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International Financial Reporting Advisory Services
IFRS reporting advisory serivces of Grant Thornton are carried out by our dedicated team with expertise in IFRS implementation.
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Audit Services
• Statutory audit • Review of financial statements and financial information • Agreed-upon procedures • FRAS services • Compilation of financial information • Reporting accountant • Cross-border audit • US GAAP audit
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Audit Quality
We have various methods of monitoring our system of quality control and engagement quality, including real-time involvement of coaches and national office personnel on select audit engagements, reviews of issuer audit engagements prior to archiving by someone outside of the engagement team, and internal inspections of assurance engagements and the system of quality control.
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Audit Approach
Audit Approach
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Licensing services
Licensing services
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International tax planning
Our extensive international network provides us with significant resources to meet all your expansion goals. We strive to develop commercially focused and tailored tax strategies to minimise tax exposures and maximise business efficiency.
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Expatriate tax planning
We have a broad knowledge base and skills to assist you keep your personal income taxes to a legitimate and reasonable level, while remaining compliant with legislation. We can develop a personalised package for each key employee to take maximum advantage of the exemptions and incentives available.
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Tax advisory
We will review the proposed business model and transactions and advise on tax implications and recommendations to optimize the tax opportunities under the local regulations and treaties which Vietnam entered into. Furthermore, we coordinate with our GT global tax team to provide a comprehensive tax advisory for the countries involved in the business model and transactions.
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Tax compliance services
This service is designed to assist enterprises to cope with the statutory tax declaration requirements in line with the Vietnamese tax laws as well as the frequent changes and updates in tax laws.
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Tax health check
Our Tax Health Check involves a high-level review of specific tax areas to highlight the key issues that need to be rectified in order to reduce tax risks. Through our extensive experience, we have identified key risk areas in which many enterprises are not fully compliant or often overlook potential tax planning opportunities. Our tax health check service represents a cost-effective method to proactively manage risks and reduce potential issues arising as a result of a tax inspection.
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Transfer Pricing
Transfer pricing is a pervasive tax issue among multinational companies. In Vietnam, the tax authorities require special documentation to report related party transactions. Compliance with transfer pricing regulations is an important aspect of doing business effectively in Vietnam as failure to do so may result in significant penalties.
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Tax due diligence
We conduct tax due diligence reviews of target companies to analyse their tax exposure and position in relation to acquisitions, mergers or consolidations. We are able to integrate this service with our Advisory Services department in order to offer a comprehensive, holistic due diligence review.
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Customs and international trade
Our experienced professionals can help you manage customs issues more effectively through valuation planning and making use of available free trade agreements. We also assist Clients in optimising their customs procedures by making use of potential duty exemptions and efficient import-export structures. Risk mitigation activities include customs audit defense and compliance reviews.
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M&A Transaction
We advise numerous foreign investors on efficient tax structures for their investments. Our experience allows you to consider all the options and set up a corporate structure that meets both operational and tax efficiency requirements. In short, the structure that is best for you.
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Industrial Zones – Picking A Location For Your Business
Grant Thornton Vietnam’s one-stop services are designed to provide comprehensive support to both new and current investors who are planning to expand or restructure their business in Vietnam. Our professionals have established strong working relationships with landlords, property developers and authorities at various localities. With extensive experiences in liaison with the relevant agencies, we offer assistance including negotiation on land rental rates and efficient management of licensing process. Our customized and flexible solutions can bring benefits of cost efficient location, accelerate licensing process, and optimize tax opportunities while remaining in compliance with legislation.
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Tax Audit Support
Tax audit support services provide comprehensive assistance to your business in Vietnam. Recent tax practices have shown the general tendency of launching routine tax audit on yearly basis. Tax authorities have been effectively using more sophisticated methods to identify target entities from across different industry sectors.
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Business Risk Services
Business Risk Services
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Transaction Advisory Services
Transaction Advisory Services
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Valuation
Valuation
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Business consulting services
Finance Management Advisory
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Accounting services
Accounting services
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Taxes compliance within outsourcing
Taxes compliance within outsourcing
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Payroll, personal income tax and labor compliance
Payroll, personal income tax and labor compliance
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Secondments/Loan staff services
Secondments/Loan staff services
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Compilation of the financial and non-financial information
Compilation of the financial and non-financial information
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Accounting systems review and improvement
Accounting systems review and improvement
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Initial setting-up for accounting and taxes systems
Initial setting-up for accounting and taxes systems
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Management accounting and analysis
Management accounting and analysis
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Comprehensive ERP system solution
ERP software is a tool for business operations, production management, order processing and inventory in the business process. Today, ERP software for small and medium businesses has been greatly improved to help businesses manage their business better. The article below will answer all relevant information about what ERP software is and offer the most suitable ERP solution for businesses. Let's follow along!
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Analyze Business Administration data
We believe in the value that data can bring to the success and development of every business. Our team helps design data architecture supported by tools, to support business governance and provide useful information to management.
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Financial reporting compliance solution package
Putting financial issues at the heart, this service helps ensure that financial reports for customers comply with both the requirements of Vietnamese accounting regulations and standards (VAS) as well as reporting standards. international finance (IFRS).
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Third-party ERP extensions
ERP is a long-term solution that requires long-term travel, not short-term. We understand that many businesses cannot deploy the entire ERP system at once due to many different reasons, instead businesses can deploy each part. Over time, these solutions can be expanded to accommodate improved business processes or can even link completely new processes across different departments.
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Localize, deploy and rebuild the project
Quite a few ERP projects need to be implemented according to current Vietnamese requirements and regulations, but still comply with common international business requirements. These projects need some improvements and adjustments in the right direction.
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Consulting on technology solutions
We support the selection and implementation of the most suitable solutions, ensuring business efficiency and performance. We will work closely with customers to plan, evaluate and implement the right technology investment strategies and solutions to meet the development needs of businesses.
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Offshore company establishment service
Using the offshore company model will facilitate the owner in the process of transaction and expand overseas markets, take advantage of the tax policy with many incentives and protect the value of the family enterprise's assets.
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Private Trust Advisory
The development of the economy with many modern financial instruments has brought many advantages and opportunities for the enterprises, but there are still certain potential risks in any type of business. So how to protect your asset value with an appropriate company structure while stay compliance with relevant regulations?
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Our values
We have six CLEARR values that underpin our culture and are embedded in everything we do.
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Learning & development
At Grant Thornton we believe learning and development opportunities help to unlock your potential for growth, allowing you to be at your best every day. And when you are at your best, we are the best at serving our clients
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Global talent mobility
One of the biggest attractions of a career with Grant Thornton is the opportunity to work on cross-border projects all over the world.
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Diversity
Diversity helps us meet the demands of a changing world. We value the fact that our people come from all walks of life and that this diversity of experience and perspective makes our organisation stronger as a result.
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Contact us
Contact us
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Available positions
Experienced hires
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Available positions
Available positions
Kenneth M. Atkinson, Founder and Senior Board Adviser of Grant Thornton Vietnam cum Vice Chairman of the Vietnam Tourism Advisory Board, shared with VIR’s Thanh Van about the chances for Vietnam’s tourism industry when easing quarantine requirements and launching a pilot programme to welcome international tourists.
As has been widely reported, the tourism sector has been devastated by the pandemic, with foreign arrivals falling from 18 million in 2019 to 3.8 million in 2020, and zero in the first six months of 2021.
Domestic tourism fell from 85 million in 2019 to 50 million in 2020 and has been further hit by the recent outbreak of COVID-19. This has reduced revenues to the sector by more than 60 per cent from $33 billion in 2019 to just over $10 billion in 2020.
Whilst there were some green shoots appearing from December last year through to February this year, the sector was hit by further outbreaks in April and May. Hotels and destinations that are within easy driving distance from the main centres of Hanoi and Ho Chi Minh City like Halong, Vung Tau, and Ho Tram were surviving well with weekend travels and hoping for good business in June and July during the peak holiday season, which have all been dashed. Some hotels previously had been reaching 80-90 per cent plus occupancy on Friday and Saturday and 60 per cent on Sundays.
Major cities like Hanoi and Ho Chi Minh City have seen many, if not most, of the mini hotels close with higher end properties operating with occupancies of less than 10 per cent.
Despite this bleak picture, there is hope for the sector and once people are vaccinated and countries reach vaccination levels of 75 per cent, sufficient for herd immunity, travel will start to return and countries will reduce or eliminate the quarantine requirements.
Vietnam is considering two major initiatives, that is reducing the quarantine time to seven days for fully vaccinated foreign visitors with international vaccine passports and a pilot project for allowing foreign tourists to visit Phu Quoc – a model that is similar to the Phuket sandbox scheme launched in Thailand from July 1.
When looking at the potential of such sandbox locations, in Vietnam, Phu Quoc draws many similarities to Phuket, with an international airport and areas that could be effectively quarantined for foreign visitors. Other possible destinations include Hoi An through Chu Lai airport, and Halong through Van Don airport. However, Phu Quoc only attracted just over 500,000 foreign visitors in 2019, and had been largely a domestic market. Real estate projects are in fact cashing in more income than tourism.
In terms of recommendations for Vietnam to gradually open its doors to international travellers, the key is to take baby steps so that we can learn as we go and avoid a major crisis, which will set us back for months if not years. There needs to be a ministry championing this and coordinating with all stakeholders to develop the plan. We will also need to ensure that entire communities are vaccinated in the areas we are planning to open to foreign visitors.
There are a few specific recommendations. First, we need to have a developed set of protocols which are implemented at all touch points, from check-ins of visitors to their departure from Vietnam.
Secondly, we need to develop a safety plus certification programme, which should be a requirement for all businesses that will have contact with foreign visitors under the pilot.
Next, there should be a set of published rules for cancellation and refund policies for all organisations and businesses that are part of the programme.
Also, we need to put in place health and travel insurance requirements with minimum coverage for all foreign visitors, and rules concerning tests.
Finally, we need to have detailed plans in place to cope with a possible outbreak amongst foreigners and locals.
One of the considerations that needs to be settled is which markets should be invited and what risks are inherent in allowing visitors from those countries. It would seem to make sense to use the World Health Organization (WHO) Green List for this purpose.
We need to make sure that adequate demand will be there from the selected countries, as there will be significant costs associated with such a programme. I do not personally support the idea of just allowing visitors from only one market. We know that our biggest inbound markets are from our neighbours, and in the first two months of 2020 inbound arrivals from China reached 838,000, South Korea 790,000, Taiwan 169,000, and Japan 162,000. There is no reason for this to change, as it is projected that there will likely be a resistance to long haul travel in the early post-pandemic period.
That is not to say that we should not target other markets if we believe that demand is there, and they meet the WHO requirements to be green listed. Our willingness to open our borders to travellers from any country should, however, depend on vaccination rollouts in those countries and their current status.
Many issues and various protocols need to be developed and taken into account before opening, with the most important one being vaccination in the areas we plan to open for tourism.
We also need to adequately staff the properties that will be used in the pilot, as there are widespread reports of many workers having left the industry for more secure sectors. The programme is likely to run over a 3-6 month period, and it should not be rushed. We must be sure that the returns outweigh the risks because the pilot could otherwise damage Vietnam’s reputation in the industry.
Source: https://vir.com.vn/making-vaccine-visa-trial-worthwhile-for-vietnam-85451.html