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FOREIGN INVESTOR, LEGAL REP AND CHIEF REP IN VIETNAM
THE LOCAL PROCEDURES IN VIETNAM | MANAGE AND PARTICIPATE IN THE COMPULSORY INSURANCES

FOREIGN INVESTOR, LEGAL REP AND CHIEF REP IN VIETNAM
THE LOCAL PROCEDURES IN VIETNAM | MANAGE AND PARTICIPATE IN THE COMPULSORY INSURANCES

VIVA BUSINESS CONSULTING là công ty tư vấn doanh nghiệp được tín nhiệm bởi hằng ngàn khách hàng danh tiếng từ năm 2006. VIVA cung cấp nền tảng quản lý toàn diện và nguồn lực thực thi theo cách kết hợp đồng thời của: Luật pháp và thủ tục hành chính trong kinh doanh – Quản lý thuế và kế toán – Quản trị quan hệ lao động – Quản trị tài chính doanh nghiệp – Quản trị và kiểm soát nội bộ. Năng lực của chúng tôi giúp khách hàng lường trước các rủi ro, tối ưu chi phí, kiến tạo lợi thế kinh doanh.

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. We are creating added value for clients by offering one-stop business platform with exclusive and tailored-made services related to market entry and mandatory business compliances. We keep our client’s good standing in lawful and optimal manners whenever they are working and doing business in Vietnam.

Manage and participate in the compulsory insurances

The 2014 Law on Social Insurance adds three more groups of subjects to be covered by compulsory social insurance, among them, inclusive of foreigners working in Vietnam and possessing work permits, practice certificates, or licenses issued by competent Vietnamese authorities. It means that foreigners working in Vietnam with work permits or practice certificates or practice licenses granted by competent Vietnamese agencies will be covered by compulsory social insurance from January 1, 2018.

Specifically, the foreign employee will have to pay 8% of his/her monthly wage while his/her employer will have to pay 18% of the employee’s full pensionable wage, making a total contribution of 26% to the social insurance fund, based on their wage, allowances and other additional amounts stated in their labor contract.

Under Vietnamese law, the employees are also provided by their employer with information on the annual payment of social insurance premiums once every six months, and have their annual social insurance premium payment certified by the social insurance agency annually.

VIVA Business Consulting is offering free counsel and supporting to foreign investors and chief of representative office in Vietnam. Under our management, the any of your local required compliance procedures shall be reviewed and managed properly.

MANAGE AND PARTICIPATE IN THE COMPULSORY INSURANCES

  1. Cases that the employees who are foreign nationals working in Vietnam shall be required to participate in the compulsory SI program.
  2. Cases that the foreign employees referred above shall be excluded from participation in the compulsory social insurances.
  3. If the insured employee who is currently entitled to monthly retirement pensions and SI benefits is not residing in Vietnam, he/she may authorize another person to receive these amounts. The one-off benefit payment in his/her wish shall be approved.
  4. Manage your total compulsory social insurances contribution rates are 30%, consist of:
    • The employee side shall, on a monthly basis, make a total SI contribution accounting for 9,5% of monthly pay (8% into the retirement and death benefit fund and 1,5% into the sickness and parental insurance benefit fund)
    • The employer side shall, on a monthly basis, make a SI contribution accounting for 20,5% in proportion to the employee’s payroll in the SI payment month (14% into the retirement and death insurance benefit fund, 3% into the sickness and parental insurance benefit fund, 5% into the occupational accident and disease benefit fund, 3% into the health medical fund).

CASES OF THE ONE-OFF SOCIAL INSURANCE REFUND

Cases of the one-off Social Insurance benefit entitlement for foreign workers in Vietnam: Employees who are foreign nationals working in Vietnam shall be required to participate in the compulsory Social Insurance and if those employees wishes to receive the one-off payment, he/she shall be entitled to the one-off benefit entitlement provided that: He/she reaches the retirement pension entitlement requirements age, but has not yet reached the period of 20 years of SI contribution; or He/she is currently suffering from one of the deadly diseases regulated by the Ministry of Health; or He/she has fully satisfied retirement pension entitlement requirements, but has discontinued residing in Vietnam; His/her employment contract is terminated, or his/her labor permit, practicing certificate or practicing license expires without being permitted for renewal.

the one-off social insurance refund

Cases of the one-off Social Insurance refund for Foreign Employees in Viet Nam: Employees who are foreign nationals working in Vietnam shall be required to participate in the compulsory Social Insurance and if those employees wishes to receive the one-off payment, he/she shall be entitled to the one-off benefit entitlement provided that: 

  1. He/she reaches the retirement pension entitlement requirements age, but has not yet reached the period of 20 years of SI contribution;
  2. He/she is currently suffering from one of the deadly diseases regulated by the Ministry of Health;
  3. He/she has fully satisfied retirement pension entitlement requirements but has discontinued residing in Vietnam; His/her employment contract is terminated, or his/her labor permit, practicing certificate or practicing license expires without being permitted for renewal. 

ABOUT VIVA BUSINESS CONSULTING

VIVA is the local expertise for local business compliance procedures, has been trusted by thousands of foreign investors, multinational companies from Europe, Japan, Singapore, India, Korea, USA… for the required business compliance procedures by local laws and regulations since 2006.

Thanks for consistent of practice expertise in Business laws - Employment relations – Tax and accounting – Corporate finance – Corporate services,  VIVA has been successfully providing service for thousands of leading companies in such industries: Garment, energy, pharma, advertising, agricultural…

VIVA keeps its signature by offering one-stop business platform with regard to market entry and the mandatory business compliances. We ensure for our client’s good standing, in lawful and optimal manners whenever they are working and doing business in Vietnam.

 

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.”

 

Other compliance procedures for Investor, legal REP and chief REP in Vietnam

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