2006.
  • The insights and consistent backgrounds in Business Laws – Accounting and Corporate Finance – Tax Management – Labor Relations and Payroll – Secretarial services help us build trust and confidence in the entrepreneur's community.
  • We have been successfully providing service for thousands of leading companies from Hong Kong, Japan, US, EU, Singapore, India, China, Korea…. in forms of FDI companies, Foreign representative offices, Foreigners working in Vietnam, Vietnamese SMEs, Chief Operation Officers.

What we do

  • Services for Expats in Vietnam: Visa, Work Permit, Temporary residence card, Compulsory Insurances, Personal Income tax, Labor contracts, Employment Records and Relations, Other Secretarial Services.
  • Services for Representative offices in Vietnam: Establishment, extension of representative office licenses. Required compliance procedures during operation. Rights and obligations of the chief of representative office. Closure of representative office risks management.
  • Services for a company in Vietnam: Setting up a new company and licensing service. Business records management. Daily business transactions management. Tax management. Accounting and financial statements. Employments, payroll and compulsory insurances. Representative on behalf of competent state agencies for any business administration procedures.

Motivated by our core values of ceaseless improvement, our great insights in local business culture and regulations, as well as the exclusive services, promise to offer you one-stop and tailored-made solutions that optimize every of your business in Vietnam in the lawful manner.

We are looking to be your valued business partner and resources in Vietnam as we have been choosing since 2006.

 

VIVA not only manage business required procedures by laws but firstly places client’s compliance and good standing, in the optimal methods when offering any solution, and integrated with our intensive resources that allow us to prevent most of the risks in advance, create more benefits, advantages and business inspiration for entrepreneurs.

The insights and consistent backgrounds in Business Laws – Accounting and Corporate Finance – Tax Management – Labor Relations and Payroll – Serectarial and consistent with our exclusive standard operation processes, consisting of consultation – implementation – pratice operation help us fully protect client interests as one-stop solution.

YOU WILL RECEIVE

“If you ask any successful businessperson, they will always have had a great mentor at some point along the road.”

 

Read more:

Share this post

TABLE OF CONTENT

Table of Contents

Haven't found what you're looking for?
SEARCH
Our Services
Other contents related to compliance procedures for EXPATS working in Vietnam:
Logo VIVA BCS Yellow
Compulsory insurance for foreigners in Vietnam
Investor's temporary residence card
Expats in Vietnam: Consular legalization procedures | VIVA BCS