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Vietnam is a socialist country and as such subscribes to the Marxist belief that a heavy progressive income tax should be applied to all income, individual and corporate. As a result of this heavy hand of government in conjunction with many years of economic sanctions, Vietnam was reduced to 4th world status. In recent years however, the country has tried to exercise a policy called Doi Moi (new life) and as such has made much stronger headway toward a more liberal system of taxation. In fact the incredibly high rates of taxation have changed substantially over the years and are now almost in line with taxes in western countries like the UK, USA, and elsewhere. There are ways to reduce the tax load in Vietnam especially for the entrepreneur and businessperson who wishes to build a business in the country. A serious discussion with a tax lawyer and/or accountant in the country would be a wise action to take if you are considering moving to and living full time in Vietnam.

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Information courtesy of VietVentures - www.vietventures.com

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